THE SLOGAN OF MAKING PAKISTAN ALIKE FIRST ISLAMIC STATE OF MADINA: ASPIRATION, COMMITMENT AND REALITY

Abstract

The first Islamic state of Madina is the best example for Muslim countries to establish their banking sector with respect to Islamic Shariah to uplift economic prosperity amongst masses as built in Madina by Prophet Muhammad (PBUH). Whereas, Interest-Riba is prohibited in Islam. while, its practical demonstration had been shown by Prophet Muhammad (PBUH) in Madina 1400 years back that without interest socio-economic welfare of masses is possible. The newly elected government of Pakistan has been very keen in making Pakistan alike the first Islamic state of Madina. However, in reality has increased Interest rates 13.25 percent in July, 2019 while previously it had been 7.5 percent during previous government regime. Therefore, the study is conducted to identify the reality in regard to practical steps taken by existing government to accomplish its commitment in making Pakistan alike 1400 years back Madina. Also, to analyse the reasons for which government of Pakistan vows with respect to aspiration of people of Pakistan to regulate financial affairs according to Islamic Shariah as implemented in Madina towards uplifting underprivileged. The question arises why contradiction exists between declaration and reality. Moreover, qualitative research would be carried out to build a conceptual framework by using inductive paradigm to analyse integrity of Government of Pakistan towards making Pakistan truly alike a state of Madina. It is expected that Pakistan needs to take a very long mileage to pursue interest free strategies for ensuring economic welfare towards making Pakistan an exemplary first Islamic state of Madina. However, without the aspiration of eternal success and accountability hereafter, Governments of Pakistan cannot honour its commitments in true capacity and in reality, will be a mere slogan and political stunt to gain support from People of Pakistan.