Islamic Banking System-II

ACCORDING TO THE MATERIALIST ECONOMY:
Livelihood is the fundamental problem of a man and economy developments are result of an ultimately end of human life.

ACCORDING TO THE ISLAMIC ECONOMY:
Livelihood is necessary and indispensable, but it cannot true purpose of human life. The development of human lives is sole object of human life.

ISLAMIC HISTORY OF BAKING

The Islamic Banking is an old concept. The Hazrat Zubair ibne Awan were first financier in Islamic history. The general public were deposited their money as security to him before going anywhere or outside the city. He was an honest man. His qualities were very famous amidst the people. On the beginning of Islam, this system was prevailed. The Zubair ibne Awan (R.A) was a responsible and caring person. He was able to secure and manage public money. He was an investor who had been expanding their trade. Conversely, he had a quality not refused to return money to the public even retrieve too. This Concept had been prevailed in Makkah and its surrounding at that time. That idea was adherence to western culture as well as converting into modern banking.

Now Islam has been allowed to take charge of safety & security purposes. All banks are taking security chargers. That amount is legal. There is no doubt of Riba. The Islamic Banking is being introduced partnerships or contract system for all the investor who has deposit their capital for business. Even they would get equally profit in business according to investment as proportionate in loss or profit. As per contract they are declared sleeping partners or life partner or any other named which is mentioned on contract. Islam does not allow Riba. It is prohibited in Islam. It is against the principle of Islam. Islam dislikes any trade which is merged any income of Riba. It is strictly prohibited in Islam. It is considered worsen thing. Those who have been dealt trade of Riba that they have been fulfilled fire in their stomach. The will go into hell in the “Day of Judgment”.(Quran)

The Article 2 Constitution of Pakistan has elaborated the Islamic Injunction; no law has been made repugnant of Islam. That the precedent case known as PLD-1989 FSC. The appeal of this case has been pending in Apex Court of Pakistan. Unfortunately, this case is still pending in Supreme Court of Pakistan due to some reasons. However, no new verdict against Riba is introduced till to date. Even no law has made against the repugnant of Islam and its principles. However, the review petition has been pursuance in 2002. It is pertinent to mentioned here that this case has filed again by the Pakistan Bar Council even it has unanimously passed resolution against Riba. The article 2 is also reluctant to adherence of Quran and Sunnah.