The Federal Shariat Court has ordered the establishment of a Riba-free banking system in the country.
On April 12 of last year, the Federal Shariat Court reserved judgment in the case seeking a Riba-free economy in the country.
Several constitutional petitions against the country’s Riba-based banking system were heard by the full bench of the Federal Supreme Court, which included Chief Justice Muhammad Noor Meskanzai, Justice Dr. Syed Muhammad Anwar, and Justice Khadim Hussain M Shaikh, and reserved its decision after hearing arguments from the lawyers for all parties.
According to the FSC bench, a Riba-free banking system can be established in the country and around the world.
The interest taken by banks on any type of loan falls under the category of Riba, which is prohibited in Islam, according to the FSC’s judges.
The Shariat Appellate Bench Supreme Court of Pakistan remanded the long-pending Riba case in 2002.
According to Justice Syed Muhammad Anwar, the introduction of interest-free banking in Pakistan is possible, as some institutions in the country already do so.
Pakistan’s Supreme Court has been hailed as historic by Jamaat-i-Islami chief Sirajul Haq, who said they will pressure the government to implement the ruling as quickly as possible.
