In the name of religion

Masood Khan

How true that in Pakistan you can sell anything in the name of religion and patriotism. Take the example of interest-free Islamic banking system; have you ever seen banks showing loss on Sharia-compliant deposits? In fact banks offer competitive return on such deposits; means whether we accept or not, both the interest-paying and interest-free banking systems work on same principles. But when things moved out of established banking system, one is expected to be definitely ditched in the name of religion. NAB has ben investigating a number of Modaraba and Musharika related fraud cases wherein so-called Islamic scholars and their agents/sub-agents presented unbelievable profiting schemes in mosques and madrassas, fooling-a-mass while offering 5-10 percent return on monthly basis. Public was cheated in the tune of hundreds of billions of rupees while Muftis and their agents made their way to exotic foreign lands such as Thai and Malaysian beaches.
I wonder about another Sharia-compliant Assets Allocation Funds offer in leading newspapers the other day wherein 10 lacs will grow to 30 lacs in just 5.2 years. Compare this unbelievable offer with commercial banks term deposit returns — in commercial banks a term deposit of 10 lacs will grow to 13-14 lacs in 5 years. The offered funds are looked after by a Sharia supervisory board, again consisting of scholars and Muftis. OK, Pakistanis go ahead, do another investment in the name of religion, and keep NAB and FIA busy in coming days.
—Jubail, Saudi Arab

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