Finance Minister, Ulema discussed implementation of Shariah in Banking system

• Miftah Ismail, Federal Minister for Finance and Revenue, met with prominent Islamic scholars Mufti Muhammad Taqi Usmani, Dr. Hussian Akbar, Dr. Raghib Naeemi, and Shaikh Azhar Iqbal to discuss the application of Shariah in the financial system and the abolishment of Riba in Pakistan.
• The conference assessed the country’s present situation of Islamic Finance operations, the Supreme Court’s ruling, and the Federal Shariat Court’s verdict on the Shariat case
• The Islamic scholars also offered ideas for executing the banking system on Islamic principles for monetary policy and the Islamic interbank system

ISLAMABAD: Miftah Ismail, Federal Minister for Finance and Revenue, met with prominent Islamic scholars Mufti Muhammad Taqi Usmani, Dr. Hussian Akbar, Dr. Raghib Naeemi, and Shaikh Azhar Iqbal on Tuesday to discuss the application of Shariah in the financial system and the abolishment of Riba in Pakistan.

The conference was attended by Dr. Ayesha Ghous Pasha, Minister of State for Finance and Revenue, Governor State Bank of Pakistan (SBP), Chairman Securities and Exchange Commission of Pakistan (SECP), Secretaries Finance, Economic Affairs Division (EAD), Law & Justice, and senior officers.

According to the details published by the finance ministry, the conference assessed the country’s present situation of Islamic Finance operations, the Supreme Court’s ruling, and the Federal Shariat Court’s verdict on the Shariat case.
The gathering addressed and asked for recommendations in specific financial sectors where more transparency is needed for the application of Shariah in the country’s financial system.

Mufti Muhammad Taqi Usmani and others spoke on the occasion about the many features of the Islamic financial system and offered suggestions for specifying a framework for negotiating with public debt through Shariah-compliant financing/debt structure.

The Islamic scholars also offered ideas for executing the banking system on Islamic principles for monetary policy and the Islamic interbank system.
It was also suggested that the finance ministry establish a certain unit for Islamic financing.

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While reiterating the Prime Minister’s mandate on the execution of a Riba-free system in Pakistan, the finance minister accepted the proposals of religious experts and asked the necessary authorities to design the program along the lines cited.
He also requested that a conference of religious experts be organized with the banking industry to provide additional direction and clarification on Shariah-compliant mechanisms.