Fazl asks CJP to dispose of appeals against FSC verdict on interest-free banking system

ISLAMBABAD: Maulana Fazlur Rehman, ameer of Jamiat Ulema-e-Islam-Fazl (JUIF) has written a letter to the Chief Justice of Pakistan, Justice Qazi Faez Isa requesting him to dispose of appeals against Federal Shariat Court’s (FSC) decision in which the FSC directed the government that country’s banking system should be interest-free by Dec 31, 2027.

Maulana Fazlur Rehman said the FSC gave its verdict, in April 2022 declaring the prevailing interest-based banking system as against the Sharia and directed the government to facilitate all loans under an interest-free system.

However, he said that some banks had filed appeals against the FSC judgment which were open violation of directives of Almighty Allah and Holy Prophet (SAW). He called upon the Chief Justice to make arrangements at the earliest to constitute a SC bench to dispose of appeals against the FSC verdict to satisfy faithful across the country. “With this the government will start taking steps towards interest-free banking and economic system in the country,” he said.

The State Bank of Pakistan (SBP) and the National Bank of Pakistan (NBP) withdrew their petitions from the Supreme Court in March last year. Earlier, the Finance Minister Ishaq Dar had announced that the two banks would immediately withdraw appeals against the FSC’s verdict. He stated that the government would implement the FSC verdict to end interest-based banking system by December 31, 2027.

Maulana Fazlur Rehman in the letter also said that the last brief verdict of the Chief Justice in case of Khatam-e-Nabuwwat (SAW) is laudable. He also requested CJ to issue detailed verdict for spiritual satisfaction of the faithful in the country.