ISLAMABAD: A private members bill (an Eradication of Riba Bill, 2015) on Tuesday was introduced in the National Assembly to eradicate interest based system in the country.
The bill was moved by Jamaat-e-Islami lawmaker Sher Akbar in the House to amend the Code of Civil Procedure, 1908, the Contract Act, 1974, the West Pakistan Usurious Loans Ordinance, 1959, the Negotiable Instruments Act, 1881, the Land Acquisition Act, 1984, the State Bank of Pakistan Ordinance, 2001, the Banking Companies (Recovery of Loan) Ordinance 1979, the Bank Nationalization Act 1974, the Bank Nationalization Act (Payment) of Compensation Rules, 1974, the Micro Finance Bank Ordinance, 2000, the Pakistan Insurance Corporation Ordinance, 2000, the Government Saving Banking Act, 1873, the Negotiable Instrument Act 1881, the Land Acquisition Act, 1894, the Cooperative Societies Act, 1925, the Cooperative Societies Rule, 1927, the Insurance Act, 1938, the State Bank of Pakistan Act, 1956, the West Pakistan Money Lenders Ordinance, 1960, the West Pakistan Money Lenders Ordinance, 1965, the Punjab Money Lenders Ordinance, 1960, the Sindh Money Lenders Ordinance, 1960, the NWFP Money Lenders Ordinance, 1960, the Agricultural Development Bank of Pakistan Rules, 1961, the Banking Companies Rules,1963 and the Interest Act, 1939.
Giving the salient features of the Eradication of Riba Bill, 2015, he said elimination of interest based system is concern of all citizen in Pakistan. He was of the views that Riba system was main reason for lawlessness, unemployment, inflation and poverty.
He said over 200 financial institutions all over the world including Europe and the United States are already successfully working on interest free system.
Speaker National Assembly Sardar Ayaz Sadiq referred the bill to the concerned standing committee for further deliberation after not opposing by the treasury benches.
Meanwhile, seven more private member bills moved by Dr Arif Alvi, Ms Aisha Syed, Ms Shahida Akhtar Ali,? Sahibzada Tariqullah, Munaza Hassan and Molana Ameer Zaman in the House were referred to the concerned Standing Committees for deliberation. .
The bills were included amendment to code of Civil Procedure, 1908, (Act No. V of 1908),the Code of Civil Procedure (Amendment) Bill 2015, the Constitution (Amendment) Bill, 2015 (Amendment of Article 175), the Anti Terrorism (Amendment0 Bill, 2015, the Constitution (Amendment) Bill, 2015 (Insertion of Article 19 B), the Pakistan Bail-ul-Mal (Amendment) Bill, 2015 and the Constitution (Amendment) Bill, 2015 (Amendment of Article 175).
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