Govt constitutes Steering Committee to eliminate Riba

December 24, 2022 (MLN): The federal government on Friday constituted a Steering Committee under the patronage of Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar to provide guidance on the legal and regulatory reforms required for the implementation of Federal Shariat Court’s judgment on Riba.

The committee would further suggest capacity-building measures for the stakeholders for full implementation of the FSC’s decision, monitor the progress of implementation, and remove the bottlenecks, if any, said a press release issued by Finance Division.

Earlier, the government reached an understanding with the State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) to repeal their appeals against the Federal Shariat Court’s (FSC) order to fulfill the government’s commitment to integrating Islamic banking into the economics fabric of the country by eliminating the interest-based system in the country.

The said committee has been constituted in honor of the resolution for eradication of interest, passed by Mufti Taqi Usmani at the Hurmat-e-Sood Conference held in Karachi on November 30, 2022.

The composition of the Steering Committee is as follows:

Executive Director, Islamic Banking Department, SBP will act as Secretary of the Steering Committee.  

Copyright Mettis Link News