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Islamic banking industry has grown rapidly during the past three decades spreading its operations in many parts of the globe. Making its first debut in the small Savings Association of Mitghamr (Egypt) in 1963, its strength has now reached over 250 financial institutions operating in more than 40 countries with assets valuing USD 750 billions, and an annual growth rate of 15 per cent. Almost all the giant conventional banks are in queue to establish their Islamic units to capture the new emerging market. This rapid growth of Islamic financial industry is, no doubt, encouraging for those who wished to relieve themselves from the prohibition of interest on the one hand and to remain a part of the modern market economy on the other. Now that a substantial period of more than three decades has passed on the experience of Islamic Banks and Financial Institutions, it is imperative to review what they have achieved so far and what they have missed.
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Abstract: Ever since the creation of Pakistan, the issue of Islamization has been a subject of debate both within and outside the country. Islamization of laws is an important element of the overall concept of Islamization in the country, and this aspect generated great discussion and deliberations in 1979 when the government introduced Hudud Laws (Ordinances).
An objective study of the views and response to the Ordinances indicates the existence of three opinions. There are people who think that since hudud are prescribed in the Qur’an and Sunnah, one cannot think of changing or amending them. Some are opposed to the very idea of Islamization, so they call for a total repeal of the Ordinances. The third group consists of those who support the idea of Islamization and, in fact, consider it Pakistan’s raison d’etre, but feel that the Ordinances might be in need of review and amendments, even though the hudud are certainly divinely ordained. They are of the view that, surely, it is the Qur’an and Sunnah that prescribe hudud, but their translation into laws is a human effort that needs continuous review to adjust to the demands of changing times.
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Introduction\
Praise be to Allah and only to Him!
And blessings on those of His Servants He has chosen!
As to what follows
Among the duties of the Shariah Council, as stated in the statutes of the Accounting and Auditing Organization for Islamic Financial Institutions is the following:
To bring about mutual conformity or approximation between the conceptualizations and the practical applications of Shariah supervisory boards of Islamic financial institutions so as to avoid inconsistencies and contradictions between the fatawa and the implementations of these institutions in ways that lead to the effectiveness of the role of Shariah supervisory boards in Islamic financial institutions and central banks.
Investment Sukuk worth enormous amounts have appeared in our times, and have been widely subscribed to by many Islamic banks. At the same time, many scholars have expressed their opinions in relation to the compliance of Sukuk with the precepts of the Shariah. Therefore, the Shariah Council in its prior meeting at al-Madina al-Munawwarah decided to study the subject at its next annual meeting in Makkah al-Mukarramah. As the responsibility to prepare a concise report of the issues requiring further study and debate was given to me, I have therefore prepared this modest brief as a working paper for discussion of the subject at the coming meeting, Allah willing.
Muhammad Taqi Usmani
Chairman of the Shariah Council
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