Senator Mohammad Ishaq Dar, Federal Minister for Finance and Revenue, revised the government’s commitment to promote Islamic finance and abolish the interest-based system in Pakistan on Friday.
While practically chairing the second meeting of the Steering Committee on Implementation of the Federal Shariat Court’s (FSC) Riba Judgment, the minister assured the committee of the Finance Ministry’s full cooperation in achieving its objectives.
Aside from committee members, the meeting was attended by the Governor of the State Bank of Pakistan, the Secretary of Finance, and top executives from the Finance Division and the SBP, according to a news release.
The minister also praised the significant progress made in terms of awareness, capacity building, legal and regulatory reforms, and the adoption of international standards since the formation of the SBP’s transformation plan for the purpose of converting the conventional banking system into a Shariah-compliant system.
The meeting also examined the task force’s demand and supply side issues in eradicating Riba from the financial system, as well as different actions to be implemented to solve the same within the timeframe.
Ishaq Dar further expressed confidence that the steering committee will be able to finish the assignment properly under the chairmanship of the SBP governor.
He also directed all stakeholders to work with commitment, integrity, and understanding to overcome all obstacles in the way of establishing an interest-free system and making it realistic and robust enough for all citizens to aspire to.