ISLAMABAD - Federal Minister for Finance and Revenue, Miftah Ismail on Tuesday 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.

Minister of State for Finance and Revenue, Dr Ayesha Ghous Pasha, 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 attended the meeting. According to a press statement issued by the finance ministry, the meeting reviewed the current state of Islamic Finance operations in the country, order of the Supreme Court and the Federal Shariat Court’s decision in the 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.

On this occasion, 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 the handling of public debt through Shariah-compliant financing/debt structure.

The Islamic scholars also proposed suggestions for the implementation of the banking system on Islamic lines for monetary policy and the Islamic interbank system. It was also suggested that a separate section should be created in the finance ministry on Islamic Financing. The finance minister while emphasising 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 programme on discussed lines. He further directed for arrangement of meeting of religious scholars with banking sector for more guidance and clarity on the issues regarding Shariah compliant mechanism.