RIBA-Free Pakistan
A Struggle of 75 Years

سود سے پاک پاکستان
۷۵ سال کی جدوجہد

Muhammad Ahmad Zafar
9th February 2022
www.aagahi.com

The Express Tribune - FSC gives govt five years to eliminate Riba

Dawn - Federal Shariat Court declares interest-based banking system against Sharia

Quaid-e-Azam on Islamic Economic System in Pakistan

“I shall watch with keenness the work of your Research Organisation in evolving banking practices compatible with Islamic ideals of social and economic life. The economic system of the West has created almost insoluble problems for humanity ...”

Quaid-e-Azam, Muhammad Ali Jinnah, arriving at State Bank, Karachi on 1st July 1948 for the inauguration ceremony along with his sister Fatima Jinnah. He exclusively travelled from Balochistan for the occassion.

Inauguration of State Bank

State Bank Governor Zahid Hussain (d. 1957) greeting Quaid-e-Azam. Zahid Hussain had also served as Pakistan's first High Commissioner to India from August 1947 to April 1948.

“... and to many of us it appears that only a miracle can save it from [the] disaster that is now facing the world ... The adoption of western economic theory and practice will not help us in achieving our goal of creating a happy and contented people. We must work our destiny in our own way, ...”

“... and present to the world [an] economic system based on true Islamic concept of equality of manhood and social justice. We will thereby be fulfilling our mission as Muslims and giving to humanity the message of peace, which alone can save it and secure the welfare, happiness and prosperity of mankind.”

[https://www.sbp.org.pk/about/history/h_moments.htm]

Objective Resolution 12^th March 1949

The Objectives Resolution was adopted by the Constituent Assembly of Pakistan on March 12, 1949. Prime Minister, Liaquat Ali Khan, had presented it in the assembly on March 7, 1949.

“Whereas sovereignty over the entire universe belongs to Allah Almighty alone and the authority which He has delegated to state of Pakistan through its people of being exercised within the limits prescribed by Him is a sacred trust;”

“Wherein the Muslims shall enable to order their lives in the individual and collective spheres in accordance with the teaching and requirements of Islam as set out in the Holy Quran and the Sunnah;”

1962 Constitution

General Ayub Khan promulgated his own version of the constitution on 1st March 1962 and finally came into effect on 8th June 1962.

“Riba (Usury) should be eliminated”

[8. Principles of Policy, Article 18]

General Muhammad Ayub Khan
(r. 1958 - 1969)

General Pervez Musharraf on Z. Ali Bhutto & His Government

“... Mr. Bhutto’s regime, which really was [the] most non-religious [regime in Pakistan history] ...”

[During a Q&A session in George Washington University]

1973 Constitution of Pakistan

Article 38(a) of the constitution states: “secure the well-being of the people, irrespective of sex, caste, creed or race, by raising their standard of living, by preventing the concentration of wealth and means of production and distribution in the hands of a few to the detriment of general interest and by ensuring equitable adjustment of rights between employers and employees, and landlords and tenants;”

Article 38(f) of the constitution states: “eliminate riba as early as possible”

Federal Shariat Court

“The Federal Shariat Court was established on 26th May, 1980 by the President’s Order ... This Court is a unique institution with no parallel in the entire Muslim world. It is backed by powerful provisions of the Constitution. The preamble of the Constitution explicitly affirms that sovereignty over the entire universe belongs to Almighty Allah alone and the authority to be exercised by the people of Pakistan within the limits prescribed by Him is a sacred trust. ... Article 227 makes it incumbent that all existing laws shall be brought in conformity with the injunctions of Islam ...”

[https://www.federalshariatcourt.gov.pk/en/home/]

When the Federal Shariah Court was free to listen to cases:

The first petition for the abolition of the interest-based banking system in the country was filed in the FSC on June 30, 1990.
The then chief justice of the FSC, Dr Tanzeelur Rehman, had constituted a three-member bench that delivered judgment in the case on November 14, 1991, and sought its implementation by April 30, 1992.
The then PML-N government had challenged the decision in the apex court.

Prime Minister Nawaz Sharif 1992 — Mian Muhammad Nawaz Sharif in 1992 as
Prime Minister of Pakistan

Dawn - IJI Leaders Nawaz Sharif, Shahid Khaqan Abbasi and Sheikh Rashid

CE General Pervez Musharraf signs the national budget for the year 2001-02 in Islamabad, June 18, 2001. — Chief Executive Gen. Musharraf signs the budget with Finance Minister Shaukat Aziz, June 18, 2001

Dawn - FSC to decide Riba case afresh: Supreme Court sets aside earlier judgment

Pakistan Today - FSC asks govt to implement Riba-free system by 2027

The Nation - FSC declares interest against Shariah in Riba case

Declared all provisions of Interest Act 1839, which facilitate riba, as unlawful.

"Islamic banking system is risk-free and against exploitation," Justice Dr Syed Muhammad Anwar remarked. In the written judgment, the bench said the prohibition of Riba is the "corner stone of the Islamic economic system".

The FSC had reserved its verdict in the case on April 12.

"Therefore, we have decided that every loan which extracts any additional amount upon the principal from the debtor is Riba, hence, any transaction that contains Riba even at a slightest level, falls within the category of Riba thus prohibited. Furthermore, all the prevailing forms of interest, either in the banking transactions or in private transactions fall within the definition of Riba."

The FSC said the "speedy proliferation and exponential growth" of interest-free banking not only in Pakistan but in the whole Islamic world and even worldwide is "a reality that has established that the interest-free banking system is not only practicable but feasible too".

The ruling added that "elimination of Riba from our economic system is our religious as well as our constitutional duty; hence it has to be eliminated from Pakistan".

Finance Minister Miftah Ismail had Welcomed the FSC Verdict

When is Appeal Possible in SCP

“Civil Shariat Appeal under Article 203-F (1) of the Constitution against final decision of Federal Shariat in proceedings where under Article 203-D of the Constitution, Federal Shariat Court decides the question as to whether or not any law or provision of law is repugnant to the injunctions of Islam within 60 days from date of order/judgment of Federal Shariat Court. (Time limit is 6 Months for Federation or a Province).”

[https://www.supremecourt.gov.pk/frequently-asked-questions/]

State Bank Notes of Any Country Carry The Guarantee Wordings

Pakistani 5000 Bank Note — حامل ھٰذا کو مطالبہ پرادا کریگا

The Commandment of Allah

الَّذِينَ يَأْكُلُونَ الرِّبَا لَا يَقُومُونَ إِلَّا كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّ ۚ ذَٰلِكَ بِأَنَّهُمْ قَالُوا إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا ۗ وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا ۚ فَمَن جَاءَهُ مَوْعِظَةٌ مِّن رَّبِّهِ فَانتَهَىٰ فَلَهُ مَا سَلَفَ وَأَمْرُهُ إِلَى اللَّهِ ۖ وَمَنْ عَادَ فَأُولَٰئِكَ أَصْحَابُ النَّارِ ۖ هُمْ فِيهَا خَالِدُونَ ۞

[Surah Al-Baqarah (2), Ayat 275]

Website: www.aagahi.com
Twitter: @MAhmadZ
Telegram: @MAhmadZ
Soundcloud: @MAhmadZ
LinkedIn: @MAhmadZ
Email: MAhmadZ@pm.me

For the full video & other beneficial topics, visit:

Website: www.aagahi.com
Twitter: @MAhmadZ
Telegram: @MAhmadZ

Soundcloud: @MAhmadZ
LinkedIn: @MAhmadZ
Email: MAhmadZ@pm.me