Economy needs to be stabilised with Islamic banking system: Ishaq Dar

Economy needs to be stabilised with Islamic banking system: Ishaq Dar


Economy needs to be stabilised with Islamic banking system, says Ishaq Dar

KARACHI (Dunya News) – Minister for Finance Ishaq Dar said on Wednesday that the country’s economy needs to be stabilised with the Islamic banking system.

Addressing a seminar in Karachi on Wednesday, the minister while welcoming Sharia Court’s decisions regarding the abolition of interest said that withdrawing appeals against interest was his priority.

Quoting Mufti Taqi Usmani that the goveremnt should keep its money in Islamic banks, Dar said how the government would keep its money in Islamic banks when it doesn’t have money, adding that there is need to control expenses.

He said, “Islamic banking system in Pakistan is successful and facilitation of terrorists can also be stopped through this banking system, adding that whole world is trying to link everyone with the banking system as it has become a need of the hour.” “The Islamic banking system has over 5 trillion deposits until now,” he added. 

Now, he added, once again PML-N led government had started working on fast track to promote Islamic banking and preferred financing through Sukooks. “ Islamic Banking must be our first choice,” he asserted adding that according to the Holy Quraan, adopting interest-based trade and finance system meant to declare war with Allah Alminghty and His belevoved last prophet Hazart Muhammad (Peace Upon Him).

He said that riba-based economy was very destruction for the society as it led to injustice, inequality and frustration.

He informed that as result of his pursuance SBP and National Bank of Pakistan had withdrawn their appeals filed in the Supreme Court of Pakistan against the FSC deadline to fully shift to Islamic finance system.

He expressed his satlisfaction that Islamic banking was getting edge over the conventional banking by having strong base of assets in trillion of rupees.

He was confident that within next five years period set by FSC, the country’s financial system could be coverted into Islamic system. And, that we as a nation should move to ‘Zakat and Ushr’ system.

To a demand by the Ulema, he assured that no conventional bank would be allowed to open a new branch.

Dar said that the government, along with State Bank of Pakistan, was taking all required steps and providing all maximum facilitation to the banks for financial inclusion wherein the people in remote and less developed areas of the country could be easily become a part of the finance system. This would generate many economic activities.