Shariat Court has now declared interest-based banking against Islam and cannot be allowed

April 29, 2022 0

What happened:

 The Federal Shariat Court has announced the verdict on a long-pending case on interest(Riba). The Shariah Court has stated, “Prevailing interest-based banking system as against the Sharia and directed the government to facilitate all loans under an interest-free system.” At the same time, the Shariah Court has directed that provincial and federal governments must amend the relevant laws in light of the directives.

Details:

Subsequently, it has ordered that each Pakistan bank adopt the latest directives by December 2027, as stated, “Islamic banking system is risk-free and against exploitation.” Justice Dr. Syed Muhammad Anwar remarked, “Almost two decades have elapsed, but the governments have not taken any decisions against the interest system.” 

More:

Moreover, Dawn quoted the development as, “In the written judgment, the bench said that the prohibition of Riba is the cornerstone of the Islamic economic system.” Whereas, the court further narrated the duties as citizens of Pakistan and said, “Elimination of Riba from our economic system is our religious as well as our constitutional duty; hence it has to be eliminated from Pakistan.” 

Rana Abdullah Hammad
Rana Abdullah Hammad
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