LAHORE, July 12: Renowned Spanish scholar Sheikh Umer Ibrahim Vidallo has proposed adoption of the system of Islamic Dirham and Dinar in order to get liberty from usury.

A group of richest families of the world introduced the system of usury in order to control the economy and states of the world, said Mr Vidallo at a seminar on “Effects of usury on economy and economic situation of Muslim countries adopting interest system” organised by Punjab University Academic Staff Association at Al-Razi Hall on Thursday.

“The original model is Muamalat and its implementation in letter and spirit means establishment of an Islamic trading bloc based on our model of trade and our currency, the Islamic Dinar and Dirham,” he said.

Elaborating, Mr Vidallo said an Islamic trading bloc was not just Muslims trading with one another using the present capitalistic way of trade. An Islamic trading bloc would consist of every body, Muslims and non-Muslims.

Regarding the validity of gold, the Spanish scholar said its greatest strength had been the fact that it was and it had been the best international money in history. The people of America had become slaves of Wall Street and they wanted freedom from it.

“Our banking system is not so strong and we need to expunge it from usury for which planning is available. Imperialistic powers should understand that now the age of stupidity has ended and now we understand their conspiracies. The people of Punjab can liberate the people of America and mankind from these groups of rich families. To achieve this goal, knowledge is the only option through which we can defeat them. On the pattern of China, we should adopt the system of gold and silver which would automatically devalue dollar,” said Mr Vidallo.

Urging the government of Pakistan and Punjab to implement the system of Dirham and Dinar at national and provincial level, he appealed to the people of Punjab to support all projects which were promoting that system to wipe out usury.

PU Vice-Chancellor Prof Dr Mujahid Kamran said in his presidential remarks that all the problems being faced by the mankind were because of the present system of economy.

He said nine million houses had been closed down by force in the US for not paying interest. A cabal of families controlling the banking system wanted to take control of all the reservoirs of the universe and had been successful to some extent. These families had imposed two world wars on mankind and were now attempting to impose third one.

Prof Kamran said usury was forbidden both in Islam and Christianity but he was surprised that all the banking system was based on usury. He appreciated research work of Sheikh Umer Ibrahim Vidallo on usury system.