Miftah Ismail holds meeting with renowned Islamic scholars on implementation of Shariah in banking system

ISLAMABAD, July 19 (SABAH): Federal Minister for Finance and Revenue Miftah Ismail Ahmed held a meeting with renowned Islamic scholars Mufti Muhammad Taqi Usmani, Dr. Hussian Akbar, Dr. Raghib Naeemi and Shaikh Azhar Iqbal on implementation of Shariah in banking system and elimination of Riba from Pakistan at the Finance Division on Tuesday.

Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Acting Governor SBP, Chairman SECP, Secretary Finance, Secretary EAD, Secretary Law & Justice, and senior officers attended the meeting. The meeting reviewed the current state of Islamic Finance operations in the country, order of the Supreme Court and 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 Shariah in the financial system of the country. Renowned 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 Shariah complaint financing/debt structure. The Islamic scholars also proposed suggestions for implementation of banking system on Islamic lines for monetary policy and Islamic interbank system. It was also suggested that a separate section should be created in the Finance Ministry on Islamic Financing.

The chair 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 program on discussed lines. The Chair further directed for arrangement of meeting of religious scholars with banking sector for more guidance and clarity on the issues regarding Shariah compliant mechanism.

Meanwhile Miftah Ismail has said the present government wants to enhance economic relations with Norway.

Talking to Ambassador of Norway Per Albert Ilsaas in Islamabad on Tuesday, he said both the countries enjoy admirable bilateral relations.

The Finance Minister shared with the envoy the economic policies of the government for sustainable and inclusive growth.

The Norwegian Ambassador said both the countries enjoy excellent relations and these need to be further promoted especially on the economic front.