Pakistani Academic stresses necessity of guidance from Holy Quran for Islamic financing

The chairman of 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” organized by Allama Iqbal Open University (AIOU) Centre for Excellence in Islamic Finance (CEIF) and Institute of Management Sciences (IMC) Peshawar.

He highlighted the correlation between the Sustainable Development Goals (SDGs) outlined by the United Nations and the teachings of the Quran, emphasizing that it is the religious duty of individuals and societies to work towards achieving these goals.

He stressed that interest is prohibited in Islam and that Islamic Financing encompasses everything except interest-based loans.

Dr Saqib also noted that providing interest-free loans is in line with Islamic values, underscoring that it is not a burden on the dignity of the recipients but a means to empower them.