ISLAMABAD: Finance Minister Ishaq Dar on Monday launched new Shariah-compliant products of the National Savings Scheme to be available to investors from July 1, 2023.

Addressing the launching ceremony, he said that Shariah-compliant products’ initiative is in line with the government’s decision to promote Islamic banking, he added that these products would cater to persistent public demand for safe investment avenues in line with the principles of Shariah.

Dar has expressed the resolve and commitment of the government to promote Islamic finance to establish an interest-free system in Pakistan within a timeframe of five years as per the decision of the Federal Shariat Court.

National Savings to launch Shariah-compliant savings, term accounts soon: Ishaq Dar

He added that soon after assuming the office, he asked the governor State Bank (SBP) and National Bank of Pakistan(NBP) to withdraw their appeals from the Supreme Court against the Shariat Court’s decision.

He added that the government has also constituted a high-power Steering Committee for this purpose to be headed by the SBP and personally supervised by him. The committee is mandated to ensure a smooth transition to Shariah-compliant economy. He said that scholars and experts are included in the committee for Islamic banking.

Dar added that Islamic banking is growing in the country very fast. He said that he has also announced in the budget that from July1 new products would be launched and National Savings was working on it along with the debt department.

He said that four products are being launched from July 1, 2023.

The finance minister commended the Finance Division and the National Savings’ teams for this achievement, as this launch would mark the Shariah-compliant products by the National Savings for the first time in the country.

Copyright Business Recorder, 2023