ISLAMABAD: Chairperson Benazir Income Support Program (BISP) Dr. Muhammad Amjad Saqib on Thursday highlighted the importance of practicing the guidance from the Holy Quran in order to establish Islamic financing principles.
He made these remarks during his address at the three-day International conference on “Advancing Islamic Finance” – Principles, Practices, and Regulatory Framework for Sustainable Growth.
The conference was arranged by Allama Iqbal Open University (AIOU), Centre for Excellence in Islamic Finance, and Institute of Management Sciences (IMC) Peshawar.
BISP provides help to 9.3 million families
Dr Amjad Saqib said that BISP was providing financial help to 9.3 million deserving families through the Benazir Kafaalat programme.
Moreover, children from these needy families are receiving education under the Benazir Taleemi Wazaif initiative, he said.
He appreciated the Benazir Nashonuma programme for its efforts to care for infants, pregnant, and lactating mothers, as well as addressing issues of stunting and malnutrition.
He said that there was no scarcity of resources in the world, but the problem lies in the unequal distribution of these resources.
Dr Amjad Saqib underlined the correlation between the Sustainable Development Goals (SDGs) outlined by the United Nations (UN) and the teachings of the Quran and Sunnah, stressing that it is the religious duty of people and societies to work for achieving these goals.
He said that interest is prohibited in Islam and that Islamic Financing encompasses everything except interest-based loans. Providing interest-free loans is in line with Islamic values and Sunnah, highlighting that it is not a burden on the dignity of the recipients but a means to empower them.
