ISLAMABAD:Council of Islamic Ideology (CII) Chairman Dr Qibla Ayaz Thursday welcomed the recent decision of the Federal Shariat Court (FSC) against the usury.
He, in a statement, said it was a good omen that FSC, after lengthy hearings, had declared the existing laws relating to usury contrary to the Shariah which needed new legislation.
He said in this regard, the CII was ready to provide all out support required by the legislature.
Dr Qibla said the CII had always called for the abolition of prevailing usurious economic system in the country and proposed to adopt the Islamic alternatives.
He said the CII had already submitted its report in the Parliament containing comprehensive recommendations on non-profitable economy.
He said the following case was pending in the FSC for a long time and for its early redressal, the council wrote a letter to the FSC chief justice.
The CII chairman said the FSC decision against the usury would pave the way to implement Islamic economic system in the country and enable all sections of the society to equally get benefited from it.