Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with renowned Islamic scholars Mufti Muhammad Taqi Usmani, Dr. Hussian Akbar, Dr. Raghib Naeemi and Shaikh Azhar Iqbal on implementation of Shariah in banking system and elimination of Riba from Pakistan at the Finance Division today.
Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Governor SBP, Chairman SECP, Secretary Finance, Secretary EAD, Secretary Law & Justice, and senior officers attended the meeting.
The meeting reviewed the current state of Islamic Finance operations in the country, order of the Supreme Court and Federal Shariat Court’s decision in Shariat petition. The meeting discussed and sought guidance in certain financial areas requiring more clarity for the implementation of Shariah in the financial system of the country.
Renowned Islamic Scholar Mufti Muhammad Taqi Usmani and others shed light on the different aspects of the Islamic financial system and gave their suggestions for designing a framework for handling of public debt through Shariah complaint financing/debt structure. The Islamic scholars also proposed suggestions for implementation of banking system on Islamic lines for monetary policy and Islamic interbank system. It was also suggested that a separate section should be created in the Finance Ministry on Islamic Financing.
The chair emphasizing the directive of the Prime Minister on the implementation of Riba free system in Pakistan endorsed the suggestions of the religious scholars and asked the relevant authorities to chalk out the program on discussed lines. The Chair further directed for arrangement of meeting of religious scholars with banking sector for more guidance and clarity on the issues regarding Shariah compliant mechanism.
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