Government committed to promoting Islamic Finance, says Dar

Federal Minister for Finance, Senator Ishaq Dar on Saturday said, "Our Government has always been committed to the development and promotion of Islamic Finance." He expressed these views while chairing the first meeting of the Committee for Implementation of the recommendations of Steering Committee for Promotion of Islamic Banking at the Finance Division.
The Finance Minister commented that, "The issuance of Sukuks by the present government during the last three years, including the recent issuance of $1bn international Sukuk, is proof of the Government''s commitment to Islamic Finance." Deputy Governor, State Bank of Pakistan (SBP), Saeed Ahmad and convenor of the Committee briefed the meeting on the recommendations of the steering committee.
They recommended formation of task force to undertake amendments in legal and regulatory framework and fast track adoption of AAOIFI & IFSB standards for Islamic Financial Institutions. They called for developing a policy to raise new international financing through Islamic modes and harmonisation by Securities and Exchange Commission of Pakistan (SECP) of terms and conditions of Shariah compliant instruments issued by NBFC, Notified Entities and Modarabas.
They recommended promotion of Islamic finance research and development. They stressed on the training and capacity building of focal persons in government departments and formation of Implementation Committee to deliver above recommendations. After detailed deliberations with the committee the Finance Minister directed that four sub-committees, with membership from all the relevant stakeholders, to ensure effective and timely implementation of recommendations may immediately be notified.
The four sub-committees include Legal & Regulatory Framework, Taxation, Capital Market and Awareness, Training & Capacity Building. The Committee was also briefed on the salient features of the Wakalah Sukuk. The Finance Minister appreciated the efforts of the Committee members and assured them of his full support for promotion of Islamic finance in the country. The meeting was also attended by Finance Secretary, Chairman SECP, Chairman FBR, Chairman PBA, President ICAP, President Bank Alfalah, Shariah Finance experts and other senior officials of the Ministry of Finance and SBP.