09-08-2004, 03:03 AM
At present we just can't reject the present banking system and adopt an "Islamic" system. What is needed is an active work deliberating on the subject, starting with the issues identified in the Federal Shariah Court judgment.
I think ICAP should take lead and join together with ICMAP, SBP and agencies like Islamic Council or Islamic Idealogy Council to work together in finding solution and ways and means to fully convert the banking system to an Islamic system. Careful review should also be made of the so-called Islamic banking system in Saudi Arabia, Malaysia and other countries/banks.
I think ICAP should take lead and join together with ICMAP, SBP and agencies like Islamic Council or Islamic Idealogy Council to work together in finding solution and ways and means to fully convert the banking system to an Islamic system. Careful review should also be made of the so-called Islamic banking system in Saudi Arabia, Malaysia and other countries/banks.