Dr Hussain Mohi Ud Din Qadri
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MASTERING THE DATA REVOLUTION - IN THE SHADOW OF COVID-19 THE ART OF MAKING SMART SHARI’A DECISIONS IN ISLAMIC BANKING AMIDST COVID-19 AN EXCLUSIVE INTERVIEW with DR HUSSAIN MOHIUDDIN QADRI PRESIDENT, MINHAJ UL QURAN INTERNATIONAL & DEPUTY CHAIRMAN, BOARD OF GOVERNORS MINHAJ UNIVERSITY LAHORE ISFIRE ISFIRE COVER STORY COVER STORY Dr Hussain Mohi-ud-Din Qadri, let us led to my interest in Islamic banking the fleet of financial products offered start with yourself by asking how you and finance, inspired and motivated by Islamic financial institutions THE ISLAMIC ECONOMIC got interested in Islamic finance on a me to study further, contemplate throughout the world? SYSTEM, THOUGH NOT personal level. and become a representative of the Product development is one of As you know that Minhaj-ul-Quran Islamic economic system. After joining the paramount requisites for the CURRENTLY ON THE International has been founded by the Minhaj University, the first two sustainability of the Islamic banking Shaykh-ul-Islam Prof. Dr. Muhammad new departments I established was and finance industry at a global level. SCENE WITH ITS ENTIRE Tahir-ul-Qadri in 1980 and he based the School of Islamic Economics, Without bringing innovative and it on knowledge and education. The Banking and Finance, and the customer-tailored products, Islamic BEAUTY AND EXCELLENCE, objectives behind this step were to International Center for Research banking and finance industry would revive the values, factors, elements and in Islamic Economics (ICRIE). These become less attractive for the existing CONTAINS THE programmes that had been granted platforms have been used to organise customers and not be able to attain to the Ummah by the Holy Prophet Pakistan’s biggest conference of Islamic new ones. Now see this from the POTENTIAL OF BECOMING Muhammad (SAW) and had been economics, banking and finance for last point of view of new-age customers. A COMPREHENSIVE embellishing the Islamic code of life. many years. The needs and expectations of digital Islamic economics was a part of this natives and millennials are quite ALTERNATIVE TO THE code. When it was stated by some The Islamic economic system, though different from their older peers. They quarters in Pakistan in the 1980s that not currently on the scene with are tech-savvy and having access to PREVAILING SYSTEMS Islam does not give any alternative to its entire beauty and excellence, knowledge at their palms are more the existing conventional economic, contains the potential of becoming sensitive to ethics and social impact of banking and finance system, Shaykh a comprehensive alternative to the their activities (religious perspective). ul Islam Prof. Dr. Muhammad Tahir- prevailing systems and steering people The current COVID-19 pandemic ul-Qadri took it as a challenge and out of their economic problems. The has exposed the whole financial presented a comprehensive Islamic principles behind this system are given industry, including the Islamic financial banking and finance model in the form by the Prophet Muhammad (SAW) that institutions. This epidemic has unveiled of a book – Bila Sood Bankari (interest- carries divine wisdom. These principles the weaknesses in the structuring free banking). It was perhaps the first cannot be flawed though the models and development of Islamic financial comprehensive book in Pakistan on developed from them may contain products and underscored the need for this subject; published in 1984 and human errors as they are established their restructuring and redesigning. It presented to the then government. by experts from time to time. can easily be realised that the existing Therefore, Minhaj-ul-Quran mechanism and strategy of developing International had contributed a big You come from a background of financial products in Islamic financial share to Islamic banking and finance scholarship with an impressive institutions are not up to the mark. much before it became in vogue in lineage. It is therefore of great Pakistan. instructional value to our readers to Let’s come to the first half of the know of your thoughts on the juristic question. We need to highlight the Secondly, when I was studying the approach that Islamic banking and important elements of a great product various economic systems during my finance has adopted for product development strategy for Islamic university education at Undergraduate, development. Are you satisfied with financial institutions. In my approach, postgraduate and doctorate levels, DR HUSSAIN MOHI-UD-DIN QADRI I was frequently bothered to see the capitalistic development and evolution, and the rising wealth gap PRESIDENT, MINHAJ UL QURAN INTERNATIONAL between the haves and have-nots. The rich were getting richer and the poor poorer. Wealth was concentrated & DEPUTY CHAIRMAN, BOARD OF GOVERNORS into a few hands and as less as 25 per cent in the world use 75 per MINHAJ UNIVERSITY LAHORE cent of the global resources and the rest of the 25 per cent resources Dr Hussain Mohi-ud-Din Qadri is the President of Minhaj-ul-Quran International; He is the Deputy Chairman of the Board of are shared by the 75 per cent of the Governors of Minhaj University Lahore (MUL), Pakistan, and Associate Professor in the School of Economics and Finance. He is also total population. Then I felt the need serving as Chairman of Minhaj Education Society that is running 650 schools and colleges all over Pakistan, and Aghosh Orphan for an alternative system that could Care Homes. Dr Hussain Mohi-ud-Din Qadri is the founder and chairperson of Al-Mawakhat Islamic Microfinance and Minhaj Halal rid the world of all these issues. This Certification Pakistan. He is also associated with the University of Melbourne as senior Fellow for last many years. He is an author of three dozen books and over one hundred articles. 2 | ISFIRE, AUGUST 2020 | ISFIRE COVER STORY | WWW.ISFIRE.NET WWW.ISFIRE.NET | ISFIRE, AUGUST 2020 | ISFIRE COVER STORY | 3 ISFIRE ISFIRE COVER STORY COVER STORY Minhaj University Lahore is part of a larger business- It works in Lahore, Karachi, Sialkot and other major cities philanthropic conglomerate. Would you care sharing with where over a thousand orphan children are being brought our readers details of the projects you are involved in for up in the best possible way. There are Mother Apartments the most important element is Shari’a knowledge or you promoting financial inclusion and women empowerment? in each orphanage, where destitute women reside and may say Shari’a principles. For, Shari’a is the essence of raise four to five children at a time. When a child gets older Islamic financial products. If a product developer in an Minhaj University was established in 1986 in Lahore. than 10 years, he is moved to a dormitory and the woman Islamic financial institution has robust knowledge of Shari’a IN MY VIEW, ISLAMIC It has 12 faculties and 36 departments varying from is entrusted the care of another child. All these children and command on Fiqh (jurisprudence) rulings related to Engineering to Health sciences and Economics and are educated and trained up to PhD level and the institute all schools of thought, he/she can easily play a role of a FINANCE IS NOT A Management Sciences to Shari’a and Islamic Sciences. It helps in their job placement or establishing a business of cobbler and design a customised, innovative and well- has some very unique departments, such as the school their own. designed product by applying the Shari’a principles. Here, REGION-SPECIFIC of Religion and Philosophy, where a degree can be I will recommend the approach of Shaykh ul Islam Prof. earned in any religious theology; the school of Peace and Dr. Muhammad Tahir-ul-Qadri who proposes a theory of MATTER BUT A GLOBAL Counter-Terrorism Studies, which is officially the first-ever As no banking industry in the world caters to the needs Taqlid Al-Madhahib – a theory of expansion. In my view, department established in Pakistan on the subject. Minhaj of small customers nor extends loan without guarantee Islamic finance is not a region-specific matter but a global PHENOMENON THAT University is also the pioneer in establishing an Institute of or mortgage to the unemployed youth for setting up their phenomenon that demands a unified and standardised Spiritual Studies at university level in the whole of Asia. businesses, we introduced Al-Muwakhat Microfinance. As strategy for formulation and development of any kind of DEMANDS A UNIFIED AND an independent finance company, in the last five years it Islamic financial products. By following this approach, which The other major concern of Minhaj-ul-Quran International has served hundreds of youths by offering interest-free has not yet been implemented, Islamic financial institutions STANDARDISED STRATEGY is the Minhaj Education Society. That runs 650 schools and loans and technical support for setting up their businesses. can reshape their product development strategy and colleges all over Pakistan, providing quality education at an Likewise, it also conducts a competition among business restructure their financial products to be innovative, cost FOR FORMULATION affordable price to over 150,000 students through 15000 students who develop various business ideas in their less and be customer-tailored. teachers. Its unique feature is its curriculum, which is very educational projects and then it provides seed money for them to materialise viable projects. AND DEVELOPMENT OF much up to date and prepared in the light of true and Concluding, I would suggest Islamic financial institutions progressive Islamic teachings and the ideology of Pakistan. to revisit their product development strategies and ANY KIND OF ISLAMIC Peace, inter-faith and intra-faith relations are also taught in Another venture of Minhaj-ul-Quran International, which give importance to Shari’a principles. By combining a very polite manner at these institutions, so that students has empowered thousands of destitute women across this important element with technology, commercial FINANCIAL PRODUCTS.