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MAP committed to riba-free economy: Chairman

RECORDER REPORT

KARACHI: The Modaraba Association of Pakistan (MAP) is committed to playing a dominant role in making the economy of Pakistan riba-free. This was stated by MAP Chairman S.M. Aminullah, in a statement, while fully supporting the recent Shariat Appellate Bench ruling with regard to freeing the economy from the curse of Riba.

The statement said that bearing the court ruling in view, the chairman, vice chairman and members of the executive committee of MPA had invited economists, bankers, chartered accountants and Ulema last week to discuss various aspects of the judgment in order to implement it by adopting ways and means to further strengthen, fortify and invigorate Modarabas in the true Islamic sense.

The meeting was highly successful at which the learned participants exchanged ideas and dilated at length on various aspects of the judgement and considered modrabas as a fore-runner, being the only Islamic financial institution in Pakistan, capable of identifying problems for practical implementation of the judgment.

It was resolved, the statement said, to set up various committees on resource mobilisation, prudential regulations, legal documents, corporate coordination with the financial sector, and taxation, to examine all the tax laws and their implications for Modrabas.