The federal shari'ah court judgement on riba and the unresolved issues

Pakistan's Federal Shari`a Court has issued an extensive 564 page judgment on the issues associated with interest. The new judgment strikes all the previous regulations that deal with interest-associated clauses. As such a deep change, the judgment is unprecedented in Pakistani history. It is a direct work and it does not skirt the contentious issues at hand. The authors of the decision draw on the primary sources of Islamic law, opinions of jurists, opinions of economists, and other pools. The ruling discusses an alternative system to the interest-based one and it both presents and refutes dissenting opinions. The court has ruled on the nature of Riba, on the indexation of loans, on the question of mark-up (about which there is disagreement, but the court sees as improper), and on interest in foreign debts. The questions still not answered in the ruling touch on how money's value will be protected, on differentiation between cash and credit prices, and on how one should deal