Finance Minister Miftah Ismail Tuesday held a meeting with the country’s top Islamic scholars on the implementation of Shariah in the banking system and the elimination of Riba.
The meeting, which included Mufti Muhammad Taqi Usmani, Dr Hussian Akbar, Dr Raghib Naeemi, and Shaikh Azhar Iqbal, reviewed the current state of Islamic Finance operations in the country, order of the Supreme Court of Pakistan and Federal Shariat Court’s decision in Shariah petition.
Renowned Islamic scholar Mufti Muhammad Taqi Usmani and others shed light on the different aspects of the Islamic financial system and gave suggestions for designing a framework for the handling of public debt through Shariah-compliant financing and debt structuring.
The scholars also gave suggestions for the implementation of the banking system on Islamic lines for monetary policy and the Islamic interbank system. It was also suggested that a separate section should be created in the Finance Ministry on Islamic Financing.
The finance minister while emphasizing the directive of the prime minister on the implementation of the Riba free system in Pakistan endorsed the suggestions of the religious scholars and asked the relevant authorities to chalk out a program on discussed lines.
He directed the arrangement of a meeting of religious scholars with the banking sector for more guidance and clarity on the issues regarding the Shariah-compliant mechanism.
Minister of State for Finance and Revenue Dr Ayesha Ghous Pasha, State Bank of Pakistan (SBP) Governor, Securities & Exchange Commission of Pakistan Chairman, Secretary Finance, Secretary Economic Affairs Division, Secretary Law & Justice, and senior officers attended the meeting.
