[DOWNLOAD] ~ Strategies to Settle Existing Debts Under an Islamised Banking System (Religion AND Economy) (Essay) by Pakistan Development Review ~ Book PDF Kindle ePub Free
eBook details
- Title: Strategies to Settle Existing Debts Under an Islamised Banking System (Religion AND Economy) (Essay)
- Author : Pakistan Development Review
- Release Date : January 22, 1993
- Genre: Economics,Books,Business & Personal Finance,
- Pages : * pages
- Size : 290 KB
Description
In the wake of the Islamisation of the financial system of a country, an essential concern would be to transfer existing interest-bearing debt into mutually agreeable interest-free contracts. Such conversion is possible under an Islamised banking system because every increase, other than interest, over and above the basic debt is not forbidden. This study proposes a set of strategies that can be used as a guide to renegotiate existing interest-bearing contracts into equivalent interest-free contracts. The Federal Shariah Court in Pakistan ordered the Government of Pakistan to change all such laws that contain provision for interest by 30 June 1992. The government has appealed against the decision in the Supreme Court of Pakistan. Interestingly, the court's decision also notes that:
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