Lahore, March 04, 2019 (PPI-OT): The Senate on Monday unanimously adopted a Bill moved by the Ameer, Jamaat e Islami, Pakistan, Senator Sirajul Haq, prohibiting the business and practice of private money lending based on interest in the federal capital. The Bill had been tabled in August last year. Addressing the Upper House after the passage of the bill, Sirajul Haq thanked the house for adopting the Bill unanimously. He said it was the most important moment of his life that a Bill moved by him seeking ban on private money lending in the federal capital territory had been unanimously adopted by the house.
He said that usury was a big curse which had chained large number of families. He said the JI would like the government to ban private money lending on the basis of interest. He said that the country would have to move towards a total ban on interest all over the country as it would be a great blessing. The Bill declares that any person within the federal capital territory indulging in money lending on the basis of interest would be liable to be sentenced to imprisonment up to ten years besides a fine up to Rs one million. The Bill also provides that whoever supports or helps such interest based money lending would also be liable to sentence.
The Bill empowers the Justice of Peace to direct the Police to initiate action in this respect on receipt of complaint. It also suggested a mechanism for the payment of the actual loan obtained by the debtors. The objective of the Bill was to discourage interest based private money lending which had badly affected the already poor people in the country. The private money lenders were exploiting and molesting the debtors who were mostly unable to pay the actual amount of loan.
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