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Islam presented moderate economic system: Sherani
Islam presented moderate economic system: Sherani


LAHORE: (Tuesday, January 10, 2017): The Islamic economics system guarantees interest of every human being rather than protecting interests of a few segments. This was stated by former chairman Council of Islamic Ideology Maulana Muhammad Khan Sherani while addressing a seminar organized by Punjab University Institute of Islamic Studies (IIS) at its auditorium. Dean Faculty of Islamic Studies Prof Dr Tahira Basharat presided over the seminar while Director IIS Prof Dr Muhammad Saad Siddiqui, faculty members and a large number of students were present on the occasion.

Addressing the seminar, Maulana Sherani said that imperialism and communism represented two extremes as one system favored owners/investors and other empowered laborers. He said that imperialism allowed owners to promote their goods unchecked while communism stressed upon controlled economy under the government. He said that Islamic economic system was a moderate system derived from the directions of Allah and Sunnah. He said that in communism, rights of laborers were saved through organizations and land was handed over to the government. He said that in imperialism, money and owner were considered sources of production. He said that Islam not only accepted all factors of productions rather it rejected the notion of complete government or personal control over them and advocated government’s control over aspects of their losses. Maulana Sherani said that both the contrary systems represented human interest and were result of human thoughts while Islamic economic system was an integrated and comprehensive system given by the Creator of the universe. He said that Islam denied concentration of wealth by promoting alms and Zakat while imperialism and communism focused on concentration of resources and wealth. He said that Islam prohibited hoarding and instructed to facilitate consumers. He said that Islam had also introduced interest-free loan, alms, donations and lending/borrowings. He said that Islam strongly discouraged creation of artificial shortage of goods and selling goods more than market’s rate because it created problems for consumers. Dr Saad Siddiqui lauded Maulana Sherani for comprehensively presenting the trio economic systems in a lecture. He said that both the contemporary economic systems reflected bias and extremism while Islam presented a moderate economic philosophy. He said that it was very unfortunate that the world was not aware of this moderate message, clearly presented by Hazrat Muhammad (PBUH) in his life. He said that the teachers of IIS would make efforts to promote this ideology. Later, dua was offered by Prod Dr Muhammad Hammad Lakhvi.