In a recent session of the National Assembly, Mustafa Kamal, the prominent leader of the Muttahida Qaumi Movement (MQM) and a Member of the National Assembly, vocalized a fervent demand for the eradication of interest from the financial system. During his address, Kamal emphasized the imperative nature of this demand, citing the constitutional mandate of 1973, which unequivocally urges the expeditious removal of interest-based practices from the country’s economic framework.
Kamal acknowledged the lamentable reality that despite the passage of 51 years since the constitutional decree, Pakistan has failed to actualize this fundamental provision. He lamented the inertia in implementing this crucial directive, asserting the necessity for immediate action to align the nation’s financial ethos with constitutional principles.
This call for the abolition of interest resonates against the backdrop of ongoing discussions within the government, notably articulated by Finance Minister Muhammad Aurangzeb. Aurangzeb has articulated the nation’s aspirations to liberate its domestic economy from the shackles of interest-driven paradigms. Notably, he highlighted the critical role of interest in shaping Pakistan’s export income, a pivotal factor that stands at $8 billion, thus underlining the profound implications of interest dynamics on the nation’s economic landscape.
