Interest-based financial, banking systems plaguing national economy: Sirajul Haq

ISLAMABAD, Nov 18 (SABAH): Jamaat-e-Islami  emir Sirajul Haq has said that the interest-based financial and banking systems have plagued the national economy, demanding government give roadmap to enforce Islamic financial system.

Addressing a press conference here on Friday, Sirajul Haq said the government went to increase interest rate after withdrawing appeal against the decision of Federal Shariat Court from the Supreme Court and it reflected rulers’ duplicity and insincerity. He said the  Jamaat-e-Islami  would not abandon its struggle against the interest-based economy and mark the next Friday as the day of demanding riba-free system.

Sirajul Haq said the main reason behind the inflation, unemployment and miseries of people was the current financial system. The peace and prosperity would not be achieved without abandoning it, he added. The government, he said, must introduce model of Islamic economy to put the country on track. The state bank should cancel the licenses of those banks who were not ready to implement Shariat Court decision. The people should boycott the banks who were not withdrawing their appeals in favour of interest-free economy, he appealed. 

He said he as finance minister of KP (2002-2007) had introduced a successful model of interest-free economy. If voted to power, the JI, he said, would take steps to eliminate un-Islamic economy in the country achieved in the name of Islam.

Before the FSC decision in April, he said, the court had also announced the decision against interest system in 1991 but the governments remained reluctant in implementing it. If country like Japan was implementing the model of interest-free economy then what were the hurdles in Pakistan for it, he said.

Jamaat emir said the government should introduce legislation in light of the FSC decision, demanding end to interest on agriculture and house-building loans. He said the government should renew agreement with the IMF and the World Bank after doing legislation in favor of Islamic system. He said it was not less than an irony that the rulers of an Islamic country were bent upon running the country entire economy on riba.

Sirajul Haq regretted the government was receiving loans on interest from a brother Islamic country. He said the IMF had virtually taken control of the country. He said the country could not go ahead with the prevailing system. He announced the  Jamaat-e-Islami   would present its strategy in Karachi on November 30 during the Islamic scholar conference on riba free economy.