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FSC seeks assistance of SBP counsel over jurisdiction in Riba case

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ISLAMABAD, (TLTP): While hearing long-pending identical pleas seeking Interest and Riba repugnant to the injunction of Islam, the Federal Shariat Court (FSC) asked counsel for Central Bank on Tuesday to deliver arguments over jurisdiction of the court that whether it has authority to explain the economic system for substitution in the country.

The FSC also raised a question whether the option can be given either to the state or public to use a parallel system of Islamic banking along with conventional banking in Pakistan.

26 years ago the Federal Shariat Court had declared Riba repugnant to the injunctions of Islam in 1992. The then government of Mian Nawaz Sharif filed appeal before Supreme Court. After ten years, the Supreme Court remanded the matter to Shariat Court in 2002 to reconsider its judgement which was taken up during March 2014.

On Tuesday, a five-member larger bench led by A five-member larger bench led by Chief Justice Sheikh Najamul Hasan, comprising Justice Allama Dr. Fida Muhammad Khan, Justice Mehmood Maqbool Bajwa,  Justice Syed Muhammad Farooq Shah and  Justice Shaukat Ali Rakhshani resumed hearing of the matter.

Appearing on behalf of Professor Ibrahim and Dr.Farid Piracha of Jamat-e-Islami in the matter advocate Qaiser submitted formulation saying he is on the same page with court’s questionnaire.

During the course of proceedings, the Chief Justice categorically observed that the court is intended to decide the case in hand at the earliest.

The court has given a two-page questionnaire to parties of the case. It has been asked through the questionnaire what would be applicability of the principle of Riba to non-Muslims, effect of use of word including interest in Federal Consolidated Fund – Provincial Consolidated Fund, Pension (with or without interest).

Later, the bench asked counsel for State Bank of Pakistan Salman Akram Raja to deliver arguments over jurisdiction in the current matter while adjourning the hearing till date in office.

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