Islamic banking: Sharia court's verdict

The Pakistani government is under pressure from Islamic groups to eliminate interest from financial and banking sectors of the economy. Pakistan's federal shari`a court has classified interest as riba (usury) and forbidden it. The ban on interest would apply to all dealings with foreign governments and institutions. The Islamic banking system would force commercial banks to take equity shares in companies desiring funds. Western economists believe the system would be extremely complicated and require numerous accountants and specialists to function.