CII welcomes FSC verdict against interest-based economy

ISLAMABAD: The Council of Islamic Ideology (CII) on Thursday welcomed the Federal Shariat Court’s ruling declaring interest-based financial system against sharia, ARY News reported.

Chairman CII Dr Qibla Ayaz lauded the shariat court’s decision adding that the court has declared the existing laws with regard to the interest-based system contravening the sharia.

Chairman CII highlighted the need of new legislation in this respect and said that the council of Islamic ideology will extend all possible cooperation in this respect.

“The CII has always emphasized for replacing the interest-based financial system in the country with alternate Islamic legislation”, CII chairman said.

“The Council has already submitted its report based on comprehensive recommendations on economy in the parliament,” Qibla Ayaz added.

The Federal Shariat Court today declared interest-based financial system in the country against sharia in its verdict in Riba case.

Jamaat-i-Islami chief Siraj ul Haq termed it a historic moment of the country and lauded the three-member bench that announced the verdict.

A three-member bench of the Federal Shariat Court in its verdict said that the existing laws related to riba and interest are against Shariah and it is the responsibility of the government to replace the existing system and bring laws in accordance to the guidance in Quran and Sunnah.