Implementation of FSC’s judgment on Riba: FD constitutes Steering Committee

ISLAMABAD: Finance Division has constituted a Steering Committee for providing strategic guidance regarding implementation of Federal Shariat Court (FSC)’s judgment on Riba under the patronage of Finance Minister Ishaq Dar.

A notification to this effect issued stated that terms of reference (ToRs) of the committee are;(i) to provide guidance on the legal & regulatory reforms and actions required for implementation of FSC’s judgment on Riba;(ii), to suggest capacity building measures of the stakeholders for full implementation of the FSC’s decision;(iii) to monitor the progress of implementation of the FSC’s judgment, and remove the bottlenecks, if any.

The ex-offico members of the committee are Governor State Bank of Pakistan chairman and Secretary, Finance, Chairman, Securities & Exchange Commission of Pakistan Member, Chairman, Pakistan Banks Association Member, Deputy Governor, FIDFS&IT, SBP would be members.

The members of the committee are Maulana Mufti Muhammad Taqi Usmani, President Wifaq-ul-Madaris, Mufti Irshad Ahmad Aijaz, Chairman Shariah Advisory Committee SBP, Mansur-Ur-Rehman Khan, President & CEO, IBP & Member SAC, Ashfaq Tola, Chairman, Pakistan Reforms and Resource Modernization Commission, Khozem A. Haidermota, Senior Partner, Haidermota & Co, Saeed Ahmad, ex-Deputy Governor, State Bank of Pakistan. Irfan Siddiqi, President, Meezan Bank, and Mian Muhammad Adrees, CEO, Sitara Chemical Industries.

The Executive Director, Islamic Banking Department, SBP will act as Secretary of the Steering Committee.

Copyright Business Recorder, 2022