Saturday, December 16

Questionnaire Prepared By Federal Shariat Court Pakistan in 1992

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Questionnaire Prepared By Federal Shariat Court in 1992

By

S J Tubrazy

In 1992 in order to decide Shariat Petitions, the Court prepared a questionnaire relating to the impugned fiscal laws and sent it to distinguished `ulema, scholars, economists and bankers of the country and abroad for their opinions to the said questions. The questionnaire were read as under:-

(1) What is the definition of Riba (interest) according to the Holy Qur’an and Sunnah of the Holy Prophet (p.b.u.h.). Does it cover the simple and compound interest existing in the present day financial transactions?

(2) If banking is based on interest-free transactions, what would be its basic practical shape in conformity with the Injunctions of Islam?

(3) (i) Does the interest on loans floated by the Government to meet national requirements come under Riba ?

(ii) What alternatives can be suggested for the banks in case they grant loans without interest for various requirements?

(4) Can, in the light of the Injunctions of Islam, any differentiation be made between private and public banking in respect of charging of interest on banking facilities or services rendered?

(5) (i) Can the capital, according to the Injunctions of Islam, be regarded as an agent of production thus requiring remuneration for its use?

(ii) Does devaluation of the currency affect the payment of loans taken before such devaluation?

(iii) Can inflation causing rise in the cost/value of gold and consumer goods in terms of currency have any effect on the sum borrowed?

(6) What would be the alternatives in the context of present day economic conditions to carry on domestic and foreign trade efficiently without availing of banking facilities based on interest?

(7) Is interest permissible or otherwise on the transactions between two Muslim States or a Muslim and non-Muslim State?

(8) Is it possible to carry on insurance business otherwise that on the basis of interest?

(9) Does interest accruing the Provident Fund come under Riba?

(10) Can the payment of prize money on Prize Bond or Saving Bank Account or other similar Schemes be regarded as Riba ?

(11) Would it be lawful under Islamic Law to differentiate between business loans on which interest may be charged and consumption loans which should be free of interest?

(12) If interest is fully abolished, what would be the inducements in an Islamic Economic System to provide incentives for saving and for economising the use of capital?

(13) Can an Islamic State impose any tax on its subject other than Zakat and Ushr?

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