ISLAMABAD: Special Representative to the Prime Minister on Interfaith Harmony Hafiz Tahir Mahmood Ashrafi has appreciated the government’s decision to withdraw appeals challenging the decision of the Federal Shariat Court (FSC) on abolition of Riba.
Addressing a press conference in Lahore on Saturday, he emphasized the need to devise a comprehensive roadmap to abolish the Riba completely from the country. He said Saudi Crown Prince Muhammad Bin Salman will visit Pakistan soon.
He said political stability will ensure the Foreign Direct Investment worth thirty billion dollars from the brotherly countries. On June 25, 2022, commercial banks and their regulator, State Bank of Pakistan (SBP), had filed an appeal before the Supreme Court challenging the Federal Shariat Court direction to the government for complete transformation of banking system into Shariah-compliant banking by December 2027 and seeking guidance of the Shariat Appellate Bench of the apex court on the matter.
The FSC in its April 28, 2022 order had directed the government to adopt Shariah-compliant modes in future while borrowing from domestic or foreign sources. Explaining that five years were reasonably enough to convert Pakistan’s economy into one that is equitable, asset-based, risk-sharing and interest-free, the FSC had directed the federal and provincial governments to complete the necessary legislative amendments to the laws concerned and bring them into conformity with the injunctions of Islam by Dec 31, 2027.