Khazarian Mafia January 22 From: Geopolitics The result of the well-coordinated operation to cut-off the Khazarian Mafia from the rest of the global economy is now undeniable. Iran cannot be intimidated anymore.
Notwithstanding its novelty, it has made considerable progress, measured by the rapidity with which it has been adopted in the Muslim even non-Muslim countries in a relatively short period of time.
The fact of the matter is that, deviation or not, the fixed-rate financial instruments, duly approved by the Sharicah, form an integral part of Islamic banking; and that it would be counterproductive to limit the possibilities of this institution just to the PLS principle.
Even more important, rather than pursue an ambiguous financial ideal, which cannot be reached, the focus of the future reform. Should be to produce something strikingly original which can win the acknowledgement of the people.
Islamic banking should be informed with an earnest knowledge of the ethical objectives of an Islamic economic system, the truth of which can be established only by the quality of social justice and the primacy it accords to the needs of the underclass in society.
But as it was a mammoth task, the switchover plan was implemented in phases. An Ordinance was promulgated to allow the establishment of Mudaraba companies and floatation of Mudaraba certificates for raising risk based capital.
Amendments were also made in the Banking Companies Ordinance, The BCO, and related laws to include provision of bank finance through PLS, mark-up in prices, leasing and hire purchase.
Separate Interest-free counters started operating in all the nationalized commercial banks, and one foreign bank Bank of Oman on January 1, to mobilize deposits on profit and loss sharing basis. Regarding investment of these funds, bankers were instructed to provide financial accommodation for Government commodity operations on the basis of sale on deferred payment with a mark-up on purchase price.
Export bills were to be accommodated on exchange rate differential basis. In March, financing of import and inland bills and that of the then Rice Export Corporation of Pakistan, Cotton Export Corporation and the Trading Corporation of Pakistan were shifted to mark-up basis.
Simultaneously, necessary amendments were made in the related laws permitting the State Bank to provide finance against Participation Term Certificates and also extend advances against promissory notes supported by PTCs and Mudaraba Certificates.
From July 1, banks were allowed to provide finance for meeting the working capital needs of trade and industry on a selective basis under the technique of Musharaka. As from April 1, all finances to all entities including individuals began to be made in one of the specified interest-free modes.
From July 1,all commercial banking in Pak Rupees was made interest free. From that date, no bank in Pakistan was allowed to accept any interest-bearing deposits and all existing deposits in a bank were treated to be on the basis of profit and loss sharing.
Deposits in current accounts continued to be accepted but no interest or share in profit or loss was allowed to these accounts.
However, foreign currency deposits in Pakistan and on-lending of foreign loans continued as before. The State Bank of Pakistan had specified 12 modes of non-interest financing classified in three broad categories.
However, in any particular case, the mode of financing to be adopted was left to the mutual option of the banks and their clients. The SAB delivered its judgment on December 23, rejecting the appeals and directing that laws involving interest would cease to have effect finally by June 30, In the judgment, the Court concluded that the present financial system had to be subjected to radical changes to bring it into conformity with the Shariah.
It also directed the Government to set up, within specified time frame, a Commission for Transformation of the financial system and two Task Forces to plan and implement the process of the transformation.
Hanfi, a former Governor State Bank of Pakistan. A Task Force was set up in the Ministry of Finance to suggest the ways to eliminate interest from Government financial transactions.
The CTFS in its Report identified a number of prior actions, which were needed to be taken to prepare the ground for transformation of the financial system. The Commission observed that all deposits, except current accounts, would be accepted on Mudaraba principle.
Current accounts would not carry any return and the banks would be at liberty to levy service charge as fee for their handling. The Report also contained recommendation for forestalling willful default and safeguarding interest of the banks, depositors and the clients.
For this purpose a number of steps are under way which are: A legal framework is designed to encourage practice of Islamic banking by banks and financial institutions as subsidiary operations of their main operations; 2. Consultations and exchanges are undertaken with brother Islamic countries and renowned institutions of Islamic learning such as Middle Eastern countries and Al-Azhar University of Egypt, to learn more about their experiences and practices; Popular Essays.Latest news, expert advice and information on money.
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testing a model of islamic corporate financial reports: some experimental evidence Maliah Sulaiman Associate Professor, Department of Accounting, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia, Jalan Gombak, Kuala Lumpur, Malaysia.
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