ISLAMABAD (APP): The Federal Shariat Court (FSC) on Wednesday adjourned hearing of petition seeking Riba-free economy till Thursday.
A three-member Federal Shariat Court (FSC) bench headed Chief Justice Noor Muhammad Meskanzai and comprising Justice Dr. Sy-ed Muhammad Anwar and Justice Khadim Hussain heard a number of constitutional petitions filed against Riba-based banking system in the country.
During the course of proceedings, Petitioner Dr Fareed Ahmad Paracha and Younis Meo advocates appeared before the court.
Shahzad, a chartered accountant, continued his arguments on the Islamic Economic System, particularly on the rights and obligations of a lender and a borrower in the light of Verse N.282 of Surah Baqrah. He pleaded the co-urt to not intervene in the e-xisting banking system. He said that government sho-uld establish an Islamic ba-nking system parallel to the existing banking system.
Gradually people would come up with the Islamic banking system themselves, he added.
He alleged that the Isl-amic banking developed by State Bank of Pakistan was just a ploy. This was the kind of deception that people used during ban on fishing on Saturdays, he added.
He said that on the prohibition of Allah Almighty, people used to enclose fish in jars on Saturdays and the next day they catch the trapped fish. Profits and losses were equal in a business partnership, he added.
He said that the lender was not harmed in the current Islamic banking system.
