Page 7 - CMA Journal (Mar-Apr 2025)

EXCLUSIVE INTERVIEW
Exclusive Interview

“
At present, the foremost demand

of the Council of Islamic Ideology

is the implementation of the

Federal Shariat Court’s decision

concerning Islamic economic

reforms. Full enforcement of this

decision is expected to align

Pakistan’s economic system with

the principles of Islam “

Allama Muhammad Raghib Hussain Naeemi

Chairman, Council of Islamic Ideology (CII)

ICMA: How does the CII ensure Pakistan's economic ICMA: What steps is the CII recommending to remove
policies follow Islamic principles under Article 230? Riba from Pakistan's financial system?
Chairman CII: The Council of Islamic Ideology was Chairman CII: In June 1980, the Council submitted a
established under Article 228 of the Constitution. report titled Interest-Free Banking to the government,
Among its mandated responsibilities is the review of which the Government of Pakistan implemented
existing and proposed laws in light of Islamic principles partially in two to three phases. This report was the
and the submission of recommendations to the Council's first major effort toward restructuring the
government regarding the Islamization of society. The national economy on Islamic principles. It received
Council is not an executive body; it does not formulate widespread recognition and was initially compiled in
national policy, nor does it have the authority to enforce English under the title Elimination of Riba from the
implementation of its recommendations. Nevertheless, Economy. Later, it was translated into Urdu as Bila Soodi
in fulfillment of its constitutional mandate, the Council Bankari and into Arabic as Al-Gha’ al-Fa’idah min
has prepared numerous reports and recommendations al-Iqtisad.
aimed at aligning Pakistan's economic policies with
Islamic principles, which have been submitted to the
Parliament and relevant institutions at various times.

ICMA’s Chartered Management Accountant, Mar-Apr 2025 5