PR No. 27 Islamabad: December 3, 2016

Minister for Finance, Senator Mohammad Ishaq Dar, chaired the first meeting of the Committee for Implementation of the recommendations of Steering Committee for Promotion of Islamic Banking here today.

The Finance Minister while chairing the meeting commented that “our Government has always been committed to the development and promotion of Islamic Finance”. He said that the issuance of Sukuks by the present government during the last three years, including the recent issuance of US$ 1 bn international Sukuk, is proof of the Government’s commitment to Islamic Finance.

Mr. Saeed Ahmad, Deputy Governor, SBP and convenor of the Committee briefed the meeting on the recommendations of the steering committee:

• Formation of task force to undertake amendments in legal and regulatory framework
• Fast track adoption of AAOIFI & IFSB standards for Islamic Financial Institutions
• Develop a policy to raise new international financing through Islamic modes
• Harmonisation by SECP of terms and conditions of Shariah compliant instruments issued by NBFC, Notified Entities and Modarabas
• Promotion of Islamic finance research and development
• Training & capacity building of focal persons in government departments
• Formation of Implementation Committee to deliver above recommendations

After detailed deliberations with the committee the Finance Minister directed that four sub-committees, with membership from all the relevant stakeholders, to ensure effective and timely implementation of recommendations may immediately be notified and they are:

• Sub-Committee on Legal & Regulatory Framework
• Sub-Committee on Taxation
• Sub-Committee on Capital Market
• Sub-Committee on Awareness , Training & Capacity Building

The Committee was also briefed on the salient features of the Wakalah Sukuk. The Finance Minister appreciated the efforts of the Committee members and assured them of his full support for promotion of Islamic finance in the country.

The meeting was also attended by Finance Secretary, Chairman SECP, Chairman FBR, Chairman PBA, President ICAP, President Bank Alfalah, Shariah Finance experts and other senior officials of the Ministry of Finance and SBP.

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