To achieve the administration’s obligation to incorporate Islamic banking into the financial fabric of the nation by eradicating the interest-based strategy in the nation, the administration attained an awareness with the State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) to abolish their requests against the Federal Shariat Court’s (FSC) decree.
The current examination issue was remanded by the Shariat Appellate Bench of the Supreme Court in 2002 for re-consideration of its conclusion after the FSC in 1992 held Riba as objectionable to Islam.
Accordingly, the FSC held 34 hearings in which it talked with solicitors, jurisconsults, amicus curiae, economists, experts, scholars, chartered accountants, the attorney general for Pakistan, and provincial advocate generals.
Additionally, to honor the explanation for the eradication of interest, enacted by Mufti Taqi Usmani at the Hurmat-e-Sood Conference carried in Karachi on 30th November 2022, the nation has comprised a Steering Committee under the Patronage of Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar with the authorization to counsel the permitted & regulatory reforms and efforts needed for the commission of Federal Shariat Court’s judgment on Riba, to indicate capability facility criteria of the stakeholders for the entire commission of the FSC’s judgment, to survey the improvement of enactment of the FSC’s decision; and remove the blockages, if any.
It will include as ex-officio members:
Federal finance secretary,
Securities and Exchange Commission of Pakistan (SECP) chairman
Pakistan Banks Association chairman
State Bank Deputy Governor FIDFS&IT.
Other members include:
Wifaq-ul-Madaris President Mufti Taqi Usmani,
SBP Shariah Advisory Committee Chairman Mufti Irshad Aijaz,
IBP CEO and member SAC Mansur ur Rehman Khan
Pakistan Reforms and Resource Modernization Commission Chairman Ashfaq Tola,
Haidermota and Co Senior Partner Khozem A Haidermota
State Bank of Pakistan former deputy governor Saeed Ahmad
Meezan Bank President Irfan Siddiqui
Sitara Chemical Industries CEO Muhammad Adrees.