The JI chief while talking to media persons after the hearing of a petition before the Federal Shariat Court against the interest based economic system also called upon the government to wipe out usury from the country in line with its election promise of making Pakistan a Medina like Islamic state.
Haq said that Article 138 of the Constitution imposes a ban on interest as the Islamic way of life is not possible without the Islamic economic system. He said that in 1992, the Federal Shariat Court announced elimination of interest and the nation welcomed this decision. However, the then government filed an appeal in the Supreme Court against the FSC decision and the SC sent the matter back to the FSC for a review.
The JI chief said that even at present, around 15 per cent of banking in the country involving about Rs 2.4 trillion is being done under the interest-free Islamic system. He said that at present only 35 per cent of the people of the country have their money in the banks. However, he said if the banks switch over to the interest-free system, hundred per cent of the people would despot their money in the banks which would strength the national economy.
Haq said that the interest-based economy has destroyed the country as interest-based loan on the country are increasing. He said the burden of loan on the country is going up by Rs 780 million per hour.
In reply to a question, the JI chief said that in Khyber Pakhtunkhwa, 65 branches of the Khyber Bank are operating interest-free system. He further said he had moved a bill in the Senate demanding complete ban on interest-based private business in the federal capital.
Haq said that in its election campaign, the PTI had made numerous promises to the people but after coming to power, the parties forget their promises. He said that the PPP and the PML-N both had been in power but they did nothing to wipe out interest. He said if the PTI does not take any step in this direction, it would be going back on its election promises.