FSC judgement on Riba: Panel discusses steps to address the challenges

ISLAMABAD: The Steering Committee on Implementation of Federal Shariat Court (FSC) judgment on Riba discussed the demand and supply side challenges being faced by the task force in eliminating Riba from the financial system and deliberated upon various measures to be taken to address those challenges within the timeframe.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar virtually chaired the 2nd meeting of the Steering Committee on Implementation of FSC’s judgment on Riba here on Friday.

Governor State Bank of Pakistan (SBP), Secretary Finance, members of the Steering Committee and senior officers from the Finance Division and the SBP attended the meeting.

Welcoming the Steering Committee members, Finance Minister Senator Ishaq Dar appreciated the significant progress that has taken place since the formation of the transformation plan developed by the SBP in terms of awareness, capacity building, legal and regulatory reforms, and adoption of international standards, for the purpose of conversion of the conventional banking system into a Shariah-compliant system.

The meeting also discussed the demand and supply side challenges being faced by the task force in eliminating Riba from the financial system and deliberated upon various measures to be taken to address those challenges within the timeframe.

The finance minister also expressed his confidence that under the chairmanship of governor State Bank of Pakistan, the Steering Committee will able to complete the task efficiently. He further instructed all the stakeholders to work with commitment, sincerity and understanding to overcome all the hurdles in the way of the implementation of interest-free system and making the system feasible and stronger that all citizens would aspire for it.

The finance minister emphasized the commitment of the government to promote Islamic finance and eliminate interest-based system in Pakistan in true spirit and assured complete support of the Finance Ministry to the committee for achieving its mandate and desired objectives.

Copyright Business Recorder, 2023