AIRLINK 86.21 Decreased By ▼ -0.99 (-1.14%)
BOP 4.97 Decreased By ▼ -0.05 (-1%)
CNERGY 4.08 Decreased By ▼ -0.01 (-0.24%)
DFML 37.22 Decreased By ▼ -0.68 (-1.79%)
DGKC 91.20 Decreased By ▼ -2.68 (-2.85%)
FCCL 22.99 Decreased By ▼ -0.78 (-3.28%)
FFBL 33.74 Increased By ▲ 1.07 (3.28%)
FFL 9.19 Decreased By ▼ -0.06 (-0.65%)
GGL 10.05 Increased By ▲ 0.02 (0.2%)
HASCOL 6.25 Decreased By ▼ -0.29 (-4.43%)
HBL 126.25 Increased By ▲ 4.33 (3.55%)
HUBC 158.29 Increased By ▲ 12.64 (8.68%)
HUMNL 11.08 Increased By ▲ 0.58 (5.52%)
KEL 4.64 Decreased By ▼ -0.10 (-2.11%)
KOSM 4.09 Decreased By ▼ -0.10 (-2.39%)
MLCF 38.25 Decreased By ▼ -0.55 (-1.42%)
OGDC 133.40 Decreased By ▼ -1.61 (-1.19%)
PAEL 25.40 Increased By ▲ 0.32 (1.28%)
PIBTL 6.22 Decreased By ▼ -0.05 (-0.8%)
PPL 119.25 Decreased By ▼ -0.43 (-0.36%)
PRL 24.58 Increased By ▲ 0.48 (1.99%)
PTC 12.28 Increased By ▲ 0.06 (0.49%)
SEARL 59.32 Decreased By ▼ -0.48 (-0.8%)
SNGP 65.60 Increased By ▲ 0.60 (0.92%)
SSGC 9.87 Decreased By ▼ -0.18 (-1.79%)
TELE 7.85 Decreased By ▼ -0.02 (-0.25%)
TPLP 9.49 Decreased By ▼ -0.25 (-2.57%)
TRG 63.80 Decreased By ▼ -0.50 (-0.78%)
UNITY 27.26 Increased By ▲ 0.21 (0.78%)
WTL 1.28 Decreased By ▼ -0.04 (-3.03%)
BR100 8,341 Increased By 31.1 (0.37%)
BR30 26,457 Increased By 506.8 (1.95%)
KSE100 78,810 Increased By 9 (0.01%)
KSE30 25,474 Increased By 35.6 (0.14%)
Business & Finance

Govt launches Shariah-compliant savings, term accounts

  • Dar says government committed to promoting Islamic finance in Pakistan
Published June 26, 2023

Finance Minister Ishaq Dar launched Shariah-compliant investment instruments on Monday, saying that the government intends to promote Islamic financial system and gradually eliminate interest-based banking in Pakistan.

Addressing the launching ceremony of Shariah-compliant products by National Savings, a state-owned entity which falls under the wings of the Finance Ministry, Dar said, “the government remains committed to implementing an interest-free Islamic financial system.”

The finance minister said that Islamic banking has witnessed strong growth in recent years, and currently enjoys a share of 21% in the country’s banking pie.

The products will be available from July 1, said Dar.

National Savings will offer four products i.e. saving accounts and term-account of 1-, 3- and 5-year tenors, said the finance minister.

“This is the first time that National Savings is introducing Shariah-compliant products,” he said.

“We wish that these products will dominate in the coming years.”

The finance minister was of the view that the entire banking system cannot be converted overnight or in a short span of time. “However, such serious steps will help us in progressing towards an interest-free, Islamic financial system,” he said.

Dar said that the Shariah-compliant products were one of the announcements made in the recent budget.

“Similarly, the government would keep all its promises announced in the budget,” he said.

On Saturday, the government revised the budget for the next fiscal year by imposing additional taxes of Rs215 billion, besides slashing expenditure by Rs85 billion – in an effort to complete the pending 9th review of the International Monetary Fund (IMF) programme.

While winding up ongoing debate on budget for the next fiscal year, Dar maintained that there would be no impact of these changes on development budget and increase in salary and pension of the government employees.

Comments

Comments are closed.

Tulukan Mairandi Jun 26, 2023 03:49pm
So does it mean zero interest will be paid to the savers? Bravo Dar. Masterstroke. Can we also take loans with 0% interest?
thumb_up Recommended (0)
Fahad Jun 26, 2023 04:27pm
@Tulukan Mairandi, Get yourself educated regarding Islamic instruments so that you cannot do blunders as above
thumb_up Recommended (0)
Troy Jun 26, 2023 04:56pm
Zero interest on deposit and loan great you will get a million depositors in a day and no takers for loan
thumb_up Recommended (0)
Love Your Country Jun 26, 2023 06:44pm
@Tulukan Mairandi, you are so ill-informed it's unbelievable you can post comments here
thumb_up Recommended (0)
Johnny Walker Jun 26, 2023 07:09pm
Substitute the word "interest" with "profit" and you have Shariah compliance. World progresses while country regresses to 7th century.
thumb_up Recommended (0)