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Wednesday July 16, 2025

Miftah, scholars discuss implementation of Shariah in banking system

By Our Correspondent
July 20, 2022

ISLAMABAD: Finance minister Miftah Ismail held a meeting with Islamic scholars to discuss implementation of Shariah in banking system and elimination of Riba from the country at Finance Division on Tuesday.

The scholars included Mufti Muhammad Taqi Usmani, Dr. Hussian Akbar, Dr. Raghib Naeemi, and Shaikh Azhar Iqbal.

The meeting reviewed the current state of Islamic Finance operations in the country, order of the Supreme Court and Federal Shariat Court’s decision in Shariat petition.

The ministry sought guidance in certain financial areas requiring more clarity for implementation of Shariah in the financial system of the country.

The scholars shed light on the different aspects of the Islamic financial system and gave their suggestions for designing a framework for handling of public debt through Shariah complaint financing/debt structure.

They also proposed suggestions for implementation of banking system on Islamic lines for monetary policy and Islamic interbank system. It was suggested that a separate section should be created in the Finance Ministry on Islamic Financing.

The chair endorsed the suggestions and asked relevant authorities to chalk out the program on discussed lines. It further directed for arrangement of meeting of religious scholars with banking sector for more guidance and clarity on issues regarding Shariah compliant mechanism.

Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, SBP governor, SECP chairman, Secretary Finance, Secretary EAD, Secretary Law and Justice, and other senior officers were also present at the meeting.

During the day, Ismail also held a meeting with a delegation of Pakistan Furniture Association headed by its chairman Zahid Hussain.

The delegation apprised the finance minister about contribution of their industry in development of the economy and also shared about issues being faced by the furniture sector, especially related to GST and other taxes.

They requested for resolving their matters and sought support of the government for bringing in efficiency in the sector.

Ismail directed relevant authorities to resolve issues of the furniture industry and asked for providing them maximum relief.

On Tuesday, ambassador of Norway to Pakistan Per Albert Ilsaas also called on the Finance minister and exchanged views on matters of mutual interest.

Ismail highlighted Pakistan’s friendly relations with Norway and said that both countries enjoyed admirable bilateral relations. The finance minister shared about economic policies and priorities of the present government for sustainable and inclusive growth.

The ambassador shared that both countries enjoyed good relations, which needed to be further promoted, especially on economic fronts.

Ismail extended full support and cooperation of the present government to enhance the economic relations between both the countries.