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Madinat al-Muslimeen Islamic Message Board
| Musharraf appeals against Islamic banking |
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| jaihoon |
| 06/16/02 at 01:56:28 |
| pretty strange, but maybe a cautious step ??? ------------------------------------------------------- Musharraf appeals against Islamic banking islamic bradcasting network http://www.ibn.net/newsgen.asp?url=islamicbank 6/14/2002 Pakistan's military government is desperately trying to stall attempts by Muslims parties to Islamise the country's economy by banning all interest payments. After years of legal wrangles, Pakistan's supreme court last year ordered the government to switch to an Islamic banking system. At the last minute Islamabad convinced the court to delay the decision for another year. Now again a rushed appeal has begun to halt the switch to an interest-free economy due at the start of next month. In appeal hearings before the sharia court, which governs Islamic laws in Pakistan, government lawyers argued yesterday the new law would severely harm the country's already weak and debt-ridden economy. As a compromise it appears the state will offer to set up a parallel Islamic banking system for religious-minded customers. |
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