Govt to withdraw petitions against the Federal Sharia Court decision on Riba-based system

The federal government has decided to withdraw the appeal filed in the SC against the decision of the Sharia court to abolish interest (Riba-based system).

The federal government filed an appeal in the Supreme Court seeking the withdrawal of petitions regarding the interest-based system in the country, on Saturday.

As reported,  State Bank’s lawyer Salman Akram Raja, on behalf of the government, has filed a miscellaneous petition in the Supreme Court and said that the appeal against the Federal Sharia Court is pending and that the application to withdraw the appeal should be allowed.

It should be noted that the Federal Shariah Court had ordered the abolition of the usury system, but the State Bank filed an appeal in the Supreme Court against the decision of the Federal Shariah Court.

A few days ago, Federal Finance Minister Ishaq Dar while talking to the media announced that the State Bank and National Bank will withdraw the appeals filed in the Supreme Court against the decision of the Federal Shariat Court.

Ishaq Dar also said that the interest-free system in Pakistan will be carried forward rapidly.