JI to observe Friday as ‘anti-interest day’

ISLAMABAD: Demanding a Government roadmap to do away with an interest-based economic system, the Jamaat-e-Islami (JI) Ameer Sirajul Haq announced to observe next Friday as ‘Anti-Interest Day’.

Addressing a press conference here on Friday, Sirajul regretted that on one the Government announced withdrawing appeals against Federal Shariat Court’s verdict while on the other hand, it decided to increase the interest rate in the country.

“We strongly condemn Government’s double standards and will observe next Friday as ‘Anti-Interest Day’,” Sirajul Haq said. Central Naib Ameers Farid Ahmad Paracha and Mian Muhammad Aslam and Islamabad Ameer Nasarullah Randhawa were also present.

Sirajul called upon the Government to amend the 1839 Act regarding interest and move forward for an interest-free economy with legislation. He also demanded the Government introduce the ‘Riba Amnesty Scheme’ to abolish interest from Government businesses, financial institutions, private businesses and banks.

He also demanded to force private banks to withdraw their appeals against Shariat Court’s verdict against the interest-based economy otherwise the State Bank of Pakistan should cancel their licences.

The JI top leader also suggested that the Pakistan Government should seek revision of its agreements with the IMF, World Bank and other international institutions after enacting Islamic financial laws.

He said that Ulema from all over the country would gather in Karachi on November 30 on this critical issue where Jamaat would present its viewpoint. He recalled that when he was Finance Minister in the then KP Government, an Act to make Government’s business and transactions interest-free was introduced but the next governments did away with that law after assuming power in the province.

Sirajul Haq pointed out that the curse of interest is resulting in an increase in the burden of the loans on the country while every fifth citizen was under depression due to an interest-based economy and inflation was also on the rise.