Ishaq Dar vows to eliminate the interest-based system in Pakistan

Finance Minister Ishaq Dar Friday vowed to promote Islamic finance and eliminate the interest-based system in Pakistan and achieve its goal of transformation within the timeframe of five years, reported 24NewsHD TV channel. 

The minister made these remarks while chairing the first meeting of the Steering Committee on the implementation of the Federal Shariat Court (FSC) judgment on Riba Friday. 

He appreciated the State Bank of Pakistan (SBP) Governor for his efforts in making a roadmap for the implementation of Islamic financing and an interest-free system and hoped that the guidance of the governor will lead the implementation of an interest-free system to its logical end.

He expressed satisfaction with SBP and the National Bank of Pakistan (NBP) for withdrawing appeals in the Supreme Court against the judgment of the Federal Shariat Court and paving the way for its implementation.

Ishaq expressed hope that the decisions of this meeting would be beneficial for the proliferation of the Islamic financing system. He stressed all the stakeholders to work with commitment, sincerity, and understanding to overcome the hurdles in way of implementation and making the system feasible and stronger.