ISLAMABAD: Maulana Fazlur Rehman, the head of Jamiat Ulema-e-Islam (JUI-F), has written a letter to Chief Justice Qazi Faez Isa, urging him to expedite the appeals against the Federal Shariat Court’s decision to eliminate the interest-based financial system.
According to a JUI-F spokesperson, the letter appeals for the swift resolution of various banks’ appeals challenging last year’s ruling by the Federal Shariat Court, which mandated the transition to an interest-free financial system within five years.
The letter further states, “The quick resolution of these appeals will enable the government to take necessary steps towards establishing a financial framework free from interest.”
The letter also commends Chief Justice Isa’s recent short ruling on the Finality of Prophethood (PBUH), describing it as “praiseworthy,” and requests that a detailed verdict be issued soon to fully satisfy the Muslim population of Pakistan.
After the matter remained pending for 20 years, the Federal Shariat Court (FSC) in 2022 finally declared that the prohibition of Riba was absolute in all its forms and manifestations according to the injunctions of Islam and in accordance with the Holy Quran and Sunnah. Therefore, it should be eliminated from the country in five years.
“We are of the view that five years period is reasonably enough time for the implementation of our decision completely i.e convert economy of Pakistan into, equitable, asset based, risk sharing and interest-fee economy,” read a 298-page judgment authored by Justice Dr Syed Muhammad Anwer and endorsed by two other judges.
“Therefore, we would specify the 31st day of December, 2027 on which the decision shall take effect by way of complete elimination of Riba from Pakistan,” it added.
Different banks and the State Bank of Pakistan (SBP) had later approached the Supreme Court, seeking modification of the Federal Shariat Court (FSC) April 28, 2022 judgment.
