ISLAMABAD : Nov 9, 2022; The government has announced to withdraw its appeal from the Supreme Court of Pakistan (SCP) submitted for review of a decision of Federal Shariat Court wherein it ordered the authorities to replace Riba (interest) based banking system in Pakistan with Islamic banking system.
The Federal Shariat Court announced the judgment in Riba case on April 28 this year.
The government had filed a review petition before the SCP against the Federal Shariat Court decision and sought its review.
The government intended some time to readjust Pakistan’s banking system to switch over to Islamic banking system.
Now Finance minister , Ishaq Dar , has officially announced to withdraw the review petition and get ready to implement the Federal Shariat Court decision in Riba case as it is.
Finance minister , Ishaq Dar , while announcing withdrawal of review petition from SCP here on Wednesday said all laws of Pakistan are derived from Quran and Sunnah and the government intends to implememt the decision.of the Federal Shariat Court in Riba case in the present form.
Maulana Fazal ur Rehman, chief of Pakistan Democratic Movement (PDM) , has welcome government decision of withdrawing review petition in Riba case from SCP.
.
