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Filed under: Latest News — admin     3:01 pm July 9, 2011

Islamic Banking Institutions (IBIs) have been directed to collect utility bills after due date as Sharia scholars have validated such collection.

The instructions to facilitate the payment of utility bills are in line with the suo moto order No. 4 of 2006 issued by the honourable Supreme Court, according to the notification. “However, it has been observed that some IBIs refuse to accept payment of bills after the due date as the late payment includes a penalty which in their opinion is Riba and thus cannot be collected by them,” the notification added.

The SBP said that the matter was discussed with the Shariah Advisors of all IBIs at the Shariah Advisors’ Forum as well as the SBP Shariah Board. “The Shariah scholars opined that keeping in view the larger public interest and convenience, the IBIs can collect /accept utility bills after the due date with ‘Karahiat’ (displeasure),” the SBP added. The central bank directed IBIs to strictly comply with SBP’s prevalent instructions on collection of utility bills within and after the due date at their branches.

Source : The News International

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