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The 1991 Federal Shariat Court (FSC) Judgement on Riba (Interest) and Islamic Banking and Finance Practice in Pakistan

In: Developments in Islamic Banking

Author

Listed:
  • Mohammad Mansoor Khan

    (University of South Australia)

  • Muhammad Ishaq Bhatti

    (La Trobe University)

Abstract

In the late 1980s there were growing concerns and complaints over the practice of IBF in Pakistan, from various quarters. On 14 November 1991 the Federal Shariat Court (FSC) gave the verdict that the existing banking and finance practice and a number of fiscal laws in Pakistan were based on interest. The FSC ordered the government to take legislative measures to eliminate interest from the economy and financial sector of Pakistan by 30 June 1992. The FSC judgement on riba revived the IBF movement in Pakistan, which had lost momentum over the years. This chapter highlights the main features of the FSC judgement and other related developments that had a profound impact on the IBF movement in Pakistan in the early 1990s.

Suggested Citation

  • Mohammad Mansoor Khan & Muhammad Ishaq Bhatti, 2008. "The 1991 Federal Shariat Court (FSC) Judgement on Riba (Interest) and Islamic Banking and Finance Practice in Pakistan," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Developments in Islamic Banking, chapter 6, pages 126-134, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-58230-9_6
    DOI: 10.1057/9780230582309_6
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