Pakistan to set up interest-free banking system as soon as possible: Finance Minister Ishaq Dar

Pakistani Finance Minister Ishaq Dar said on Wednesday that the federal government would establish an “interest-free” banking system in the country as soon as possible and would withdraw appeals against it in the Supreme Court in the coming days, according to a Dawn’s report.

“With the permission of the Prime Minister and in consultation with the Governor of SBP, I am announcing on behalf of the Federal Government that SBP (State Bank of Pakistan) and NBP (National Bank) will withdraw their appeals from the SC and our government will fully try to implement an Islamic system in Pakistan as soon as possible,” Dar said, according to the South Asian nation’s leading daily.

In a televised statement, Dar said progress towards imposing an Islamic banking system had encountered obstacles and challenges in recent years.

The finance minister said the government was aware that the SBP and NBP had separately filed appeals in the Supreme Court against the Federal Shariah Court’s verdict to impose an Islamic form of financial and banking system.

“Because it is ordained in the Holy Quran, and I believe the barometer of our decisions is the Quran and the Sunnah, we should all follow it,” Dar said as quoted by Samaa TV.

He also prayed for divine guidance in implementing this new system.

Dar, however, said switching to a new system would be fraught with challenges because the new practice cannot be implemented suddenly.

Nevertheless, the government has decided to withdraw the appeals in the coming days, the minister said.

“The government has decided in the light of the teachings of the Holy Quran and the Sunnah, the two appeals against the verdict of the Federal Shariah Court by the government will be withdrawn, and work will begin to implement the system within a period of time. defined,” Dar added. .

Comments are closed.