Elimination of Riba has been a major issue in Pakistan occupying the attention of policy makers, bankers, legal experts and Islamic scholars. The book traces the main challenges in various spheres of financial transactions and argues that a smooth transition to the new system is feasible. However, it cautions that in view of the pervasiveness of Riba in modern economies and in numerous laws, merely striking down certain impugned provisions of law may not be the most desirable course. Rather, the government will have to expend a comprehensive effort through a legislative initiative to provide for an alternative system. The book also reviews the constitutional provisions relating to government’s finances and identifies areas of concern that have implications for efficient fiscal management as well as for effective elimination of Riba.
(6x9) / 162 p.