Transition to a Riba Free Economy

Elimination of Riba has been a major issue in occupying the attention of policy makers, bankers, legal experts and Islamic scholars for the lat several decades. Having expounded the basic principles of Islamic finance, the book traces the main challenges in various spheres of financial transactions and argues that a smooth transition to the new system in feasible. The author has referred extensively to the economic conditions of Pakistan while enunciating his ideas and suggestions. This was useful, perhaps even necessary, to drive across the points that he was making. It is evident, however, that the relevance of much of what the author has said, and the suggestions that he has made, is not confined to Pakistan.  For obviously while the economic conditions of the different Muslim countries vary, there is considerable similarity in the problems they will encounter in their drive to build a riba-free economy. I feel confident that while the author’s might not be the last word on the subject, a great deal of what he says will be well worth serious consideration both in Pakistan and other countries committed to building a riba-free economic structure.