Govt decides to withdraw appeal from FSC against interest, says Dar.

ISLAMABAD -- The federal government on Wednesday announced that State Bank of Pakistan and NaAtional Bank of Pakistan would withdraw their appeals from the Supreme Court against the FedAeral Shariat Court's recent verAdict on interest (Riba).

Addressing the media here, FiAnance Minister Ishaq Dar said that federal government has deAcided to withdraw appeal from the Supreme Court against inAterest after consulting with the Governor State Bank of PakiAstan. Earlier, State Bank of PakiAstan and National Bank of PakiAstan had approached the apex court against the Federal Shariat Court's recent verdict on interest.

Ishaq Dar said that the federal government will move ahead to establish an interest-free, IslamAic banking system in the country the minister said. He also said that with permission from Prime Minister SheAhbaz Sharif and after due consultation with SBP Governor Jameel Ahmed, both the central bank and National Bank will withAdraw their appeals from the Supreme Court and that their government will try their utmost to enAforce the Islamic system...