Govt withdraws plea against Shariat Court’s decision on interest-free banking

ISLAMABAD: The federal government withdrew its petition against Federal Shariat Court’s decision seeking the government to transform the banking system into Shariah-compliant banking, The News reported Sunday.
Lawyer Salman Akram Raja, on behalf of the State Bank of Pakistan, filed a civil miscellaneous application (CMA) in the Supreme Court to withdraw the instant appeal filed against the judgement of the Federal Shariat Court, The News reported.
On June 25, the State Bank of Pakistan (SBP) had challenged in the Supreme Court the decision of Federal Shariat Court of April 28. As respondents, the SBP named Dr Mahmoodur Rehman Faisal, Chairman of the Tehreek-e-Enqilab Islam, the Ministry of Law and Justice, the Ministry of Finance, the Banking Council of Pakistan through its chairman, Karachi (now defunct), and the Attorney-General of Pakistan. In its appeal, the central bank appreciated the spirit and the intent that led to the substantive provisions of the judgement delivered by the Sharia Court on April 28. However, it sought clarification as there were certain discrepancies in the judgement. -Agencies