Sunday, August 14, 2022

FSC hears petitions challenging interest-based monetary system

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ISLAMABAD: The Federal Shariat Court (FSC) on Wednesday heard petitions seeking to declare the interest-based monetary system as illegal, ARY News reported.

Former attorney general Anwar Mansoor continued his arguments as amicus curiae in the Shariat Court hearing. Mansoor is expected to continue his arguments over the issue till Friday.

A three-member bench of the Federal Shariat Court headed by Justice Muhammad Noor Meskanzai heard petitions regarding the interest system.

Jamaat-e-Islami’s representative also presented the party’s stance over the matter.

The FSC adjourned further hearing of the case till tomorrow.

In an earlier hearing of the case, the federal government had raised questions over the jurisdiction of the Federal Shariat Court for hearing the matter and contended that only the government is authorized to declare the interest-based economic system illegal.

During the course of the hearing, the court asked about the work made so far on interest-free banking and sought details. The court observed that it had asked for the details of measures taken in this regard during the past 15 years.

Attorney General Khalid Javed recalled that in 2001, the Federal Shariat Court had directed establishing an interest-free monetary system besides directing the parliament to make legislation in this regard. He submitted that the court cannot direct the parliament on legislation.

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