HBL to challenge Federal Shariat Court verdict on interest-free banking system?

Islamabad: The Federal Shariat Court last month gave the government five years to implement an Islamic and interest-free banking system in the country.

The court had reserved its verdict on April 12 after hearing all the parties and the attorney general.

The verdict stated that abolition of riba is fundamental for an Islamic system, adding that any transaction involving riba is “wrong”.

A month after the verdict, right-wing political workers and social media users are criticizing the Habib Bank Limited (HBL) for its purported decision to challenge the court’s order.

Online criticism against the bank is merely based on rumors as the HBL has not officially made any announcement to challenge the verdict.

Those targeting the bank on the basis of speculations have warned the HBL against making any such move.

Political workers belonging to the Jamaat-e-Islami, Jamiat Ulema-i-Islam and other religious parties were prominent among those targeting the bank on social media.