Claims Against Islamic Banking

Transcription

1. Claims against Islamic Banking There are tons of claims filed against Islamic Banking all over the world . The scholars know it. They sometimes agree or disagree with them. But this is not all. The issue needs more discussion. First of all Islamic banking originates from Islamic economy. So, in order to understand as well as implement Islamic Banking we must have proper knowledge in Islamic economy. But we failed in this sector both in theoretically as well as practically. The world is very far from Islamic economic Paradigm. There are many Muslims who are very eager to do Islamic banking but in their practical life they are very reluctant to practice are of the most important pillars “Zakat”. When the question of Zakat comes to the discussion they have no answer. Even it is true that they have no proper knowledge of Zakat. But the truth lies of Islamic economy in the successful implementation of Zakat. Besides, the other elements of Islamic economy like ushr, Kharaj, Sadakah, Qarde-hasane etc. is being left in from this capitalistic & materialistic world. So, how it will be possible to implement Islamic economy. We should remember that the thought of Islamic Banking is not an alien thing. It is the outcome of Islamic economy to manage our money matters related to our transactions in various sectors. So, if we think it in a separate way that is keeping aside our Islamic life it is our bad dream to get a successful Islamic Banking periphery. Zubair Hasan, a renowned Oxford Scholar, describes “Islamic finance increasing by became dependent on fixed return deferred obligation transaction (murabaha) the proportion of participatory finance becoming meagre.” He also asserts that
2. “The structural choice created facility; imitation was easier than innovation.” He anxiously noticed that“Once the process started, it could not be stopped.” He further added“Take the balance sheets of any two banks-one Islamic, the other mainstream and compare the two for similarities. Facts will speak for themselves. Instrument designs, regulatory frameworks, accounting standards, rating agencies, risk management and capital markets all derive their basics from the main stream. He claims that “Interest is out, but interest is in.” The above discussion and quotations are enough to draw a picture regarding the issue. But we have more opinion from legends. Taqi, Usmani, the shariah committee president, confirms that facts also provides the reason for that. He writes: “Undoubtedly, shariah supervisory boards, academic councils and legal seminars have given permission to Islamic banking to carry out contained operations that more closely resemble stratagems than actual transactions. Such permission however was granted in order to facilitate. Under difficult circumstances, the figurative turning of the wheels of those institutions when they were few in number and short of capital and human resources. It was expected that Islamic books would progress in time to genuine operations based on the objectives of an Islamic economic system and that they would distance themselves, even step by step, from what resembled interest-based enterprises. What is happening at the present time, however, is the opposite.” He also added-
3. “Islamic financial institutions have now begun competing to present themselves with all of the same characteristics of the conventional, interest-based marketplace, and to offer new products that march backwards towards interest-based enterprises rather than away from these. Oftentimes these products are rushed to market using ploys that sound minds reject and bring laughter to enemies”.