Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar on Friday virtually chaired the 2nd meeting of Steering Committee on implementation of Federal Shariat Court (FSC)’s judgment on Riba.
The committee discussed the progress made by the State Bank of Pakistan (SBP) in converting the conventional banking system into a Shariah compliant system. The meeting also focused on the challenges faced by the task force in eliminating Riba from the financial system and the measures that can be taken to address those challenges within the timeframe.
The financial czar stressed the government’s commitment to promoting Islamic finance and eliminating interest-based systems in Pakistan. He directed all stakeholders to work with commitment, sincerity, and understanding to overcome any hurdles in the way of implementing an interest-free system that all citizens would aspire to.
The minister expressed confidence in the Steering Committee’s ability to complete the task efficiently under the chairmanship of Governor State Bank of Pakistan (SBP).
The committee comprises of members from the SBP, Finance Division, and senior officers.
The committee aims to implement the Federal Shariat Court’s judgment on Riba, which prohibits the charging or paying of interest in financial transactions.
The committee’s work includes awareness building, capacity building, legal and regulatory reforms, and adoption of international standards to facilitate the conversion of the conventional banking system into a Shariah-compliant system.
