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Federal Shariah Court Verdict On Interest System In Pakistan
In 1992, the Federal Shariah Court ordered the abolition of the interest rate system in Pakistan, which was later challenged in the Supreme Court of Pakistan. The Supreme Court later referred the decision back to the Federal Shariah Court in 2002 for reconsideration. In its judgment, the Federal Shariah Court declared all legal provisions relating to usury from 1 June 2022 to be non-Shari'a, stating that ''"interest taken in any case, including debt, falls under the category of usury."'' And the federal government has been ordered to completely abolish interest rates and implement a usury-free banking system in the country within a period of five years. On June 25, 2022, State Bank of Pakistan along with four other banks challenged the decision of the Federal Shariah Court against interest in the Supreme Court. Background The Supreme Court of Pakistan, during the tenure of former President General (retd) Pervez Musharraf, passed the decision of the Federal Shariah Court on 14 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Shariah Court
The Federal Shariat Court (FSC) is a constitutional court of the Islamic Republic of Pakistan, which has the power to examine and determine whether the laws of the country comply with Sharia law. The court was established in 1980 during the government of the President General Muhammad Zia-ul-Haq. It is located in the federal capital, Islamabad. It hears appeals under the Hudood Ordinances, a religious legislation in the country introduced in 1979. The Federal Shariat Court is the only constitutional authority in the country designed to prevent enactment of un-Islamic laws by the parliament of Pakistan. It is predominantly focused on to examine new or existing law of Pakistan. If a law violates the Quran, sunnah or hadith, it prohibits its enactment. Justice Dr. Syed Muhammad Anwer, is the currentActing Chief Justiceof the Federal Shariat Court, having taken oath on May 16, 2022. Court structure and mandate It consists of eight Muslim judges appointed by the President of Pak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of Pakistan
The Supreme Court of Pakistan ( ur, ; ''Adālat-e-Uzma Pākistān'') is the apex court in the judicial hierarchy of the Islamic Republic of Pakistan. Established in accordance to thePart VIIof the Constitution of Pakistan, it has ultimate and extensive appellate, original, and advisory jurisdictions on all courts (including the high courts, district, special and Shariat court), involving issues of laws and may act on the verdicts rendered on the cases in context in which it enjoys jurisdiction. In the court system of Pakistan, the Supreme Court is the final arbiter of legal and constitutional disputes as well as final interpreter of constitutional law, and the highest court of appeal in Pakistan. In its modern composition, the Supreme Court is incorporated of Chief Justice of Pakistan, sixteen justices and two ''ad hoc'' who are confirmed to their appointment by the President upon their nominations from the Prime Minister's selection based on their merited qualifications ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pakistan
Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 243 million people, and has the world's Islam by country#Countries, second-largest Muslim population just behind Indonesia. Pakistan is the List of countries and dependencies by area, 33rd-largest country in the world by area and 2nd largest in South Asia, spanning . It has a coastline along the Arabian Sea and Gulf of Oman in the south, and is bordered by India to India–Pakistan border, the east, Afghanistan to Durand Line, the west, Iran to Iran–Pakistan border, the southwest, and China to China–Pakistan border, the northeast. It is separated narrowly from Tajikistan by Afghanistan's Wakhan Corridor in the north, and also shares a maritime border with Oman. Islamabad is the nation's capital, while Karachi is its largest city and fina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shari'a
Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the Hadith. In Arabic, the term ''sharīʿah'' refers to God's immutable divine law and is contrasted with ''fiqh'', which refers to its human scholarly interpretations. In the historical course, fiqh sects have emerged that reflect the preferences of certain societies and state administrations on behalf of people who are interested in the theoretical (method) and practical application (Ahkam / fatwa) studies of laws and rules, but sharia has never been a valid legal system on its own. It has been used together with " customary (Urf) law" since Omar or the Umayyads. It may also be wrong to think that the Sharia, as a religious argument or belief, is entirely within or related to Allah's commands and prohibitions. Several non-graded crimes are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking In Pakistan
Banking in Pakistan formally began during the period of colonialism in South Asia, during which much of Pakistan was controlled by the British Empire. In 1947, Pakistan gained independence from the British Raj. After independence, the State Bank of Pakistan was established as the central bank of the country, with its headquarters in Karachi. Prior to independence, the Reserve Bank of India acted as the central bank for what became Pakistan. In 2018, there were 50.565 million bank accounts in Pakistan for its population of 207.77 million, resulting in a penetration rate of 24.34%. There were 15,053 bank branches, 14,148 ATMs, and 53,269 POS machines active in the country. On 28 April 2022, the Federal Shariat Court (FSC) announced a verdict in a case on Riba, declaring all the provisions of the Interest Act 1839, which facilitate interest, as unlawful. The FSC also declared the prevailing interest-based banking system as against the Shariah. The FSC ruled that the federal govern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Bank Of Pakistan
The State Bank of Pakistan (SBP) ( ur, ) is the Central Bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was Nationalized and the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of the country in Karachi. The bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC), the operational arm of the Central Bank with Branch Office in 16 cities across Pakistan, including the capital Islamabad and the four Provincial Capitals Lahore, Karachi, Peshawar, Quetta. The State Bank of Pakistan has other fully owned subsidiaries as well: National Institute of Banking and Finance, the training arm of the bank providing training to Commercial Banks, the Deposit Protection Corporation, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pervez Musharraf
General Pervez Musharraf ( ur, , Parvez Muśharraf; born 11 August 1943) is a former Pakistani politician and four-star general of the Pakistan Army who became the tenth president of Pakistan after the successful military takeover of the federal government in 1999. He also served as the 10th Chairman Joint Chiefs of Staff Committee from 1998 to 2001 and the 7th Chief of Army Staff from 1998 to 2007. Born in Delhi during the British Raj, Musharraf was raised in Karachi and Istanbul. He studied mathematics at Forman Christian College in Lahore and was also educated at the Royal College of Defence Studies in the United Kingdom. Musharraf entered the Pakistan Military Academy in 1961 and was commissioned to the Pakistan Army in 1964. Musharraf saw action during the Indo-Pakistani War of 1965 as a second lieutenant. By the 1980s, he was commanding an artillery brigade. In the 1990s, Musharraf was promoted to major general and assigned an infantry division, and later commanded ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Banking
Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include ''Mudarabah'' (profit-sharing and loss-bearing), ''Wadiah'' (safekeeping), ''Musharaka'' (joint venture), ''Murabahah'' (cost-plus), and ''Ijara'' ( leasing). Sharia prohibits ''riba'', or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to ''riba''). Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also ''haram'' ("sinful and prohibited"). These prohibitions have been applied historically in varying degrees in Muslim countries/communities to prevent un-Islamic practices. In the late 20th century, as part of the revi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamization
Islamization, Islamicization, or Islamification ( ar, أسلمة, translit=aslamāh), refers to the process through which a society shifts towards the religion of Islam and becomes largely Muslim. Societal Islamization has historically occurred over the course of many centuries since the spread of Islam outside of the Arabian Peninsula through the early Muslim conquests, with notable shifts occurring in the Levant, Iran, North Africa, the Horn of Africa, West Africa, Central Asia, South Asia (in Afghanistan, Maldives, Pakistan, and Bangladesh), Southeast Asia (in Malaysia, Brunei, and Indonesia), Southeastern Europe (in Albania, Bosnia and Herzegovina, and Kosovo, among others), Eastern Europe (in the Caucasus, Crimea, and the Volga), and Southern Europe (in Spain, Portugal, and Sicily prior to re-Christianizations). In contemporary usage, it may refer to the perceived imposition of an Islamist social and political system on a society with an indigenously different social ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamism In Pakistan
Sharization or Islamization ( ur, اسلامی حکمرانی) has a long history in Pakistan since the 1950s, but it became the primary policy, or "centerpiece" of the government of Muhammad Zia-ul-Haq, General Muhammad Zia-ul-Haq, the ruler of Pakistan from 1977 until his death in 1988. Zia has also been called "the person most responsible for turning Pakistan into a global center for political Islam." The Pakistan movement had gained the country independence from the British India as a Muslim-majority state. At the time of its founding, the Dominion of Pakistan had no official state religion prior to 1956, when the constitution had declared it the Islamic Republic of Pakistan. Despite this, no religious laws had yet been adopted for government and judicial protocols and civil governance, until the mid 1970s with the coming of General Muhammed Zia Ul-Haq in a military coup also known as Operation Fair Play which deposed the Prime Minister Zulfikar Ali Bhutto. Zia-ul-Haq commi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Economics
Islamic economics ( ar, الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of special moral norms and values about individual and social economic behavior. Therefore, it has its own economic system, which is based on its philosophical views and is compatible with the Islamic organization of other aspects of human behavior: social and political systems. Is a term used to refer to Islamic commercial jurisprudence ( ar, فقه المعاملات, '' fiqh al-mu'āmalāt''), and also to an ideology of economics based on the teachings of Islam that is mostly similar to the labour theory of value, which is "labour-based exchange and exchange-based labour".. Islamic commercial jurisprudence entails the rules of transacting finance or other economic activity in a '' Shari'a'' compliant manner, i.e., a manner conforming to Islamic scripture (Quran and sunnah). Islamic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
