Re: Pakistan Supreme Court outlaws interest

["Alan G. Isaac" <aisaac@xxxxxxxxxxxx>]

There is an entire literature on this,
under the rubric of Islamic economics.
There is nothing new or revolutionary here.

Pragmatically, such restrictions simply lead
to  the hiding of the payment of interest
in alternative financial arrangements,
which is what we ought to expect.
So the ruling, if accurately described,
simply favors deceit and posturing
over transparency.

Alan Isaac



Mason Clark wrote:

> quote:
>
> The highest constitutional court in Pakistan, The Supreme Court, in a
> recent landmark judgement has prohibited the charging of INTEREST on
> any financial transaction in the economy. This prohibition is based
> upon the KORANIC injunction banning interest (Riba'  in Arabic) from
> the economy.