ISLAMABAD: The Federal Shariat Court in the exercise of power under Article 203-D of the Constitution of the Islamic Republic of Pakistan reserved its verdict in the Riba (interest) case which will be announced on April 28, ARY News reported.
The Full Bench of the Federal Shariat Court comprising of Justice Muhammad Noor Meskanzai Chief Justice, Justice Dr. Syed Muhammad Anwar and Mr. Justice Khadim Hussain M. Shaikh reserved the judgment against Riba case on April 12.
It is pertinent to mention that Riba Case was remanded by the Shariat Appellate Bench Supreme Court of Pakistan in 2002.
The existing bench of the Federal Shariat Court headed by Chief Justice Muhammad Noor Meskanzai took keen and unprecedented interest in this matter.
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During the Chairmanship of his lordship of the bench 34 hearings are conducted.
Petitioners, their Counsels, Jurisconsults, Amicus Curiae, Economists, Experts, Scholars, Chartered Accountants, Attorney General, and Advocate Generals advanced their arguments and the Court heard them with patience.
They also gave suggestions for the conversion of the existing banking system into Riba free Islamic Banking system.
