Islam was the basis of creation of our country and we call it Islamic Republic of Pakistan. But tragically until now writ of un-Islamic laws inherited from foreign rulers has not ceased to run and the writ of Islamic runs nowhere in any walk of life in the country. Interest which is stictly forbidden in Quraan and most vehemently condemned by our Prophet Muhammad s.a.w.s. has not only presisted in our economy but has also consistently been promoted by our rulers so much so that even those who avoid it cannot escape from afflictions of inflation and unemployment resulting from it. Perhaps ours is the time about which our Prophet Muhammad s.a.m.s. predicted "a time will come when all people will consume it, its smoke and steam shall reach him." That prohibition of interest in all its forms old and new is strict, absolute and unambiguous is the unanimous view held throughout by eminent Muslim scholars of the past and present. Not a single Muslim scholar of high calibre has ever disagreed with this view. There is complete agreement amont all Islamic sects that interest is Riba and that is must be obolished. Only those who do not study Islamic literature on the subject and have not attained any knowledge about the customs and trade practices prevalent in the Arab society in the pre-Islamic days and the changes brought about by Islamic teachings, and who are subdued with Western culture and capitalist system tend to contest the above unanimous view held throughout by the Muslim Ummah.
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