The Economic Times (India)
중도 성향
기타
"CHARGES" · 총 577건
필터 보기현재 지수
50.3
0 = 부정 우세
50 = 중립
100 = 긍정 우세
최근 7일 기준 84,410건을 분석한 결과, 뉴스 심리지수는 50.2(균형)입니다. 긍정 4,225건(5.0%)·중립 78,088건(92.5%)·부정 2,097건(2.5%)이며, 중립 비중이 뚜렷하게 높습니다. 성향 지수는 종합 14.8(중도 균형)입니다.
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“THOSE who gorge themselves on usury behave but as he might behave whom Satan has confounded with his touch; for they say, ‘Buying and selling is but a kind of usury’ — the while God has made buying and selling lawful and usury unlawful. … If, however, [the debtor] is in straitened circumstances, [grant him] a delay until a time of ease… .” — Surah Al-Baqarah, translation by Muhammad Asad. Islamic banking started in Pakistan in 1979 and by 1985, commercial banks had stopped using the word ‘interest’ and used ‘mark-up’ instead. But with time it was apparent this kind of ‘Islamic’ banking wasn’t really Islamic and was just a name change from ‘interest’ to ‘mark-up’. Pakistan’s modern Islamic banking began in 2002 when the first new fully Islamic bank started working. Since then Islamic banking has rapidly grown and now there are many Islamic banks. Islamic banks have turned out to be more profitable and there is considerable demand among Pakistanis to conduct their banking as prescribed by Islam. Islamic banks now have Sharia boards that rule whether any banking facility is Sharia-compatible and the State Bank of Pakistan (SBP) also has a Sharia advisory committee. We have also progressed from merely banking and now the government issues sukuks (long-term bonds backed by assets), we have Islamic leasing, called Ijara, and Islamic insurance, called Takaful. We should examine how close to Quranic edicts is Islamic banking. Next year as we celebrate the silver jubilee of the Islamic banking industry, we should examine how close to Quranic edicts is Islamic banking and whether it has grown closer to Islamic ideals. A company can borrow from a secular commercial bank running finance for its working capital needs and long-term finance for its project financing needs. From the Islamic bank it will get Musharakah financing or Murabaha and Istisna financing. For an example of Istisna financing assume a company wants a loan for buying cotton. The bank will buy cotton for Rs10 million and sell it to the company for Rs11m with payment due in one year, or for Rs10.5m for payment due in six months. The bank doesn’t actually buy the cotton or sell it to the company. There is, however, paperwork to pretend this has taken place. The profit the bank makes depends entirely on the policy rate set by the SBP. When the policy rate is high, the bank’s profit is also equally high. In Musharakah financing, the profit an Islamic bank charges the company also depends on the SBP’s policy rate. Typically, if the interest rate charged by commercial banks is two per cent above the SBP’s policy rate, the profit rate required by Islamic banks is also the same. If during the tenor of the loan the policy rate is increased by the SBP, the profit rate is increased by Islamic banks by a similar amount. Just as commercial banks get their interest from the client whether the company is incurring a profit or a loss, Islamic banks also have no downside when a client loses money. Except for default or restructuring, no Islamic bank has ever made a loss because its borrower was losing money. This then seems distinct from trade-based, risk-assuming lending that Islam envisions. For instance, a priori people would think that under Islamic banking’s Istisna financing if a company borrows money for buying 1,000 bales of cotton, it should return the money for a 1,000 bales of cotton, no matter what the new price of cotton is. If the value of cotton has increased, the bank will make a profit and if it has decreased, it will lose. But it will not get a fixed interest-based ‘profit’ no matter what happens to cotton prices. Similarly, under Musharakah financing people would think that if the company is making profits, Islamic banks should also make a profit but not if it’s losing money. Otherwise, it is just like secular banks with Arabic names for loans. With the current practice of Pakistani Islamic banks, the benefits of having trade-based Islamic banking are lost and banks don’t have an incentive to seek and give loans to companies that have great ideas and products. If the profit is fixed at exactly the rate of interest, like it is in commercial banks, then we lose the barkat of Islamic banking. Up until last year, the SBP required banks to give a minimum interest to depositors. But Islamic banks objected that giving fixed profits to depositors would violate Islamic principles. However, the same Islamic banks are quite happy to charge their customers fixed profits based on the SBP’s policy rate. This dichotomy meant that customers of Islamic banks were getting less profits on their deposits than those given by commercial banks even as Islamic banks made more profits than others. Islamic banks were increasing people’s cost for being good Muslims. Even today, Islamic banks give lower profits to their depositors. This goes against the Islamic admonition of exploitation. When a borrower is late in paying loans or interest/ profit, both Islamic and commercial banks charge you penal interest (which is against the ayat I quoted above) but whereas commercial banks keep this profit, Islamic banks give up that profit as charity. One has to say that the difference between Islamic and commercial banks is more in nomenclature and less in substance. Bankers and economists know this but don’t say it in the hope that Islamic banks will eventually inch closer to true Islamic banking. However, it is unfortunate that even after decades this migration is non-existent. Perhaps it’s because ‘Islamic’ banks are more profitable and don’t want to exit a comfortable business model. Islamic bankers give the example of eating beef to justify Islamic banks. They say if you eat non-zabiha beef it is wrong but the same beef is halal if slaughtered properly. The example is powerful but not applicable as Islam has not prohibited eating beef, it has just prescribed a way of slaughtering cattle. The prohibition of interest is more like the prohibition of drinking wine. It doesn’t matter whether it is consumed out of a teacup or a wineglass; the prohibition stays. Similarly, while trade is allowed in Islam, interest is prohibited even if you give it Arabic names. We must endeavour to bring Islamic banking closer to the tenets of Islam — variable profits and risk sharing. The writer is a former finance minister. Published in Dawn, June 6th, 2026
QUETTA: The Balochistan High Court on Friday suspended the implementation of a first information report (FIR) registered against Leader of the Opposition in the National Assembly Mehmood Khan Achakzai, while admitting his constitutional petition for regular hearing. A BHC division bench, headed by Chief Justice Muhammad Kamran Mullahkhail, heard the petition challenging the FIR lodged against Mr Achakzai by police in Qila Abdullah district. Following preliminary arguments, the court ordered the suspension of the FIR’s implementation and issued notices to the provincial government and other respondents for the next hearing. A team of senior lawyers, including Muhammad Riaz Ahmed, Senator Kamran Murtaza, Advocate Habibullah Nasar, Ayaz Mandokhail, Rahib Buledi and others, represented Mr Achakzai, who is also Chairman of the Pakhtunkhwa Milli Awami Party, before the court. The FIR was registered at Gulistan Police Station in Qila Abdullah district, accusing Mr Achakzai of allegedly spreading hatred against a state institution and criticising the current government during a public gathering. Several other political leaders were also named in the case. According to the FIR, the charges stem from a speech allegedly containing harsh, insulting and provocative remarks against a state institution. Authorities further alleged that the speech incited the public and promoted hatred. The petition challenges the legality of the FIR and seeks judicial relief against the criminal proceedings. With the court’s interim order, any action based on the FIR will remain suspended until further proceedings. The case is expected to be taken up again on the next date of hearing after responses are submitted by government authorities concerned. Published in Dawn, June 6th, 2026
The order was passed by Special NIA judge Prashant Sharma of the Patiala House courts.
• Approves Rs100bn financing facility for PSO • Oil company facing over Rs900bn receivables from SOEs • Special honoraria expanded to more ministries, departments • Rs10.15bn cleared for Pakistan Navy’s Hangor Project • Rs4.38bn granted to Gilgit-Baltistan ahead of elections ISLAMABAD: Less than a week before the next budget, the Economic Coordination Committee (ECC) of the cabinet on Friday approved more than Rs40 billion in supplementary grants and a Rs100bn sovereign-guarantee-backed financing facility for the Pakistan State Oil (PSO), which is facing over Rs900bn in receivables from other state-owned enterprises, raising concerns about smooth oil supplies. And despite financial constraints forcing development cuts in the name of IMF restrictions, the ECC meeting, presided over by Finance Minister Muhammad Aurangzeb, also allowed Rs10bn additional funds for parliamentarians’ development schemes and expanded the scope of special honoraria running up to six-month additional salaries to more ministries and departments involved in federal budget preparations. The benefit, already available to officials in around a dozen ministries and entities, including finance, revenue, planning, development, FBR, National Assembly, Senate and the Prime Minister’s Office, was expanded to the Law and Justice Division, Commerce Division and the Accountant General of Pakistan Revenue (AGPR). The fiscal impact was not disclosed. The meeting also changed the composition of a committee set up to settle about Rs60bn in petroleum levy dues charged to consumers but allegedly withheld by Cnergyico Refinery since 2019, citing concerns over conflict of interest, and ordered a tightened recovery plan. An official statement said the ECC approved a summary submitted by the Cabinet Division for Rs7.026bn through a technical supplementary grant for the Sustainable Development Goals Achievement Programme (SAP). “The allocation will facilitate continuity of development projects, prevent cost escalations, and timely achievement of programme objectives,” the statement said. Officials said the finance minister was under pressure from the leadership to provide funds for parliamentarians’ schemes in the outgoing fiscal year despite an about Rs175bn cut in the core development programme. The ECC also approved a summary of the Ministry of Defence for Rs10.15bn for the Hangor Project of the Pakistan Navy under the Rafale Aircraft and Force Development Package (RAFDP)-2030. The committee approved letters of comfort and government guarantees worth Rs100bn for PSO through a syndicated running finance facility to address its liquidity constraints and ensure uninterrupted oil supplies. The meeting was informed that state-owned enterprises, particularly gas companies, owed more than Rs904bn to PSO, making it increasingly difficult for the company to manage supply challenges under current geopolitical conditions. Instead of arranging recovery of those payments, the ECC approved borrowing of Rs50bn each from Habib Bank and Bank of Punjab to meet oil requirements. The borrowing will appear on PSO’s balance sheet. The meeting also took up the Deed of Settlement with Cnergyico PK Limited, which had collected petroleum levy from consumers but allegedly did not deposit it in the government treasury. The company is also seeking benefits under the Refining Policy for the upgradation of existing brownfield refineries. The ECC had earlier approved the constitution of a committee under the Special Investment Facilitation Council (SIFC) to resolve the late payment surcharge issue. Subsequently, the Law and Justice Division proposed amendments to strengthen safeguards for government revenues by requiring Cnergyico to deposit incremental incentives in a joint escrow account with Ogra and restricting withdrawals until the outstanding petroleum levy and late payment surcharge amounts were fully settled. The ECC was informed that the composition of the committee needed to be reviewed due to concerns over potential conflict of interest arising from the inclusion of the Cnergyico chief executive officer. A new committee was constituted under the convenership of the finance secretary, comprising representatives of the Law and Justice Division, Petroleum Division and SIFC, to resolve the late payment surcharge issue with Cnergyico and strengthen recovery of around Rs60bn, including Rs47.5bn in principal amount. The committee approved seven grants for the Ministry of Interior and Narcotics Control worth Rs2.826bn. These included Rs693m for security arrangements for the Islamabad peace talks, Rs241m as compensation for the suicide bombing at Imambargah Khadijah-tul-Kubra in Taralai, Islamabad, Rs528m for the Pakistan Land Ports Authority, Rs800m for procurement of fast patrol boats for the Pakistan Coast Guards, Rs1.884bn for the expansion of the Safe City Islamabad project, Rs150m for the National Counter Terrorism Authority and Rs414m for security charges relating to the Reko Diq project. The ECC approved Rs733m for Pakistan Television Corporation for payment of salaries for June 2026 and Rs183.5m for the Special Communication Organisation for installation of telecom sites and towers in Shigar district of Gilgit-Baltistan. It also approved Rs120m for the Ministry of Parliamentary Affairs to meet employee-related expenditures arising from revised salaries and allowances of parliamentary secretaries during FY26. The meeting approved two grants for the Ministry of Housing and Works for placement of development funds into the current account of Pakistan Infrastructure Development Company Limited. These included Rs8.759bn for Karachi and Hyderabad Urban Infrastructure Development Packages and Rs2.84bn for parliamentary schemes in Khyber Pakhtunkhwa. The ECC also granted Rs1.3bn for the Modernisation and Upgradation of Pakistan Mint Phase-II-A and Rs4.377bn to the Gilgit-Baltistan government to support current expenditure requirements and priority initiatives launched ahead of elections. The committee also approved budget estimates of IPO-Pakistan for FY26, submitted by the Ministry of Commerce, comprising regular expenditure of Rs914.7m and projected revenue receipts of Rs918m. The ECC also approved a summary of the Ministry of Maritime Affairs regarding the operational continuity of Engro Vopak Terminal Limited. Published in Dawn, June 6th, 2026
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