Day: January 21, 2023

Islamabad, January 21, 2023 (PPI-OT):It is the religious and constitutional duty of all to lay out a roadmap for the conversion of the financial system of Pakistan to riba-free according to the injunctions of Islam and implement it accordingly. All sectors of government borrowing, external debts, the banking sector, the non-banking sector, capital market, as well as legal and regulatory framework need to bring changes at strategic as well as operational level.

This was underscored during a session titled ‘Implementing the FSC Judgement on Riba: Addressing the How’, jointly organized by IPS, IBA-CIEF (Institute of Business Administration’s Centre for Excellence in Islamic Finance (IBA CEIF), and Centre of Islamic Economics (A division of Jamia Darul Uloom, Karachi) at the IBA City Campus on January 18, 2023.

The session was addressed by Ahmed Ali Siddiqui, director, IBA-CEIF, Omar Mustafa Ansari, secretary general, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Mufti Irshad Ahmad Aijaz, chairman, Shariah Advisory Committee, State Bank of Pakistan and Securities and Exchange Commission of Pakistan, Farrukh Raza, CEO, Islamic Finance Advisory and Assurance Services (IFAAS) Group, Dr. Imran Usmani, vice chairman Shariah Supervisory Board, Meezan Bank, and Khalid Rahman, chairman, IPS.

The experts highlighted that all of these financial and related sectors already have the capacity to convert existing non-Islamic procedures and means to Islamic standards by reinforcing the appropriate ways and means to implement the Federal Shariat Court judgment. The speakers further emphasized that the federal government must devise a conversion policy with yearly targets and proper monitoring of all sectors. This national-level strategy must be developed with the consensus and inclusion of all stakeholders to ensure coordination and commitment to Shariah-compliant guidelines.

The government should also focus on creating an enabling environment by consulting all related organizations, introducing educational reforms, and taking capacity-building measures for officials. Along with the national-level strategy and policy, sector-level planning is also significant.

Fintech, combined with tools of Islamic social finance, can provide solutions to challenges of financial inclusion through increased access to credit, financial safety nets, consumer protection, crowdfunding models, and microfinance and entrepreneurship development. These tools like the qard-e-hasana model, micro-takaful, waqf, zakat, and sadaqat, can also create economic justice in the system.

The speakers laid out aspects foundational to bring the required change in the system: a vision that is shared and supported by all stakeholders and trusted by the people; political willingness and sense of ownership; defined targets and processes coupled with an action plan and resources; legislation and comprehensive regulatory supervision and its implementation; good governance; capacity building; and, system development through technology and infrastructure building.

As the lack of awareness and trust in people with regards to change weakens the advocacy for the cause, therefore, maintaining communications at all levels to create awareness and consciousness among people is equally important towards achieving the goal of a riba-free economy, it was highlighted. They called for the need to keep talking about it at all levels and in all capacities to delineate that the Islamic financial system can provide solutions to economic problems, deliver justice, and fill the gaps and human needs.

In his concluding remarks, Khalid Rahman highlighted that while international economic dynamics may present challenges in some contexts, but in the larger context it provides an opportunity for Pakistan to contribute to the system by introducing a change that would fill the gaps and meet the economic needs of the world. He further underlined that transformation to Islamic banking demands a change in all sectors of the economic system and Pakistan, as it is in a journey in progress, can incorporate developmental changes.

In this regard, a culture of conservation, political will to implement, transparency, a culture of commitment to the constitution, the moral training of society, reforms through academic and educational channels, and work at constitutional, infrastructural, institutional, as well as operational levels in all capacities are the areas that need consequential improvements to carry out the change in the system.

For more information, contact:
Outreach and Publications,
Institute of Policy Studies (IPS)
1, Street 8, F-6/3, Islamabad, Pakistan
Tel: +92-51-8438391-3 (Ext: 122)
Fax: +92-51-8438390
Website: www.ips.org.pk

Islamabad, January 21, 2023 (PPI-OT):The world must condemn the brutality and violence of oppressor states as crimes against humanity and support the liberation struggle of oppressed people and their right to self-determination under international law, stated Khazar Farhadov, Ambassador of the Republic of Azerbaijan to Pakistan, while paying tributes to the martyrs of the Black January massacre by Soviet troops in Azerbaijan. The remembrance session titled “The National Will and Determination of Azerbaijani People: Commemorating January 20, 1990”, was arranged by the IPS and Embassy of the Republic of Azerbaijan in Pakistan on January 20, 2023.

The well-attended session was also addressed by Khalid Rahman, chairman, IPS, and Ambassador (r) Syed Abrar Hussain, vice chairman, IPS, Khalid Taimur Akram, executive director, Pakistan Research Center for a Community with Shared Future, and Dr. Tughral Yamin, senior research fellow IPS and former dean, CIPS, NUST. The martyrs of January 20, 1990, are never to be forgotten as they paved the way to Azerbaijan’s liberation and sacrificed their lives for the territorial integrity, freedom, national identity, and sovereignty that Azerbaijan today enjoys, said Khazar Farhadov.

Commemorating the memory of the sacrifices of his compatriots who were subjected to violence, he apprised that January 20, 1990, marks a terrible tragedy, known as Black January, in the history of Azerbaijan as thousands of Soviet troops invaded Baku, brutally killed around 150 unarmed civilians, including children, women, and elderly people, injured hundreds of peaceful people, and unlawfully imprisoned around 800 people in one night. In direct opposition, around one million Azerbaijanis gathered in the streets in an unmatched act of solidarity and for 40 days continued the patriotic war. After only one and a half years, Azerbaijan regained its independence as the Republic of Azerbaijan.

Unfortunately, there are many similarities between this degree of aggression and today’s world where acts of violent extremism and terrorism motivated by hatred are at work to crush the freedom struggle and resistance of oppressed people, like Kashmiris and Palestinians, noted the speakers. Azerbaijan’s struggle for liberation and self-determination lies parallel with the struggle of Muslims of Kashmir and Palestine.

Both Pakistan and Azerbaijan have always supported the struggle of the people for liberation. Owing to the history of similar struggles and cordial relations based on common cultural heritage, shared perception of issues, and cooperation at international forums, Pakistan has always supported the Azeri cause against Armenia. Similar support has been extended by Azerbaijan to the cause of Kashmir, the speakers observed. However, the rapidly changing global landscape now mandates deeper cooperation between Muslim states to present a strengthened stance and unity. In this regard, Pakistan and Azerbaijan must strengthen their bilateral ties and work for common causes, interests, and challenges with the help of different actors like think tanks, said speakers.

Khalid Rahman termed the martyrs of Black January as a source of inspiration for all the people fighting for liberation and self-determination. He highlighted that Pakistan and Azerbaijan must strengthen support for this cause in Kashmir and foster their enduring cultural, geopolitical, religious, and diplomatic relations through various channels at regional as well as international level.

For more information, contact:
Outreach and Publications,
Institute of Policy Studies (IPS)
1, Street 8, F-6/3, Islamabad, Pakistan
Tel: +92-51-8438391-3 (Ext: 122)
Fax: +92-51-8438390
Website: www.ips.org.pk