On Tuesday, Federal Minister for Finance and Revenue Miftah Ismail conducted a meeting with well-known Islamic scholars and traded views on the implementation of the Shariah in the banking system and the elimination of Riba from Pakistan. Attendees of the meeting reviewed the present state of Islamic finance operations in the country, the Supreme Court’s order, and the Federal Shariat Court’s decision on the Shariah petition, a statement issued by the finance ministry read.
The Participants of the Meeting Discussed Certain Banking System Areas Requiring More Transparency
They discussed and sought guidance in certain monetary areas needing more transparency for the implementation of Shariah principles in the banking system. Mufti Muhammad Taqi Usmani and other religious scholars offered their perspectives on different aspects of the Islamic banking system and gave suggestions on designing a framework for the handling of public debt through Shariah-compliant financing/debt structure.
A Separate Section Should be Created in the Finance Ministry for Islamic Financing
The scholars presented ideas for running the banking system on Islamic lines in financial policy and the Islamic inter-bank system. It was suggested that a separate section should be created in the finance ministry for Islamic financing. The finance minister underlined the directive of Prime Minister Shehbaz Sharif on the implementation of the Riba-free system, endorsed the suggestions of the religious scholars, and asked the relevant authorities to chalk out a plan in line with the subjects discussed in the meeting. In addition to this, Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, SBP governor, SECP chairman, Secretary Finance, Secretary EAD, Secretary Law and Justice, and other senior officers were also present at the meeting.