Committee formed to promote Islamic Banking: Ishaq Dar
Finance Minister Ishaq Dar has reiterated the federal government’s
resolve to promote Islamic banking in the country.
Speaking on the National Assembly floor in Islamabad, the finance minister said the committee that comprises eminent scholars is working expeditiously to enhance the scope of Islamic banking which currently stands at twenty one percent.
It is pertinent to mention that the Federal Shariat Court had declared an interest-based financial system in Pakistan against sharia while announcing a verdict in Riba case.
The three-member bench of the Federal Shariat Court in its verdict said that the existing laws related to riba and interest are against Shariah and it is the responsibility of the government to replace the existing system and bring laws in accordance to the guidance in Quran and Sunnah.
The court further set a deadline of 31 December 2027 to fully implement court’s order on elimination of interest from the country.