Thursday, August 11, 2022

FSC reserves verdict in challenge to interest-based monetary system

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ISLAMABAD: The Federal Shariat Court (FSC) after hearing arguments reserved its verdict over the petitions with regard to the interest-based monetary system, ARY News reported on Tuesday.

A three-member bench of the FSC headed by Chief Justice Muhammad Noor Meskanzai heard the case.

No representative from the Ministry of Interior appear before the court in the hearing today.

Dr. Muhammad Aslam Khaki, an Islamic jurist, while seeking further time said that the meeting between the President and Attorney not yet confirmed.

“It has to be seen that the schemes that have been challenged come in the defination of Riba or not,” the counsel said. “No scheme has been challenged, are you opposing,” the bench questioned the counsel. “I am not opposing anything, I am only trying to differentiate,” Dr Aslam Khaki said.

“A limited bank shares in profit and loss, chairing interest on a citizen borrowing money, is unjust and it its Riba (interest),” the jurist said. “An individual is not a limited company and the borrower has to bear the loss,” he argued.

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.

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