DAWN published a report in March that the Federal Shariah Appellate Court would start from March 24 the hearing of the long-pending government appeal in the Riba case.

The Constitution requires the government to bring the country’s laws and economic system into conformity with the Sharia. Why have the government and courts been sleeping over a matter of such fundamental importance?

Let there be a final determination whether or not the prevailing financial and banking system is violative of the Sharia. If it is in violation, is it at all feasible to get out of it given the fact that all countries and their economies are interconnected and parts of the global trade, financial and economic system?

When we import we have to make payment. Interest is included in the price that we pay. When we issue bonds in the international market to raise funds and obtain loans from international financial institutions, we incur the liability to pay interest.

Payment of Riba (if it is equated with interest) is as much forbidden as is the earning of it. How then can we escape paying interest given the inevitability of international financial dealing?

To point this out is not to find an excuse for not abolishing Riba, which we have to as Muslims. We are making a mistake by equating just any mark-up with Riba.

How can an individual extricate himself from the exploitation-based Riba system when the government and state institutions do not fulfil their obligation of establishing a just, Sharia-compliant Riba-free system in the country?

Let enlightened ulema and jurists provide guidance on the liability of the individual with respect to the Riba provision of the Sharia when he, despite his fervent desire, can neither change the system of his own country nor the norms of the global society.

Our rulers, ulema, jurists, economists and courts have wasted decades and not settled the issue of Riba nor come out with viable (implementable) solutions.

Islamic jurists, who have closely studied the products and practices of the so-called Islamic banks, have come to the conclusion that these banks are only using a label and exploiting the goodwill of unsuspecting clients without bringing them the benefits of a genuine Sharia-compliant financial system.

M. Iqbal
Islamabad

Published in Dawn, July 23rd, 2014