Mezan Bank raises objection on earning profit on Hajis' money
Asks Religious Affairs Ministry to seek guidance on the issue from CII
The bank even termed parking of such funds as fixed deposit for earning interest against the dictates of Shariah.
It emphasized that judicious use of amounts received from pilgrims is a sacred responsibility, which must be fulfilled in a transparent manner.
The bank further suggested that the ministry should constitute a Sharia Advisory Board or seek opinion from the Council of Islamic Ideology (CII) to bring all such transactions strictly in line with the Islamic teachings.
The practice of the ministry of earning interest on the funds collected from pilgrims has been coming under criticism for long, but this is probably the first time a bank has raised a formal objection.
This story is based on the report filed by Gohar Mehsood