KARACHI:Welcomes Federal Shariah Court’s ruling binding Federal and Provincial governments to ensure riba (interest) economy in all forms before end of 2027.
The business community is very much comfortable with this long awaited FSC verdict, Vice President FPCCI Engr. M. A. Jabbar and Patron-in-Chief of KCCI Muhammad Zubair Motiwala commented to APP.
Vice President, Federation of Pakistan Chambers of Commerce and Industry, Engr. MA Jabbar was very positive that through combined will and efforts of State Organisations including State Bank of Pakistan, business community and the people of Pakistan in general the conventional banking in the country could be easily converted into Islamic one. He said many commercial banks and other financial institutions had already started Shariah compliant banking in the country. However, he said, prudential research was required in coordination with SBP for real conversion into Halal economy. That, in the ruling could be practically embedded in the banking structures of the country. The Shariah compliant banking system had already been of much discussions towards better conclusions. He said Pakistan is a country with overwhelming majority of Muslims who wanted riba free economy as riba is against injunctions of Islam and declared ‘haram’ for the Muslims. Engr. M.A.Jabbar noted that FSC had provided enough time by setting deadline of Dec. 31,2027 for complete conversion of convention banking into Islamic one. This could be easily accomplished with our firm commitment towards Islam. Patron-in-Chief Chief of Karachi Chamber of Commerce and Industry, M Zubair Motiwala described FSC ruling very encouraging as the business community in Pakistan do feel very comfortable with riba free (halal) economy. He said the businessmen,especially the big ones, were looking for easily accessible and low-cost financing. And, if this was ensured under Islamic banking, the business community would be the lead players to promote riba free banking and halal economy as a whole. He said Islamic banking had already good share in Pakistan’s banking system and there were high prospects of its growth.