The Full Bench of the Hon’ble Court comprising of Hon’ble Mr. Justice Muhammad Noor Meskanzai, Chief Justice, Hon’ble Mr. Justice Dr. Syed Muhammad Anwer and Hon’ble Mr. Justice Khadim Hussain M. Shaikh, in exercise of power under Article 203-D of the Constitution of Islamic Republic of Pakistan announced today its reserved judgment on Riba. The copy of judgment approved for reporting is only available on the official website of the Federal Shariat Court. The Court accepted the petitions and declared that prohibition of Riba is complete and absolute in all its forms and manifestations according to the Injunctions of Islam in accordance with the Holy Quran and Sunnah. Therefore, for all the detailed reasons deliberated in this judgment the charging of any amount in any manner over the principle amount of a loan or debt is Riba which is completely prohibited according to the Holy Quran and Sunnah of the Holy Prophet (SAW). It is pertinent to mention that Riba case was remanded by Shariat Appellate bench Supreme Court of Pakistan in 2002. The existing Bench of the Federal Shariat Court headed by the Hon’ble Chief Justice Mr. Justice Muhammad Noor Meskanzai took ken and unprecedented interest in this matter. During the chairmanship of his lordship of the Bench thirty four hearings are conducted. Petitioners, their Counsels, Jurisconsults, Amicus Curiae, Economists, Experts, Scholars, Chartered Accountants, Attorney General and Advocate Generals advanced their arguments and the Court heard them with patience. They also gave suggestions for conversion of the existing banking system into Riba free Islamic Banking System.
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