CII asks for implementation of verdict to abolish interest

ISLAMABAD: The Council of Islamic Ideology (CII) Chairman Dr Qibla Ayaz on Friday urged the financial institutions to take measures to implement the Federal Shariat Court’s decision to abolish interest from the economy.

Dr Qibla Ayaz called upon these institutions to avoid challenging the Federal Shariat Court’s verdict in order to ensure its implementation and phased abolition of interest. The CII chairman, in a letter to the Ministry of Finance, State Bank Governor and banks’ presidents, asked them to take steps to fully implement the court’s decision to abolish interest within five years. The Council was ready to provide all assistance and held consultations.