Govt needs to issue order for enforcing free of interest system: Sirajul Haq

KARACHI, Nov 30 (SABAH): Emir Jamaat-e-Islami Pakistan Sirajul Haq on Wednesday said there is no flaw in Federal Shariat Court’s verdict against riba (interest) and the government needs to issue order for enforcing free of interest system.

Sirajul Haq expressed these views while addressing a conference on Islamic economy hosted by noted religious scholar Mufti Taqi Usmani and Senior Vice President Federation of Pakistan Chambers of Commerce and Industry Suleman Chawla. Federal Finance Minister Muhammad Ishaq Dar and Jamaiat Ulema-e-Islam Maulana Fazlur Rehman also addressed the conference.

Emir Jamaat-e-Islami Sirajul Haq said the basic regulator of financial system in the country was the Ministry of Finance whereas State Bank of Pakistan (SBP) regulates all the other banks. He said for enforcing comprehensive economic system there is a need of formation of supervisory board comprising experts of Islamic economy and prominent religious scholars of all schools of thought and continued that legislation be put in place for enforcing Islamic economic system in the light of guidance provided by this board.

He said the SBP should direct all the banks to take back their appeals filed with the Supreme Court against the verdict of Federal Shariat Court, adding if the appeals were not taken back then the licences of all such banks be repealed. Despite presence of provisions in the Constitution, Islamic Ideology Council and religions scholars’ recommendations and clear-cut verdict of Federal Shariat Court the interest-based system still exists, he deplored, and added the nation wanted to get rid of this system as the Islami economic system was the only way for development and prosperity of the country.

While pointing towards Ishaq Dar and Fazlur Rehman, Sirajul Haq said, “Being part of the government you enjoy full power for putting in place the legislation on this matter and added now it is responsibility of the government to prepare a clear roadmap for purging the economy of the country free of riba.”

He said, “International Monetary Fund and World Bank are controlling our economy. Target of self-dependence needs to be achieved instead of dependence on loans for which first and foremost condition was to getting rid of capitalism. System of zakat and usher be enforced and resources be used for welfare of people.”