KARACHI: New party floats idea of parallel economy
KARACHI, June 20: A new religio-political party, Bedar Pakistan Azmat-i-Islam, was introduced in Karachi on Monday with claims of bringing an Islamic and economic revolution an interest-free ‘Mutual Benefit Coupon System’ — a parallel economy aimed at bringing a profit of Rs90 trillion annually. The BPAI chairman, Dr Niaz Ahmed Khan, its president Maj Gen (retd) Zaheerul Islam Abbasi, challenged the government for an open debate in a bid to prove their proposed coupon-system was a sound and practical idea.
Dr Niaz said that he changed lanes from NGO-struggle to a political platform after facing disappointment from government and various political quarters. “I realized ‘my economic system’ could not be implemented until it was presented through a political channel,” he said while addressing a press conference.
Previously, he was running an NGO named Bedar Pakistan for the implementation of a Shariat-based economic system. He claimed no other religio-political party in Pakistan had their own economic system and they were the first to come up with a revolutionary idea for an economic prosperity.
He suggested that the system could be run through a private organization to be named as Pakistan Monetary Fund selected through an open bid for selling the coupons. He was of the view that the system would decrease deposits in private banks but at the same time government deposits would increase.
“Consequently, the currency will flow back from banks to the government, who will invest these funds on profit-sharing basis through banks thus eliminating interest from the banking sector,” he added.
Maj Gen (retd) Abbasi flayed the “capitalist system” saying that its trickle down effect was nowhere to be seen. He said that creation of a true Islamic society was a must for Islamic governance and economy.
“Its time for a revolution and the country needs sincere leaders to lead the nation out of darkness,” he concluded.—PPI
