Siraj for adopting ‘interest-free’ Islamic banking system


Jamaat-e-Islami (JI) Pakistan Chief Sirajul Haq, while advocating for adopting interest-free Islamic banking system has said the interest-based financial and banking systems have plagued the national economy.

Talking to media men along with JI emir Professor Ibrahim, Mian Aslam, and the legal team of the JI here outside the Federal Shariat Court, he said that interest-based financial system is one of the major reasons behind the inflation, unemployment, and miseries of the people.

He demanded the government introduce model of Islamic economy to put the country on track.

He earlier presented arguments on the hearing of JI appeal seeking elimination of riba.
Informing the judges that he as the finance minister of the KP (2002-2007) had introduced a successful model of interest-free economy, Siraj requested the court to issue order to the government to take steps to eliminate un-Islamic economy in the country achieved in the name of Islam.

The court, he said, had already announce the decision in this regard in 1991 but the governments remained reluctant.

If a country like Japan was implementing the model of interest-free economy then what were the hurdles in Pakistan for it, he said.

He demanded the government to end interest of agriculture and house-building loans. He said it was not less than an irony that the prime minister on the one hand was making claims to transform Pakistan into a Madina state, while on the other hand the country’s entire economy was running on riba.

He regretted the government was receiving loans on interest from a brother Islamic country.

He said the IMF had virtually taken control of the country. He said the country could not go ahead with the prevailing system.

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