Ishaq Dar says committee formed to promote Islamic banking

ISLAMABAD: Finance Minister Ishaq Dar on Tuesday reiterated the federal government’s resolve to promote Islamic banking in the country, pointing out that a committee has been constituted in this regard, ARY News reported.

Speaking on the National Assembly floor, the finance minister said that the committee – comprising of eminent scholars – is working on a fast-track basis to further enhance the scope of Islamic banking which currently stands at twenty one percent.

Ishaq Dar noted that the ruling coalition has always tried to extend maximum relief to the masses bearing in mind the country’s international obligations and trends in the international market.

He referred to the recent reduction made by the government in the prices of petroleum productions including thirty rupees per liter in diesel and twelve rupees per liter in petrol.

Ishaq Dar said reduction in the price of diesel is eleven percent and its price has been slashed from 288 to 258 rupees per liter.

The finance minister urged the transporters to reduce their fares keeping in view the reduction made in petroleum products.

He said responsibility rests with all including the provincial governments to ensure that the benefit of this relief reaches the common man genuinely.

Islamic banking

It is pertinent to mention here that the Federal Shariat Court had declared an interest-based financial system in Pakistan against sharia after it announced its verdict in Riba case.

Jamaat-i-Islami chief Siraj ul Haq termed it a historic moment of the country and lauded the three-member bench that announced the verdict.

Read More: Ishaq Dar says govt committed to promote Islamic Banking in Pakistan

The three-member bench of the Federal Shariat Court in its verdict said that the existing laws related to riba and interest are against Shariah and it is the responsibility of the government to replace the existing system and bring laws in accordance to the guidance in Quran and Sunnah.

The court further set a deadline of 31 December 2027 to fully implement court’s order on elimination of interest from the country and said that the government could also implement the decision prior to the deadline.

Petrol prices

A day earlier, the finance ministry notified a decrease in petrol, diesel and other petroleum products prices.

Finance Minister Ishaq Dar announced the reduction in petrol price by Rs12 per litre, fixing the new price of petrol up to Rs270 per litre for the next 15 days.

The high-speed diesel (HSD) price was reduced by Rs30 per litre and the new price will be Rs258 per litre. Rs12 per litre has been reduced for kerosene oil and the new price will be Rs164.07 per litre.

Rs12 per litre has also been reduced for light diesel, reducing it from Rs164.68 to Rs152.68 per litre.