ISLAMABAD: Prevailing conventional banking system is exploitative which lacks social responsibility and it’s a strong tool of injustice in terms of banking, said Dr. Tahir Mansoori, Vice President Higher Studies and Research, International Islamic University Islamabad (IIUI).
Dr. Mansoori expressed these views while presiding over a four-day training workshop on “Islamic Banking and Finance” organized by the Shariah Academy of IIUI which is being attended by more than 30 scholars hailing from different institutions of twin cities. The inaugural session was also joined by Dr. Sohail Hassan, Director General of the Academy.
Talking about the Shariah compliant Islamic banking, he said that Shariah compliant system can help in stopping the injustice and inequalities created by the capitalistic system. He also elaborated thoughts of Allama Iqbal while criticizing the capitalistic approach and maintained that Islam abhors from Riba as it creates constraints and hurdles in development of its affectees.
Dr. Shoail Hassan welcomed the participants in his opening remarks and vowed to keep arranging such constructive programs for dissemination of true teachings of Islam in various fields.
On the first day, lectures were also delivered on other topics related to the training workshop such as Mr. Abubakar Siddique’s lecture on prohibition of Riba & alternative system, was lauded by the participants. The workshop would concludeon Friday.