By Staff Reporter
ISLAMABAD: In the programme “Sachi Baat,” Chief Editor of Pakistani Newspaper Groups and Chairman Roze TV SK Niazi discussed a very important topic: how to get rid of the usurious system and Pakistan’s economy.
Economist Shahid Hasan Siddiqui participated in the programme “Sachi Baat” via video beeper. He stated, “SK Niazi, your work against the usurious system is commendable; Sharia courts have to decide about interest; the powerful classes of Pakistan do not want to end usury.” He went on to say that Islamic banking is important, that Usury is forbidden in Islam, that the usury system is cruel, and that it must be abolished immediately. Practical measures are needed to eliminate interest. The Shariah court should have approached the Supreme Court for a decision. He went on to say that Islamic scholars in Pakistan informed the public about the dangers of usury.
Innumerable errors are found in the system of interest. Decisions should not be made without research; scholars have issued regular fatwas. It is the responsibility of the state to eliminate usury. The appeals that came to the Shariah Court were sent by the Supreme Court. The Islamic banking system is not free of interest. The Sharia court had given a decision against usury; Pakistan’s cabinet system is not free from usury; let the appeals move in the Sharia courts; Pakistan’s survival is only possible in an interest-free economic system; Islamic banks are exploiting more than other banks; the Islamic banking system should be interest-free.
Responding to the question and statement of the co-guest, he stated: “Respected Dr. Qibla Ayaz has spoken very well; it is a matter of our faith; usury is also of interest; we have to make a concerted effort, and then the end of the usury system will be possible.” We are facing difficulties, but there is also a ray of hope. Allah has blessed Pakistan with numerous resources; it is necessary to take advantage of them. We need to rely on our own strength. “Difficulties are necessary, but everyone will have to work together for the improvement of the economy,” responded the speaker to a question asked by the host, SK Niazi.
Similarly, chairman of the Islamic Ideological Council Dr. Qibla Ayaz participated in the programme “Sachi Baat” via audio beeper. He stated, “The government had instructed the state bank and the national bank to withdraw the appeals.” The Federal Shariah Court has heard these appeals. Maulana Taqi Usmani is also fighting usury admirably. He further stated, “The Islamic Ideological Council will present its proposals in light of the decisions of experts.” Responding to the aforementioned economist, he stated, “Shahd Hasan Siddiqui’s suggestions are very good; we will consider them and take steps for improvement together with Taqi Usmani Sahib and other experts.”
The Chairman of the Islamic Ideological Council apprised the SK Niazi’s work regarding usury; your suggestions are great and useful, and such intellectual sessions are very important. In addition, economist Mirza Ikhtiar Baig participated in the programme “Sachi Baat” on video beeper. He stated, “The economic situation in Pakistan is dire; letters of credit (LC) are also not opening at present, and the rupee has depreciated.” He further stated, “Pakistan’s economic indicators are heading towards decline; the FBR’s new target has not been met; circular debt is also increasing; we need to take better measures to maintain the IMF package.” He concluded, “We have losses of 30 billion dollars; more steps need to be taken.”