In the recent news, the State Bank of Pakistan (SBP) and four other banks including MCB, NBP, HBL, and UBL are receiving backlash on social media for challenging Federal Sharia Court (FSC) verdict in Supreme Court.


The central bank along with United Bank Limited (UBL), Habib Bank Limited (HBL), MCB Bank, and National Bank of Pakistan (NBP) appealed to the Supreme Court, stating that various financial matters were previously based on interest within the country hence it required clarity from the Supreme Court on certain discrepancies in the earlier Riba abolishing verdict made by FSC.


#Boycott_UBL_HBL_MCB_and_NBP Hashtag is Trending on Twitter


To show their disdain towards SBP’s latest action, Pakistani Twitter users are tweeting their opinions along with the hashtag ‘#Boycott_UBL_HBL_MCB_and_NBP’ to gather support against SBP and the other four bank and their action. 


One user on Twitter posted“Interest (Riba) is haram in Islam. According to Surah Al ‘Imran, verses 13-132 in the Quran: “O believers, take not doubled and redoubled interest, & fear God so that you may prosper”. Receiving or paying interest is deemed to be a major sin in Islam. #Boycott_UBL_HBL_MCB_and_NBP”, to show his negative opinion against the latest petition made by the SBP in Supreme Court.  

Furthermore, Twitter users are backing their opinions using the Islamic beliefs, as one stated, “if anyone deals with riba/interest/usury, Allah and His Rasool (PBUH) will wage a war against him. May Allah protect us from this sin. #Boycott_UBL_HBL_MCB_and_NBP” 

SBP is Working to Reverse the Riba Abolishing Verdict by Petitioning in Supreme Court


Furthermore, all this chaos on social media stated after a statement issued by the state bank of Pakistan stated, “After a detailed review of the judgment and based upon the advice of our chief legal adviser and external counsel, we have sought guidance from the Shariat Appellate Bench of the Supreme Court in terms of its implementation and practicalities involved”, which suggests that SBP is seeking to reverse the ruling issued by the FSC.


Read more: SBP Receives $2.3 Billion Chinese Loan to Boost its Reserves


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