ISLAMABAD: In a sudden decision, government announced that it will move ahead to establish an interest-free, Islamic banking system and withdraw in coming days appeals filed against it in Supreme Court of Pakistan. Finance Minister Ishaq Dar said that appeals filed by State Bank of Pakistan against imposition of Islamic banking system in country.

In a televised statement he said that in recent years progress on imposing an ‘Islamic’ system of banking had faced hurdles and challenges. He disclosed that when Federal Sharia Court earlier this year issued its verdict to impose an Islamic form of financial and banking system, government had knowledge that State Bank of Pakistan and National Bank both representatives of government in banking and financial sector had separately filed appeals in Supreme Court of Pakistan against verdict.

“Because this is ordained in Holy Quran, I believe barometer of our decisions is Quran and Sunnah, we all should follow it,” he said. Dar said that with permission from Prime Minister Shehbaz Sharif and after due consultation with SBP Governor Jameel Ahmed, both central bank and National Bank will withdraw their appeals from Supreme Court. He prayed for divine guidance on imposing this new interest-free system. Government decided in light of teachings of Holy Quran and Sunnah that two appeals against Federal Shariah Court’s verdict by government will be withdrawn and work to implement system in defined timeline.

Published in The Daily National Courier, November, 10 2022

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