THIS refers to the letter ‘SBP taking sides’ (Jan 21). Pandora’s box has opened and credence has been lent by the regulators that in order to keep our soul and heart at peace, we should go for Islamic banking.

We brand utilisation of funds in plots as investment, whereas when the same funds are deposited in a bank — other than an Islamic bank — the nomenclature changes from profit to interest, so implies the Islamic banking advertisement, ‘interest-free investment’. Why?

If we go by that logic, how would we define the profit earned on the sale of files of plots without physical possession, and the plots of land allotted to civil and military bureaucracy by the government at discounted rates that are subsequently sold in the open market at exorbitant prices — the beneficiaries getting away with a respectable tax/zakat-free income, without having put in any effort.

Do such windfall earnings fall within the parameters of Sharia? It would be wise on the part of the regulators not to stoke such controversial issues. Instead, they should let the people exercise their right of free will.

Farhat Jawed

Canada

Published in Dawn, February 1st, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play

Opinion

Editorial

Dangerous law
Updated 17 May, 2024

Dangerous law

It must remember that the same law can be weaponised against it one day, just as Peca was when the PTI took power.
Uncalled for pressure
17 May, 2024

Uncalled for pressure

THE recent press conferences by Senators Faisal Vawda and Talal Chaudhry, where they demanded evidence from judges...
KP tussle
17 May, 2024

KP tussle

THE growing war of words between KP Chief Minister Ali Amin Gandapur and Governor Faisal Karim Kundi is affecting...
Dubai properties
Updated 16 May, 2024

Dubai properties

It is hoped that any investigation that is conducted will be fair and that no wrongdoing will be excused.
In good faith
16 May, 2024

In good faith

THE ‘P’ in PTI might as well stand for perplexing. After a constant yo-yoing around holding talks, the PTI has...
CTDs’ shortcomings
16 May, 2024

CTDs’ shortcomings

WHILE threats from terrorist groups need to be countered on the battlefield through military means, long-term ...