Un-islamic?: Notice against PM loan scheme issued

KARACHI: The Sindh High Court has issued notices to relevant authorities on an application against the recently launched Prime Minister’s Youth Business Loan, a countrywide initiative to economically empower young entrepreneurs.

Justice Faisal Arab issued notices on a miscellaneous application moved by a private applicant, Haji Gul Ahmed. The applicant said the PM had recently announced to provide loans worth Rs100 billion against interest. “Pakistan is an Islamic country.

The provision of a loan against interest is against Islamic injunctions,” he argued. Gul said this amount could instead be spent on paying back loans taken from the IMF.

Published in The Express Tribune, December 12^th, 2013.