A National Consultation on the Economy.

I was really excited when I received an invitation to join a 'National Consultation on the Economy of Pakistan' on July 19 in one of the leading hotels of Lahore. Most of the participants arrived on time which suggested everyone's eagerness in the discussion. Some leading journalists, academicians, authors, serving and retired government officials and judges, religious scholars, development sector representatives, lawyers, engineers, economists and businessmen participated in the consultation.

There was significant diversity in thoughts and ideas of participants. Generally religious scholars were of the view to link economic policies with rudimentary practices of early Islamic society with the belief that it is the responsibility of the Creator to feed every living organism on this planet, including human beings. Which is undoubtedly true but why do we forget that 'man shall have nothing but he strives for'?. Why are we taught to earnestly pray for 'which is good in the world'? Why are we told to 'disperse in the land to seek His Bounty'?

Everyone stressed the need for political stability in the Country. A representative of The Financial Markets Association of Pakistan (FMAP) gave some interesting suggestions, such as tagging imports with exports, balancing expenditures and income, per USD rebate for overseas Pakistanis on their remittances which can increase remittances threefold, significant devaluation of rupee in coming months beyond Rs 250 per dollar was also predicted

We need to develop a balanced view of life. It is undeniable that majority of Muslim population at the moment is suffering due to the weak economic conditions of Muslim societies. Muslim populations are fundamentally dependent on non-Muslim societies for reasonably comfortable life in modern times from transportation to cellular communications, from medicines to food commodities and from furniture to fixtures and fittings. You name anything for comfort, efficiency and productivity it will have origin in a society other than Muslims. Which I think is unbecoming of followers of a religion which was based on Iqra- reading, understanding, analysis and evaluation.

Attractive part of the session was the participation from different walks of life and from different parts of the globe. The meeting was held in the backdrop of the recent verdict of the Federal Shariat Court to ban interest (riba) from all financial institutions of Pakistan. Therefore the initial focus of the...