To fulfill the government’s commitment to integrate Islamic banking into the economic fabric of the country by eliminating the interest-based system in the country, the government reached an understanding with the State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) to repeal their appeals against the Federal Shariat Court’s (FSC) order.
Further, to honor the resolution for eradication of interest, passed by Mufti Taqi Usmani at the Hurmat-e-Sood Conference held in Karachi on 30th November 2022, the government has constituted a Steering Committee under the Patronage of Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar with the mandate to provide guidance on the legal & regulatory reforms and actions required for the implementation of Federal Shariat Court’s judgment on Riba; to suggest capacity building measures of the stakeholders for full implementation of the FSC’s decision; to monitor the progress of implementation of the FSC’s judgment; and remove the bottlenecks, if any.
The composition of the Steering Committee is as follows:
Ex-Offcio Members
- Governor, State Bank of Pakistan (Chairman)
- Secretary, Finance Division (Member)
- Chairman, Securities Exchange Companies of Pakistan (Member)
- Chairman, Pakistan Banks Association (Member)
- Deputy Governor, FI,DFS&IT, State Bank of Pakistan (Member)
Members by Name
- Maulana Mufti Muhammad Taqi Usmani, President Wifaq-ul-Madaris (Member)
- Mufti Irshad Ahmad Aijaz, Chairman Shariah Advisory Committee SBP (Member)
- Mansur-Ur-Rehman Khan, President & CEO, IBP & Member SAC (Member)
- Ashfaq Tola Chairman, Pakistan Reforms and Resource Modernization Commission (Member)
- Khozem A. Haidermota, Senior partner, Haidermota & Co (Member)
- Saeed Ahmad, Ex-Deputy Governor, State Bank of Pakistan (Member)
- Irfan Siddiqi, President Meezan Bank (Member)
- Mian Muhammad Adrees, CEO, Sitara Chemical Industries (Member)
Executive Director, Islamic Banking Department, SBP will act as Secretary of the Steering Committee.
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WHRE IS MUFTI MUNEEBUR REHMAN ?
tu kaha se zinda ho gya aaj
Tujhy tameez kisi ny nhi sekhai?
tumhe kisi ny kaha k taang arrao aise e moo utha k ni aaty wo mera us ka maamla
Understand
aur apni tameez ka ecture apne paas rakho
Interpreting of Islamic banking by only one sect will not be a good solution if we look back into historical facts. There are many well educated Islamic scholars that need to be the part of this meeting. Also instead of creating parallel system why not do the reforms in existing banking system is still a question.
I doubt from day one that this interest free practice is nothing but cover under the name of Islamic banking so that people hesitate to speak unless general consumer will get the equal benefit as banks or industries get.
Very true
Moulvi ka kaam choona khilana hay
They will never speak against any atrocities committed by society rather become advocate by finding some clause
It seems that the government does not want to implement Islamic banking rather they only want to implement ‘Deoband Banking’. There is no representation of other Islamic schools of thought in this committee which is very surprising.
Very true
Jis ki kathi us ki bhains
Having all sects just to disagree on giving “sharii terminology” while they want to implement the same thing is not going to be helpful. You call it rab ul maal or share holder its still the same entity and nobody can cheat Allah.
There is no complication. Stop interest. Stop paper money.
The bank can charge banking as a service without profit or loss,
Or participate in profit and loss just like any other share holder.
There is no current bank including islamic banks ( including bank Al Habib and Meezan) that shares loss the same way it shares profit.
The discussion should be on identifying corrupt backdoors and legal covers. Each sect can file there case in Sharia court to block that back door. For example “The limited liability” and similar corrupt legal covers need to be identified and removed.
Interest ka Naam Kuch bhi kar dain
Rent, profit, gift etc
Sood rahay ga
When money devalue no one will take the punishment
Moulvi agar example set Karna Pasand kareen
Taking society back into the stone ages. Muslims need no enemy.