'Islamabad Capital Territory Prohibition of Interest on Private Loans Bill': Parliamentary panel seeks recommendations

A parliamentary panel on Monday sought recommendations from Ministry of Finance, Ministry for Law and Justice and Council of Islamic Ideology on the "Islamabad Capital Territory Prohibition of Interest on Private Loans Bill, 2017" in ten days which aims to prohibit the business and practices of private money lending and advancing loans and transactions based on interest.
The Senate Standing Committee on Interior met with Senator Rehman Malik in the chair here on Monday where the "Islamabad Capital Territory Prohibition of Interest on Private Loans Bill, 2017," moved by Jamaat-e-Islami Senator Maulana Siraj ul Haq, was discussed.
Siraj-ul-Haq recommended that immediate steps should be taken to abolish interest-based economic system and necessary legislation be made to introduce interest-free economic system in the country. He further said that such bills have been passed by Khyber Pakhtunkhwa and Balochistan assemblies and according to the Constitution, there should be a ban on interest on private loans. The State Bank of Pakistan (SBP) has started interest-free business and about 11 percent interest-free businesses are being carried.
Senator Javed Abbasi said that interest-free system should be in the whole country. Atiq Sheikh said that Law Ministry's viewpoint should be sought on the bill.
The committee chairman sought recommendations from Ministry of Finance, Ministry for Law and Justice and Council of Islamic Ideology on the bill. It was revealed before the committee that Civil Aviation Authority (CAA) has allegedly given contract of canteen and lounge at Karachi Airport illegally to a foreign company M/s Hadeed International Ltd.
The DG CAA said that Interior Ministry had issued NoC and Securities & Exchange Commission of Pakistan (SECP) registered it, while Board of Investment had allowed it to operate. The committee expressed annoyance how CAA allowed a foreign company to operate in such a sensitive area and under what law. The country's security has been put at risk. The committee has directed to conduct an inquiry and present report before the committee within three weeks.
Malik said that FATF is a major problem for Pakistan. Money laundering allegations are being leveled against Pakistan. These allegations are due to drugs, which are grown and sold by Afghanistan but victim is Pakistan, he said, questioning why it is not being controlled there.
He said that Pakistan has been paying a heavy price in terms of life and property in fight against terrorism for more than a decade, but the US is not giving due rewards.
The committee also passed a resolution saying that Pakistan has been made a soft target with respect to allegations and FATF is not taking effective measures in this regard. The committee asked for stopping baseless allegations against Pakistan and taking effective measures to stop production of drugs and their supply from Afghanistan.
Malik said that all political parties agreed on formation of a parliamentary commission to probe rigging allegations in the general election 2018. Some questions were sent to Election Commission of Pakistan and their answers were received while final draft is under process to be finalized. It is not an issue of any party, but it is imperative to improve the system and avoid such situations in future, he further said.