KARACHI: Country’s renowned clerics welcomed government’s decision to withdraw its appeals, filed in Supreme Court against Federal Shariat Court’s (FSC) direction to government to switch to Islamic banking in a phased manner by December 2027. Prime Minister’s Special Representative for Interfaith Harmony and Middle East Hafiz Muhammad Tahir Mehmood Ashrafi thanked Prime Minister Shehbaz Sharif and Minister for Finance Ishaq Dar for taking such a “bold step” towards abrogating interest-based banking system in country.

Earlier, in a press conference, Ishaq Dar with permission of Prime Minister Shehbaz Sharif and in consultation with State Bank of Pakistan Governor Jameel Ahmed announced that government will withdraw SBP and National Bank of Pakistan’s pleas against FSC verdict.” Ashrafi, who is also Chairman of Pakistan Ulema Council said withdrawal of petition from apex court would pave way for establishment of an Islamic society in light of Quran and Sunnah.

“It was a long-standing desire of people that financial system of country should be interest-free,” Ashrafi said. He said elimination of Riba (interest) would give an unprecedented boost to Pakistan’s economy and take country to new heights of economic development and prosperity.

Published in The Daily National Courier, November, 10 2022

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