Daily Times

The Federal Shariat Court (FSC) on Tuesday reserved its verdict in a case seeking Riba (Interest) free economy in the country. The full bench of FSC comprising Chief Justice Muhammad Noor Meskanzai, Justice Dr. Syed Muhammad Anwar and Justice Khadim Hussain M. Shaikh heard a number of constitutional petitions filed against Riba-based banking system in the country and reserved the decision of the case after completion of arguments of the lawyers of the parties. During the course of proceedings, Dr Aslam Khaki counsel for the United Bank Limited (UBL) pleaded the court to grant further time as he was unaware about the meeting of the Attorney General for Pakistan (AGP) with the President of Pakistan. It remained to be examined whether the schemes of the banks which had been challenged fall within the definition of Riba, he added. The bench responded that no scheme of any bank was challenged before the FSC. The counsel said that depositing money in a limited bank did not fall under the category of interest as limited bank shared profit and loss.