A well-known leading scholar of Hadith, Islamic jurisprudence and Islamic finance, Mufti Taqi Usmani, emphasized the finance minister to take practical steps to abolish interest-based banking system in Pakistan, contending that every religious faction is in harmony with the view. Addressing a seminar in Karachi on Wednesday, Mufti Usmani stated, "he wanted to end the usury system and worked on it'. A unanimous voice must be raised to end the scourge of usury, the scholar emphasized.

He said that all concerned institutions must try to implement interest free banking. At a point, he added that the implementation of Shariah law is the most important thing under Islamic rule of law. Mufti Usmani emphasized Finance Minister Ishaq Dar to take practical steps to abolish interest-based banking system in Pakistan, adding that unified decisions of scholars have always led to good outcomes.

It is worth mentioned here that Finance Minister Ishaq Dar few days earlier had stated that government has decided to implement interest-free banking system in the country. Talking to a private news channel, he said all appeals against the Federal Shariat Court's verdict for interest-free banking system have been withdrawn in accordance with the decision. The Finance Minister said a high power committee has been formed, including all stakeholders that would form a road map to achieve the desired aim of an interest-free banking system.

Credit : Independent News Pakistan-INP