Skip to main content

Interest-free economy: PM Shehbaz Sharif assures JUI-F chief of withdrawing petition

Interest-free economy, PM Shehbaz Sharif, Fazlur Rehman, petition

ISLAMABAD: Prime Minister Shehbaz Sharif has assured Jamiat Ulema-e-Islam Fazl (JUI-F) chief Maulana Fazlur Rehman of withdrawing appeal against the Federal Shariat Court’s (FSC) verdict on the interest-free economy, ARY News reported on Wednesday.

JUI-F chief Maulana Fazlur Rehman met PM Shehbaz Sharif today in which he expressed his reservations regarding the National Bank of Pakistan (NBP) appeal against the interest-free financial system.

He said that the appeals from the banks against the FSC order hurt the sentiment of the Muslim Ummah which considers the interest-based banking as a disastrous financial system in the country.

The premier assured Fazlur Rehman of withdrawing the NBP’s appeal against the FSC verdict. JUI-F spokesperson said that PM Sharif ordered the task force to take immediate steps for withdrawing the NBP’s appeal.

READ: CII WELCOMES FSC VERDICT AGAINST INTEREST-BASED ECONOMY

FSC verdict challenged

On June 25, the Federal Shariat Court’s verdict on the interest-free financial system had been challenged in the Supreme Court (SC).

The Federal Shariat Court had declared an interest-based financial system in the country against sharia in a landmark verdict in April.

Salman Akram Raja had filed appeal against the FSC verdict on behalf of the State Bank of Pakistan. Four commercial banks have also filed appeal against the Shariat court decision in which the ministries of finance, law, the Chairman Banking Council and others have been made respondents.

“The FSC in its decision didn’t keep in view the rules under the Supreme Court remand order,” according to the appeal. “The Federal Shariat Court declared the rules about saving certificates against Islam and also ordered amendment in these rules.”

The petitioners had sought approval of the appeal against the FSC decision. They pleaded for amending the court’s decision to the extent of the points raised in the decision.

FSC verdict

A three-member bench of the Federal Shariat Court in its verdict said that the existing laws related to riba and interest are against Shariah and it is the responsibility of the government to replace the existing system and bring laws in accordance to the guidance in Quran and Sunnah.

The court declared that banks and other financial institutions receiving interest is against Shariah. “Receiving additional amount on loans and change in agreement also comes under riba,” it ruled and directed the government to follow Shariah laws while finalizing agreements with the Chinese government for CPEC projects.

The court further set a deadline of 31 December 2027 to fully implement court’s order on elimination of interest from the country and said that the government could also implement the decision prior to the deadline.

The Full Bench of the Federal Shariat Court comprising of Justice Muhammad Noor Meskanzai Chief Justice, Justice Dr. Syed Muhammad Anwar and Mr. Justice Khadim Hussain M. Shaikh had reserved the verdict in Riba case on April 12.



from Latest Pakistan News Breaking News from All over Pakistan - ARY News https://ift.tt/06PngbX
Labels:

Comments

Post a Comment

Popular posts from this blog

Imran Khan meets differently-abled boy staying at Bani Gala camp

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) Chairman and former prime minister Imran Khan has fulfilled the wish of a differently-abled young boy who stayed at Bani Gala camp for protecting him and waiting to meet him personally. Imran Khan met the differently-abled boy namely Ibrahim at his Bani Gala residence after who stayed with PTI workers for 15 days at a camp established to protect him. The boy has also brought a pair of Peshawari chappal and a waistcoat for Khan. The boy communicated his message in sign language to express his happiness to meet him. Ibrahim also vented out anger on the Interior Minister Rana Sanaullah following the police brutality on May 25 during PTI’s Islamabad long march. Imran Khan smiled and responded to him, saying that he should not get worried about Sanaullah. Gotta love the compassion & approachability of Imran Khan; this man is arguably World’s greatest leader and he still makes time for common people. The kid he met is differently-abled (ca...
Post a Comment
Read more

PAK-IMF agreement: Govt expected to raise petroleum levy

The government of Pakistan is likely to impose additional burden on citizens by raising petroleum levy to fulfill International Monetary Fund (IMF) terms, ARY News reported on Friday, Citing sources. According to the sources, the federal government is expected to increase the petroleum levy after which the initial electricity tariff will likely to raise Rs 3 to Rs 5 per unit, adding that the gas will also become more expensive for the citizens of Pakistan. The government sources maintained that the federal cabinet will take the decision regarding the increase in electricity tariff. Simultaneously, government sources have also hinted at an anticipated decision to further increase gas prices in the near future. READ: IMF, Pakistan reach $3bn staff-level agreement Furthermore, the sources said that the Oil and Gas Regulatory Authority (OGRA) already sent a proposal to the government to raise gas tariff up to 50 per cent. The confidential sources have stated that the government posse...
Post a Comment
Read more

Gujranwala: Boy kills mother for not buying him new clothes

Gujranwala: A 17-year-old boy murdered his own mother by beating her with a baton, the boy was reportedly mentally ill, ARY News reported.  The boy murdered his mother and injured his sister. According to details, Gujranwala police arrested a boy for murdering his own mother by beating her with a stick, he injured his sister too. The boy is reportedly mentally ill and beat up his mother and sister for not providing him with new clothes. The boy named Ali Haider killed his mother when she did not agree to get him new clothes. Also Read : Gujranwala: Alleged motobike theif dies after mob torture   According to the first information report (FIR), Haider attacked his mother with a stick and hit her multiple times on her head in anger. from Latest Pakistan News Breaking News from All over Pakistan - ARY News https://ift.tt/vrBOjZl
Post a Comment
Read more