In December 1999, the historic verdict was announced, declaring riba un-Islamic and Islamic laws to be implemented throughout the financial system of Pakistan. The court upholds very clear definition of RIBA and the alternative procedure/ways have been suggested with the help of reports of Council of Islamic Ideology. The process of implementation and transformation of the system has been left for the government. At this point in time it should not be difficult to evaluate the governments performance as to what extent it has came across these targets. Honorable judiciary had suggested that after 30^th of June 2000, HBFC should work according to the Islamic laws of finance and banking. The court also declared that the following laws should cease to have effect from 31^st March 2000 being offensive to the injunction of Islam. These laws have not been changed up till the given date however the task force (in Ministry of Law) has now been assigned to draft new legal substitutes for the followings:

The interest act 1839.

-The West Pakistan moneylender’s ordinance 1960.

-The West Pakistan moneylender’s rules 1965.

-The Punjab moneylender’s ordinance 1960.

-The Sind moneylender’s ordinance 1960.

-The NWFP moneylender’s ordinance 1960.

-The Balochistan moneylender’s ordinance 1960.

-Section 9 of the banking companies ordinance 1960.

Furthermore, the court has given a deadline for alteration that falls on 31^st June 2001. The Appellate bench has also given a time limit to the federal government for necessary legislative changeovers.

 After the decision, In line with the orders delivered by the bench, Federal Government constituted a commission for prescribed transformation under the headship of I. A. Hanfi in State Bank of Pakistan (SBP), to control and supervise the process of renovation in existing financial system. This commission includes enduring bankers, economists, accountants and religious scholars. The commission has so far met 13 times to find ways and means to implement the judgment. The outcome of the meetings is a term report, which is under the active consideration of the two task forces and the commission itself.

The taskforce in Ministry of Law includes Dr. M.A.Ghazi and two Sharia Scholars (from CII).  Some 20 laws were given as objectives to be changed with substitutes providing anti-Riba laws by way of proper legal cover. They outlined some new laws eliminating Riba and sent their proceedings to the commission on transformation in SBP. This task force is also working for the transformation of the un- Islamic laws being followed by House Business Finance Corporation. The time limit given to the HBFC ended on 30^th June 2000, but the progression is going on and the targets are not even close to near. The recent hear say is that new bylaws for HBFC ordinance are being sketched. Present scenario is a clear indication of sluggish winding up process leading to low levels of optimism, at least amongst the advocates of Islamic disciplines.

A sectional division has been established in Ministry of Finance to convert domestic borrowings into project related financing. It was directed that within six month banks and financial institutions shall prepare their model agreements and documents of their major operations. However, none of the banks came out with substantial feed back in this regard.

This bureucratic and unenthusiastic effort indeed leads one to believe in the widely acclaimed notion that probably an interest free economy is just a delusion. During the survey I was strongly dejected by the response, I received from the three Ministries and the so called commercial banks on the pathways of Islamizing. As ever expectations are still their to be honored and prayers are still aloud waiting to be answered.