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Print Print 2023-01-28

Sukuks: Dar seeks guidance from clerics

  • Expresses commitment of government to promote Islamic finance and eliminate interest-based system
Published January 28, 2023

ISLAMABAD: Finance Minister Ishaq Dar has sought guidance from Ulema and Islamic intellectuals in launching additional Islamic Sukuk bonds.

The finance minister sought the guidance of Ulema and intellectuals while chairing the first steering committee meeting on the implementation of the Federal Shariat Court’s judgment on Riba, on Friday.

Inaugurating the first meeting of the Steering Committee, Dar appreciated the governor State Bank of Pakistan (SBP) for his sincere efforts in making a roadmap for the implementation of Islamic financing and interest-free system and hoped that the guidance of governor SBP will lead the implementation of interest-free system to its logical destination.

He also expressed satisfaction with the SBP and the NBP for withdrawing appeals in the Supreme Court against the judgment of the Federal Shariat Court and paving the way for its implementation.

Dar addresses ebbing investor confidence

The finance minister further expressed the commitment of the government to promote Islamic finance and eliminate interest-based system in Pakistan in true spirit and achieve its goal of transformation within the timeframe of five years.

He expressed hope that the decisions of this meeting would be beneficial for the proliferation of Islamic financing system in the country. He stressed all the stakeholders to work with commitment, sincerity and understanding to overcome all the hurdles in way of the implementation of interest-free system and making the system feasible and stronger that all citizens would aspire for it, as already 21 per cent of banks enjoy Islamic banking system.

Dar urged to include professional experts on Islamic laws in the committees and also sought the guidance of Ulema and Islamic intellectuals into launching of additional Islamic Sukuk bonds. He further extended full support to every effort towards implementation of FSC’s decision on Islamic finance system.

Earlier, governor SBP welcomed the participants of the meeting and briefed on the roadmap and areas of actions on implementation of the FSC’s judgment. He further informed that five working groups have been formed to overcome the technical issues, getting recommendations and deciding on the way forward for full implementation of Islamic financing.

Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, Governor SBP, Secretary Finance, members of the Steering Committee, and senior officers from the Finance Division and the SBP attended the meeting.

Copyright Business Recorder, 2023

Comments

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Aamir Latif Jan 28, 2023 01:42pm
Darvshkuld stop this gimmick of advice from clerics, is this Pakistans first priority when economy is in docks, both PM and Dar still in the wilderness of accusation on ik and his govt, agreed but where is yoir plan for recovery afyer 10- months.. When IMF was the way, why waster 4_ months trying to play knowing will not work... Best for Dar is to quit and to bring back Miftah, atleast, his way way forward was right.
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Muhammad Kashif Jan 28, 2023 01:47pm
We are multiplying our economic problems by consulting the clerics. These clerics have their vested interests. For example when the Islamic banks were manipulating the dollar rates to make unlawful profits under the cover of Islamic financing. At that time these clerics were silent. If the income of an Islamic bank is HARAM, how can it distribute HALAL munafah? The clerics want interest-free economy but they don't want to eliminate black market, why? Because these clerics have vested interests in black market.
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Truth That Cannot Be denied. Jan 28, 2023 01:54pm
First avoid going to IMF (That itself is a biggest interest-based system) and then make a better plan for execution and try to curtail yourself expensive vehicles that you all purchase and drive day in and out. May Allah Give us all Hidayat (Ameen) to right path or else everything is devastating slowly.
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Ahmed Jan 28, 2023 02:58pm
Government has not yet moved to launch interest-free shariah-compliant National Savings products that they announced last year in Aug 2022. These products have tremendous potential to attract huge local and overseas funds as majority of people avoid regular National Savings schemes as those are interest-based.
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IMTIAZ CASSUM AGBOATWALA Jan 28, 2023 03:34pm
A waste of time. Concentrate on the falling economy rather than the white wash.
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Lt Col Chaudhry Shahid Nazir (Retd) Jan 28, 2023 03:40pm
It’s one of the best School of Lahore. Incident between students must be solved with compassion and not unnecessarily propagated.
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Abdul Sheikh Jan 28, 2023 05:41pm
He should accompany with these clerics in imf negotiations.
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Faizan Saleem Jan 28, 2023 06:53pm
Please read my article on discrepancies in the pricing and spread of Islamic Sukuk compared to Conventional PIB bonds. https://www-brecorder-com.cdn.ampproject.org/c/s/www.brecorder.com/news/amp/40222845
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Rauf Sivany Jan 28, 2023 07:06pm
You can launch a series of Sukuks which should be tradable and should be assets backed. However you may know that your Islamic approach to raise money will not reduce your cost of borrowings. Hire good professionals in your committee to guide you Repo/Rev Repo structures.
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Anonymous Jan 28, 2023 10:35pm
Well intrest didn't do any good to Pakistan
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Fazal Rabbi Jan 29, 2023 04:06pm
He is playing religion card and trying to divert public attention from his baseless policies. The damaged he has done to Pakistan he should have immediately resigned from his post.
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Fahad Khwaja Jan 30, 2023 09:08pm
@Muhammad Kashif , there are good clerics also. Please don't label all clerics b/c of few black sheeps
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