Banking Companies Amendment Bill passed to promote Islamic Banking
On Saturday, the Senate passed the Banking Companies Amendment Bill, which aims to enhance the legal framework supporting Islamic banking in Pakistan. The bill, presented by Finance Minister Muhammad Aurangzeb, seeks to bolster the role of Islamic banking in the country while improving regulatory oversight.
The passage of this bill comes amid
a tense Senate session, with expectations that the 26th Constitutional
Amendment Bill might also be introduced. However, the session was delayed
multiple times, eventually starting at 11:10 p.m. following a series of
notifications changing the schedule throughout the day.
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During the session, Finance Minister
Aurangzeb highlighted the key aspects of the amendment, stating that the bill
would strengthen the legal foundation for Islamic banking and enhance the
regulatory role of the State Bank of Pakistan (SBP). He emphasized that the
bill promotes financial inclusion and simplifies the process for lodging
complaints with the Banking Mohtasib.
The finance minister also noted that
the 2008 global financial crisis led to the collapse of many companies, and
Pakistan is now introducing reforms to prevent similar crises in the future.
Additionally, he mentioned forthcoming legislation to eliminate the non-filer
status, pointing out that in several countries, citizens must have a national
tax number (NTN) to vote.
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In response to a question regarding
the independence of the SBP, the finance minister confirmed that it remains an
autonomous entity, a status granted by parliament.
Source: Dawn