MNAs highlight importance of Riba-free economy


Legislators in the National Assembly highlighted the importance of adopting the model of Riba-free economy to get rid of financial challenges confronted by the country recently.

They were of the view that the national economy should be the Sharia-compliant as in the Holy Qura’an faithful had been directed to avoid ‘Riba’ (interest amount) if they wanted their well-being.

Resuming debate on the Federal Budget 2022-23 in the House, Muttahida Majlis-e-Amal Pakistan (MMAP) MNA Moulana Abdul Akbar Chitrali stressed the need for making the national economy interest-free in line with the teachings of the Qur’an, Sunnah and the Constitution of the Islamic Republic of Pakistan.

He said the annual fiscal plan was presented in the parliament for debate and subsequent passage through the vote, which also contained interest-related matters.

He said it was unfortunate that millions of students were getting education at Madaris (religious seminaries) but no funds had been allocated for this sector in the Federal Budget 2022-23, asking the government to earmark appropriate funds in that regard.

He also requested the government to exempt Madaris and Masajid from taxes.

The lawmaker also highlighted the miseries of the common man, especially after the increase in petroleum products, electricity and food inflation.

Chitrali was of the view that the increasing inflation could lead to several social problems like crimes, urging the government to make concerted efforts to tackle this issue and ensure the provision of edible items at reasonable and controlled rates.

He said the government had allocated Rs 100 million for the University of Chitral in the Public Sector Development Programme (PSDP) 2022-23, which was extremely insufficient. He also complained of inadequate funds for different projects in his constituency.

Salahuddin of Muttahida Qaumi Movement-Pakistan (MQMP) said there should be no legislation conflicting with the Holy Qur’an and Sunnah.

He said the country’s banking system and economic matters were linked with international financial institutions and markets; however, the government should make efforts for introducing an interest-free economy.

He said the country was passing through a severe financial crisis, facing a huge circular debt and bearing the burden of extraordinary loans due to the wrong policies of the previous governments.

The MNA said there should be judicious utilization of development funds by provinces they received from the federal government or under the National Finance Commission (NFC) award so that sense of deprivation of different localities could be removed.

“The development funds should be utilized in different localities without any discrimination, personal likes and dislikes.”

Federal Minister Mian Javed Latif said the government was focusing on providing giving relief to the common man in the budget, but the House was still talking about the mode of the national economy if it should be interest-free or otherwise even after the passage of 74 years.

He said the previous regime of PTI had badly ruined the national economy and created problems for the successive government.

Javed Latif said it was extremely regrettable that the PTI chairman Imran Khan recently talked about the country’s disintegration, and uttered negative remarks regarding the strategic assets and armed forces.

He said nobody was making Imran Khan accountable for this controversial statement, but there was a restriction on the television appearance of a person [Muhammad Nawaz Sharif), who had served the country thrice as the Prime Minister and made the country’s defence impregnable by demonstrating nuclear capability in 1998.—APP