Govt Committed to Eliminate Interest-Based System in Pakistan: Dar

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Finance Minister Ishaq Dar has expressed the commitment of the government to promote Islamic finance and eliminate the interest-based system in Pakistan and achieve its goal of transformation within the timeframe of five years.

The minister made these remarks while chairing the first meeting of Steering Committee on the implementation of the Federal Shariat Court (FSC) judgment on Riba today.

He appreciated the State Bank of Pakistan (SBP) Governor for his efforts in making a roadmap for the implementation of Islamic financing and an interest-free system and hoped that the guidance of the governor will lead the implementation of an interest-free system to its logical end.

He expressed satisfaction with SBP and the National Bank of Pakistan (NBP) for withdrawing appeals in the Supreme Court against the judgment of the Federal Shariat Court and paving the way for its implementation.

He expressed hope that the decisions of this meeting would be beneficial for the proliferation of the Islamic financing system. He stressed all the stakeholders to work with commitment, sincerity, and understanding to overcome the hurdles in way of implementation and making the system feasible and stronger.

The finance minister urged to include professional experts on Islamic laws in the committees and sought the guidance of Ulema in the launching of additional Islamic Sukuk bonds. He extended full support to every effort towards the implementation of the FSC decision.

At the outset, SBP Governor welcomed the participants and briefed them on the roadmap and areas of action for implementation of the FSC’s judgment. He informed that five working groups have been formed to overcome the technical issues, get recommendations, and decide on a way forward for full implementation of Islamic financing.

Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, Secretary Finance, members of the Steering Committee, and senior officers from the Finance Division and SBP attended the meeting.

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