Business

Shariah principles in banking discussed

Religious scholars propose creation of Islamic financing section in finance ministry

APP July 20, 2022

Finance ministry chief Miftah Ismail addressing the National Assembly session in Islamabad on Wednesday, June 29, 2022. PHOTO: TWITTER/@NAofPakistan

ISLAMABAD:

Federal Minister for Finance and Revenue Miftah Ismail on Tuesday held a meeting with renowned Islamic scholars and exchanged views on implementation of Shariah-compliant banking system and elimination of Riba from Pakistan.

Meeting participants reviewed the current state of Islamic finance operations in the country, the Supreme Court’s order and the Federal Shariat Court’s decision on the Shariah petition, a statement issued by the finance ministry read.

They discussed and sought guidance in certain financial areas requiring more clarity for the implementation of Shariah principles in the financial system.

Mufti Muhammad Taqi Usmani and other religious scholars threw light on different aspects of the Islamic financial system and gave suggestions on designing a framework for the handling of public debt through Shariah-compliant financing/debt structure.

The scholars proposed ideas for running the banking system on Islamic lines in monetary policy, and Islamic inter-bank system. It was suggested that a separate section should be created in the finance ministry for Islamic financing.

The finance minister highlighted the directive of Prime Minister Shehbaz Sharif on the implementation of Riba-free system, endorsed the suggestions of the religious scholars and asked the relevant authorities to chalk out a plan in line with the subjects discussed in the meeting.

Published in The Express Tribune, July 20^th, 2022.

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COMMENTS (1)

test | 2 years ago | Reply It is a good initiative But also Shitty bank of Pakistan and Shitty Exchange Commission of Pakistan which is governed by corrupt criminal and western puppets who cannot even control the dollar. I mean in which part of the world dollar behave like that Tell me in which part of the world Govt must hang the board of SBP SECP Open Exchange Stock Exchange till death or atleast held them accountable and also held accountable the former governor of shitty bank of Pakistan Reza Bakar along with the team and also along with the board members of SECP Open Exchange Stock Exchange who are throwing shit to a common man. I don t think that they even have common sense to run these powerful financial institutions. They are doing what a matric pass will do to the financial system of our country. And ISI and MI must make sure that those board members who are retiring must have post retirement life worst then hell. I repeat worst then hell and also they must be investigated by intelligence agencies for foreign plot of economic destruction. There must be zero tolerance on the misgovernance and corruption pertaining to these financial institutions. A single mistake must not be tolerated. I repeat a single mistake by the directors or executives of these institutions will not be tolerated at any cost. Hang them till death untill they didn t reverse the course and do economic stabilization put them and their families on ecl and their family members. Also put the names of current and former directors and executives of these institutions on ecl and put a hard investigation that must be carried out by ISI MI and other shadow financial institutions as well as independent accountants. And also held accountable the former ministers of financial matters of PTI govt as they are equally responsible for financial destruction just like PMLN and PPP. All elites are totally corrupt. Don t lecture me on that as i will not get one and therefore will not change my stance regarding elites which are corrupt entirely. Enough is Enough.

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