As religious segments lauded the decision of the Federal Shariat Court (FSC) regarding implementing an interest (Riba)-free banking system by December 2027, traders and business stakeholders appeared cautious in their optimism.
Finance Minister Miftah Ismail tweeted: “We appreciate the Federal Shariat Court (FSC) decision in the Riba case. The SBP and government will carefully study this decision and seek guidance and clarification from the FSC regarding the process, steps, and time frame to enforce this decision.”
The decision of the FSC has concerned the business community, which made statements welcoming the move but added that they couldn’t see any alternatives to the existing system of banking, economic, and monetary transactions.
Islamabad Chamber of Commerce & Industry (ICCI) President Shakeel Munir said the ruling on Riba-free banking was a laudable decision for everybody.
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“However, the fact is that Pakistan is under an IMF programme. This is not an easy decision to enforce,” he said.
He maintained that the ICCI was planning an economic revival conference after Eid to find the way forward in this regard and search for alternate business solutions.
Meanwhile, the Chairman of the Council of Islamic Ideology, Dr. Qibla Ayaz, welcomed the decision and stated that the FSC, declaring that the existing interest laws conflicted with Sharia.
“The CII will ensure an active role required by the legislatures. We have called for the abolition of the interest-based economic system. We want the adoption of Islamic alternatives.”
It is pertinent to state that the CII has already submitted a report containing comprehensive recommendations in link to the “Riba-free” economy.
The CII said Thursday that the FSC had paved the way for implementing an economic system in the country in line with the Islamic laws, which would enable all sections of society to benefit from the economic growth as per Sharia.