FSC directs government to eliminate interest system from country within five years.

ISLAMABAD -- Federal Shariat Court (FSC) while declaring all the laws and clauses facilitating interest un-Islamic has directed government to eliminate interest system within five years.

FSC announced the decision on the petitions filed against interest based system after 19 years. The petitions were filed by Jamaat-e-Islami and others against interest system.

From June 1, all legal clauses that contain the word 'interest' will be considered null and void, the shariah court said. Existing laws related to riba and interest are against Shariah.

The court also declared interest act 1839 un-Islamic

The court said in its decision that eradication of interest from economic system is legal and religious obligation. The riba will have to be eliminated from the country at every cost. Elimination of riba is among the fundamental principles of Islam.

The court further directed the government to take internal and external loans under an interest-free system and added that an interest-free system would be more beneficial.

It declared the West Pakistan Money Laundering Act and the Interest Act 1839 against Shariah. 'All laws and regulations that facilitate interest are considered illegal,' the court said, adding that such laws should be abolished from June 1, 2022

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