Transition to a Riba Free Economy

Transition to a Riba Free Economy

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Waqar Masood Khan
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Elimination of Riba has been a major issue in Pakistan, occupying the attention of policy-makers, legal experts and Islamic scholars for the past several decades. Though some non-interest modes of financing were introduced as a parallel system in the 1980's, eradication of Riba from the entire economy, including the banking system, is yet to be realized. The ongoing debate on the issue received a fresh stimulus from the judgments of the Federal Shariat Court in 1992 and the Shariat Appellate Bench of the Supreme Court in 1999. The book is based on the submissions that the author made before the Shariat Appellate Bench of the Supreme Court as amicus curiae. After laying down the basic principles of Islamic Finance, the book goes over the main problems encountered in various types of financial transactions and maintains that a smooth transition to an interest-free banking system and economy is feasible.