KARACHI: Federal Shariat Court declared “Interest Based Financial System in the country as against Shariah”, after it announced its verdict in a long pending Riba case. Alhumdolliah, it is praise worthy and historic moment, congrats to everyone said Ateeq ur Rehman, economic & financial analyst.

He said that existing laws related to Riba and Interest are against Shariah. It is the responsibility of the Government to replace the existing system and brings laws in guidance to Quran and Sunnah.

The court further set a deadline of 31 December 2027 to fully implement court’s order on elimination of interest from the country and said that the government could also implement the decision prior to the deadline. Therefore, it is requested that the implementation of court orders should be with immediate effects.

Moreover, it is also requested that with this honourable Federal Shariat Court should also consider the alternative system of Kibor for Shariah-Compliant Banking.

Receiving additional amount on loans and change in agreement also comes under Riba, which is again against Guidance and Teachings of Islam.

Copyright Business Recorder, 2022