Asif Mahmood
The Federal Shariat court has decided the long awaited case of Riba and the decision has literally stirred a wave of joy and pleasure.
The court has decided the case so explicitly that all doubts have been erased and a very clear and on the dot verdict has been issued.
For example the court has categorically stated that the bank interest falls under the category of Riba.it states that:
“Therefore, we have decided that every loan which extracts any additional amount upon the principal from the debtor is Riba, hence, any transaction that contains Riba even at a slightest level, falls within the category of Riba thus prohibited.
Furthermore, all the prevailing forms of interest, either in the banking transactions or in private transactions fall within the definition of Riba.”
Court has brushed aside the rumors that interest- free economy is impossible in the given economic situation. The court holds that : “the interest-free banking system is not only practicable but feasible too”.
Court has issued a strong rebuttal to the lame excuses of the government.
The court holds that “With this backdrop based on facts, we do not agree with the apprehensions shown by the Federal Government that introduction of Interest-free Banking in the economic system of Pakistan may have a negative impact on the overall economic system of Pakistan,”
However , despite the fact that the decision has attained its finality and there is no room for any further appeal or review against the decision , the question is still very much there that whether the government can actually implement the decision in its true spirit.
The initial response of the ruling coterie is positive. Miftah Ismail has responded to the verdict and in his tweet he says, “We welcome the Federal Shariat Court (FSC) decision in the Riba case.
The government and SBP will carefully study this important decision and then seek guidance and clarification from the FSC about the process, steps and timeframe to implement this decision.”
But it is too early to believe the content of the tweet. let’s see.
