News Desk
ISLAMABAD: Federal Minister for Finance Ishaq Dar has called for the elimination of an interest-based system from the country, adding that a bank having 100 branches in the past only, after introduction of Islamic consumer banking system, was now successfully operating with over 1,000 branches.
Ishaq Dar said this while addressing through a video link to the ‘National Islamic Economic Forum, (NIEF) conference on Roadmap for Islamization of the Economy’ at a hotel here on Thursday.
He sid that a committee had been constituted to ensure implementation of Islamic banking in Pakistan.
Ishaq Dar said, “The subject of Islamic economic system is very close to my heart, and I wish and pray to eliminate the interest-based system from the country at the earliest”.
Steps for Islamic Banking System
He further said that during his tenure from 2014-2017, he had taken the Riba-free initiative with the consultation and assistance of all the stakeholders comprising State Bank of Pakistan (SBP), Security Exchange Commission of Pakistan (SECP), industrialists, and eminent Islamic scholar Maulana Taqi Usmani and other thinkers were onboard.
He added that all the necessary steps were also taken at the time to eradicate Riba from banking system in the country.
Ishaq Dar said that in 2016, a relaxation of up to two percent rebate was also allowed to those who were opting Sharia-based business system at par with Islamic banking system.
The minister said that the Shariat Court in its recent verdict had given five year’s time span enabling all banks to convert their system from conventional banking to Islamic banking, adding that with the timely cooperation of the relevent stakeholders, they could meet the criteria set for the conversion, before the stipulated time”.
He further said that during the last PML-N government, the country was on the right track in terms of economy and development adding that the consumer price index was also up to the mark beside the healthy reserves and indicators.
He reminded that he had directed the SBP and NBP to withdraw their petitions moved by them against the Riba-free banking from Pakistan.
Ishaq Dar said that a committee had also been constituted including all the stakeholders for the conversion of existing banking system to Islamic banking, adding that the committee had asked him for his input for what his doors would be open always for the great cause.
Ishaq Dar said that during recent pat, Pakistan stood among top 24 countries with growing economies; however, now it has been pushed back to 47.
Ishaq Dar said that the current inflation, mismanagement, increase in prices, and bad governance in Pakistan were due to the failed policies of the PTI-led government. He expressed his gratitude and best wishes to the Sailani Welfare Organization for their social activities and said that during the ongoing inflation, providing food to the poor masses was the real humanity among other welfare projects.
He assured that the government would fully cooperate with the organization in its welfare projects for the people.
