Some developments in Riba elimination project sharing on behalf of sir IA Ishtiaq Farooq. From: Marie Douglas [mailto:ishtiaq.farooq@yahoo] Sent: Monday, January 05, 2015 11:42 AM To: Musafar Nadeem; Musafar MN (Mohammed) ISC; Ishtiaq Farooq Subject: Fw: Agri Project for KPK. ▼ Hide quoted text Allah(swt) is kind. Regards. On Wednesday, December 31, 2014 12:41 PM, Ishtiaq Farooq wrote: Mohtaram Sarfaraz Sahib. aoa. Thanks for your call this morning. The brief is mailed again plz. Regards. Farooq I.A. On Monday, December 29, 2014 2:01 PM, Ishtiaq Farooq wrote: AGRI PROJECT FOR KPK. (Aiming at Riba Elimination) (Draft-I) Introduction: Some times back Hon.Peshawar High Court had desired to make Laws to Eliminate Riba. Law of 2007 prohibiting Riba in Private Sector is in place. KB(JI) intends to launch a movement in KPK to Eliminate Riba from Agri Sector.It is now possible at Provincial level as Constitution has made Agriculture as a Provincial Subject(18th Amendment). Elimination of Riba means providing Riba free funds from Riba Free Source. Options: Qarz-e-Hasan. Qarz. Bai Salam. Definitions: Qarz-e-Hasan is a Qarz(not Loan) sans conditions of Repayment. Qarz means a Qarz with Condition of Repayment. Bai Salam means a Contract of Bai to pay the Price(100%) in advance against future delivery of Agri Produce. Estimated requirement for the whole province for Resource will be Rs...........(Figs with MOF). KB proposes a pilot Project starting from Charsadda Distt. All Government Departments in KPK related with Agriculture will cooperate and facilitate the Project.Thus changing Focus of Governance from Rule to Public Service. Resource Mobilization & Application: *Masses that follow Deen & are desiring to stop War against Allh(swt) & Hazoor(pbuh) will be motivated to contribute to a Fund(to be set up by MOF) giving their option for Qarz-e-Hasn OR Qarz. *Bait-ul-Mal funds will be diverted toward Agriculture. *There will be appeal for Global Donation(not Loan) to this cause. *Ushr will be collected & could be initially directed in this direction(if allowed by Fiqh). *Budget Allocations will be made(if agreed by Ulema). *Masses will be motivated to contribute towards Investment Accounts(for Salam option)giving preference of Qarz,Mudarbah or Mushakah(Dealing Institution to be set up/indicated by KB). Law Making(Rules & Regulation): KPK Assembly will put in place Salam Law and necessary Rules & Regulations.Similar course will be adopted for other transactions(as above). Fund Board: Fund Board will be set up to operate the Fund. Accounting: All Accounting will be on Line & on display. Documents/Agreements: Documents & Agreements will be drawn with Ijmaa. Media: A Committee will be set up for Media inter action. Govt Umbrella: The Project will be under Govt Umbrella & Banks will be given chance to use their option to join under above Law & Procedure.This is suggested so as to initiate dialogue with Central Bank.Mean while the Project can take off without any interference. Others: Any point may be added with mutual Consultation. Regards. Faooq I.A. *********************************************************************************Disclaimer********************************************************************************** The information contained in this e-mail message and any attached files are confidential information. If you have received this e-mail in error, please notify us immediately by reply e-mail to sender and delete all copies. If you are not the intended recipient, any use, reliance, dissemination, disclosure, or copying of this e-mail or any part of this e-mail or attached files is unauthorized. It is your responsibility to scan this communication and any files attached for computer viruses and other defects.
Posted on: Tue, 06 Jan 2015 02:59:14 +0000
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