LAHORE, Dec 23:
The Supreme Court on Thursday outlawed 'interest' in every form and called by whatever name and laid down elaborate guidelines for a completely interest-free economy by June 2001, after dismissing government and bank appeals against a 1992 Federal Shariat Court judgment.
The transactions declared un-Islamic and, therefore, unconstitutional include mark-up, murabaha, bai' muajjal (deferred sale) and any so-called interest-free modes insofar as elements of Riba (usury and interest) have crept into them.
Any amount, big or small, over and above the principal in a loan or barter transaction, whether obtained for consumption or for commercial or productive activity, is prohibited by the Holy Quran, a Shariat appellate Bench of the Supreme Court comprising Justices Khalilur Rehman Khan, Munir A. Sheikh, Wajihuddin Ahmed and Maulana Muhammad Taqi Usmani (member) held unanimously.
