Seminar on ‘Capitalism and Islamic Economic System in Modern Era’ held

Islamabad: A seminar titled “Capitalism and Islamic Economic System in Modern Era” was held at Islamabad Chamber of Commerce and Industry (ICCI) which was jointly organized by ICCI and SAARC Chamber of Commerce and Industry.

Speaking on the occasion, Yassar Sakhi Butt President ICCI said that the success or failure of an economic system could be measured by its direct impact on the lives of people who live under that economic system. He said that after the recent recessions in West and Europe, the future of Capitalism has come under critical review and many economists and experts are exploring alternatives to provide with a seamless economic system.

President ICCI highlighted various flaws of Capitalism which promotes materialism, concentration of wealth in few hands, unfair distribution of resources etc. He was of the view that Islamic Economic System provides comprehensive solutions of such problems. Therefore, government should seriously examine the Islamic Economic System as the only viable alternative to bring welfare, prosperity and stability in society.

Mr. Olaf Keller Hoff, Resident Representative of Friedrich Nauman Foundation defended the Capitalism and said that the history has proven Capitalism promoted private property, free enterprise and free trade which contributed in reducing poverty and uplifting societies. He said that there is no clash between Islamic economics and capitalism, adding that Islamic economic system is a free market capitalistic system.

Mr. Muhammad Saad and Mr. Abdul Aziz, research scholars on Islamic Economic System shared their views on Islamic economy and said that Capitalism has increased the gulf gap between the rich and the poor and generated social discontent. They said that Islamic Economic System has the potential to offer best solutions of current economic crisis which has engulfed the world economies.

Mr. Zubair Ahmed Malik, former President ICCI and former Executive member SAARC CCI, Mr. Iqbal Tabish, Secretary General, SAARC CCI, former presidents ICCI and other business leaders were also present on the occasion.

For more information, contact:
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road, Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk