Islamabad, April 07, 2023 (PPI-OT): Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar virtually chaired the 2nd meeting of Steering Committee on implementation of Federal Shariat Court (FSC)’s judgment on Riba, today.
Governor State Bank of Pakistan (SBP), Secretary Finance, members of the Steering Committee and senior officers from Finance Division and SBP attended the meeting. Welcoming the Steering Committee members, Finance Minister Senator Ishaq Dar appreciated the significant progress that has taken place since the formation of the transformation plan developed by SBP in terms of awareness, capacity building, legal and regulatory reforms, and adoption of international standards, for the purpose of conversion of conventional banking system into Shariah compliant system.
The meeting also discussed the demand and supply side challenges being faced by the task force in eliminating Riba from the financial system, and deliberated upon various measures to be taken to address those challenges within the timeframe.
The finance minister also expressed his confidence that under the chairmanship of Governor, State Bank of Pakistan, the Steering Committee will able to complete the task efficiently. He further instructed all the stakeholders to work with commitment, sincerity and understanding to overcome all the hurdles in the way of implementation of interest free system and making the system feasible and stronger that all citizens would aspire for it.
Finance Minister emphasized the commitment of the Government to promote Islamic finance and eliminate interest-based system in Pakistan in true spirit and assured complete support of Finance Ministry to the Committee for achieving its mandate and desired objectives.
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