An Introduction to Islamic Modes of Financing for Elimination of Interest Based Transactions in Banking Sector of Pakistan

The Economic system ofIslam is very balanced one. Islam does not deprive a person to take benefit of all halal (permissible) things, while it has banned all illegal means of earning like deceit, corruption, gambling, etc. Among all evils, interest/usury is the worst form of earning and those who are involved in transactions based on it, they have been threatened with hell. While on the other hand, in most banks and other financial institutions, transactions are carried out on the basis ofinterest. This is why Muslim scholars worked out alternative modes based on Islamic financing to replace interest-based transactions. In this article six modes of financing i. e. Musharakah. , Mudharabah, Murabahah, Ijarah, Salam and Istisnah have been discussed. If these Islamic inodes of financing are adopted in banking sector and in otherfinancial institutions, then it is hoped that in a very short span of time elimination ofriba would be possible.

Role of Minorities in the Political System of Pakistan A Case Study of the Christians of Lahore Division

The minorities play a very important role in the development of a country. The minorities in Pakistan have also been playing a very significant role in the development of the sacred homeland, especially the Christian Community, of Lahore Division, being the largest minority has been working side by side with the Muslim and contributing its share in the progress of the country. This research aimed to explore and hi-light services of the Christians of Lahore Division in different fields of life. Qualitative research has been carried out and interviews of the Christians, serving in different departments, have been conducted to explore the role of the Christians in the political system of Pakistan. The results show that they participated very actively in the Pakistan Movement and at the time of partition of the sub-continent they supported the stance of the Muslims unconditionally. After independence, when Muslim refugees were coming to Pakistan, the Christian Community came forward for their help. Since independence, they have been seen working serving the nation in different fields especially in education, health and care, judiciary, defense etc. At present, they are running some worldfamous educational institutions in Lahore. The Christian doctors and nurses are serving the ailing humanity in almost all the hospitals of the Lahore Division. Their role in the defense of the country is also praise-worthy. Some of them have even sacrificed their lives for the sacred homeland. They have given their blood to secure the future of the nation. In the development of the country their contribution is no less than the Muslims’ role but unfortunately, they seem less interested in political process of the country. They have apprehensions about electoral system. The representatives of the Christian Community, in the Assemblies, are selected but not elected. It is a big hindrance in their way to political participation. Moreover, illiteracy, poverty, and social discrimination, etc. are among some of the major hurdles in their way to political participation.