13-Member Committee To End Interest-Based Banking In Pakistan Is Notified By The Government

SBP and NBP agreed to withdraw their appeals against the Federal Shariat Court’s (FSC).

The State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) agreed to withdraw their appeals against the Federal Shariat Court’s (FSC) order in order to fulfil the government’s commitment to integrating Islamic banking into the nation’s economic structure by doing away with the interest-based system.

Additionally, in order to uphold the resolution for the eradication of interest that Mufti Taqi Usmani made at the Hurmat-e-Sood Conference held in Karachi on November 30, 2022, the government established a steering committee under the patronage of Senator Mohammad Ishaq Dar, Federal Minister for Finance and Revenue, with the responsibility to offer guidance on the legal and regulatory reforms and actions necessary for the implementation of the Federal Shariat Court’s judgement on Riba;

Governor of the State Bank of Pakistan (Chairman); Secretary of the Finance Division (Member); Chairman of the Securities Exchange Companies of Pakistan; Chairman of the Pakistan Banks Association; and Deputy Governor, FI,DFS&IT, State Bank of Pakistan are all ex-officio members (Member)

Names of Members

Maulana Mufti Muhammad Taqi Usmani, Chairman of the Shariah Advisory Committee SBP, President of Wifaq-ul-Madaris (Member), and Mufti Irshad Ahmad Aijaz (Member)

IBP President and CEO Mansur-Ur-Rehman Khan is a member of the SAC (Member)

Chairman of the Pakistan Reforms and Resource Modernization Commission, Ashfaq Tola (Member)

Senior partner of Haidermota & Co., Khozem A. Haidermota (Member)

Irfan Siddiqi, President of Meezan Bank, Saeed Ahmad, Former Deputy Governor of the State Bank of Pakistan, and Mian Muhammad Adrees, CEO of Sitara Chemical Industries (Member)

Written by Aly Bukshi

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