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Arab News
20-05-2025
- Business
- Arab News
Pakistan regulator unveils new measures to strengthen Shariah-compliant market intermediaries
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) is proposing new measures aimed at strengthening the presence and operations of Shariah-compliant intermediaries within the capital market, the regulator said in a statement this week. Pakistan's Federal Shariat Court (FSC) directed the government in April 2022 to eliminate interest and align the country's entire banking system with Islamic principles by 2027. Following the order, the government and the State Bank have taken several measures ranging from changing laws to issuing sukuk bonds to replace interest-based treasury bills and investment bonds. However, documents seen by Arab News earlier this year showed Pakistan's government had failed to achieve a target set by the central bank to increase the share of Islamic banking deposits in the country by 50 percent by January this year. 'The paper proposes a phase-wise approach for Shariah-compliant institutional investors to route their business through Shariah-compliant brokers based on a plan to be prepared by their respective boards of directors,' the SECP said about the latest proposal. 'The paper encourages Islamic financial institutions, including providers of Islamic window services, to utilize Shariah-compliant intermediaries for takaful and investment purposes in situations where they are not obligated to do so.' Other proposed measures include creating a specific category for Shariah-compliant intermediaries for greater visibility on the Centralized Gateway Portal and a dedicated list of Shariah-compliant asset management companies on EMLAAK Financials, Pakistan's first digital mutual fund aggregator. The platform brings together multiple Asset Management Companies (AMCs) and their mutual funds under one roof. It is a venture of ITMinds Limited, a wholly owned subsidiary of the Central Depository Company of Pakistan (CDC). In order to facilitate Roshan Digital Account (RDA) clients, creating a separate category of Shariah-compliant intermediaries on the websites and mobile apps of Islamic banks would also be explored in coordination with relevant stakeholders, the SECP said.


Business Recorder
27-04-2025
- General
- Business Recorder
Divorce and dower payment
EDITORIAL: Divorce almost is always a nasty affair, and can get even nastier where financial obligations are involved. The Nikahnama (marriage contract certificate) contains a column in which the husband can delegate the right to divorce to the wife. Seen as inauspicious, this provision is generally invalidated. The wife has the right to divorce as Khula, however. Entered in the marriage certificate is also the amount of dower money, to be determined according to the husband's means of income, a bulk of which may be deferred payment. It is quite common for the wife or her family to demand a much higher sum as an insurance policy for her financial and marital security. That though, may yet lead to a gruelling legal battle in the event a woman wants to seek Khula. The Lahore High Court has been hearing one such case after a man challenged the decisions of the Sahiwal district courts favouring his former wife. In a substantive ruling on the issue delivered last Saturday, Justice Raheel Kamran upheld a woman's right to recover her full deferred dower even after obtaining a divorce through Khula. Under Islamic law and the Nikahnama, said the learned judge, the husband remains obligated to pay dower unless the wife seeks dissolution of marriage simply because she dislikes him, losing the right to deferred as well as prompt dower. This is only fair. But the mere fact that the wife sought Khula does not automatically nullify this contractual obligation, explains the court verdict, the key consideration to determine the woman's entitlement is the reason for her seeking Khula. If the husband's conduct compels the wife to seek dissolution, she retains her entitlement to the deferred dower. It needs to be said that many women stay in abusive marriages for fear of social stigma. And those opting out in extreme circumstances, more often than not, avoid stating the real reasons that must stand scrutiny in court. In the instant case, however, the wife obtained the decree for dissolution of marriage citing the husband's bad behaviour and disrespectful conduct towards her in nine years of marriage. These unchallenged allegations, observed Justice Kamran, amounted to cruelty and provided a strong justification for the respondent/wife to be entitled to the full amount of her deferred dower in the same way as she would have been in case of divorce pronounced by the petitioner. The same principle applies to return of dower from an ex-wife. In this context, justice Kamran referred to a Federal Shariat Court judgment that also held that where a wife seeks Khula due to fault on the part of the husband by providing reasonable justifications, it is not valid to require from her the return of the dower already received by her. These rights and protections Islam gives Muslim women must be respected by all. Copyright Business Recorder, 2025


Middle East Eye
10-04-2025
- Politics
- Middle East Eye
Mufti Taqi Usmani and top Pakistani scholars say war on Israel 'obligatory'
Mufti Muhammad Taqi Usmani, one of Pakistan's most prominent Islamic scholars and a former judge of the Federal Shariat Court, has declared military "jihad" against Israel is an obligatory duty for all Muslim governments. Speaking at the National Palestine Conference in Islamabad on Thursday, Usmani said Muslim countries had "failed to provide sufficient support to those fighting to protect" Al-Aqsa Mosque in Jerusalem. "What is the use of the armies of Muslim countries if they do not engage in jihad?" he asked. The conference gathered prominent Islamic scholars from across the country, and its official declaration on Thursday echoed Usmani's remarks - concluding that "jihad" against Israel is obligatory for all Muslim countries. In his speech, Usmani also said that Muslims who intended to go on voluntary pilgrimages, such as Umrah, should spend their money on supporting the Palestinian resistance instead. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters "We have assembled within this very same convention hall one year ago in an act of solidarity for Palestine. Yet, ever since then, we have merely done conferences and not true action." Usmani further referenced Pakistan's first leader, Muhammad Ali Jinnah, saying: "The founder of Pakistan referred to Israel as an illegitimate state, and our stance will not be altered irrespective of how strong Israel may become." Muslim scholars issue 'fatwa' calling for 'jihad' against Israel as strikes pummel Gaza Read More » Pakistan, which was established in 1947 - a year before the founding of Israel - has opposed the creation of the Israeli state and has never recognised its sovereignty. Many scholars at the conference criticised the Pakistani government for not declaring war on Israel. This comes just days after Ali al-Qaradaghi, the secretary general of the International Union Of Muslim Scholars (IUMS), an organisation previously led by Yusuf al-Qaradawi, called on all Muslim countries 'to intervene immediately militarily, economically and politically to stop this genocide and comprehensive destruction, in accordance with their mandate'. His statement, which was also backed by 14 other prominent Muslim scholars, called on all Muslim countries to 'review their peace treaties' with Israel and for Muslims in the United States to pressure President Donald Trump to 'fulfil his election promises to stop the aggression and establish peace'. Opposing the 'fatwa' But Egypt's Grand Mufti Nazir Ayyad this Monday criticised the "fatwa" as "irresponsible". A "fatwa" is a non-binding Islamic legal ruling from a respected religious scholar, usually based on the Quran or the Sunnah - the sayings and practices of the Prophet Muhammad. Ayyad, who is the highest authority for issuing religious opinions in Egypt, rejected the "fatwa" and said that "no individual group or entity has the right to issue fatwas on such delicate and critical matters in violation of Sharia principles and its higher objectives". "Such actions may endanger the security of societies and the stability of Muslim states," he added. Egypt's grand mufti rejects fatwa for jihad against Israel as 'irresponsible' Read More » "Supporting the Palestinian people in their legitimate rights is a religious, humanitarian and moral duty. However, this support must be provided in a way that truly serves the interests of the Palestinian people and not to advance specific agendas or reckless ventures that could lead to further destruction, displacement and disaster for the Palestinians themselves." Ayyad said that the declaration of "jihad" in Islam must be made by a "legitimate authority". "In our current era, this authority is embodied in the recognised state and political leadership, not in statements issued by entities or unions that lack legal authority and do not represent Muslims either religiously or in practice," he said.


Express Tribune
27-03-2025
- Health
- Express Tribune
CII deems K-P transgender bill unIslamic
The Council of Islamic Ideology (CII) on Wednesday said reaffirmed its previous stance that the Khyber-Pakhtunkhwa (K-P) Transgender Bill contains the same unIslamic elements as the Transgender Act of 2018, which had been declared inconsistent with Islamic principles by the council and the Federal Shariat Court. The matter was taken up during a meeting in which the CII members deliberated on a total of 19 agenda items. The session was chaired by CII Chairman Dr Muhammad Raghib Hussain Naeemi. Additionally, the council expressed concerns over the bill's inclusion of the Guru-Chela (mentor-disciple) concept, deeming it unIslamic. The council ruled that granting first wife the right to annul her marriage if her husband remarries without her permission is un-Islamic. Any judicial ruling that permits such annulment contradicts Islamic teachings. It was decided that premarital testing for thalassemia or other contagious diseases can be included in the Nikahnama (marriage contract) as an optional provision. However, the decision to marry will remain solely at the discretion of both parties under Islamic law. The council ruled that organ transplantation, particularly of the kidney and the liver, is permissible as long as the donor's life is not endangered. The council ruled that newly hired employees can be required to participate in the contributory pension system, but existing employees cannot be compelled to join it. Additionally, it stressed that pension funds must be entirely free from interest-based financial systems. The council stressed that Zakat funds should be distributed to deserving individuals without unnecessary delays. However, if administrative procedures cause delays, these funds can be placed in profit-generating Islamic bank accounts. In the event of any financial losses, the government will be responsible for compensating them. In the meeting, four experts from the Sindh Institute of Child and Neonatology were invited to present a briefing on the establishment of a human milk bank. They provided detailed responses to 33 queries raised by the council members. Additional questions from the members were also addressed. The council decided to conduct an in-depth study on the matter and will present its final decision in the next meeting. It was decided that Islamic terms such as Salah (prayer), Ayah (verse), and Masjid (mosque) should be retained in their original Arabic form instead of being translated into English. The council emphasised that scholars and intellectuals should raise awareness at their respective levels regarding the issue of electricity theft.


Express Tribune
20-03-2025
- Politics
- Express Tribune
Depriving women of inheritance 'un-Islamic'
The Federal Shariat Court has declared any custom by virtue of which any female member of a family is being or has been denied or deprived of her right of inheritance, which is granted by the Holy Quran and Sunnah, as un-Islamic, hence having no legal force whatsoever. "We have concluded that the inheritance right of women, if denied, under any form and manner whatsoever on the pretext of local custom or usage, is un-Islamic," read a 20-page judgement authored by FSC judge Dr Syed Muhammad Anwer. "Although the respondent departments, i.e., the Human Rights Commission of Pakistan, the Commissions on the Status of Women and Ombudspersons are working rightly but there is a need that they must act continuously, more vigilantly and proactively to eradicate this social evil, rather crime from society, of depriving women in any manner from claiming their right of inheritance or putting them under disadvantage to claim their due share in their inheritance," the order adds. Four members of the FSC led by Chief Justice Iqbal Hameedur Rehman heard a petition filed under Article 203-D of the Constitution. The petitioner, Syeda Fouzia Jalaal Shah, raised an issue whereby women are being deprived of their due right to inheritance in their ancestral property on the pretext of a local custom despite the fact that such right of inheritance is specifically and categorically recognised by Islam in the Holy Quran and Sunnah. According to the petitioner, this custom is called "Chaddar" or "Parchi", which is in vogue in Bannu district, whereby women are being completely deprived of their right of inheritance in their ancestral property through jirga or they are forced to take less valuable property as of their inheritance share by putting pressure upon her. In addition, the petitioner also sought a relief in-personam as her mother, Syeda Iftikhar Bibi, was allegedly deprived of her share in her father's and husband's inheritance due to the local custom or usage which the petitioner named as "Chaddar" or "Parchi", hence the petitioner also sought a personal relief for her mother from this Court through the same petition. The judgement noted that as most of state departments have also acknowledged the need of the use of the penal law under the PPC as amended, to eradicate this social evil from society, "we are of the considered view that the relevant provincial departments, which are responsible to rectify this social evil of society and protecting the property rights of the women so granted to them by the Holy Quran and Sunnah, may also initiate criminal case against the perpetrator of the crime of serious and grave cases under Section 498-A of PPC, which is introduced in the Pakistan Penal Code vide the Criminal Law (Third Amendment) Act, 2011, as it was the object and reason of this amendment in the PPC". It is also noted that from the response of the respondent, an important aspect is revealed that there is a need of understanding the gravity and seriousness of this crime in the staff of that relevant departments of the governments too. For instance, in this case they all acknowledged that women are being deprived of their right of inheritance yet they denied that no such custom or usage with the name of "Chaddar" or "Parchi" exists. Here they are required to understand the important aspect of any such case, that is the name of illegal action is not relevant but the act itself is important. Hence, while formulating the data and statistics regarding the denial of inheritance rights of women the relevant department, like the Commission on the Status of Women, must also categorize those different ways and the manners in which this heinous crime is being perpetrated, such efforts will help the relevant authorities to protect women from deprivation of their rights of inheritance in more efficient manner. "It is clear from the statistics available and reports submitted by the parties that such criminal practice, whereby women are deprived of their right of inheritance, is quite common. In this regard generally a core illegal practice is commonly known as (Haq Bakhshwai) or (Haq Bakhshwana), which literally means "giving up of rights", is in vogue throughout the country in different forms, whereby the perpetrators or usurpers try to give a kind of legal cover to their illegal and criminal actions, whereby either forcibly or by emotionally blackmailing the female members of the family are asked to relinquish their right of inheritance in favour of male members. The court rejected the Shariat petition to the extent whereby the petitioner has sought a relief in-personam being out of the scope of the jurisdiction of this court. However, the petition is partially accepted whereby the petitioner is seeking a relief to declare a local custom which, according to her, is prevalent in K-P's Bannu district with the name of "Chaddar" or "Parchi", and the basis of which women of that area are being deprived of their rights of inheritance in their ancestral property, hence we declare any such custom or usage which either exists with the name of "Chaddar" or "Parchi" or with any other name in the area of Bannu district of K-P or in any part of any province of the country, as un-Islamic and illegal having no legal force whatsoever by virtue of which the right of inheritance of women is denied wholly or partly from their ancestral property which they have inherited or any other practice which deprives women from their right of inheritance, which is granted by the Holy Quran and Sunnah, is un-Islamic and against the principles of the Holy Quran and Sunnah, hence void and illegal, and may be subject to punishment also. "We further declare that all or any such custom or usage, which affects the rights of inheritance of women in any manner whatsoever, irrespective of the name by which it is called or known in any area of the country, is un-Islamic and illegal and calls for actions against the perpetrator of such crime under Section 498-A of PPC, as such actions by the relevant authorities of the State falls within the scope of Amr bil Maroof Wa Nahi Anil Munkar, which is an important duty of the State under the Act X of 1991 (Enforcement of Shari'ah Act, 1991)."