Chairperson Benazir Income Support Program (BISP), Dr. Muhammad Amjad Saqib on Thursday underlined the importance of practicing the guidance from the Holy Quran in order to establish Islamic financing principles.
Dr Saqib made these remarks during his address at the 3-day International conference on “Advancing Islamic Finance” – Principles, Practices, and Regulatory Framework for Sustainable Growth.
The conference was organized by Allama Iqbal Open University (AIOU), Centre for Excellence in Islamic Finance (CEIF) and Institute of Management Sciences (IMC) Peshawar.
Dr Amjad Saqib noted that BISP was providing financial assistance to 9.3 million deserving families through the Benazir Kafaalat programme. Additionally, children from these needy families are receiving education under the Benazir Taleemi Wazaif initiative.
He commended the Benazir Nashonuma programme for its efforts to care for pregnant, lactating mothers, and infants, addressing issues of stunting and malnutrition.
Dr Amjad Saqib said there was no scarcity of resources in the world, and the issue lies in the unequal distribution of these resources.
He highlighted the correlation between the Sustainable Development Goals (SDGs) outlined by the United Nations and the teachings of the Quran and Sunnah, emphasizing that it is the religious duty of individuals and societies to work towards achieving these goals.
He said that interest is prohibited in Islam and that Islamic Financing encompasses everything except interest-based loans. Providing interest-free loans is in line with Islamic values and Sunnah, underscoring that it is not a burden on the dignity of the recipients but a means to empower them.
Dr Muhammad Amjad Saqib’s visionary perspective on Islamic financing demonstrates a commitment to advancing economic systems rooted in ethical principles and equitable distribution of resources.—APP
