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Role of Islamic Bank in Pakistan

 Essay upon Role of Islamic Banking in Pakistan

roTHE ROLE OF ISLAMIC BANKING IN MONETARY DEVELOPMENT IN EMERGING MARKETS BY HAJARA ADEOLA MD/CEO LOTUS CAPITAL LIMITED A PRESENTATION WITH THE ISLAMIC COMMUNITY FORUM BUSINESS LUNCH LA SCALA, LAGOS NOVEMBER 2007

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OUTLINE

• • • • • • • • • • • • • • Intro Effects of the eye Based program The Islamic Solution The Framework Shari'ah Objectives and Effects Islamic Tools to get Prosperity Macroeconomic Efficiency Islamic Banks – An Alternative? Results on the Overall economy Financial Institutions Global Islamic Finance Industry Summary Our Speak to

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Your debt Burden

• • Warfare has been announced on the economies as well as the weapon is debt ‘relieved of their twelve-monthly debt payments, severely delinquent countries in Africa can use the money to save the lives of 21m kids in 3yrs and provide 90m girls with basic education'- (UNDP Individual Dev Record 1997) Poor nations happen to be told that if they will borrow and invest properly, the will manage to repay their particular debts and more. In 50yrs the debt has just kept growing: 1980 Expanding country debt ($bn) Genuine payments of interest + principal ($bn) Origin: IMF Globe Economic Prospect 2001

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1990 1259. 8 150. 6

2150 2140. 6 337. almost eight

525. some 73. some

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Genuine Consequences of Debt

• • The physical consequences of debts through standard indicators of wellbeing: In 1995, developing countries child mortality (no of deaths before era 5 every 1000 live births) sama dengan 16 Southern region Asia determine = 109; sub Saharan Africa sama dengan 169 (UNDP Human Dev Report 1998) Not surprising given that: In Tanzania debt repayment = 6th times spending on healthcare In Uganda, gross annual healthcare spending = $2 per person whilst debt repayment = $11. 5 per person (Jubilee 2000)

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Contradictions

• The multilateral banks promote the borrow/invest/export/repay development style Yet, not just one developing country has gone in to debt together with the IMF and World Bank and consequently paid this off The normal response to spending budget and trade deficits in the developing globe is an austerity program- yet the planet's biggest borrower and holder of the biggest trade debt does not follow this advice They argue that debts finance is acceptable in the event projects will be self-liquidating In the event that so , what say we they improve finance to developing countries on a profit sharing basis instead of asking interest? You cannot find any discussion of the impact of usury on economic crises. Instead, the attention can be on ‘corrupt dictators' and ‘inefficient practices'

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The Islamic Solution

• The Islamic solution to the issues we face is based on an entirely different viewpoint from the ‘profit maximization' hinsicht of the capitalist system When when Muslim's adhered to the guidelines of Thor, the world was characterized by tranquility and proper rights not siena and a debt burden Even to get non-Muslim's it was a Gold Age that thrived for almost 1300 years Important: In the event the only big difference between Islamic and conventional banking procedures is whether the company is interest based or perhaps not, then a conventional banks can probably deliver Islamic providers more efficiently A definite aspect of a great Islamic business is the social dimension of its operations For Islamic banking & finance to become sustainable, compliance with Shari'ah principles only is certainly not sufficient. They need to be able to provide a comprehensive range of Islamic lending options and services that are not only innovative and competitive although Shari'ah Up to date. Quality and added worth is key

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The Structure

Islam

Aqidah

Shari'ah

Akhlaq

Ibadah

Muamalat

Political

Financial

Social

Islamic Banking & Finance

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Objectives from the Shari'ah

• The very goal of the Shari'ah is to enhance the wellbeing of the people which lies in safeguarding all their faith, their particular life, their intellect, their posterity and the property. Whatever ensures the safeguard of these five provides public interest and is desired. Al-Ghazali The basis of the...

Bibliography: • • • • • • Sayyid Tahir Dr . Kabbara Tarek Este Diwany Lotus Capital Exploration Hannover Re Sh. Taqi Usmani

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