On Thursday, ARY News reported that Finance Minister Ishaq Dar has called on Pakistan to end the interest-based system, saying a committee has been formed to ensure the implementation of Islamic banking in the country.
The Finance Minister was speaking through video link on the occasion of ‘National Islamic Economic Forum – NIEF Conference on Roadmap for Islamization of Economy’ in Karachi.
Ishaq Dar said that a committee has been formed to ensure the implementation of Islamic banking in the country. The subject of Islamic economic system is close to my heart. It is my wish and prayer that interest-based system should be abolished from Pakistan as soon as possible.
He said that during his tenure spanning from 2014-2017, he initiated riba-free initiatives with the consultation and cooperation of all stakeholders including the State Bank of Pakistan (SBP), Security Exchange Commission of Pakistan (SECP), industrialists and prominent Islamic scholars. picked up. Maulana Taqi Usmani and other scholars were riding.
The minister further said that at that time, necessary steps were also taken to eliminate riba from the banking system in the country.
He added that in 2016, a two percent exemption was also allowed to those who were opting for a Shariah-based business system equivalent to the Islamic banking system.
Ishaq Dar said that the Shariat Court in its judgment had given banks five years to convert from conventional banking to Islamic banking, however, he added, “With the support of all stakeholders, we will meet these standards.” Can get off. Change, ahead of time”.
He said that during the previous government of Pakistan Muslim League (N), the country was moving in the right direction regarding the economy and the journey of development in the country was going on, adding that along with healthy reserves and indicators, consumer price The index was also good.
He said that he had directed the State Bank and NBP to withdraw their requests and submissions on their behalf against usury free banking from Pakistan.
The minister said that a committee consisting of all stakeholders has also been constituted to convert the existing banking into Islamic banking, the committee had asked him for input and his doors are always open for this purpose.
Dar said that during the last few years, Pakistan, which was among the top 24 countries with developing economies in terms of economy, is now ranked 47.
The federal minister said that the current inflation, mismanagement and mismanagement in the country is due to the failed policies of the previous government.
It is worth mentioning here that the Federal Shariah Court had declared the interest-based financial system in Pakistan against the Shariah after giving its verdict in the Riba case.
