SC disposes of appeals against Riba verdict.
ISLAMABAD -- The Supreme Court has formally dismissed as withdrawn two appeals after the State Bank of Pakistan and the National Bank of Pakistan withdrew their challenge against the last year's verdict by the Federal Shariat Court to end interest-based banking in five years.
The matter was fixed for hearing before Chief Justice of Pakistan (CJP) Umar Ata Bandial in chambers the other day, with senior counsel Salman Akram Raja representing the central bank and Saad Hashim representing the NBP.
The lawyers told Justice Bandial that they had instructions to withdraw the appeals on behalf of the two government banks.
However, appeals moved by three private commercial banks - the MCB Bank, the United Bank Ltd and the Allied Bank Ltd. - were still pending.
The SBP and NBP appeals were withdrawn from the Supreme Court in line with the Nov 9 announcement by Finance Minister Ishaq Dar that the two banks would immediately withdraw appeals against the FSC's verdict, directing the government to eliminate Riba-based banking from the country by Dec 31, 2027.
In the April 28 verdict, the Shariat court declared the prohibition of interest in all forms and manifestations as Islamic and in accordance with the Holy Quran and Sunnah.
The FSC said in its order that a five-year deadline was reasonable to convert Pakistan's economy into an equitable, asset-based, risk-sharing and interest-free system.
Announced by a three-judge bench - consisting of...
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