ISLAMABAD – Islamic research Institute (IRI) of International Islamic University Islamabad (IIUI), organized a lecture titled “The Model of Mu’amlat; an alternate to capitalism“.
Renowned scholar of Islamic economics Umar Ibrahim Vadillo from Malaysia was honorable guest speaker, DDG Islamic Research Institute Dr Sohail Hassan and large number of students also attended the lecture. Umer Ibrahim’s thought provoking lecture discussed existing economic and banking systems and compared it to Islamic system.
He criticized the capitalist economic system and termed it as a cruelty to the poor while saying it is based on Riba which is the core fault, failure and cause of ruining the fabric of society. Umer Ibrahim cleared the fact that inflation in the world is only due to corrupt paper money system that is also purely based on Riba and Allah clearly forbade man to restrain form Riba.
Umer Ibrahim stressed on one currency that is gold and silver coin which is also omen of unity of Muslim Ummah. “The only gold currency can be favourable to the consumers and sustain the stability of market by averting fluctuation and price hiking, gold and silver coin can be the best alternate to paper money”, He said. Umer Ibrahim maintained that money actually was with mutual consent but paper money was the only monopoly of the cruel system of capitalist that was utterly harmful to society.
He said existing system has lot of tools and bates to capture and exploit the poor people of the world.
In his vote of thanks, Dr Sohail Hassan paid gratitude to the worthy guest speaker for sparing his precious time. He said the utmost need of the time is to follow the foot prints of Last Prophet (PBUH) for the prosperous and stable society. Dr. Sohail stressed to implement Islamic banking and economic system practically.