Sunday, 02 April 2023, 05:13:29 pm
Finance Minister vows to promote Islamic finance system in Pakistan
January 27, 2023

Finance Minister Ishaq Dar has vowed to promote Islamic finance and eliminate interest based system in Pakistan in true spirit within five years.

He was chairing the First Steering Committee meeting in Islamabad today on implementation of Federal Shariat Court's judgment on Riba.

The Finance Minister urged upon all the stakeholders to work with commitment, sincerity and understanding to overcome all the hurdles in way of implementation of interest free system as already 21 per cent of banks enjoy Islamic banking system.

The Finance Minister emphasized to include professional experts on Islamic laws in the committees and also seek guidance of Ulema and Islamic intellectuals into launching of additional Islamic Sukuk bonds. 

Ishaq Dar appreciated Governor State Bank of Pakistan for his sincere efforts in making roadmap for implementation of Islamic financing and interest free system. He also expressed satisfaction on SBP and NBP for withdrawing appeals in the Supreme Court against the judgment of Federal Shariat Court and paving the way for its implementation.

Earlier, Governor State Bank informed the meeting that five working groups had been formed to overcome the technical issues, getting recommendations and deciding on way forward for fully implementation of the Islamic financing.