There is a need to promote Islamic banking in the society to avail benefits of Riba-free economy.
Allama Umer Farooq Qudoosi said here on Sunday that Islam has guided the humanity in each and every aspect of life and have laid down the general principles which could act as a guidelines for the upcoming situations in any sphere of life.
He said that interest or “Riba” is not allowed in Islam on any transaction and it is strongly condemned which is followed by serious consequences in the life and hereafter.
“In order to be in the manners prescribed in Islam, this feature should not be the part of any financial transaction that has long been in prevalence in our society in different forms and shapes”, he said.
He said that Islamic Banking is a concept that is based on Sharia’ah principles and the structure is different than conventional banking from its essence, nature and spirit. He said the interest based transactions helps the wealth to be accumulated in fewer hands in the society and the businesses or entrepreneurs are victimised.
This create imbalance in the society by which the rich grows richer and the poor falls down the line, the situation may lead to chaos, he said.
Through Islamic banking one can meet financial needs and requirements of the entrepreneurs, he added.
