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.

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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