ISLAMABAD: Finance Minister Ishaq Dar has stated that the federal government has decided to withdraw the State Bank of Pakistan (SBP)’s and the National Bank of Pakistan (NBP)’s appeals from the Supreme Court against Sharia court with respect to make the economy interest-free in the next five years.
The finance minister announced this through state-owned new channel on Wednesday.
The minister said that he would like to share a decision taken by the government on behalf of the prime minister and allies with regard to withdrawal of appeals against Sharia Court verdict from the SC.
Ishaq Dar said that with the permission of the prime minister and after consultation with the SBP, he was announcing that the SBP and the NBP would withdraw its two appeals from the SC against Sharia Court verdict.
The minister added that Federal Sharia Court in recent past had given a decision for transforming Pakistan’s economy to make it interest (Riba)-free in the next five years.
Federal Shariat Court declares interest-based banking as against Sharia
He said that the matter was deliberated in detail during the last few weeks and consultation were also held with Governor SBP on the matter besides discussion on future road maps. Dar said that during 2013-18 considerable progress was made for promoting Islamic banking system and a special committee with prominent religious scholars was also established. However, he said that during the last few years the progress was not that speedy.
The minister said that the government would make effort to implement the Islamic System in Pakistan, however, would not he possible to shift immediately due to various challenges as entire banking system is implementing a system for the last 75 years.
Copyright Business Recorder, 2022
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