SANA

ISLAMABAD (SANA): Senator Prof. Khurshid Ahmad has expressed his shock and grief on the two amendments in the Bank of Khyber Act by the Provincial Assembly of the NWFP on the initiative of the present ANP-PPP Government.

The Bank of Khyber Act, according to Prof. Khurshid Ahmad laid clearly in the Preamble that the purpose of the Bank is “to develop and promote Islamic modes of banking with a vision to convert itself into a full fledged Islamic Bank.”

Similarly, in Article 19, Clause (I), sub clause (qq) it was laid down clearly that the Bank would, “undertake Islamic banking either by opening of new branch or by conversion of its existing branch or by establishment of a subsidiary for Islamic banking or by adoption of any other mode provided under the Companies Ordinance 1984 (Ord. No.XLVII of 1984), in accordance with the policy of the State Bank of Pakistan for the time being applicable; he added.

Prof. Khurshid criticized the amendment adopted by the Assembly on the 20th January 2009 through which this Clause has been deleted and the Preamble amended so as to change character of the Bank from the proposed “full fledged Islamic Bank” into a hotchpotch of Riba-based Banking and Islamic Banking. The deletion of clause 19(1) (qq) from the operational side of the Act changed the character of the Bank.

“The original plan was to change the Riba-based Bank through a gradual process into a full-fledged Islamic Bank. This objective has now been thrown out. It is pertinent that no rationale for this change has been given in the Bill which contains the meaningless phrase that “it is desirable to amend the Bank of Khyber Act, 1991. Hence this Bill.” what are the reasons? It has not been given”, he emphasized.

According to Prof. Khurshid, the whole statement is an effort to cover up some mollified intentions to subvert the process of conversion of the Bank of Khyber into a full fledged Islamic Banking.

Prof. Khurshid further emphasized that he had accepted to act as the Chairman of the Shariah Supervisory Committee on clear commitment that the Bank of Khyber would be fully converted into an Islamic Banking and would not remain an instrument of promoting Riba-based Bank which has been described in the Quran as ‘war against Allah and His Prophet (peace be upon him).

“I have called a meeting of the Committee to consider this reversal of the policy by the present Government of NWFP and want to make it very clear that I am totally opposed to that system of banking in which Halal and Haram are mixed up”, he concluded.

Ends-SANA-AR