Efforts to end interest in Pakistan

 Efforts to end interest in Pakistan

The home of the girls came into being in the name of Islam and the proclamation of the word of God. Both the Constitution of 1962 and the Constitution of 1962 clearly stated that the Government of Pakistan would do its utmost to eradicate the menace of interest from the economy. Which is considered to be the unanimous constitution and constitution of our history.

Undoubtedly, Pakistan came into being in the name of Islam and in the proclamation and confession of Kalima Tayyaba. Both the constitutions enacted in 1962 clearly and unequivocally stated that the government of Pakistan would do its utmost to eradicate the menace of interest from the economic system. It is said that the government will abolish usury as soon as possible.

A constitutional body called the Islamic Ideological Council was established under sub-section 38 of the 1962 constitution. "Riba is haraam in all its forms and the reduction of interest rates does not affect the haraamity of usury." Furthermore, under the current banking system, the increase or increase in real money in loans and business transactions between individuals, institutions and governments falls under the definition of riba. The increase in the savings certificate is also included in the interest. The interest paid in provident fund and postal life insurance etc. is also included in the usury and at the same time increase in loans given to provinces, local bodies and government employees is a form of interest only. And are forbidden.

The Federal Shariah Court was established in 1980, but its power to rule on economic matters was suspended for 10 years. Petition No. 30/1 was filed and the court was asked to declare the current interest rate economy as un-Islamic and ban it. During the hearing, bankers, economists, government representatives and scholars were heard in detail and debated, and written and oral statements were obtained, and in October 1991, they announced their historic decision to abolish the 157-page interest rate system. The aforesaid decision of the Federal Shariah Court was overwhelmingly welcomed by the people and it was hoped that perhaps 45 years after the establishment of Pakistan, our economic qibla would be restored and the people would be freed from exploitative and oppressive tactics like usury. But the Nawaz Sharif government appealed against the decision in the Shariat Appellate Bench of the Supreme Court. This appeal became an obstacle to the implementation of the decision of the Federal Shariah Court. Finally, in 1999, the Supreme Court upheld the previous decision and gave the government a year and a half to change the rules. A year and a half later, the government asked for more time, but it was granted one more year. When the court's deadline came to an end, Musharraf's government filed a review petition in the court on behalf of the United Bank. After a brief hearing of a few days, the PCO bench constituted for review and in its haste delivered its judgment on June 24, 2002. Issued orders to send him back to the Federal Shariah Court for re-hearing. In this way, the court multiplied the long efforts and hard work of the previous half-century by zero and brought the matter to where it started.

The second round of anti-interest efforts begins in 2012. When a request was made to reschedule the case pending since 2002, which was followed by several hearings, after which all the governments, including PML-Q, PPP, PML-N and PTI, became the plaintiffs in the case and filed a writ petition to continue the interest rate system. Keep following And keep on declaring war with Allah and His Messenger. It has been almost 20 years since then. During this time many judges came and went, many benches were formed and broken, but the case was not being decided.

Today is the 27th night of Ramadan. And the government of the day has issued an order to implement interest free economy and banking system in 5 years. And even then the PML-N government is in power. I deserve humiliation or by following this decision I become a servant of God. By the way, in this case, the time limit for filing an appeal in the Supreme Court is 60 days but the government has 6 months. And remember, there is no respite for Allah.

The present Chief Justice of Shariat Court, Justice Muhammad Noor Miskanzai and his fellow judges