Dar offers support for execution of FSC's decision on judgment on Riba

Dar offers support for execution of FSC's decision on judgment on Riba


Dar offers support for execution of FSC’s decision on judgment on Riba

ISLAMABAD (Dunya News) – Finance Minister Senator Ishaq Dar on Friday extended full support to every effort towards implementation of the decision of Federal Shariat Court (FSC) on judgment on Riba and Islamic finance system.

The minister was chairing the first meeting of the Steering Committee on the implementation of Federal Shariat Court (FSC)’s judgment on Riba, said a press release issued here.

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

Ishaq Dar appreciated the Governor SBP for his sincere efforts in making roadmap for implementation of Islamic financing and interest free system and hoped that the guidance of Governor SBP will lead the implementation of interest free system to its logical destination.

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

The finance minister further expressed commitment of the government to promote Islamic finance and eliminate interest based system in Pakistan in true spirit and achieve its goal of transformation within the timeframe of five years.

He expressed the hope that the decisions of this meeting would be beneficial for the proliferation of Islamic financing system in the country.

He stressed on all the stakeholders to work with commitment, sincerity and understanding to overcome all the hurdles in way of implementation of interest free system and making the system feasible and stronger that all citizens would aspire for it, as already 21 per cent of banks enjoy Islamic banking system.

The finance minister urged to include professional experts on Islamic laws in the committees and also sought guidance of Ulema and Islamic intellectuals in launching of additional Islamic Sukuk bonds.

Earlier, the Governor SBP welcomed the participants of the meeting and briefed them on the roadmap and areas of actions on implementation of the FSC’s judgment. He further informed that five working groups have been formed to overcome the technical issues, getting recommendations and deciding on way forward for fully implementation of the Islamic financing.