Federal Finance Minister Ishaq Dar on Wednesday announced to the withdrawal of the appeals against the usurious system.

According to the 24News HD TV channel, the Finance Minister said that the appeals against the decision of the Federal Sharia Court will be withdrawn.

Ishaq Dar said that the Federal Sharia Court had given a decision against the usurious system and his government wants to implement an interest-free system in Pakistan.

The finance minister said the standard of their decisions is Quran and Sunnah.

He said the Asian Development Bank (ADB) approved $500 million for Pakistan and this amount will be received by the State Bank of Pakistan this month.

Ishaq Dar said this amount is being given to the Brace program of Pakistan from the ADB.

After the announcement, Ishaq Dar visited the Pakistan Democratic Movement (PDM) chief Maulana Fazlur Rehman at his residence and informed him about the government's decision to withdraw appeals against the usurious system.

In response to it, Jamiat Ulema-e-Islam (JUI) head Maulana Fazlur Rehman welcomed the announcement by the State Bank and the National Bank of withdrawing appeals.

JUI-F's Maulana Fazl-ur-Rehman said an interest-free economic system was a blessing for the people.

Fazl said it would help building an Islamic financial system and boost economic activities in the light of Quran and Sunnah.

He also paid tribute to the finance minister and appreciated his bold decision for withdrawing the appeal of state and national banks from the apex court.

In the meeting, both dignitaries discussed future strategies and measures to expand the radius of Islamic banking across the country.

Later on, talking to the media, Fazl appreciated the unwavering efforts of Minister Dar to get Pakistan out of the Financial Action Task Force’s (FATF) grey list.

He said as long as Minister Dar was the finance minister, Pakistan’s economy was on the right track and it was improving with every passing day.

“Taking back the appeal against Federal Shariat Court’s decision against the use interest [in the banking sector] is a positive gesture and it has infused happiness in the nation,” he maintained.