News

Govt announces withdrawing appeals against usurious system 

Maulana Fazlur Rehman welcomes announcement

November 9, 2022 07:39 PM


Twitter Share Facebook Share WhatsApp Share

Federal Finance Minister Ishaq Dar on Wednesday announced to the withdrawal of the appeals against the usurious system.

According to the 24News HD TV channel, the Finance Minister said that the appeals against the decision of the Federal Sharia Court will be withdrawn.

Ishaq Dar said that the Federal Sharia Court had given a decision against the usurious system and his government wants to implement an interest-free system in Pakistan.

The finance minister said the standard of their decisions is Quran and Sunnah.

He said the Asian Development Bank (ADB) approved $500 million for Pakistan and this amount will be received by the State Bank of Pakistan this month.

Ishaq Dar said this amount is being given to the Brace program of Pakistan from the ADB.

After the announcement, Ishaq Dar visited the Pakistan Democratic Movement (PDM) chief Maulana Fazlur Rehman at his residence and informed him about the government's decision to withdraw appeals against the usurious system.

In response to it, Jamiat Ulema-e-Islam (JUI) head Maulana Fazlur Rehman welcomed the announcement by the State Bank and the National Bank of withdrawing appeals.

JUI-F's Maulana Fazl-ur-Rehman said an interest-free economic system was a blessing for the people.

Fazl said it would help building an Islamic financial system and boost economic activities in the light of Quran and Sunnah.

He also paid tribute to the finance minister and appreciated his bold decision for withdrawing the appeal of state and national banks from the apex court.

In the meeting, both dignitaries discussed future strategies and measures to expand the radius of Islamic banking across the country.

Later on, talking to the media, Fazl appreciated the unwavering efforts of Minister Dar to get Pakistan out of the Financial Action Task Force’s (FATF) grey list.

He said as long as Minister Dar was the finance minister, Pakistan’s economy was on the right track and it was improving with every passing day.

“Taking back the appeal against Federal Shariat Court’s decision against the use interest [in the banking sector] is a positive gesture and it has infused happiness in the nation,” he maintained.



24 HD English WhatsApp Channel QR Code Click or Scan to Subscribe
our WhatsApp Channel

Most Read

  1. Several PIA flights cancelled, delayed at Karachi Airport Several PIA flights cancelled, delayed at Karachi Airport
  2. Female salon owner injured in ‘targeted attack’ in Lahore Female salon owner injured in ‘targeted attack’ in Lahore
  3. Iqrar ul Hassan issues video statement after attacked by Peer Haq Khateeb's followers in Gujranwala Iqrar ul Hassan issues video statement after attacked by Peer Haq Khateeb's followers in Gujranwala
  4. PTI Spokesman Rauf Hassan attacked by transgender people in Islamabad PTI Spokesman Rauf Hassan attacked by transgender people in Islamabad
  5. Rakul Preet and Jackky Bhagnani celebrate 3 months of marital bliss Rakul Preet and Jackky Bhagnani celebrate 3 months of marital bliss
  6. 'Don’t send paragraphs to man after break up': Ushna Shah offers a girly advice 'Don’t send paragraphs to man after break up': Ushna Shah offers a girly advice

Opinion

  1. Hats off to Fatah-II
    Hats off to Fatah-II

    By Naveed Aman Khan

  2. New twist in PTI founder’s strategy towards Military Establishment
    New twist in PTI founder’s strategy towards Military Establishment

    By Salim Bokhari

  3. Revoke the heat stroke
    Revoke the heat stroke

    By Dr Asif Channer

  4. Defiance, sacrifice & national resilience
    Defiance, sacrifice & national resilience

    By Naveed Aman Khan

  5. Maryam Nawaz Sharif's Police Uniform: Breaking Gender Stereotypes, Not Minds
    Maryam Nawaz Sharif's Police Uniform: Breaking Gender Stereotypes, Not Minds

    By Alysha Khan

  6. Pak-Saudi-Iran economic proximity
    Pak-Saudi-Iran economic proximity

    By News Desk