KARACHI: Renowned scholar of Hadith, Islamic jurisprudence and Islamic finance Mufti Taqi Usmani called for setting up an empowered task force under specially created division of finance ministry to implement recommendations on interest-free banking system in country. Addressing seminar on seeking recommendations to establish an interest-free banking system in Karachi he urged finance minister Dar to take practical steps to abolish interest-based banking system in Pakistan, contending that every religious faction was in harmony with this. Article 227 of Constitution directs that no law can be imposed, which is against Sharia.

Moreover, it was in light of Article 203 that Federal Sharia Court was established and bench was established in Supreme Court to allow for appeals to Sharia court’s decision. “There is need to add religious scholars in Sharia benches in Supreme Court,” he said. Mufti Usmani said that armed struggle to implement Shariah is impermissible. He said that government has thus far constituted eight committees to wean national economy from conventional, interest-based system to an Islamic system.

Committees, he said, worked at different times from 1978 to 2008. “These committees were only empowered to prepare recommendations,” he said, adding “But there is need to establish fully empowered task force to enforce an interest-free banking system in country.” He suggested that government constitute division in finance ministry to oversee implementation of interest-free banking system and that task force should work under this division. “There is no need to establish any commission that makes recommendations but to establish powerful task force that is empowered to implement recommendations.

Published in The Daily National Courier, December, 01 2022

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