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Which four banks challenged decision against interest-based banking system in Pakistan?

Karachi: Jamaat-e-Islami and other religious parties are asking people to boycott four private banks who became part of an appeal challenging the Federal Shariat Court decision that said the present interest-based banking system is against the Sharia. 

The Shariat Court directed the government to switch to an interest free economy.

Days after verdict, the State Bank of Pakistan and four private banks on approached the Supreme Court to challenge verdict.

Senior lawyer Salman Akram Raja filed an appeal on behalf of the SBP under Article 203F (1) of the Constitution with respect to the judgment passed by the Federal Shariat Court April 28, 2022.

As soon as the appeal was filed, the JI, JUI-F and several other Islamic parties started protesting.

Maulana Fazlur Rehman’s son MNA Asaad Mehmood delivered a speech in the National Assembly and warned the government against becoming a party in the case.

Meanwhile, religious parties are asking people to boycott, MCB, HBL, NBP and HBL for becoming part of the State Bank’s appeal against Federal Shariat Court’s ruling.

A social media campaign is being run on social media with hashtag #BoycottInterestBasedBanking with an appeal to Muslims to withdraw their money from the four private banks.

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