Non Riba Communiqué

The aftermath of Supreme Court Riba verdict resulted in a bombardment of critical contemplations not just on the media curtain but also in public chattering. Statesmen have very eloquently adhered to the judgment. Almost in all the appearances, they have assured that the terrain has been flattened to confront the deadline.

            These regular assertions certainly imply that the most common conception referring to a financial collapse, may have been laid to rest and the alternatives to the existing monetary framework would be standing by.  By now, it also seems that the committees must have been able to convince themselves if not others. One wonders why then the public is being made to wait and see the phantom with a blimp of skepticism. Getting closer to the problem the sources of dubious societal attitude towards a Riba free economy need consideration. Firstly individuals obviously are not accustomed to a non-interest domain, both the bankers and their clients have never been previously habituated to such an arrangement, (had it not been for the money game involved a mock trail could have exhibited the unseen). The second explanation could be the lack of effective information transmission. What to talk of the individuals even the financial practitioners have not been informed about the hair splitting research underway by the ministries and the committees involved.

             If both the above sources cum justifications for the skepticism are combined the latter issue of poor decentralized communication still stands at large. Indeed, it is the second rationalization that well explains the first argument. For the effective implementation of any conformity you have to improvise, negotiate, convince and persuade those who are about to face the sudden change in their material milieu. How can you expect any one to operate in an alien setup without introducing him and taking him into a pivoting confidence, and elucidating the rules of the game?

            Gone is the newspaper talk about the unknown feasibility of the Islamic system, and with it, petty disagreements relating to definitions and Shari’ah notions have also been awarded long lasting peace (judiciary settled these long standing matters for the good). Now the talk is about making those who would be living in a new arrangement (if any) to feel at ease. Government at the end will have to let them know that how the financial records, and the status of diverse conventional transactions would be islamized, at least to let these surrounded by the enigma know that their hard earned riches would be in safe hands. If the administrators are intending a serious execution then they must apprehend before time that any mistake in the change over can lead to problems like massive capital flight, disruption in foreign investment, monetary destabilization, which in turn can effect the secondary markets and ultimately the fiscal downfall. A well managed media campaign is not just indispensable for winning the public opinion but also for giving a confidence boost to those in the operations arena, (not to mention the known fact that a dominant proportion of population was always ready to embrace any kind to effort towards Islamization).

       The gossip about Islamic ‘finance’ has done great damage to the left over image of the ever-striving religion. The infamous pessimism declaring that Islamic financial structure inadaptable without the whole society being in line with Islamic injunctions has now been discarded as just a negated obstacle for not taking the first step forward. At times, the government wrongly assumes that including people in the ongoing decision making process (or at least making the process a little transparent) may trigger a whole lot of controversy. What our administrators do not realize is the repercussion of a centralized action especially one which relates to a common mans life, who as the time passes is starting to deem that Islamic financial practice is a 1400 year old myth. Further, the State offices are still not recognizing the acclaimed fact that the globe is assiduously observing them and their articulated decisions to be employed on June 30.

            The Ummah with its thirst full palate is holding its vigilance to see what our established committees come out with. There are practitioners, scholars, and the ever-gazing masses waiting to see the long awaited set of proposals and recommendations, go through the mill. Letting these people know beforehand the ingredients of and unseen recipe may actually lead to not just an informed society but also a community ready to face something that in eventful future will become inevitable.

Vaqar Ahmed

Back