Hoarding of dollars amid economic crisis not permissible: Mufti Naeem

KARACHI: The Founder of Jamia Binoria Mufti Naeem on Wednesday said hoarding of dollars amid economic crisis in the country was not permissible (in Islam), ARY News reported.

People should sell dollars to help the country get out of economic crisis, Mufti Naeem said adding that hoarding and profiteering were the reason behind rise of inflation.

“Your hereafter should not be ruined for petty gains,” he said.

He said there was need to stabilize value of rupee by putting behind differences.

The renown Islamic scholar said issues could not be resolved until we become one nation.

On May 20, Islamic scholar Mufti Taqi Usmani had informed the nation that purchasing dollars at this time, in order to sell them off as the rupee devalued, was a grave sin.

In a social media post, Mufti Usmani had enlightened that, “Purchasing dollars to hoard and earn profit by the increase in its price is a grave sin and disloyalty to the country in the present economic situation.”

He had also referred to “some narrations of a Hadith”, according to which, “those involved in hoarding are cursed by Allah.”

With a consistent upward trend, the US dollar has touched a new record high of Rs153 in the open market in the country.

The rupee has continued to slide down against the greenback in recent weeks. The dollar was recorded at Rs150 on Friday, at Rs147 on Thursday and Rs144 on Wednesday, in the past week.

In the light of current scenario of the market, Federal Investigation Agency (FIA) has also launched a crackdown against dollar hoarders as well as those involved in Hawala Hundi business.