The Minister for Finance, Miftah Ismail, has welcomed the decision of the Federal Shariah Court (FSC) regarding the recent declaration of Riba (interest) as being against the Sharia.
He tweeted, “We welcome the decision of the Federal Shariah Court (FSC) in the Raba case”.
The minister said that the government and the State Bank of Pakistan (SBP) will carefully study this important decision and then seek guidance and clarification from the FSC about the process, steps, and timeframe to implement this decision.
The Federal Shariat Court, on Thursday, declared the Interest Act 1839 of Pakistan un-Islamic, directing the government to replace the Riba-based financial system with an Islamic system in five years.
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