Daily Times

Minister for Religious Affairs and Interfaith Harmony Senator Muhammad Talha Mahmood emphasized the need to explore alternative economic models that align with Islamic principles. Addressing a seminar on Interest-Free Economy, organized by the Islamabad Chamber of Commerce and Industry (ICCI), he further highlighted the importance of adopting Islamic economic principles. Senator Talha shed light on the Islamic perspective on trade and usury, drawing from the Holy Quran saying that Allah Almighty had declared trade as halal (permissible), while usury (riba) was unequivocally declared as haram (prohibited).

He further reminded the audience of the vision of Quaid-e-Azam, who expressed his determination to replace the usury system of the West with an Islamic economic system during the opening ceremony of the State Bank of Pakistan (SBP) on July 1, 1948. “Usury is a declaration of war against Allah and His Messenger,” stated Senator Talha.

He urged the attendees to reflect on the consequences of engaging in usury, questioning whether economic prosperity could truly be attained while defying the commandments of Allah Almighty. The Senator also highlighted the legal stance on usury, referencing rulings from the Federal Shariat Court and the Supreme Court of Pakistan.

Both courts had previously declared usury as contrary to the clear commandments of Allah Almighty, he added. He said the highest court of Pakistan had explicitly ordered the cleansing of the national financial system from usury, deeming it illegal and prohibited even according to the Constitution of Pakistan.

The seminar served as a platform for participants to engage in thoughtful discussions on interest-free economic systems and explore avenues to promote and implement these principles in the national financial framework. It concluded with a renewed commitment from the ICCI to advocate for an interest-free economy in Pakistan, in alignment with Islamic principles.