SBP, four banks challenge in SC FST verdict on interest
ISLAMABAD: The State Bank of Pakistan (SBP) and four private banks Saturday challenged in the Supreme Court decision of the Federal Shariat Court declaring the present interest-based banking system against the Sharia, directing the government to switch to an interest-free economy.
Salman Akram Raja filed an appeal on behalf of the SBP under Article 203F (1) of the Constitution with respect to the judgment passed by the Federal Shariat Court April 28, 2022.
The SBP has made Dr. Mahmoodur Rehman Faisal, Chairman of the Tehreek-Inqlaab Islam, Ministry of Law and Justice, Ministry of Finance, Banking Council of Pakistan and Attorney-General of Pakistan as respondents.
In its appeal, the State Bank of Pakistan appreciated the spirit and the intent that has led to the substantive provisions of the judgment delivered by the Shariat Court April 28, 2022. However, it sought clarifications, as there are certain discrepancies in the judgment.
The SBP submitted that being the premier custodian and regulator of the financial and monetary framework of the Islamic Republic of Pakistan is deeply committed to ensuring compliance with the injunctions of Islam, in particular those pertaining to riba, while protecting the stability and security of the financial sector of the country that functions as part of the global financial system.
Retrieved from: https://www.thenews.com.pk/print/969182-sbp-four-banks-challenge-in-sc-fst-verdict-on-interest
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