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Dar promises to promote Islamic financing

ISLAMABAD: Finance Minister Ishaq Dar announced his full support on Friday for efforts to execute the Federal Shariat Court’s (FSC) ruling on Riba-free banking and the Islamic finance system.

Ishaq Dar thanked governor of the State Bank of Pakistan (SBP) for his efforts in establishing a plan for Islamic financing and an interest-free system while chairing the inaugural meeting of the steering group on the implementation of the FSC’s judgment.

He stated that SBP and National Bank of Pakistan had withdrawn their Supreme Court petitions, paving the door for the Riba-free plan to be implemented.

Finance minister underlined the government’s commitment to promoting Islamic financing and removing the interest-based system on the occasion, stressing that the transformation target would be met within a five-year timeline.

He expressed hope that the decisions made in the steering committee meetings will benefit the spread of Islamic finance in the country.

He emphasized the importance of all stakeholders working together with commitment, sincerity, and understanding to overcome all obstacles and make the interest-free system that all citizens would aspire to a reality since 21% of banking was already Shariah compliant.

Finance minister also emphasized the importance of including Islamic law specialists in relevant committees and asked Islamic scholars for advice on the launch of extra Sukuk (Islamic bonds).
Earlier, the SBP governor briefed meeting attendees on the roadmap and efforts taken to implement the FSC’s decision.

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