While welcoming a decision of the Federal Shariat Court (FSC), Finance Minister Ishaq Dar has said that the government aims at abolishing riba in the next five years. The FSC declared a number of laws of the country repugnant to the injunctions of Islam, as they have provided for charging or paying interest, which according to the findings of the FSC, fall within the definition of riba. The financial czar said that the government aimed at abolishing the prevailing interest-based system in the country. Read more: FSC gives govt five years to eliminate Riba"If we sincerely decide only to please the Almighty then in five years riba can be eliminated from the country and it can be replaced by a system based on Zakat and Ushr," he added. Dar expressed concern that two state institutions — the State Bank of Pakistan and the National Bank of Pakistan — appealed against the Shariat court's decision.

Source: The Express Tribune December 01, 2022 15:04 UTC