Govt to notify high profile committee on Islamic banking: Dar

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KARACHI, Sept. 5 (APP) : Federal Finance Minister Senator
Muhammad Ishaq Dar on Monday said that government was taking serious
steps for the promotion of Islamic banking in the country and that
the opposition political parties should support such efforts.
The Minister was speaking at a conference hosted by the World
Islamic Finance Forum here.
Prime Minister Muhammad Nawaz Sharif wanted to boost Islamic
banking in the country, he said.
Ishaq Dar said , after taking the responsibility as the finance
minister, he had directed State Bank of Pakistan (SBP) to promote
Islamic banking through a comprehensive strategy.
The government had formed a committee which had reviewed the
progress of Islamic banking. For this purpose, he informed, three
Islamic Centres for Excellence had also been set up.
He said our religion Islam asks for riba (interest) free trade and
investment.
” Had a majestic stick, I would have enforced 100 percent Islamic
banking in the country,” he desired.
He said Pakistan is the only country on the world’s map who was
created in the name of Islam.
He said the government had also decided to form a committee for
rapid growth of Islamic banking. It would be notified and made
functional during the current week.
Governor State Bank Ashraf Mehmood Wathra, a Deputy Governor SBP,
Federal Finance Secretary, Chairman Securities and Exchange Commission
of Pakistan, Chairman Federal Board of Revenue, Federal Secretary of
Law, Chairman Pakistan Banking Council, Chairman Sharia Board would
also be its members.
He praised the services of Chairman Sharia Board Mufti Taqi Usman
towards promotion of Islamic banking.
The Federal Finance Minister said that after 2008 crisis in the
banking sector in the world, Islamic banking had gained more
importance as Islamic system preaches for judicious distribution of
economic resources, elimination of poverty and social justice.
On this occasion, he said China-Pakistan Economic Corridor (CPEC)
would prove a game changer in the region. Investment through Islamic
banking could be made in the projects under CPEC.
He said in the near future, Pakistan would be included among the
top eighteen economies of the world.
Pakistan was going in the right direction , which had been
acknowledged by the international organisations, he said.
APP/ah/msk

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