Abb Takk News

SBP Moves SC Against Shariat Court’s Interest Ban

ISLAMABAD: The State Bank of Pakistan (SBP) moved on Saturday the Supreme Court against the Federal Shariat Court’s (FSC) decision to shift to an interest-free economy.

Salman Akram Raja filed the petition on behalf of the SBP, while four other private banks also appealed against the FSC’s decision with the Ministry of Finance, Ministry of Law, Banking Council chairman and others listed as parties.

The central bank’s appeal stated that the FSC did not heed the orders of the Supreme Court remand order and declared the rules related to savings certificates as un-Islamic, and thus, ordered to amend the rules.

The banks requested that the appeal against the decision of the Shariat court be allowed, and the extent of the points raised in the decision be amended.