ISLAMABAD: Senate Standing Committee on Interior Chairman Senator Rehman Malik Tuesday presented the report of the
Committee on the Islamabad Capital Territory Prohibition of Interest on Private Loans Bills, 2017 in the Senate.
Private Bill was introduced by Chief of Jamaat-e-Islami Sirajul Haq on August 28, this year.
Highlighting the object and reasons of the Bill, Senator Malik said the injunctions of Islam
as laid down in the Holy Qur’an and Sunnah have explicitly and unequivocally prohibited charging interest on loans and have declared war against those, who do not abandon interest.
He said the Constitution of the country obliges the State to take steps to enable the Muslims of Pakistan, individually and collectively, to order their lives in accordance with the fundamental principles and basic concepts of Islam and to provide facilities whereby they may be enabled to understand the meaning of life according to the Holy Qur’an and Sunnah.
He said it is expedient to make a comprehensive Legislation on the subject for covering all the aspects of the mischief of private money lending and matters akin thereto.
Interest-based loans have badly affected the already poor economic condition of people of Pakistan he said and added due to private loan transactions public is molested by the lenders who are unable to pay even principal amount.
He said lenders continuously harass to recover the amount with multiplies interest amount.
The Bill seeks to achieve the above-cited objectives.
