According to media reports, Finance Minister Miftah Ismail has desired for arranging a meeting between religious scholars and the banking sector for more guidance and clarity on the issues of Sharia-compliant mechanism on Friday (tomorrow) or Monday.

He expressed his desire at a meeting with Islamic scholars Mufti Muhammad Taqi Usmani, Dr Hussain Akbar, Dr Raghib Naeemi and Shaikh Azhar Iqbal. Their talks revolved around the implementation of Sharia in the banking system and the elimination of Riba from Pakistan.

That the growth of Islamic banking has been substantial during the last few years is a fact. The country’s central bank has been playing a major role in the promotion of Islamic banking. It, for example, issued its third five-year strategic plan (2021-25) in 2021 which, according to SBP, is aimed at “setting a strategic direction for the industry to strengthen the existing progressive momentum and lead the industry to the next level”.

The central bank’s efforts, in my view, bring home the full thrust of successive governments’ approach to Islamic banking. The finance minister’s meeting with religious scholars is a clear manifestation of government’s plan that it has articulated to deal with the issues facing the Islamic banking industry in a meaningful manner. My request to religious scholars is that they must not doubt government’s intention.

A banker (Lahore)

Copyright Business Recorder, 2022