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Finance Minister Chairs 2nd FSC Riba implementation

The Governor State Bank of Pakistan (SBP), the Secretary of Finance, members of the Steering Committee and senior officers from the Finance Division and SBP attended the meeting.

Islamabad, 7 April 2023 (GNP): Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar virtually chaired the 2nd meeting of the Steering Committee on the implementation of the Federal Shariat Court (FSC)’s judgment on Riba today. The Governor State Bank of Pakistan (SBP), the Secretary of Finance, members of the Steering Committee and senior officers from the Finance Division and SBP attended the meeting.

Welcoming the Steering Committee members, Finance Minister Senator Ishaq Dar appreciated the significant progress that has taken place since the formation of the transformation plan developed by SBP in terms of awareness, capacity building, legal and regulatory reforms, and adoption of international standards for the purpose of conversion of the conventional banking system into Shariah compliant system.

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The meeting also discussed the demand and supply side challenges being faced by the task force in eliminating Riba from the financial system and deliberated upon various measures to be taken to address those challenges within the timeframe. The Finance Minister also expressed his confidence that under the chairmanship of the Governor, State Bank of Pakistan, the Steering Committee will be able to complete the task efficiently.

He further instructed all the stakeholders to work with commitment, sincerity, and understanding to overcome all the hurdles in the way of implementing the interest-free system and making the system feasible and stronger so that all citizens would aspire for it.

Finance Minister emphasized the commitment of the Government to promote Islamic finance and eliminate interest-based system in Pakistan in true spirit and assured complete support of the Finance Ministry to the Committee for achieving its mandate and desired objectives.

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