Sunday, May 17, 2015

This is Pakistan

  • Only Nuclear Power in the Muslim world
  • Four Seasons with all their splendor
  • Deserts, mountains, rivers, lakes... all variety of natural beauty (and we have got tons of it) and beautiful people ;)
  • Best Mangoes in the world
  • Yummiest of traditional foods like chicken karahi, biryani, haleem, dal chawal, halwa puri, nehari etc. etc. 
  • Shan masala ;)
  • Top ranking army and intelligence agency
  • Exemplary hospitality
  • One of the most charitable country (with respect to the percentage share of income)
  • Exemplary spirit of volunteerism 
  • Massive variety of vegetables and fruits, among top ten producer in a verity of agri products like mango, milk, rice, onion, apricot, wheat, oranges, sugarcane etc. etc. 
  • One of the largest irrigation system 
  • One of the largest population of youth
  • One of the most racially tolerant society (Washington post)
  • Emotional, loving, caring, cooperating, passionate people 
  • A strong joint family system
  • Loving mothers 
  • Respect for elders, and spirit to take their care
  • Exhibit of massive resilience and courage during tough times 
  • Gawadar port
  • jugaroo nation (making the lives of the people cost effective)
  • The third cheapest country in the world
  • One of the cheapest in health care as well
  • Any calamity makes the nation united in a blink of an eye
  • Natural resources, shale & natural gas, coal, oil, salt mines, precious stones & minerals 
  • Lowest crime rate when seen in perspective of a ineffective & corrupt law enforcement system
  • A thriving textile, sports, surgical instruments, etc. etc. 
  • The biggest voluntary organization in the world operating from Pakistan: Tablighi Jamat
  • One of the largest private ambulance service in the world thanks to Abdul Sattar Edhi
  • Land of People like Dr. Abdul Bari (Indus Hospital), Dr. Amjad Saqib (Akhuwat), Dr. Adeeb Rizvi (SUIT Hospital), Dr. Abdul Qadeer Khan, Dr. Israr Ahmed etc. etc. 
  • Top Islamic scholars in the world are in Pakistan
  • Showing top performance in various sports at international level like Hockey, Cricket, Football, Snooker, Squash, Boxing, Kabaddi, Body Building etc. despite lack of govt. support and funding. 

Friday, March 27, 2015

The Dillema of Modern Islamic Finance

By Omar Javaid

I recently participated in 10th International Conference on Islamic Finance and Economics in Doha, Qatar, one of the largest gathering of its kind. I listened/discussed my views with various top experts in the field. I also presented a paper on how Islamic concept of wealth and modern concept of capital differs with each other.

In a nut shell all the discussion on the problems and solution in the realm of Islamic Finance were revolving around the challenges emerging for misplacing knowledge of Islamic Finance in the modern western institutional framework standing on foundations completely incompatible with that of Islam! ...

Its like to save the horse, you chop off some part of its body and put it inside a car (horse skin for car seat covers) and expect some benefit for the horse, and when the horse dies or cries in pain then you wonder whats wrong, and wonders how to save the horse. Or to save the tree you chop of some of its branches and place them inside the exhaust of the car... These are exaggerated metaphors however they explains the dilemma and what is being done in the industry of Islamic finance.

Islam is organic (Muslim ummah is like one body, pain of one Muslim is felt by all; the individuals are related spiritually, emotionally and of course contractually as well, and the nature and integrated design of institutions like that of family, bazaar/guilds/souqs etc, waqfs, courts, madarasah, etc.) vs the modern industrial capitalist system is mechanical (it works like a machine as its evolved out of a steam engine/boiler operated production line into a bureaucratic machinery, and this machine logic is everywhere, its a machine design to create money, which is used as a fuel to run the machine to produce more money/capital, so on so forth)...

Taking something from an organic system and putting it into a mechanical system is absurd, and expecting it to work is more absurd, and then lots of time and energy to discuss the problem arising from this misplacement, without realizing the fundamental mistake (which I would argue is an honest mistake) is even more absurd to a ridiculous level.

I presented my paper on the same idea and shared this insight infront of various top experts in the field like Mehmet Asutey (Head of Durham University Islamic Banking program in UK), Dr. Kabir (from US), Muhammad Ayub, to Dr. Asad Zaman, etc. etc. and I am yet to find a top scholar in the field who hasn't agreed to this fundamental problem.

But since its like any other phenomenon, Islamic Financial Industry is also like a snow ball and recommendations from people like me and Dr. Asad Zaman (who has also explained clearly the design of original institutions in one of his paper). Will take perhaps development of another track independent of existing phenomenon, if not adopted by the existing bandwagon.