Islamic Finance A “Blessing” “In Disguise”

It is very encouraging to note that State Bank of Pakistan has allowed operating certain banks as Islamic banks and certain other banks to open Islamic windows for Riba free banking. On the other side it is more surprising and painful to view that conventional banks have not been declared as Non- Islamic. The Muslims overlooked this important event and thought that gradually every bank will become Islamic and because it is a transitory period measure we have to wait and patiently see how the Islamic forces will influence the non Islamic system to convert into pure Islamic banking but as we have observed that at least 5 Islamic Banks have emerged with glaring front elevation and Air conditioned branches with better public facilitation services, still there are no signs of the so called ‘conventional banks’ converting into 100 percent Islamic Banks.

The reason is not that the Islamic banks have not shown better performance. In my opinion as they have named certain banks as Islamic Banks they should on the other side declare other banks as Non Islamic if the idea holds the truth. The majority of the nation is Muslim so as soon as a clear distinction is made between Islamic and non Islamic bank the public will take seconds to divert all their saving from non Islamic banks to Islamic banks for name sake at least. Islam has so much attraction for an ordinary Muslim that those living in non Islamic countries always go to a restaurant which declares that it provides halal foods only and as far as possible avoid entering into those restaurants that provide halal foods with haram foods.

Coming to the point my honest suggestion to concerned people especially Mr. Taqi Usmani who has earned great fame for his contribution towards Islamic Finance, just to go and ask the Government authorities and the State Bank to openly declare the conventional banks as non Islamic Banks otherwise it is clear hypocrisy which has no room in our Islam. We the Muslims are brave enough to encounter this dual tactic by completely exposing such hypocrites and pull the mask from over their faces. We hereby declare that we have faith in Islam, we are Muslims, and we can do anything for the cause of Islam. We announce that either be with muslims or be with the non Muslims because only Islam has drawn a clear line of demarcation / mark of distinction between Islam and non Islam.

More in the next post

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