Islamic financial system discourages accumulation of wealth: expert

Islam’s finance and banking system discourages the accumulation of wealth in few hands, Umar Farooq Quddusi, an expert on Islamic financial system said this while talking to APP here on Sunday.

He stressed the need for promoting Islamic financial and banking system in society to avail the benefits of a Riba-free economy.

“Islam has guided us in each and every aspect of life and has laid down general principles, which could act as guidelines in all spheres of life,” he said.

He said that Islamic banking is a concept that is based on Sharia’s principles and its structure is different than conventional banking in its essence, nature and spirit.

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He said that interest-based transactions help the wealth to be accumulated only in a few hands in the society and the businesses or entrepreneurs are victimised. This creates an imbalance in the society due to which the rich become richer and the poor become poorer, the situation may lead to chaos, he said.

Through Islamic banking, we can meet the financial needs and requirements of the entrepreneurs, he added.

Quddusi said that all those who believe in Islam must implement the junctions of Islam in letter and spirit and ensure fairness in rights and duties of labourers and investors etc.

He said there is a basic difference between capitalism and Islamic financial system. “Capitalism protects wealthy people while Islam wants to ensure protection of labourers and other poor segments of the society,” he added.

 

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