Shariat Appellate Bench Regarding Interest Based Banking System

By Unknown
It was a momentous event, as big as the creation of the country itself. On 14 Ramadan 1420, the Shariah Appellate Bench of the Supreme Court of Pakistan gave its landmark decision banning interest in all its forms and by whatever name it may be called. Thus fifty-five years after its creation in the name of Islam (27 Ramadan 1365), Pakistan became the first Muslim country to officially declare modern (and rampant) bank interest as Ar-riba, declared haram by Qur'an. The court also specified a step by step approach to rid the country of the evil of interest. As a consequence of this judgment, certain laws will cease to take effect from 31 March 2000, some other laws from 31 July 2000, and all other laws permitting or condoning interest from 30 June 2001. The Federal Shariah Court of Pakistan had declared the laws allowing interest repugnant to Islam in 1991. The Federal Government of Pakistan and certain banks and financial institutions filed 67 appeals against this judgment in the Shariah Appellate Bench of the Supreme Court. This decision is a disposition of that appeal. It is the final verdict of Pakistan's highest court. The Shariah Appellate Bench consisted of:
  • Mr. Justice Khalil-ur-Rehman
  • Mr. Justice Munir A Sheikh
  • Mr. Justice Wajeehuddin Ahmad
  • Maulana Justice Muhammad Taqi Usmani.

The full judgment of the court consists of about 1100 pages. (An unprecedented length in the history of Pakistan's Supreme Court decisions). The main part of the judgment was written by Mr. Justice Khalil-ur Rahman (550 pages) and Maulana Justice Mufti Taqi Usmani (250 pages). A note of 98 pages was written by Mr. Justice Wajeehuddin Ahmad. The order of the court consists of 106 pages. We reproduce here the text written by Maulana Justice Taqi Usmani. This is an extremely valuable document that should benefit the entire world and not just Pakistan. World powers and their obedient servants in Pakistan have already shown their displeasure with this historic judgment --- as it will end their exploitative grip on the country. The judgment is considered a case of defiance by a slave, and the slave masters don't like it. They will do everything they can to derail its implementation. This will most certainly include propaganda campaigns. It is the responsibility of all the Muslims throughout the world to educate themselves on the issue and put their weight solidly behind this judgment.
The Federal Shariat Court (FSC) of Pakistan is a court which has the power to examine and determine whether the laws of the country comply with Shari ‘law. It consists of 8 Muslim judges appointed by the President of Pakistan after consulting the Chief Justice of this Court, from among st the serving or retired judges of the Supreme Court or a High Court or from among st persons possessing the qualifications of judges of a High Court. Justice Fida Muhammad Khan is the current Chief Justice of the court. Of the 8 judges, 3 are required to be Ulema who are well versed in Islamic law. The judges hold office for a period of 3 years, which may eventually be extended by the President. Appeal against its decisions lie to the Shariat Appellate Bench of the Supreme Court, consisting of 3 Muslim judges of the Supreme Court and 2 Ulema, appointed by the President. If any part of the law is declared to be against Islamic law, the government is required to take necessary steps to amend such law appropriately. The court also exercises revisional jurisdiction over the criminal courts, deciding Hudood cases. The decisions of the court are binding on the High Courts as well as subordinate judiciary.
The court appoints its own staff and frames its own rules of procedure. Ever since its establishment in 1980, the Federal Shariat Court of Pakistan has been the subject of criticism and controversy in the society. Created as an Islamization measure by the military regime and subsequently protected under the controversial 8th Amendment, its opponents question the very rational and utility of this institution. It is stated that this court merely duplicates the functions of the existing superior courts and also operates as a check on the sovereignty of Parliament. The composition of the court, particularly the mode of appointment of its judges and the insecurity of their tenure, is taken exception to, and it is alleged, that this court does not fully meet the criterion prescribed for the independence of the judiciary. That is to say, it is not immune to pressures and influences from the Executive. In 1982 the Federal Shariat Court ruled that there is no prohibition in the Qur'an or Hadith about the judgeship of woman nor any restriction limiting the function of deciding disputes to men only. In 2013 Ashraf Jehan became the first female justice of the Federal Shariat Court.
Location: Lahore, Pakistan

Comments

Post a Comment

Popular posts from this blog

Work Breakdown Structure - WBS (A Project Management Topic)

By Unknown
Image
An Abstract A work breakdown structure (WBS), in project and systems engineering, is a deliverable oriented decomposition of a project into smaller components. The successful accomplishment of both contract and corporate objectives requires a plan that defines all efforts to be expended assigns responsibility to a specially identified organizational element and establish schedules and budgets for the accomplishment of the work. A work breakdown structure element may be a product, data, service, or any combination thereof. A WBS also provides the necessary framework for detailed cost estimating and control along with providing guidance for schedule development and control. The WBS is organized around the primary products of the project (or planned outcomes) instead of the work needed to produce the products (planned actions). Since the planned outcomes are the desired ends of the project, they form a relatively stable set of categories in which the costs of the planned actions nee...
Read more

Consumer Learning (A Consumer Behavior Topic)

By Unknown
Image
Executive Summary Learning is a behavioral modification that occurs through experience or conditioning. Researchers have carried out studies to understand consumer learning. According to the behavioral learning theory, learning occurs from exposure to external stimuli such as advertising and according to the cognitive learning theory, consumer learning takes place by a process of internal knowledge transfer. Motivation, cues, response, and reinforcement are the basic elements of learning. Conditioning can be defined as "a learning process in which an organism's behavior becomes dependent on the occurrence of a stimulus in its environment. The most important aspects of classical conditioning are repetition, stimulus generalization, and stimulus discrimination. Instrumental conditioning, like classical conditioning, also has an association between stimulus and response but in instrumental conditioning, the stimulus that provides the most rewarding response will be learned. A...
Read more

Operationalization Of Variables (An Advanced Research Method's Topic)

By Unknown
An Abstract In the process of defining a term, we also need to think about how we’re going to measure the concept. Operationalization refers to the process of figuring out how to measure the concepts that interest us.  When we operationalize something, we figure out how we are going to measure it.  Many of the most common concepts are not tangible.  We cannot really point to them directly.  Instead, we have to find a way to measure them, often indirectly. Consider again the concept of religiosity. This is not something we can directly observe.  We can’t look in someone’s brain and see how much time they spend thinking about God.  We can’t tell for sure how much considerations of the supernatural govern the decisions they make in life. Instead, we can only make indirect measurements of religiosity.  For example, we can infer that someone is religious when they report attending religious services every week. In addition, we might infer that someone i...
Read more