Govt vows to promote Islamic financing

Guidance of Islamic scholars sought for launching more Sukuk

APP January 28, 2023


Finance Minister Ishaq Dar on Friday announced all-out support for efforts being made for the implementation of Federal Shariat Court’s (FSC) judgement on Riba-free banking and the Islamic finance system.

Chairing first meeting of the steering committee on the implementation of FSC’s judegment, the minister appreciated the State Bank of Pakistan (SBP) governor for his efforts in preparing a roadmap for the Islamic financing and interest-free system.

He pointed out that the SBP and the National Bank of Pakistan had withdrawn their appeals in the Supreme Court, which paved the way for implementation of the Riba-free plan.

On the occasion, the finance minister reaffirmed the government’s commitment to promoting Islamic financing and eliminating the interest-based system, adding that the transformation goal would be achieved within a five-year timeframe.

He voiced hope that decisions taken in the steering committee meetings would be beneficial for the proliferation of Islamic financing in the country.

He stressed the need for all stakeholders to work with commitment, sincerity and understanding to overcome all hurdles and make the interest-free system feasible and stronger that all citizens would aspire for, as already 21% of banking was Shariah compliant.

The minister underlined the need for including Islamic law experts in relevant committees and also sought the guidance of Islamic scholars for the launch of additional Sukuk (Islamic bonds).

Earlier, the SBP governor briefed participants of the meeting on the roadmap and actions taken for the implementation of FSC’s judgement.

Published in The Express Tribune, January 28th, 2023.

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