Islamabad, July 28, 2022 (PPI-OT):National Assembly was informed on Wednesday that State Bank of Pakistan is playing an active role in promotion of Islamic Banking globally at international level. Responding to a question during the Question Hour in the House on Wednesday, Minister of State for Finance Aisha Ghaus Pasha said that the government is committed to fulfil its constitutional obligation regarding Riba.

She said the Advisory Council of Islamic Ideology has recommended that there should be gradual change in the system to bring it in conformity with the injunctions of Islam. She said any abrupt or sudden change would create numerous difficulties for the country. The Minister of State said the government has taken concrete steps to encourage and facilitate Islamic Banking system in the country. She said Islamic banking has been witnessing robust growth of around 24 to 30 percent annually.

Responding to another question, Dr. Aisha Ghaus Pasha said the withholding tax deducted on mobile recharge is refundable and can be claimed through filing simple returns. To a question, the Minister of State said at present, there is no economic value or benefit to the country for allowing crypto currency business in Pakistan. The House will now meet tomorrow at 11 a.m.

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