Govt announces end to riba in five years, SBP, NBP to withdraw pleas: Dar

[muhammadhafeezmalik]

ISLAMABAD: Finance Minister Ishaq Dar has stated that the federal government has decided to withdraw the State Bank of Pakistan (SBP)’s and the National Bank of Pakistan (NBP)’s appeals from the Supreme Court against Sharia court with respect to make the economy interest-free in the next five years.

The finance minister announced this through state-owned new channel on Wednesday.

The minister said that he would like to share a decision taken by the government on behalf of the prime minister and allies with regard to withdrawal of appeals against Sharia Court verdict from the SC.

Ishaq Dar said that with the permission of the prime minister and after consultation with the SBP, he was announcing that the SBP and the NBP would withdraw its two appeals from the SC against Sharia Court verdict.

The minister added that Federal Sharia Court in recent past had given a decision for transforming Pakistan’s economy to make it interest (Riba)-free in the next five years.

He said that the matter was deliberated in detail during the last few weeks and consultation were also held with Governor SBP on the matter besides discussion on future road maps. Dar said that during 2013-18 considerable progress was made for promoting Islamic banking system and a special committee with prominent religious scholars was also established. However, he said that during the last few years the progress was not that speedy.

The minister said that the government would make effort to implement the Islamic System in Pakistan, however, would not he possible to shift immediately due to various challenges as entire banking system is implementing a system for the last 75 years.

Govt announces end to riba in five years | The Express Tribune

Dar says FSC’s order on interest-free banking to be implemented

tribune.com.pk

BR-ePaper | Nov 10, 2022 | Page Front Page 1

epaper.brecorder.com

https://twitter.com/x/status/1590353386603700224

 

[Sayfullah]

ISLAMABAD: Finance Minister Ishaq Dar has stated that the federal government has decided to withdraw the State Bank of Pakistan (SBP)’s and the National Bank of Pakistan (NBP)’s appeals from the Supreme Court against Sharia court with respect to make the economy interest-free in the next five years.

The finance minister announced this through state-owned new channel on Wednesday.

The minister said that he would like to share a decision taken by the government on behalf of the prime minister and allies with regard to withdrawal of appeals against Sharia Court verdict from the SC.

Ishaq Dar said that with the permission of the prime minister and after consultation with the SBP, he was announcing that the SBP and the NBP would withdraw its two appeals from the SC against Sharia Court verdict.

The minister added that Federal Sharia Court in recent past had given a decision for transforming Pakistan’s economy to make it interest (Riba)-free in the next five years.

He said that the matter was deliberated in detail during the last few weeks and consultation were also held with Governor SBP on the matter besides discussion on future road maps. Dar said that during 2013-18 considerable progress was made for promoting Islamic banking system and a special committee with prominent religious scholars was also established. However, he said that during the last few years the progress was not that speedy.

The minister said that the government would make effort to implement the Islamic System in Pakistan, however, would not he possible to shift immediately due to various challenges as entire banking system is implementing a system for the last 75 years.

Govt announces end to riba in five years | The Express Tribune

Dar says FSC’s order on interest-free banking to be implemented

tribune.com.pk

BR-ePaper | Nov 10, 2022 | Page Front Page 1

epaper.brecorder.com

The fact that in the Islamic Republic of Pakistan, the Shariah court’s ruling can be challenged in Supreme Court is shameful enough.
Is Pakistani constitution higher than the Law Of Allah?

 

[Verve]

This will be for next government to do as none of the PDM parties will form that government. May get some votes for this appeal withdrawal showsha.

 

[muhammadhafeezmalik]

https://twitter.com/x/status/1590347479429836801

 

[Mrc]

The fact that in the Islamic Republic of Pakistan, the Shariah court’s ruling can be challenged in Supreme Court is shameful enough.
Is Pakistani constitution higher than the Law Of Allah?

Supreme court is also bound by Islamic law. No decision can be done against laws of Islam according to constitution

This is a great decision by govt

Who filed appeal against decision??

 

[AlKardai]

This is probably their best idea yet.

But I’m very interested in how they will go about trying to perform this- especially with Pakistan being in a massive national debt itself

 

[muhammadhafeezmalik]

https://twitter.com/x/status/1590387814738194432

 

[Verve]

All for votes ..

Election campaign started.

 

[Menace2Society]

Supreme court is also bound by Islamic law. No decision can be done against laws of Islam according to constitution

This is a great decision by govt

Who filed appeal against decision??

How many loans do Pakistan have? If it wasn't for loans you would be bankrupt by now.

 

[Mentee]

How many loans do Pakistan have? If it wasn't for loans you would be bankrupt by now.

I believe there has been a precedent set by some Latin American country which refused to pay the loans and asked the money sharks to extract it by selling overseas assets of those responsible for taking the Same . But it's yet to be wintnessed whether the next govt shows such conduct or gonne chicken out? Anyways this soodi system is nothing short of an economic terrorism .

 

[Asimzranger]

lol lollipop our economy is run on interest ya chutiya kisi or ko banana

 

[Mentee]

Who filed appeal against decision??

The same fellows announcing the withdrawl of appeals. These hyenas have personal interest and won't leave even a penny- ----- national economic security is just a smoke screen .

 

[313ghazi]

Seems like they're preparing to leave govt, hence setting up these political landmines.

Absolutely nobody in the Pakistani political or business community is serious about ending a reliance on interest. It's a massive undertaking and needs decades worth of research and transition planning. statements and SC orders won't do it.

 

[Mentee]

especially with Pakistan being in a massive national debt itself

Allow the lenders to retrieve only the capital amount/ or in case if the interests payments have already reached at par with the capital amount then quit the shit show.

 

[Menace2Society]

I believe there has been a precedent set by some Latin American country which refused to pay the loans and asked the money sharks to extract it by selling overseas assets of those responsible for taking the Same . But it's yet to be wintnessed whether the next govt shows such conduct or gonne chicken out? Anyways this soodi system is nothing short of an economic terrorism .

That's called theft. Loans are necessary for social mobility for nations and individuals.

In the old world the elites would steal the gold from the poor and hoard it and people remained poor generation after generation with no prospects. Now a poor man can take a loan and start a business and become wealthy.