Islamic financial system can bring revolution in economic growth of Pakistan, world.

Byline: Khalil Ahmed

Govt can create a system of rules and clarity for Islamic Finance in Pakistan

Interview with Mr Hamad Rasool Bhullar, analyst

PAGE: Tell me something about yourself, please:

Hamad Rasool Bhullar: I am an accountant and researcher by profession involved in freelance consultancy in Business and Financial Advisory with special reference to ethical and Islamic Finance, for over 20 years. Having experience with both public and private sectors, in addition to being a passionate trainer on management and motivation to change the lives of the youth. I have a strong belief that we can shape our community into very efficient and productive one just through the right mix of training and motivation, while preserving the natural ethics and morality in our society. I have so far trained over 8,000 finance professionals in banking, business and public sectors. My qualifications and experience have mainly been a mix of Accountancy, Law, IT and Economics and Finance.

PAGE: What are your views on the Islamic finance in Pakistan?

Hamad Rasool Bhullar: I have a strong faith that the growth in the overall economy will be boosted in real terms through the Islamic system of finance in Pakistan, but we have to opt for the holistic approach in it. In Pakistan we have a general practice of choosing the pieces instead, which is becoming dangerous for the business as well as the economy. As we have a belief that Islam gives a complete code of life, but we remain unable to explore this code in our social behaviors.

The contradictions in our society are the major hurdle in development of the society, as we make progress in one area, we mislay the other one due to this behavior. We have to accept that the rules we preach, apply first upon ourselves to stand as example, then only we can see others following those rules. In that we have great opportunity to work upon, in raising the communities through our CSR programs out of the funds earned. We need to develop Islamic trust funds now instead of straight charities.

PAGE: How could Islamic finance benefit the economy of Pakistan?

Hamad Rasool Bhullar: You have raised a very good point, as Islamic financial system is based on the real business transactions and not merely on the lending and borrowing of money, it can bring revolution not only towards the economic development of Pakistan but the whole world. It carries transparency, can eliminate the other evils of the financial malpractices, usually...