Dar to promote Islamic finance in Pakistan
Finance Minister Ishaq Dar has expressed determination to
promote Islamic finance and eliminating interest based system in the country within
five years.
He was chairing the First Steering Committee meeting in
Islamabad on implementation of Federal Shariat Court’s judgment on Riba.
The Finance Minister urged upon all the stakeholders to
work with commitment, sincerity and understanding to overcome all the hurdles
in way of implementation of interest free system, as already 21 per cent of
banks enjoy Islamic banking system.
The Finance Minister emphasized to include professional
experts on Islamic laws in the committees and also seek guidance of Ulema and
Islamic intellectuals into launching of additional Islamic Sukuk bonds.
Ishaq Dar appreciated Governor State Bank of Pakistan for
his sincere efforts in making roadmap for implementation of Islamic financing
and interest free system. He also expressed satisfaction on SBP and NBP for
withdrawing appeals in the Supreme Court against the judgment of Federal
Shariat Court and paving the way for its implementation.
Earlier, Governor State Bank informed the meeting that
five working groups had been formed to overcome the technical issues, getting
recommendations and deciding on way forward for fully implementation of the
Islamic financing.
Last year in November, Ishaq Dar has asserted that the
federal government was committed to promote Islamic Banking in
Pakistan.