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Pakistan Riba-Free Economy Delayed One Year
ISLAMABAD, June 15 (IslamOnline & News Agencies) - The Shariat Appellate Bench of Pakistan's Supreme Court on Thursday extended the deadline for the implementation of its judgment on a proposed riba-free (interest-free) economy for one year by making June 30, 2002, the final deadline date.
On December 23, 1999, the bench upheld a Federal Shariat Court judgment declaring all forms of interest un-Islamic and set the June 30, 2001, as the deadline.
The deadline, due to expire on June 30, 2001, was extended after the Shariat Appellate Bench heard an application filed by United Bank Limited (UBL) which requested that it be given more time to prepare for the interest-free stipulations. Pakistan's federal government asked for a deadline extension to Dec 31, 2005.
The four-member bench consisted of Justice Sheikh Riaz, Justice Munir A. Sheikh, Justice Deedar Hussain Shah and Justice Maulana Taqi Usmani.
The court acknowledged that re-forming the country's economy is a gigantic task due to the complex nature of the questions of law involved.
In a short order on Thursday, the four-member bench held: "We don't doubt the intentions and sincerity of the government, because according to documents produced by the Attorney General, the work is being done, and obviously it would take more time as it is [a] gigantic task and requires deeper application of mind by all concerned."
"We would allow time to the government till June, 30, 2002, within which time the government will take effective steps for the implementation of the judgment and the court would also be in a position to know as to what substantial steps have been taken so that their bona fide [effort] could be judged," the order read.
The court, however, rejected the attorney general's request to extend the implementation period to December 31, 2005. It also rejected an application that called for a suspension of the court judgment on a riba-free economy. "In one of the application[s], it was prayed that operation of the judgment be suspended, but the prayer did not find favor with the court," read the order.
The court also noted that it was brought to its attention that, so far, 22 meetings of the Transformation Commission and related task forces have taken place, and that an ordinance has also been framed.
"It was also brought to our notice that an ordinance has also been framed. The AG [attorney-general] has also stated that the government is sincere and honest for the implementation of the judgment, but they are facing practical difficulties because same shall have the effect of introducing a new economic system in the country, and the personnel and institutions, which are to implement it, are to be trained and educated," the court observed.
During the course of the proceedings, Mufti Justice Taqi Usmani, a renowned alim (religious scholar) asked as to why only UBL filed the review. He additionally warned that if the government was thinking that by getting the judgment suspended, it would be able to throw it in cold storage, it was "sadly mistaken".
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