Business Community Must Adopt an Interest-Free System: MQI President
An important awareness session on Islamic Banking and Finance was organized by the Lahore Chamber of Commerce and Industry (LCCI), aimed at educating the business community, industrialists, and commercial circles about the Islamic financial system, interest-free banking, and Shariah-compliant business principles.
The chief guest at the event was Professor Dr. Hussain Mohi-ud-Din Qadri. Among the distinguished participants were LCCI President Faheem-ur-Rehman Sehgal, Senior Vice President Tanveer Ahmad Sheikh, former President Mian Anjum Nisar, former Vice President Zahir Manzoor Chaudhry, Khurram Nawaz Gandapur, Executive Committee members Shaban Akhtar, Rana Nisar, Amna Randhawa, personalities associated with the banking sector, economists, business leaders, and representatives of various trade organizations.
In his address, LCCI President Faheem-ur-Rehman Sehgal stated that the Lahore Chamber is continuously taking initiatives to familiarize the business community with modern economic trends and the Islamic financial system. He said that Islamic banking is not only aligned with religious requirements but also provides the foundation for a stable and ethical economic system.
Addressing the session, Professor Dr. Hussain Mohi-ud-Din Qadri said that the Islamic economic system is not merely an alternative but a comprehensive, just, and sustainable financial model that promotes economic stability, transparency, and social justice within society. He remarked that in light of current global economic challenges, the importance of Islamic banking and interest-free financial systems has increased significantly.
He further said that Islam teaches trade, honesty, and economic balance, whereas the interest-based system gives rise to economic inequality and exploitative practices. He emphasized that the business community should adopt Islamic financial principles and utilize Shariah-compliant means that contribute positively to the stability of the national economy.
Professor Dr. Hussain Mohi-ud-Din Qadri also shed light on various Islamic banking models, including Mudarabah, Musharakah, and other Shariah-compliant financial instruments. He said that Islamic financial institutions possess the full capability to meet the needs of the business sector.
He stressed that creating awareness and providing training to business professionals regarding the effectiveness and benefits of the Islamic financial system is the need of the hour.
At the conclusion of the event, a question-and-answer session was held in which participants asked various questions related to Islamic banking and financial matters, which were answered in detail.
The ceremony was also attended by Haji Muhammad Ishaq, Chairman of Awami Tajir Ittehad; Khurram Lodhi, Vice President Lahore Chamber of Commerce and Industry; Dr. Khurram Shehzad; Altaf Randhawa; Muhammad Rashid Chaudhry; Shehzad Khan; Junaid Warsi; Mian Zahid Islam; Raja Zahid Mahmood; Saqib Bhatti; Shehzad Rasool; Rana Shaban; Bishan Singh; Sohail Raza; and other Executive Committee members of the Lahore Chamber of Commerce and Industry.
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