Mr. Adnan Shahzad, Lecturer, Islamic Studies, Muslim Youth University, has organized a seminar on the topic, Riba (سود). The speakers were, Mr. Hafiz Muhammad Zaheer from International Islamic University and Mr. Adnan Khalid from Meezan Bank.
The speakers informed the audience that Riba is prohibited under Sharia lawand they suggested its alternates. It is meant to ensure equity in exchange. It is meant to ensure that people can protect their wealth, by making unjust and unequal exchanges illegal. Islam aims to promote charity and helping others through kindness. To remove sentiments of selfishness and self-centeredness, which can create social antipathy, distrust and resentment. By making Riba illegal, Sharia law creates opportunities and contexts in which people are encouraged to act charitably, loaning money without interest.
At the end, Prof. Dr. Syed Tahir Hijazi, Vice Chancellor Muslim Youth University, concluded the session and thanked the respected guests.