Finance Minister Ishaq Dar has said that federal government is serious in promoting Islamic Banking in Pakistan and several steps are being taken with the cooperation of all the stakeholders in this regard.

Addressing a seminar about Islamic Banking in Karachi on Wednesday, he said that we respect the Shariat Court’s decision about interest-free banking.

Ishaq Dar said we have already withdrawn all the appeals against this decision.

He said we need to promote the Islamic Banking in every sector and make it people friendly so the people could turn towards it.

Pointing out the efforts of PML(N) government, Ishaq Dar said we had started working to promote Islamic Banking in 2013 and had also constituted a standing committee in this regard.

He said, however, the earlier efforts did pay off and the Islamic Banking was promoted more than 10 percent in the last few years.

The Minister said we must also introduce insurance and other perks in the Islamic Banking following the Islamic setup to enhance its reach among the people.

Addressing the seminar, Ameer of Jamiat Ulema-e-Islam Maulan Fazl-ur-Rehman said there must be no law that goes against the constitution of Pakistan.

In his speech, renowned religious scholar Mufti Taqi Usmani said that we must take steps to end the interest based banking.