KARACHI: ‘Equitable Monetary System and Structure’, a book by senior journalist/economist Mr Umer Latif, was launched at the Karachi Club on Tuesday. Abdus Samad, honorary secretary of the Economic Forum, introduced the guests and presented the book which is the Forum’s third volume, the other two being ‘Pakistan Economy Issues’ and the ‘New Treatise on Taxation in Developing Countries’, written by the same another.

Among those who spoke about the author and his works were managing director EFU, Saifuddin Zoomkawala, senior journalist and a former editor of the Morning News, SGM Badruddin, General (retd) Ali Quli khan, Justice (retd) Wajihuddin Ahmad and Shaikhul Hadith Jameatul Uloom Islamia, Mufti Nizamuddin Shamazai.

The concluding observation were made by Latif Ebrahim Jamal who presided over the function.

The another contends that “erosion in the value of a currency, usually described as devaluation tends to weigh and measure both less and at a time by a single stroke of act. A society that indulges in the evil of eroding inherent value of its currency is bound to go into the tight grip of poverty.. Pakistan and the like developing countries have fallen hapless victims to its vicissitudes.”

This point was further elaborated by justice Wajihuddin who dealt with the malaise of the exploitative economic system and the growing poverty.

The author in his paper said that while numerous books on capitalism, socialism and communism, both on politics and economics, in the forms of courses of study, were available, none was designed on Islamic economics and politics, and so these subjects were not taught in schools and colleges. “This dangerous deficiency has led to degeneration of the lofty values upheld by Islam.” His views were supported by the Shaikhul Hadith, the writer’s guide in his studies of the Quran.

Mr Saifuddin Zoomkawala admired Mr Latif for his earlier publications and opined that his ideas were pure original, the ‘finest quality of his books’.

He further said: “His approach in writing and speaking has been bold and bitterness, a virtue born out of devotion to the truth and his cruel form of criticism”.

Mr Badruddin praised the author’s abiding interest in the evolution of equitable, just and fair socio-economic systems.

Mr L.E. Jamal, in his concluding address, prayed for Allah’s guidance to the author to give us “ a precise system of Islamic economics, covering its entire spectrum and not just in bits and pieces.”

As the function was to be concluded, Dr Zafer Saeed Safi, VC Karachi University, appeared to announce the university’s support in getting Mr Umer’s book translated into Urdu and introducing it in colleges and universities. He further suggested that the author be honoured with a doctorate degree.—Hasan Abidi