Riba-free economy: Five working groups to overcome technical issues

ISLAMABAD: The Steering Committee on Implementation of Federal Shariat Court’s judgment on the Riba free economy has formed five working groups to overcome the technical issues, get recommendations and decide on a way forward for full implementation of Islamic financing.

Federal Minister for Finance and Revenue Senator Ishaq Dar chaired the First Steering Committee meeting on the implementation of the Federal Shariat Court (FSC)’s judgment on Riba on Friday. 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.

Inaugurating the First meeting of the Steering Committee, Finance Minister Senator Ishaq Dar appreciated 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 on SBP and NBP for withdrawing appeals in the Supreme Court against the judgment of Federal Shariat Court and paving the way for its implementation.

Dar further expressed government commitment to promote Islamic finance and eliminate interest based system in Pakistan in true spirit and achieve its goal of transformation within the time frame of five years. He expressed hope that the decisions of this meeting would be beneficial for the proliferation of Islamic financing system in the country. He stressed 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.

Dar urged to include professional experts on Islamic laws in the committees and also sought guidance of Ulema and Islamic intellectuals into launching of additional Islamic Sukuk bonds. He further extended full support to every effort towards implementation of FSC decision on Islamic finance system. Earlier, Governor State Bank of Pakistan welcomed the participants of the meeting and briefed 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.