Ishaq Dar has decided to step down from his position of finance minister and resigned on Saturday morning, according to media reports.

His resignation has been sent to Prime Minister (PM) Shahid Khaqan Abbasi.  According to sources, the PM will take over the portfolio of the finance ministry in case of the resignation being accepted.

The sources said that some people have been taken into consideration for the position. They said that former Finance Minister Shaukat Tarin and State Bank of Pakistan former Governor Dr Ishrat Hussain are considered as front runners. Advisor to Prime Minister Miftah Ismail is also among the contenders.

Corruption case: Hearing underway against Ishaq Dar

According to sources, Dar made the decision to resign after the National Accountability Bureau (NAB) requested on Thursday an accountability court to add his name on the Exit Control List.

The accountability court issued on November 14, non-bailable arrest warrants against Dar for the fourth time when he failed to appear before court. Dar is currently in London for his medical treatment. A corruption case against Dar has been filed by NAB in light of the Supreme Court’s July 28 judgment in the Panama Papers case.