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Meraj Khalid opens course

Stress on application

of Islamic principles

to financial dealings

ISLAMABAD: Meraj Khalid, Rector of the International Islamic University, has advised bankers, economists and financiers to consciously apply the abiding principle of Islam to financial dealings involving the common people of Pakistan.

The Rector was inaugurating an advance course in Islamic Banking and Economics which the University's International Institute of Islamic Economics has organised for senior executives of banks and finance institutions and senior government officers. The course will last for six weeks.

In the context of the problems facing Muslim economists all over the world for application of Islamic principles to financial matters, Meraj Khalid advised the participants to keep three basic points in mind.

He said that viewed in the light of the Quran and the Sunnah all money matters which affected the masses should ensure that basic needs of the people are met, that there is no exploitation of man by man and that glaring economic disparities between various classes are removed.

This, he said was the greatest test before exports who take upon themselves the duty of applying Islamic teachings to the economic problems of Muslim countries.

Earlier M. Aslam Khan, Chairman of the NDFC, who was invited as chief guests, narrated his personal experiences in the Islamization of banking and outlined some of the problems that the participants of the course were likely to confront.

He offered all cooperation of NDFC to the International Institute of Islamic Banking in dealing with problems that arise in the sphere of Islamization.

Welcoming the participants, Dr. Anwar Siddiqui, Director General of the Institute and acting President of the University, said the greatest problem before Muslim economists is how quickly and adequately they can offer to the world a viable alternative to the present capitalist and exploitative financial system. He hoped the participants, who were all senior executives, would devote their attention to this problems.-APP