Abb Takk News

Interest-based system has hollowed society, observes CJ FSC

ISLAMABAD: Chief Justice Federal Shariat Court (FSC) Justice Riaz Ahmed Khan on Monday observed that the interest-based system had not only made the society hollow it also made the life of people miserable.

The CJ gave the observations during hearing of a petition filed by Jamaat-e-Islami chief Sirajul Haq against the interest-based system being repugnant to Islam and Quranic principles.

The JI chief was also present in the court during the hearing. A four members bench headed by FSC chief Justice Riaz Ahmed Khan heard the petition.

During the course of hearing, the FSC CJ observed though the lawmakers did use the words Riba and interest but did not determine the definition of the words. “Now it is to be seen whether there was interest involved in government transaction or interest in individual transaction of pensioners,” he added.

The CJ remarked that the people acquire loan on interest which turned their lives miserable. “The interest-based system has destroyed and hollowed the country at large scale,” he observed, adding that the whole country is being run through interest-based system which hollowed the society.

He remarked that State Bank of Pakistan (SBP) had raised questions  over the court’s jurisdiction in the instant matter, adding that the court would decide the petition as per law and constitution.

He further remarked that besides the petitioners’ plea the Supreme Court had also asked the FSC to interpret the Riba and profit.

Talking to media after the hearing of the case, Sirajul Haq said that elimination of interests-based system was government’s constitutional responsibility.

He added that ending the interest-based system was a constitutional requirement. He termed the interest as exploitative-system and gift of Jews.

He opined that the country could not progress and prosper through the interest-based system, adding that the same system had destroyed our economic system.