Centuries of imperialistic rule has made the Muslims forget the basic message of Islam which emphasizes on following the Shari’ah guidelines in our Mu’amulat (routine dealing) and Mu’asharat (social system) with a similar zeal as we follow these rules in our Ibadaat (prayers).
This despicable situation has resulted in making the whole economic and social system of all the Muslim nations totally dependent on menaces like Riba or Interest which is clearly declared Haram (prohibited) in Islam.
Nevertheless, there seems to be a ray of hope, as there is an increasing desire of awareness among a considerable portion of Muslims in Pakistan and all over the Muslim world who realize that now its time to inculcate the teachings of Islam in their economic as well as social life. As a result of this noble desire, Islamic Banking & Finance has witnessed an exponential growth worldwide. Most of the leading banks throughout the globe have started offering Shari’ah compliant financial products & services to their customers.
Keeping into consideration the emerging importance of this field a need arises for an organized forum which on one had, equip the younger lot with the education of Islamic economics and on the other hand, train the professionals in the practical field so that they can switch their current day business practices on Shari’ah guidelines Centre for Islamic Economics (CIE), a division of Jamia Darul Uloom Karachi, looks forward to fulfill this need.
Centre for Islamic Economics (CIE) was founded on 22nd Safar 1413 i.e. 22nd August 1992 within premises of Masjid-e-Baitul Mukarram, block-8, Gulshan-e-Iqbal, Karachi.
The basic rationale for setting up this institution is to propagate the guidelines of an Islamic Economics System by undertaking research to enable the economic, financial and banking activities in Pakistan and other Muslim countries to conform to Shari’ah and to extend training facilities to personnel engaged in economic development activities in the Muslim world.
To serve as a dynamic platform in making the overall business, financial, social and economic environment conductive for practical implementation of the Shari’ah guideline.
Centre for Islamic Economics (CIE) was founded on 22nd Safar 1413 i.e. 22nd August 1992 within the premises of Masjid-e-Baitul Mukarram Block 8, Gulshan-e-Iqbal Karachi. As an initial step the centre established a Daru-Ifta in order to reply queries of general public pertaining to economic issues in particular and other issues in general. By August 1997, Darul Ifta had given written answers to about 1000 problems and issues. The questions asked were pertaining to trade related issues and other concerns as well. In addition to this, on average 15 replies are given daily, on telephone and in face to face meetings.
Jamia Darul Uloom Karachi also conducted a course regarding “Ulema’s awareness of modern needs and issues in the society” in collaboration with Daraul-Ifta. Approximately 40 Ulema, one of which came from Faisalabad, attended the program. Maulana Justice Mufti Mohammed Taqi Usmani gave lectures in presence of Dr. Arshad Zaman, a proficient economist, and syed Mohammed Hussain, an adept chartered accountant. A number of other courses were also held to impart the knowledge about Shari’ah Rulings to traders and financial experts. Initially a two-day course was held on 10th and 11th of September 1993. This program highlighted the basic rulings about all-monetary concerns and economic scenarios. Around 140 people, belonging to different fields, not only participated in this event but also appreciated it a lot. For those people, who came to know about this later, the two-day course was revised in the month of October 1993. Very nearly, 140 people attended this program as well.
After this, on 27th may 1994, a course was held on the topic of Export, which was attended by more than hundred people. In July, August and September of 1996, five half-day courses were held with the interim gap of fifteen days. The topics discussed were, Sair’ah guidelines regarding buy and sale, interest and gambling, Zakat, exchange in currencies and heritage. The participants were given written material regarding every course in form of a book. In 1994, a course for the ‘Ulema awareness of modern needs and issues in the society’ was held again at Jamia Darul Uloom Karachi. In this fifteen-day exercise, the most distinguished Ulema and Muftis from all over Pakistan were taught and trained by Maulana Mohammed Taqi Usmani. An examination was taken in the end and a certificate was also issued. The teaching in this course resulted in the compilation of a book “Islam aur Jadeed Maeeshat-o-Tijarat”, which is equally famous in Ulema and economics and financial experts. This is a part of curriculum of many religious schools as well. A library has also been established at Darul-Ifta. This library has books on topics such as Tafseer, Hadith, Fiqh, Seerat, biography history and literature; in addition to these, the library also has books on economics in Arabic, Urdu and English. The researchers as well as the general public benefit from this library. This institution published a book on the topic of business conduct and another book on the guidelines regarding Zakat, both in English and Urdu. Introduction of a self-assessment form for Zakat, in both languages also goes to their credit.
Recently, a few foreign organizations visited Pakistan to participate in courses specially de-signed and arranged by CIE. This proves the benchmark set by CIE and commitment to impart quality education in the field of Islamic Fi¬nance. The offered courses will lead to acquiring of specialized knowledge practically applicable in the financial institutions. In fact, this will be vital in evolving interest free economy and financial system of the country. The deep realization of following the shariah guidelines in our Mu’amlat (routine dealings) and Mu’asharat (social system) with a same zeal as we follow these rules in our lbadaat (prayers) forms the fundamental of this institute. To shun the prohibited practices of Riba or Interest, has given rise to the demand of shari’ah dealings in economic and social sectors. As a result of this noble desire, Islamic Banking & Finance has witnessed an exponential growth worldwide. Most of the leading banks throughout the globe have started offering Shariah compliant financial products and services to their customers.
With the emerging importance of this field a need arises for an organized forum to equip the youth with the education of Islamic Economics and Finance as well as train the professionals in the practical field so that they can switch their current day business practices to shariah guide-lines. Centre for Islamic Economics (CIE), a di-vision of Jamia Darul Uloom Karachi aims to fulfill this need. The basic rationale for setting up this institution is to propagate the guidelines of an Islamic Economic System by undertaking research to make the economic, financial and banking activities functionally viable in Pakistan. Moreover, for other Muslim countries to conform to shariah and to extend training facilities to personnel engaged in economic development activities.