FSC seeks public views to define 'Riba'

The Federal Shariat Court on Monday heard the case to define the meanings of "Riba", interest and "usury" remanded by Shariat Appellate Bench of the Supreme Court of Pakistan. Director General (DG) Shariah Academy Dr Muhammad Tahir Mansuri and renowned economist Director Research Riphah International University Muhammad Ayub argued the issue of meaning of "Riba" before the five-member bench headed by Chief Justice Agha Rafiq Ahmad Khan.
According to a press release issued here, the bench also issued notices to the Attorney General for Pakistan and advocate generals of all provinces and all parties in the original Shariat petition. The larger bench also issued a public notice to seek the views of the public, lawyers and Ulema of the country regarding the issue under consideration. The bench comprising Chief Justice Agha Rafiq Ahmad Khan, Justice Allama Fida Muhammad, Justice Rizwan Ali Dodani, Justice Sheikh Ahmad Farooq and Justice Shahzado Sheikh adjourned further hearing of the case till November 5.