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Pak unlikely to scrap Riba!

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    Pak unlikely to scrap Riba!

    President informed elimination of Riba as envisaged in SC verdict not possible.

    That is the correct decision! What were you going to do after scrapping riba; scrap insurance - also considered haram. How about the stock market? Let's scrap it as well!

    You wanna scrap something?
    Scrap the Hadood laws!

    ISLAMABAD: The government has reached a conclusion that the implementation of the Supreme Court's judgment on Riba is not
    possible and maintained that the maximum it can do is the running of parallel systems -- the Islamic and the interest-based.


    In a closed-door meeting held on last Wednesday under the chairmanship of President Musharraf, it was observed that the elimination of Riba as envisaged in the Supreme Court was not possible in the present conditions.

    Sources said the meeting was attended by finance minister, finance secretary-general, finance secretary, State Bank governor and three lawyers from Karachi. The meeting decided to get the SC's decision on Riba reversed instead of allowing it to linger on for need of implementation.

    Finance Minister Shaukat Aziz, when contacted, said the government had not taken any decision on the subject, rather "the decision would be taken by the honourable court (Supreme Court of Pakistan)". He
    said the government was reviewing the case in the light of recommendations it had received from different committees and
    commissions.

    In 1992 the Federal Shariat Court declared interest an un-Islamic. The government challenged the decision in the Shariat Appellate Bench of the Supreme Court, which on December 23, 1999, upheld the FSC's
    decision and set the deadline of June 30, 2001 for the implementation of the judgment.


    #2
    This is so ridiculous. They get loans from the world bank and pay them back with interest. But when it comes to internal capital markets, they want to remove interest. Shaukat Aziz is a moron.

    Comment


      #3
      Why blame the Finance Minister?
      he wasn't around when the Zia - clones had the law passed in the Supreme Court that riba was unislamic and it was the Supreme Court that set the June 30 '02 date for its implementation. Now the present leadership incl the FM is saying that to scrap riba is not possible.

      The present FM - shaukat aziz has a good head on his shoulder!

      Comment


        #4
        this is what they think about Islam ... take one part, leave the other

        how would the 'economy' work without interest? did you know that Japan's interest rate has been '0' for a while? the country is still living last I checked on the map and news .

        "interest" is not the only fuel for life of economy

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        May Allah SWT guide us all towards right and help us follow the right

        Comment


          #5
          Changez Lal: japanese fed funds rate is o% not rates that affect capital market and cosumer finance transactions. Mortgage loans, Auto Loans etc..etc.

          Jeez Louise!!!

          [This message has been edited by Chaltahai (edited May 22, 2002).]

          Comment


            #6
            Originally posted by Chaltahai:
            Changez Lal: japanese fed funds rate is o% not rates that affect capital market and cosumer finance transactions. Mortgage loans, Auto Loans etc..etc.

            Jeez Louise!!!

            [This message has been edited by Chaltahai (edited May 22, 2002).]
            Chaltai phirtai, does that mean Fed can live without the "income" from interest? and "commercial" entities can not?

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            May Allah SWT guide us all towards right and help us follow the right

            Comment


              #7
              Originally posted by Changez_like:
              Chaltai phirtai, does that mean Fed can live without the "income" from interest? and "commercial" entities can not?
              Commercial entities can make vast sums of money from interest-free banking. My father works at a bank that generates hundreds of millions of dollars per year from Shariah-compliant financing and investments.

              In fact, interest-free banking is so profitable that major global banks such as Citibank, Deutsche Bank, UBS Warburg, and HSBC have developed departments dedicated to Islamic banking.

              HSBC in Malaysia, for example, offer interest-free current accounts, interest-free credit cards, and interest-free savings accounts.

              Muslim consumers in Malaysia benefit from halaal personal banking. What the banks get out of it is considerably reduced risk to themselves.
              Muslims are so good at dividing that they can divide the atom. If you see two Muslims, probably they belong to 3 parties.
              Al-Ghazali

              Comment


                #8
                Originally posted by mAd_ScIeNtIsT:
                ....
                In fact, interest-free banking is so profitable that major global banks such as Citibank, Deutsche Bank, UBS Warburg, and HSBC have developed departments dedicated to Islamic banking.

                HSBC in Malaysia, for example, offer interest-free current accounts, interest-free credit cards, and interest-free savings accounts.

                Muslim consumers in Malaysia benefit from halaal personal banking. What the banks get out of it is considerably reduced risk to themselves.
                Thats what I was trying to convey that "interest" based economy is not the only economy, is not the only way to do business.... Thanks

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                May Allah SWT guide us all towards right and help us follow the right

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