Interest-free banking: Scholars want appeals withdrawn

ISLAMABAD: Religious scholars demanded the government direct the State Bank of Pakistan (SBP) and eight commercial banks to withdraw their appeals challenging the Federal Shariat Court’s ruling against riba in the Supreme Court of Pakistan.

Milli Yek Jehti Council (MYJC), an alliance of religious parties from different schools of thought, met here under the chair of Liaquat Baloch on Thursday. “The banks should withdraw their petitions without any delay otherwise the nation will be right in taking this action as a protest against banks’ act of challenging the FST judgement,” the MYJC declaration said.

Challenging Shariat Court’s decisions by banks also reflects government’s bad intention and insincerity to do away with the interest-based economic and banking system in the country, stated the declaration released at the end of the MYJC meeting.

The meeting also asked relThe meeting’s participants asked the government to constitute task forces and working groups for devising an action plan for Islamization of the national economy in phases instead of creating hurdles in implementation of the Shariat Court’s decision.