Islamabad: The Senate today approved the Banking Companies Amendment Bill 2024, aimed at bolstering the legal and regulatory framework for Islamic banking and enhancing financial inclusion across the country.

According to Ministry of Information and Broadcasting, Finance Minister Muhammad Aurangzeb, who moved the bill, outlined its key features during the session. The bill is designed to strengthen the support for Islamic banking operations and enhance the regulatory powers of the State Bank of Pakistan to promote broader financial inclusion. Additionally, the process for lodging complaints with the Banking Mohtasib has been simplified, making it more accessible for consumers to address their grievances.

In discussing the country’s economic conditions, Minister Aurangzeb noted that Pakistan’s foreign exchange reserves are currently sufficient to cover two and a half months of imports, indicating a phase of macroeconomic stability. He committed to maintaining this stable trajectory and announced plans to abolish the non-filer category to streamline tax administration, with further legislative discussions planned for both houses of Parliament.

The minister assured that the new measures would not adversely affect certain groups such as students and housewives. Following the discussion, the session was adjourned and is scheduled to resume at 3:00 pm this afternoon.