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Pakistan Rocked by Islamic Banking Scandal Slug: Pakistan Islamic scandal Reporter Shadi Khan Saif Date: 28.09.

20 ! I"#R$ % so&called Islamic in'estment fraud in Pakistan has stolen million dollars from the countries (orking class. #he )*udara+a, in'estment plan took mone- from around one thousand people promising sin&free high interest rates. . .ut as Shadi Khan Saif reports from Karachi it (as too good to +e true. #/0# S10 spice store !2&-ear&old local spices dealer Irshad Khan sold his car and in'ested all his sa'ings in the *udara+a in'estment pro3ect. 4e (as promised 5 percent sin&free interest on his mone- 6 5 percent higher than that offered +- con'entional +anks. Khan clip 7*ale8 Pashto9: :#he people (ith (hom (e deposited our mone- (ere all religious figures8 (e had great trust in them.; S10 dealing (ith customer $'er a thousand other people suffered the same fate. S10 4ussain at (ork #ailor master Ishrat 4ussain sold all of his (ife,s 3e(eller-. S10 4ussain pla-ing (ith daughter 4e is a father of a 2&-ear&old girl and his (ife is e<pecting another +a+-. 4ussain clip 7*ale8 =rdu9: :I also +orro(ed one thousand dollars from a friend8 no( he is asking me e'er- da- for the mone-. 4o( am I going to pa- him +ack>; #he scam lasts for around a -ear +efore it collapsed in Septem+er this -ear. #he managers are accused of taking millions of dollars in profit o'erseas. S10 police station

Karachi police ha'e arrested four men (ho the- sa- (ere in'ol'ed8 sa-s Inspector Shafi? #anoli. #anoli clip 7*ale8 =rdu9: : in'estigation reports ha'e +een lodged against them and man- more are +eing filed in 'arious police stations of the cit-. *ost of the targeted people are )moul'i, t-pe of religious people some of (hom sold their cars8 auto ricksha(s8 3e(elries etc to in'est.; S10 @amia .inoria #he scam claimed it (as connected to Pakistan,s reno(ned religious uni'ersit- the @amia .inoria. .ut the uni'ersities .inoria,s Ahancellor *ufti "aeem denies an- in'ol'ement. "aeem clip 7*ale8 =rdu9: :If someone can pro'e that the- ha'e in'ested mone- 'ia m-self or inside our institution then i (ill take the (hole responsi+ilit- of this mess8 the allegations +- some ne(spapers that @amia .inoria has done it8 all are a+solutel- false.; S10 market islamic +anking ad' Islamic +anking in Pakistan (itnessed significant gro(th. .ut e<perts sa- high profile scandals like this (ill slo( the industr- do(n. "adeem .ai? is an Islamic +anking e<pert. .aig clip 7*ale8 /nglish9: :1rom all o'er the (orld8 the gro(th of Islamic financing is o'er 2 B +ut in Pakistan8 if -ou see from the last -ear8 it has 2 to 8 percent declined. #his means8 the consumer confidence on Islamic products is decreasing8 3ust +ecause of this *udara+a scam.; .ut for Irshad Khan8 it,s +een a tough lesson. 4e had lost all his sa'ings... 58000 =S dollars. Khan clip 2 7*ale8 Pashto9: :/'er- one is pra-ing to Cod for reco'er-8 (e ha'e no faith in the go'ernment to resol'e the crisis.; 1or %sia Aalling I am Shadi Khan Saif in Karachi Pakistan.

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