The Honorable Federal Shariat Court today declared “Interest Based Financial System in the country as against Shahriah”, after it announced its verdict in a long pending Riba case. Alhumdolliah, it is praise worthy and historic moments, Congrats to everyone said ateeq ur rehman (economic & financial – analyst).
He said that existing laws related to Riba and Interest are against Shariah. It is the responsibility of the Government to replace the existing system and brings laws in guidance to Quran and Sunnah.
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. Therefore it is requested that the implementation of court orders should be with immediate effects.
Moreover it is also requested that with this honorable Federal Shariat Court should also consider the alternative system of Kibor for Shahriah Compliant Banking.
Receiving additional amount on loans and change in agreement also comes under Riba, which is again against Guidance and Teaching of Islam. Being Islamic Republic, Government and Authorities should strictly look into it and replace it with our Shariah laws and convert our Banking Industry as purely Islamic said ateeq.
