JI chief welcomes FSC's verdict, says will propose strategy for Islamic model of economy

Islamabad: Jamaat-e-Islami Emir Sirajul Haq has welcomed the decision of federal shariat court on riba, saying it is now the duty of the government to implement the judgement in letter and spirit.

Talking to journalists after the announcement of the decision on Thursday, he said the JI would hold a consultatory meeting with the experts of Islamic banking, lawyers and religious scholars after Eidul Fitr to propose a strategy to the government for the implementation of Islamic model of economy.

He said the JI would not allow the government to make any escape this time, saying the PML-N governments unfortunately opposed the shariat court decisions of 1991 and challenged it before the Supreme Court.

The apex court then sent back the decision to theshariat court for review and it took almost two decades to the judgement, Siraj said.

Terming the Thursday verdict historic, Sirajul Haq told the media that the federal shariatcourt declared the prevailing interest-based banking system as against the shariat and directed the government to facilitate all loans under an interest-free system.

In its long-awaited verdict, he said, the court ruled that the federal government and provincial governments must amend relevant laws and issued directives that the country's banking system should be free of interest by December 2027.

He said he hoped the government will not wait for five years rather it will start immediate efforts to transform economy into Islamic model. He said the State Bank of Pakistan also start working for the Islamic banking from now. It was not a difficult task as the central bank could complete the transformation of current banking into Islamic in months, he said.

The JI chief demanded the government review the agreement signed with the IMF, saying the nation was no longer ready to accept the slavery of capitalist system.

He said Islam sets the framework for permissible economic, social and political system but it was an irony that the system on the basic of which the country achieved freedom was not introduced for 74 years.

JI vice emirs Liaqat Baloch, Dr FairdParacha, Mian Muhmmmad Aslam, TanzeemIslami Emir Shujauddin Shaikh and Tanzeem-e-Islami leader Hafiz Akif Saeed were also present on occasion.