Assignment no 1. Date of submission: January 7, 2014. Marks: 05 Note: 1 mark per day will be deducted for late submission.

Alhamdolilah, after long discussion and deliberation with scholars including Mufti Taqi Usmani sb and others, the government has set-up a Committee on Islamic financial system. Initial recommendations are to be given by the committee in the near future. You are required to share your ideas and suggest practical steps on how to implement Shariah based financial system in Pakistan. (Your suggestions should be in the following pattern.) 1. 2. Sincerity of purpose, devotion and commitment to the goal of Islamazation of financial system is required from higher government authorities. In principle, there cannot be gradualism in the process of the elimination of Riba and Islamisation of financial system from government perspective. But from the practical perspective the basic necessary actions should be initiated and process for elimination of Riba should be started at once so that the conversion of the existing system to Islamic financial system could be achieved in shortest possible time. Priorities must be set. The issues that require swift response must be addressed in the first phase and then so on. (We can call it Phasing-Out Approach).

3.