Hyderabad: Jamat-e-Islami (JI) district Hyderabad Ameer Sheikh Shaukat in one of his statements said that including interest rate in the loan scheme program is against the Islamic preaching, constitutional law and against the principles of economics. Benefit of youth lies in non-interest programs. The amount is easy to pay back then. Mr. Shaukat said that the Prime Minister may have started the scheme with good will but interest element does not make it a good package. Interest be taken, given, either the government takes it or people give it, it is open call to war against ALLAH and Holy Prophet (Peace Be Upon Him). Such a practice is against the constitutional laws and court’s decision. Similarly, interest based programs are destructive for economics.
Provoking interest free initiatives, the District Ameer further said that many other countries have taken into the roads of prosperity. Billions of investments are done in the countries where interest free programs are run.
Sheikh Shaukat said that the federal government has introduced the loan scheme to provide employment opportunities to the youth and make economic conditions better. He questioned that loan that is liable of 8 % interest is likely to do less good to the benefiters. Since they would have to return the amount with interest in less time.
The JI member recalling the failures of schemes in Nawaz’s last tenure opined the likeliness of the failure of this scheme too. He said that the added interest rate would make it difficult for the government to get the amount back from the masses.
He questioned about the end results of income support program introduced years back during Nawaz regime. He asked, were the people turned beggars or supported with financial and materialistic needs?