THE Federal Shariat Court decision to declare the prevailing interest-based banking system against the Sharia, directing the federal and provincial governments to get rid of the existing banking system by December 2027 is a welcome step. The case was pending for nearly two decades.
I had earlier opined in these columns that our economy has always been in a mess and that we should pay attention to what the religion says about financial management. We claim to be an Islamic republic, yet we are unable to implementthe basics of Islamic system in the country onone pretextorthe other.
We are presently witnessing blame game by the present and previous government representatives against each other concerning the country`s economic woes.
This is not the first time we are passing through a critical phase. In fact, for most parts of our history we have been in the same position, but somehow we still do not pay heed to religious injunctions.
It is time we sincerely applied our minds and made efforts to implement the court`s decision. I believe that it will bear fruit in time.
