Interest-based financial, banking systems plague national economy: Siraj

ISLAMABAD: Ameer Jamaat-e-Islami (JI), Sirajul Haq has said that the interest-based financial and banking systems have plagued the national economy and are main reasons behind the inflation, unemployment and miseries of people.

Talking to journalists outside Federal Shariat Court on Wednesday, he demanded the government introduce model of Islamic economy to put the country on track.

Sirajul Haq earlier presented arguments on the hearing of JI appeal seeking elimination of riba. Informing the judges that he as finance minister of KP (2002-2007) had introduced a successful model of interest-free economy, the JI chief requested the court to issue order to the government to take steps to eliminate un-Islamic economy in the country achieved in the name of Islam.

The court, he said, had already announce the decision in this regard in 1991 but the governments remained reluctant. If country like Japan was implementing the model of interest-free economy then what were the hurdles in Pakistan for it, he said.

Talking to journalists along with JI emir Professor Ibrahim, Mian Aslam and legal team of the JI, Siraj demanded the government to end interest of agriculture and house-building loans. He said it was not less than an irony that the prime minister on one side making claims to transform Pakistan into Madina state while on the other side the country entire economy was running on riba.

The JI chief regretted the government was receiving loans on interest from a brother Islamic country. He said the IMF had virtually taken control of the country. He said the country could not go ahead with the prevailing system.

He announced the JI would launch a public campaign against the menace of riba all over the country. The protest demonstration will be organized in all districts on January 1 against the interest-based economy under the banner of the JI, he announced.

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