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CHAPTER1 IN SEARCH OF RIBA FREE FINANCIAL SYSTEM

All praise is due to the Almighty Allah Blessings and Peace be upon our Holy Messenger of Allah and the Leader of the magnificent honorable. The movement for elimination of RIBA from the financial system now develops into the one and only opened door for the upturn of humanity from the dryness of materialism and spiritual bankruptcy in which it has become apparent. Great number of Muslim and non-Muslim jurists, economists, thinkers and financial professionals have accepted this reality to the extend that the certainty of solution to introduce RIBA Free Financial System turn out to be collectively approved case. Islam is the religion that teaches Muslims that prior to others liabilities and responsibilities, they should develop then and crop the determination of men and the loyalty of struggle. A first responsibility is the practical belief of the glory of Islamic applications, their influence and ability to fill the gaps in the life with most important is the scope of economic activity. With a majority and having any reservation in Allahs reward and destiny, Muslim should confirm the practicability of the concept, strength of principles and basis of Islamic Economic in the life of people and the community with the application to be materialized through the Interest Free Financial Institutions. Within few years many Interest Free Financial Institutions emerged in the Islamic and non Islamic countries. Muslims with the teaching of Islamic Economics should struggle hard to attain new positions in the financial market. If they continuously able to achieve strong and effective positions in the application and practice, they not only benefited by the bounty of Allah, but also eliminate the evil to the humanity and mankind and reach to a stage where their ability cannot be rejected or denied due to the genius of their economic intelligence and their strong grip on the RIBA Free Financial System cannot be diminish in value or disregards by any. It is beneficial and develop a chain of cooperation among Muslim Ummah to establish an association among the existing Islamic Financial Houses to keep a sprit of support among each other., The secretariat of the association should be the organization that takes care of the idea, gives consultations, offers support and make every effort for spreading the idea of these Financial Houses in accomplishing new positions in the financial market of the world. In the subject of spreading the idea of RIBA Free Financial Houses and being convinced with them, the association direct towards the right path and to be a guide-work for the Islamic banks and for those who are seeking to establish new Islamic Banks.

To achieve this goal and to penetrate the concept of Interest Free Financial System, this book is written that will give basic information to the intellectual callers with a detailed instructive material concerning existing Islamic Banks as regards philosophy, idea, organization, establishment and implementation. It is Almighty Allah whose blessings will certainly come true that no economic system in the world that can secure dignity of Mankind and Humanity other then the inspiring Islamic Economic System and its legislation gives. The reason is Almighty Allah is the only Guardian to the superior goal as Almighty Allah is the only Protector and the Excellent Helper. By: Marium Khan

Iqra University Defence View Campus Karachi, Pakistan