Interest-based banks have brought more miseries to humanity than calamities, plagues and wars, said Maj-Gen (Retd) Zaheer-ul-Islam Abbasi.

Fair distribution of wealth in possible only when all the local and international banks operating in Pakistan are transformed into Islamic banks or sent packing, he said while speaking at a Pakistan Economy Watch’s forum titled ‘Interest Based System and Our Future’.

He said banks are sucking blood of masses and the central bank has adopted a role of guardian. Banks are operating in a way that is against the teaching of Islam.

“We don’t need to follow western model, we have a better and impregnable model,” said Gen Abbasi who is also chief of Azmat-e-Islam Movement.

At the occasion, Dr. Murtaza Mughal, President PEW said the international financial turmoil has evaporated almost half of the world’s wealth and shaken the foundations of wealthy nations but not a single Islamic bank faced crumbled.

He said that now non-Muslim countries are taking more interest in Islamic economic and banking models to forge a new foolproof system.

“After a gap of hundreds of years, west is inspired from east because their system is still shaky despite an injection of three trillion dollars,” he said.

The assets of Islamic banks would soon surpass that of prevailing commercial banks. Non-Muslim account holders will have a major share, said Dr. Mughal.

Other speakers said that there is no room for interest in the three great religions but teachings have been altered.

They said that western system based on exploitation is sinking while the system designed to serve humanity is rising. “Our future is tied to it,” they said.

They said Islamic banking isn’t growing at desired rate. We need to introduce non-interest based banking with full confidence. Half-hearted and experimental efforts will not pay dividends. Islamic system is not designed for experiments.

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Murtaza Mughal
President, PEW
Cell: 0321-5157671

Political will of American leaders has failed as they are taxing their own people and whole world by doing something that will make economic recovery difficult.

US should not cover its failures with the help of printing press but review its policies, curtail expenditures and stop wars for profit, said Dr. Murtaza Mughal, President PEW.

The world has lost confidence in sustainability of sole super power in the face of record losses. Borrowing money from every possible donor including Arabs, even from rivals like China and Russia has proved a blow to US might.

A country that keeps its currency on oxygen and fails to safeguard savings of masses has no right to remain as super power and keep its currency as anchor currency.

Sliding dollar is not only a threat to US but whole world as it is being used as dominant reserve currency. US Dollar has lost reason to become reserve currency.

“A euro note worth only 89 cents after its introduction in 2002, as the biggest monetary changeover in history, today stands at 1.31842 USD,” said Dr. Murtaza Mughal.

Desperate calls by some countries for new international currency system are to save their hard-earned dollar reserves. It took China three decades to gather US$2 trillion.

Dollar is no more part of the solution, it has become part of the problem, he said adding that future of greenback is bleak. The situation seems to be very dangerous as there is no apparent successor on the horizon.

Rapid decline in the dollar is not a problem for the eurozone but others, he said adding that euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency.

Pakistan should also accept other strong currencies, convert some reserves or try to build reserves and initiate international trade as well as banking in stable currencies.

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Murtaza Mughal
President, PEW
Cell: 0321-5157671

Stock exchange and financial markets have already welcomed him the day he was reinstated and the disgruntled business community is pinning high hopes on him. Disappointed and disillusioned are looking towards him for resolution of their problems.

“The biggest achievement of CJP is not providing justice to masses but giving hope and direction to the divided people of Pakistan,” said Dr. Murtaza Mughal, President PEW adding that we welcome the statement of CJP regarding wiping out corruption in the judiciary.

Now, he will have to keep an eye on executive, working of judiciary, corruption in subordinate courts and excesses by politicians etc. Business environment should be made enabling and the CJP should burn midnight lamp for improving dispute resolution which is a stumbling block in progress.

The present policies have contributed to decline in overall business activities. Two per cent GDP growth is a threat bigger than any we faced in the past.

The procedure of appointment of judges should be changed to clean superior courts of politics and bring them a good name. People deserve to enjoy the fruits of victory of democracy.

Dr. Mughal said reinstatement of CJP is the most positive development in history of Pakistan. He said that failures of two presidents and their ‘capable’ teams played a major role in success of Iftikhar Chaudhry.

Masses started looking towards CJP for relief when Musharraf disappointed them. Zardari proved to be no exception. “We hope he will burst all his cylinders to safeguard the interests of masses who have ensured his return,” he said.

People are hoping that he will not only strengthen judiciary but also economy and institutions. He should restyle society and discourage negative trends endangering the country.

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Murtaza Mughal
President, PEW
Cell: 0321-5157671

Expectations of masses are touching skies, which will be a test for the revived judiciary. “Masses will expect help in matters which are beyond the jurisdiction of the Apex court,” said Dr. Murtaza Mughal, President PEW.

He said that restoration has injected new blood in judiciary, lawyers, bar associations, media, civil society and opposition while it has clipped powers of people acting like dictators.

“Chief Justice faces tasks like restoration of dignity of the Supreme Court, disqualification of Sharif brothers, NRO, PCO judges, PCO based Islamabad High Court and validity of its decisions, steps taken by Musharraf, missing persons and controversial privatisations etc,” he said.

He said that restored judiciary should try to keep system stable, avoid policymaking and such popular decision which are against the interest of Pakistan.

Government will not be able to keep PML-Nawaz out of power for long. It should soon resolve some outstanding issues including that of governor of Punjab, reservations of lawyers and opposition over restoration etc.

PPP has already lost the moral ground by expressing political immaturity many times. If it continued to press incoherent policies, it may find itself reduced to interior Sindh in the next elections, said Dr. Mughal.

He said that nation is rightly pleased after achieving a goal but it should also prepare to attain other important goals.

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Murtaza Mughal
President, PEW
Cell: 0321-5157671

“Decision of political and military leadership has not only saved country from a big crisis but also diffused a highly volatile situation very skilfully,” said Dr. Murtaza Mughal President of PEW.

Talking to Vice President of National Traders Alliance Malik Sohail Hussain and other business leaders, he said that ending confrontation with the opposition is a step that has been welcomed by business community and all other forums.

He said that unreasonable delay in reinstatement of judges has dented the reputation of rulers as well as economy of Pakistan. “Government has restored judges but could not get the credit for it due to delayed decision,” said Dr. Mughal.

“The decision will support economy and push the confidence of financial markets as well as investors,” he said adding that the development will reflect positively on the reputation of Pakistan.

At the occasion, Malik Sohail Hussain said that traders were very concerned about the unstable political situation and a number of factors had divided them.

We were extremely concerned about the future of country but now the trading community is comfortable to some extent. He said that now the trading community would play role in development of country with peace of mind.

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Murtaza Mughal
Cell: 0321-5157671

“Undemocratic forces can take advantage of the situation if the movement goes out of the control of its leaders,” said Dr. Murtaza Mughal, President, PEW. He said that efforts to get absolute power by Zulfiquar Ali Bhutto and Nawaz Sharif resulted in martial laws and Mr. Zardari seems to be destined for the same.

Common people are now taking some of our top leaders as incompetent, untrustworthy, conspirators and failed administrators. Moral bankruptcy of our leaders has shaken faith of masses in democracy in less than a year.

“Spread of agitation and its transformation into a national movement may leave all parties aback and disappointed,” said Dr. Murtaza Mughal.

Whole nation is paying price for the ego and lust of some leaders and annoyance of people is rising. He said that government’s warning of terrorist act during the protests has only benefitted opposition.

Pakistan is not a failed state but a country with failed politicians.

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Dr. Murtaza Mughal
President
0321- 5157671

PML-Nawaz is still popular in the business community of Islamabad and its rate of approval is growing upward. “The official versions issued by various business leaders for keeping markets open on Friday appears to be eyewash,” said Dr. Murtaza Mughal, President of the PEW.

The reason behind ignoring call for a shutter-down strike was annoyance of traders over continued dictatorship in associations and an opportunity to dispute unpopular policies of central leaders. The pressure by the district administration has played an insignificant role. “Many leaders of the business community in the capital are diehard supporters of PML-Nawaz and they took call as opportunity to register a statement against their top leaders,” said Dr. Murtaza Mughal.

Central business leaders have been approached many times for elections in the Traders Action Committee (TAC) Islamabad but to no avail. TAC has not conducted elections since last eight years which has triggered resentment in business community. “There is no regard for constitution, democracy or norms in the TAC; they [central leaders] have remained deaf to all our entreaties,” president of a market told PEW in an interview.

Before the call for strike, the de facto president of TAC Islamabad was called to Lahore where he assured top political and business leaders for a complete shutter-down. When the news of the meeting reached here, presidents of all markets decided to make use of opportunity to register protest, an important office bearer of TAC who do not wanted to be named told PEW.

Grievances of small traders should be redressed before we come out in open on issues and things went out of control of the top leaders, another leader remarked.

All-Pakistan Anjuman-e-Tajran should have contacted presidents of all markets in Islamabad individually to get the desired results, said Dr. Mughal.

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Dr. Murtaza Mughal
President, PEW
0321-515-7671

There are increasing complaints that banks are insulting and threatening borrowers as well as cardholders to ensure recoveries without considering the reasons behind short delay in payments. Similarly, recovery staff has started calling people after office hours and at weekends, even at midnights. Such tactics are in circumvention banking procedures, said Dr. Murtaza Mughal, President of the PEW.

The impression is growing that plastic cards are not facilitating but hurting masses. “Now, majority regard these cards as an instrument to extract maximum out of the pockets of masses after terrorizing them,” he said while speaking at a meeting. A short delay in payments or a negligible unintentional default of few rupees results in heavy penalties, imposition of multiple interest rates, threats of criminal proceedings and warnings to close down the businesses.

It seems that borrowers and cardholders have lost all rights to explain the factors behind any mistake. Challenging the amount of money claimed by banks or questioning any other move of banks has become impossible. “Banks would lure a person by offering a free card and later charge him heavily on the pretext of processing and other fees,” said Dr. Murtaza Mughal adding that overcharging, hidden costs etc have become part of the business which is against the rules and moral philosophy of the business.

Many people, lured into business and relieved of hard-earned money, are running from pillar to post to avoid further highhandedness of banks but to no avail. Rude bankers have developed a habit of initiating any settlement dialogue with threats. It ends on threats too. Banking concerns seems to be too much interested in making money, preferring results to ethics. This tendency has brought popularity down and the situation will continue until banks change their attitude towards masses or are barred by regulator from milking masses on one pretext or other.

Dignity of masses is important than the profits of depository financial institutions for which they congratulate themselves in advertisements. There would be no customers and no profits if the popularity of banking companies kept on dropping at the current rate. New products are being launched with focus on profits. Gone are the days when welfare of masses was also a consideration.

“Irresponsible and immoral lending activities and objectionable marketing practices needs to be checked,” said Dr. Mughal.

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Dr. Murtaza Mughal
0321-515-7671

Government should take notice of illegal steps and irresponsible statements against the owner of the first mix-use complex in Pakistan, said Dr. Murtaza Mughal, President of the PEW.

Overseas Pakistanis and companies of friendly countries like China and Saudi Arabia have direct business interests in the Centaurus. So far, a sum of Rs 17 billion has been spend on the project. Now police, CDA and some top officials are threatening the owner to raze the project, which is illegal, immoral, and violation of the Constitution. It is also violation of the manifesto of the ruling party.

“Threats by top investment officials will shatter the remaining confidence of business community and investors,” he said adding that the development is set to frustrate friendly countries.

The only crime committed by the owner of multi-billion-rupees project is to take part in politics from a platform that is presently not favoured by the ruling alliance.

He said that Centaurus is not the only case; recently a banker was teased to such an extent that he fled from country. He cancelled his investment plans and shifted capital earmarked for investment in Pakistan to another country. Government should walk its talk to provide cordial and enabling environment to investors.

How long our politicians will compromise confidence of investors for their own lowly benefits, he asked.

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Dr. Murtaza Mughal
President, PEW
0321-515-7671

Malik Sohail Hussain, VP, NTA, President Blue Area Traders Association and former senior vice president of ICCI said that Musa Khankhel, correspondent of The News and Geo TV was kidnapped and later killed in the line of duty.

“The spate of serious offences against journalist community should be stopped,” he said adding that this speaks of the deteriorating law and order situation and failure of security agencies.

Speaking at a condolence meeting held at Blue Area, Malik Sagheer Ahmed, Chairman Blue Area, Amin Pirzada, Ehsan Bakhtawri, Salahuddin Khan, President Melody Market, Main Mehboob, President F-10, Malik Ehsan Iqbal, President G-9, Sheikh Haroon, President Jinnah Super, Sarfaraz Mughal, President Super Market, Syed Iqtidar Kazmi, President H-11 and many others said that its responsibility of the government to provide peaceful environment to reporters so that they can discharge their duties with peace of mind.

“So far, eight journalists have been killed in the troubled areas and government should immediately constitute an inquiry tribunal and arrest the culprits,” they said.

Government should award exemplary punishment to the killers of the journalist otherwise it would become difficult to cover the events impartially.

Paying glowing tributes to Musa Khankhel, the traders said he was committed to the profession, a fearless soul, a strong believer in democracy, freedom of expression and promoted healthy journalistic practices.

Malik Sohail Hussain said that we will continue the mission of deceased.

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Malik Sohail
Tajir Ittehad