 The Impact of the Supreme Court Judgements of 1999 and 2002 on Riba (Interest) on the IBF Movement in Pakistan (1999–2007)Mohammad Mansoor Khan and
Muhammad Bhatti
Chapter 8 in Developments in Islamic Banking, 2008, pp 158-180 from Palgrave Macmillan Abstract: Abstract As described in Chapter 6, the Federal Shariat Court (FSC) gave its verdict on riba in November 1991 and ordered the government to adopt the necessary measures for eliminating interest from the economy of Pakistan by 30 June 1992. In response, the government and financial institutions lodged appeals against the FSC judgement at the Supreme Court (SC) of Pakistan. The appeals against the FSC judgement remained pending at the SC for some years due to the lack of a full quorum of judges to conduct hearings. After achieving its quorum in February 1999, the SC commenced hearing the appeals, and declared its verdict on 23 December 1999. The SC unanimously affirmed the FSC’s declaration that riba violated Shariah principles. The SC prescribed parameters that the government should observe in abolishing the interest-based economic and financial system of Pakistan by 30 June 2001. Keywords: Mutual Fund; Islamic Bank; Supreme Court; Islamic Scholar; Bank Interest (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-58230-9_8 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Studies in Banking and Financial Institutions from Palgrave Macmillan |
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