You should have read the question again. It was "In the presence of interest based global financial system, discuss the possibility of interest free Islamic Financial system" In the presence means "not absence".

Even if the question has appeared in past papers, I dont think it was something you could have answered with "ratta".

After exam, I asked this girl how she had answered it and she was like "Is main zakat ka likhna tha na sab". I was like "WHAT"!!!

I do not intend to say that whatever I wrote was correct because I purely answered it based on my own knowledge of the system. I could be wrong too but just to let you know, it was an opinion and by no means conclusive. This is what I had proposed:

1. A union of certain countries (Muslims + non-Muslims) on the basis of absolutely no interference in internal matters (including beliefs). Because a single country cannot put an end to the system when it has to enter into transactions with other countries.

2. Abolition of paper money ( because one of the main challenge is posed by devaluation of currency in the international money market) and adoption of money with real intrinsic value (something like copper, silver etc).

3. Establishment of a Central Bank that determines reasonable profit (mark-up) rates and these should not be pegged with LIBOR, KIBOR etc. This bank along with its branches should regulate banks in each country as per its circumstances.

4. Conventional banks to adopt Islamic modes of sale and purchase for financing e.g mudarba, musharka, salam, istisna, ijarah etc.

5. If Clients want banks to invest and banks to further invest the clients' money then sharing of profits on basis of "corresponding liability to loss".

6. If clients only want to get their money stashed in bank accounts, banks would only use it as amanah and would not be able to invest it anywhere. Clients to pay certain service charges only. Banks would be only responsible for loss in case of negligence on the part of these banks.

I missed few points like alternative for insurane etc because of the time constraint but even if it did not make sense, I loved attempting this question.

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"I tremble for my country when I reflect that God is just, that His justice cannot sleep forever."

There was this question about role of women in Islam and modern society. I am sure most of the candidates out there must have inked so many pages on describing status of woman in Islam. Since I was not quite serious with my attempt, I only used it as a means to check if any analytical skills actually matter. That said, I have this problem with me that I cannot write the typical, crammed content glutted with verses and traditions ( I know they are important). There were few points of comparison so I elaborated them. Here is a sumamry"

1:Role in the materialistic corporate world

How modern day society sees her as a thing of beauty so you see her in every second advertisment. How Islam asks women to guard modesty so this role can only be performed within certain periphery.

2: Role as a Judge

Modern society endorses it without reserve.

Islam does not admit testimony of women in hadd cases because hadd is right of Allah and not human beings. Giving tetsimony is an obligation that Allah has burdened men with and has exempted women from this burden. Since they cannot give testimony, they cannot take it so they cannot act as judges in criminal matters (hudud) in Islam

3. Role as Head of State:

Modern Society: Endorses
Islam: Reasons why she is not encouraged to become head of the state.

4. Military

Modern Society: Defenders of borders
Islam: Can act only within certain limits. (Example of how Prophet's (P.B.U.H) paternal aunt Hazrat Safiya killed an infidel in self-defence.

Apart from that I mentioned how they can work, for earning a living or for self-development, in Islam but have to confine themselves within certain limits.

I couldnt elaborate more (it was already 7 pages, that too without any rhetoric) so I had to stop (not that my mind was inundated with more ideas).

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"I tremble for my country when I reflect that God is just, that His justice cannot sleep forever."

Attempted it in last 5-7 minutes so couldnt brainstorm much. Just wrote whatever was hitting my mind. It was mere two pages but here are the points:

Importance of intellect: One of the main objectives of shariah is to protect and preserve intellect.

Examples:

Capital Punishment:

World divided over its efficacy. Quran says that there is life for you in qisas. Intellect dictates that it deters society.

Homosexuality:

Campaigns for gay marriages today on the ground that homosexuality is genetic. Quran tells us about the wrath that People of Sodom and Gomorrah invited upon them. Reason tells us that Allah does not punish a person for something that is beyond his control. Thus we are more inclined to believe the theory that it was a learned pattern.

I wanted to discuss democracy, interest etc but had run out of time.

Overall: Do not see myself getting through and perhaps would regret for a while that I took it lightly when it could have been given the best shot.

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"I tremble for my country when I reflect that God is just, that His justice cannot sleep forever."

I do not intend to come across as rude or pompous but how is zakat relevant to interest? Interest emanates from the idea of earning reward without corresponding liability to loss. Zakat is meant for poverty reduction primarily. I dont think it can do ANYTHING to establish interest-free system.

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"I tremble for my country when I reflect that God is just, that His justice cannot sleep forever."

Zakat is main component of Islamic financial system .You have read one aya`h of Quran -e Pak that fits in each institution . It is about moderation ..First capitalism supports excess of freedom ..Freedom to have unlimited property , money whereas Islam levy tax on individual when its holdings exceeds to certain amount. So this Tax is called Zakat which is levied on property ,land and on gold ..So instead of getting interest one has to pay zakat which directly goes to central bank instead of interest.So this money which is interest free can be used in investment which definitely generates employment. Whereas interest based system can grip to those who lend the money and only profiteers are lenders .so It definitely meant for more accumulation of wealth and property .That is the reason of difference ; difference between first world and third world

one has to discuss the possibilities of Islamic economic system either Islamic system can be promulgated or not .If yes then discuss how it can compete global interest economic system with Islamic free interest system . One has to highlight the shortcomings of global economic system by discussing the universality of Islamic economic clauses . I want to refer one of your point here .

You are right abolition of paper money is required and believe me world is changing accordingly but not in reverse direction( trade in form of gold and kind).It is moving towards electronic transactions like ATM`s , Visa card , debit cards and Mobile money transfers . So you are one step behind instead of one step forward . Islam is interest free financial system but how it can dominate world interest base economic system .You have to give arguments in the favor of Islam but logically .It is not making any sense ..



your second point is :


How it is possible ?? And how it is related to the asked question.


No one will deposit money in banks and banks will not take money if prohibited to invest .It will eliminate Islamic banking system . or I am not getting your point .please elaborate your point .

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"Wa tu izzu man-ta shaa, wa tu zillu man-ta shaa"

Sister, you have referred to only one kind of riba, there are others too. Most of us hailing from villages have their lands given on theka/ patta (lease) etc. Do you know it is haram despite the fact that we pay zakat over it? Please know that circulation of money is not the precept behind prohibition of riba. Its getting more than your right (and zulm etc). This circulation of money story is only found in basic Islamiat books for the sake of making a heading.

Secondly, I interpreted as HOW an Islamic financial system would exist so I proposed a mechanism. Only the examiner can tell what he meant.

Coming to abolition of paper money, do government- government, government- international financial institution transactions use credit cards? Gold has been the most stable currency since primitive times. There is a reason why people like Ron Paul campaign for gold as money standard (refer to his book "A Case for Gold"). Above all, our Prophet P.B.U.H is reported to have said that Allah has created gold and silver to be the natural money.

As to establishment of a union consisting to willing member countries, what is so absurd about it? EU has same currency. Without a union, you cannot put an end to paper money alone (Gaddafi did it and invited the wrath upon him) and without abolition of paper money, devaluation of currency will not let you establish an interest-free economic system. I hope it makes sense now.

I want to stash money in bank account for the sake of security. I do not want to earn anything from it and I am afraid of losses that any such investment could entail. So I would just pay them nominal service charges and deposit it in amanah account but banks will not be able to invest it and I wont get anything over and above what I initially deposited.

My brother wants to invest so puts his money in investment account and would be sharing profits and losses according to his share. I hope I have elaborated it now.

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"I tremble for my country when I reflect that God is just, that His justice cannot sleep forever."

another tricky paper used by fpsc......other paper excluding essay and islamiat are HALWA

I attempted these Five.

2: Discuss the possibilities of establishment of an Islamic state under the present Political system of democracy.

Ans. Stance: Yes there are possibilities. A model to follow in this regard is that of European Union where each country is a Democracy while they present a picture of a unified state by having a combined Bi-Cameral Legislature, Executive and Judiciary.

3: Describe the Islamic concept of peace in the light of Quran and Sunnah

4: Describe tje wisdom of gradual revealation of Quran for Islamic Law

Ans. Major reasons behind gradual revelation. First, Arabs due to their background had persistent evils which needed to be eradicated slowly. Second, to consolidate the new born Muslim Society. Third, to impart a long lasting impact.

5: Describe the limitation of Co-existence and contradiction in the islamic and western social system.

Ans. Stance: Both societies strive for welfare and Common Good in their societies. Contradictions are mostly based on misinterpretation of Islam, there are a few limitations, like in term for moral values but that are so minor that a peaceful co-existence is possible by promoting mutual respect, empathy, regard and tolerance.

6: Describe the status and aim of Islamic Ummah in the light of انتم الا علوں ان کنتم مومنین

7: Give comparative review on the role of woman in islam and modern society

Ans. Stance: Islam gives its women with all social, political and economic rights, in the same way, Western feminist philosophy is also based on guarantee of Fundamental Rights. Therefore, both societies, at large, recognise the rights of women on the principle of equity, but if women are denied their rights in some patriarchal Muslim countries, like in Pakistan, it never means Islam also denies them.

8: Good combination of the reason (intellect) and Revelation can resolve today's issues of humankind. discuss

Ans: Stance: Man is at large, a combination of Mind/ Soul/ Spirit and a Body. Issues of mind are metaphysical( Epistemological and Ontological) in nature while those of body are physical in nature. So a combination of Revelation and Science can in a better way fulfill the needs of both soul and body respectively.

9: In the presence of interest based global financial system, discuss the possibility of interest free Islamic Financial system

i think that question was not about comparision of woman's status in islam n society but what role she can play in islam and modern society.....i.e. character building of her children in such a way that it leads to a peaceful and moderate society........my focus was on character building.....