CII proposes task force to implement FSC decision

Ulema body seeks PM’s role in withdrawal of SBP appeal against ruling on interest-free economy

LAHORE:

The Council of Islamic Ideology (CII) has written a letter to Prime Minister Shehbaz Sharif, urging him to play his role in the withdrawal of State Bank of Pakistan’s (SBP) appeal against the decision of the Federal Shariat Court (FSC) on interest-free economy.

The CII asked the prime minister to form a task force, comprising experts from the government on sharia, economics and law to review the SBP's reservations on the recent FSC decision and make recommendations to pave the way for the implementation of the ruling.

The CII, through a letter in May 2022, had requested the heads of the country’s banks not to go into appeal against the decision of the FSC. However, on June 25, the SBP filed the appeal in the Supreme Court.

The CII said that the Pakistani people did not like the SBP’s decision of filing the appeal and that they had reacted to it at various forums. It said that hopefully, the prime minister would play his part in withdrawing this appeal.

Requesting the prime minister to set up a task force to implement the court’s decision, the CII said that this would be “the best move” for the government, the country and the nation. The CII, as a constitutional body, assured the government of its full cooperation on the task force.