Govt forms Dar-led committee to make Pakistan’s economy interest free
The federal government has constituted a finance minister Ishaq Dar-led 13-member steering committee comprising religious scholars, bankers, chartered accountants and industrialists to provide a strategic guidance for elimination of interest within a five-year deadline set by the Federal Shariat Court (FSC).
According to the notification issued by the Ministry of Finance, the committee will include eight members from the private sector and five ex-members from the government.
The Steering Committee will provide strategic guidance regarding the legal and regulatory reforms and measures required to implement the decision of the Federal Shariat Court.
It would also suggest capacity-building measures of the stakeholders for full implementation of the FSC’s decision and monitor the progress of implementation of the FSC’s judgment, and remove the bottlenecks.
In an order issued by the Federal Shariah Court on April 28, the federal and provincial governments were directed to enact necessary legislation to deal with usury and implement all laws in accordance with the injunctions of Islam by 2027 and in the future.
The FSC in its April 28 order directed the federal and provincial governments to complete the necessary legislation and bring all laws into conformity with the injunctions of Islam by 2027 deadline.
The court directed to adopt the Shariah compliant modes in future while borrowing from domestic or foreign sources.
Private sector member:
- 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.
Ex-officio members:
- SBP Goveror
- Federal finance secretary
- Securities and Exchange Commission of Pakistan (SECP) chairman
- Pakistan Banks Association chairman
- State Bank Deputy Governor FIDFS&IT.
