Religious scholars and banking sector representative: Miftah underscores need for dialogue
- Seeks guidance and clarity on the issues of Sharia-compliant mechanism
ISLAMABAD: Finance Minister Miftah Ismail has desired for arranging a meeting between religious scholars and the banking sector for more guidance and clarity on issues of Sharia-compliant mechanism on Friday or next Monday.
On Tuesday, the finance minister held a meeting with Islamic scholars, Mufti Muhammad Taqi Usmani, Dr Hussian Akbar, Dr Raghib Naeemi, and Shaikh Azhar Iqbal on the implementation of Sharia in the banking system and the elimination of Riba from Pakistan.
According to the Ministry of Finance, the meeting reviewed the current state of Islamic finance operations in the country, order of the Supreme Court, and the Federal Shariat Court’s decision in Shariat petition.
The meeting discussed and sought guidance in certain financial areas requiring more clarity for the implementation of Sharia in the financial system of the country.
Islamic Scholar Mufti Muhammad Taqi Usmani and others shed light on the different aspects of the Islamic financial system and gave their suggestions for designing a framework for handling of public debt through Sharia-complaint financing/debt structure.
Riba-free Islamic banking system: 5-year time frame by FSC ‘too ambitious’: Miftah
The Islamic scholars also proposed suggestions for the implementation of banking system on Islamic lines for monetary policy and Islamic inter-bank system.
It was also suggested that a separate section should be created in the Ministry of Finance on Islamic financing.
The chair, while emphasizing the directive of the prime minister on the implementation of Riba-free system in Pakistan, endorsed the suggestions of the religious scholars and asked the relevant authorities to chalk out the programme on discussed lines.
An official said the finance minister directed that a meeting should be arranged between religious scholars and the banking sector for more guidance and clarity on Sharia-compliant mechanism.
Sources said that religious scholars have suggested that banks instead of going into appeal against the Sharia court’s decision seek review of the decision.
The meeting was attended by Minister of State for Finance and Revenue Aisha Ghous Pasha, Acting Governor SBP, Chairman SECP, Secretary Finance, Secretary EAD, Secretary Law and Justice, and senior officers.
Copyright Business Recorder, 2022
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