PESHAWAR - Jamaat-e-Islami has announced to launch a drive against interest-based banking in Khyber Pakhtunkhwa, and asked the provincial government to convert the Bank of Khyber on Islamic banking system.
Speaking at a news conference at Al Makaz-e-Islami here on Sunday, JI Provincial Ameer, Mushtaq Ahmad Khan said that his party has always fought against interest-based banking system. He that the introduction of Khyber Pakhtunkhwa Prohibition of Interest on Private Loans Bill, 2016 in the Khyber Pakhtunkhwa Assembly, was a biggest achievement, which could help to discourage interest on private loans in the province.
He added that it was a good initiative against the menace of usury which was destroying the very fabric of the society
Mushtaq further said the bill was aimed at eradicating the menace of interest on private loans common in the society.
It was presented in the house for consideration, discussion and suggestion by the members before adoption as law, he maintained.
He mentioned the 1973 Constitution was a complete document for introduction of Shariah in the country and there should be implementation of laws in light of the draft prepared by noted Islamic scholar Mufti Taqi Usmani about bringing an end to interest-based transactions.
Flanked by KP Minister for Finance, Muzaffar Said Advocate, Provincial Minister for Local government, and Rural Development, Inayatullah Khan, JI provincial chief asked the provincial government to convert entirely the prime financial institute the Bank of Khyber on Islamic Banking system.
He said it should legally prohibit the interest-based banking in BoK.
He also demanded the federal and provincial governments to play their due role in prohibition of interest-based banking system across the country.
He mentioned that Federal Shariat Court is incomplete due to deficiency of three judges. But the federal government was using delaying tactics to complete the court, which was causing delaying in taking decision about the interest-based system in the country.
He stressed upon the federal government to eliminate interest-based system from all its institutions, and should impose complete ban to discourage interest on private loans, he asked.
He further said the federal and provincial governments should take measures for promotion of Islamic banking system.
Mushtaq Ahmad went on to say that Supreme Court should also play its due role in this regard. He said all employees GP funds and other funds should be converted from conventional to Islamic Banking system.
It is pertinent to mention here that the Khyber Pakhtunkhwa Prohibition of Interest on Private Loans Bill, 2016 was introduced in the Khyber Pakhtunkhwa Assembly, aimed to bring an end to usury.
The bill suggested that no money lender either individually or in group of persons shall lend money or advance to any person for the purpose of receiving interest thereon nor shall carry on an interest-based transaction in the province; whatever contravenes the provisions of sub-section (1) shall be punished with imprisonment of up to 10 years but not less than three years and shall also be liable to fine not exceeding Rs 1 million.