The Supreme Court of Pakistan reached a unanimous decision last Thursday declaring the prohibition of all types of usury used in banks and other financial institutions. The court found these practices in violation of Shari'a, so they were prohibited.
The impacts of such a decision on the Pakistani economy will be dramatic, given the fact that the ruling was given by the Supreme Court, which is the highest legal authority in the country.
Towards the beginning of the 3rd millennium, attention and speculation has been given to the
nations that will shape the events of the coming century economically. The debate focuses on three superpowers that will control the international economy
of the new millennium: the United States, Europe and Japan. The United States has emerged from the 20th century as a triumphant power politically, economically and militarily. Europe comes in second place after its continuous efforts to heal up its wounds resulting from the bloodiest century it has faced. In the other part of the world, Japan remains a giant and a potential partner to form an economic alliance with.
