Finance Minister calls on Islamic scholars eliminate Riba, implement Shariah in banking system

July 19, 2022 (MLN): Federal Minister for Finance and Revenue Mr. Miftah Ismail held a meeting with renowned Islamic scholars to discuss the implementation of Shariah in the banking system and the elimination of Riba from Pakistan, said a press release issued today.

Finance Minister met Mufti Muhammad Taqi Usmani, Dr. Hussian Akbar, Dr. Raghib Naeemi and Shaikh Azhar Iqbal at the Finance Division today.

The meeting reviewed the current state of Islamic Finance operations in the country, the order of the Supreme Court, and the Federal Shariat Court’s decision in the 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 public debt through Shariah-compliant financing/debt structure.

The Islamic scholars also proposed suggestions for the implementation of the banking system on Islamic lines for monetary policy and the Islamic interbank system. It was also suggested that a separate section should be created in the Finance Ministry on Islamic Financing.

The chair emphasized the directive of the Prime Minister on the implementation of the 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 the arrangement of the meeting of religious scholars with the banking sector for more guidance and clarity on the issues regarding Shariah compliant mechanism.

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. 

Press Release