Daily Times

Federal Minister for Finance, Senator Muhammad Ishaq Dar on Wednesday assured that PML-N led government was committed to truly implement Federal Shariah Court’s (FSC) verdict on full conversion of conventional banking system into Islamic one; with deadline of December 2027. Speaking at a seminar on ” Hurrmat-e-Sood” organized here by Federation of Pakistan Chambers of Commerce and Industry, and Centre For Islamic Finance, he announced to set up Islamic Finance Wing under his ministry within a week for fast working on the implementation of FSC verdict on Islamic banking. For execution of this great task, For true execution of this great task revision of the existing laws or new legislation was also required at the federal and the provincial levels, he added. “On behalf of my Government, I assure full support to every effort towards implementation of FSC decision on Islamic finance system. Government’s interests are pure,” the minister resolved.

Ishaq Dar said that since its first tenure PML-N had been making every possible effort for the promotion of Islamic banking country. But, he regretted, there was no progress on this account since 2018. Now, he added, once again PML-N led government had started working on fast track to promote Islamic banking and preferred financing through Sukooks. “Islamic Banking must be our first choice,” he asserted adding that according to the Holy Quraan, adopting interest-based trade and finance system meant to declare war with Allah Alminghty and His belevoved last prophet Hazart Muhammad (Peace Upon Him). He said that riba-based economy was very destruction for the society as it led to injustice, inequality and frustration.

He informed that as result of his pursuance SBP and National Bank of Pakistan had withdrawn their appeals filed in the Supreme Court of Pakistan against the FSC deadline to fully shift to Islamic finance system. He expressed his satlisfaction that Islamic banking was getting edge over the conventional banking by having strong base of assets in trillion of rupees. He was confident that within next five years period set by FSC, the country’s financial system could be coverted into Islamic system. And, that we as a nation should move to ‘Zakat and Ushr’ system. To a demand by the Ulema, he assured that no conventional bank would be allowed to open a new branch. Dar said that the government, along with State Bank of Pakistan, was taking all required steps and providing all maximum facilitation to the banks for financial inclusion wherein the people in remote and less developed areas of the country could be easily become a part of the finance system. This would generate many economic activities.

He mentioned that the country had mostly experienced current and trade deficits because of more expenses than the revenue. The minster assured that the country’s financial position was intact and there was zero chance of default. Chief of Jamiat Ulema Islam-F (JUI-F) Maulana Fazul-ur-Rehman announced that very soon another seminar on ” Hurrmat-e-Sood” would be held in Peshawar in cooperation with the business community and religious organizations. This would be followed by two other seminars, one each in Lahore and Islamabad, he told. He underlined the need for joint efforts by Ulema, business community and the society as a whole for converting the present conventional finance system rather the entire economy into Islamic one, which ensures many social and economic benefits and above all the blessings of Allah Almighty.

He appreciated that holding of the seminar on the topic of ” Hurrmat-e-Sood” that had provided opportunity to gather Ulema from all schools of thought, business leaders and other stakeholders to harvest concrete proposals to the earliest implementation of Federal Shariah Court’s verdict on Islamic banking. He praised the role of Mufti Muhammad Taqi Usmani and Senator Muhammad Ishaq Dar for promotion of Islamic finance.