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IBA Seminar on "Islamic Banking in Pakistan:
The BITS Club and the MFS Students forum of IBA jointly organized
a seminar on "Islamic Banking" on Monday, September 25, 2000.
Mr. Pervez Said of Al Meezan Investment Banks spoke on the occasion.
The presentation concluded that Islamic Banking is a reality and
is being practiced in different parts of the world by many banks
and financial institutes.
We should welcome the Supreme Court
decision and take it as an opportunity to shift toward the Interest-free
system of banking. The banking sector should take this issue seriously
and work sincerely to align their operations according to the
Supreme Court decision. This will benefit our country in recovering
from the mess created by Interest and will improve our economic
condition. Moreover, it is also our religious and moral duty to
establish an Islamic economic system.
Harvard Professor delivered a lecture on Islamic
Finance at IBA:
According to Prof Samuel Hayes of Harvard B-School and author
of the well-known book :Islamic Law and Finance (Kluwer), Morabaha
is one of the "best" instruments available to start Islamic banking.
Prof Hayes noted the extraordinary growth prospects for Islamic
banking stating that every International Bank is trying to accommodate
Islamic Banking in order to target the staggering $ 2000 billion
funds with the Muslim countries.
This session was jointly organized
by the "Islamic Finance Society of BITS Club and Al-Meezan Investment
Bank" at IBA City Campus Auditorium.
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