ISLAMABAD, Jan 21 (Online): Chief Justice (CJ) Federal Shariat Court (FSC) Muhammad NooR Meskanzai has remarked we cannot close banks and if government and financial institutions forge consensus on Islamic Banking System then this job can become easy.
He further remarked “at present interest based banking system is in place in the country at present along with Islamic Banking system. A forum for lodging complaint against violation of Islamic Banking system is there in the country.
We cannot close banks. If government and financial institutions forge consensus for Islamic banking system then this job can become easy. Government and government institutions should not create hindrances in this respect.
Case regarding interest based financial system came up for hearing before a 3-member bench of FSC presided over by Chief Justice Shariat court Muhammad Noor Meskanzai here Friday.
A detailed report on steps taken for Islamic banking system was presented in the court by state bank in the court.
Suleman Akram Raja counsel for state bank told the court state bank is serious in establishing interest free banking system. . Islamic banking system cannot be established overnight.
This is evolutionary process. This is not easy job. There are legal complications in it. This question is there as it is that Is Islamic banking system a policy matter or it will be subordinate to court’s orders.
The counsel for National Bank told the court allied paper mills is not paying back loan in the guise of court’s decision.
The CJ remarked we have not issued stay order against the interest.
Justice Dr Syed Muhammad Anwar remarked parliament is supreme. The law has been enacted by parliament. Parliament has made this law that the laws will be adopted as per Islamic Shariat.
Now IMF too has its role in financial system. When government itself is heading towards Islamic banking system then why there is hindrance. Interest free banking system is being set up in Non –Islamic countries like Australia. No system can run unless legislation is enacted.
The court later summoning attorney general for assistance adjourned the hearing of the case till February 01.
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