ISLAMABAD: Finance Minister Ishaq Dar said it is our stand interest based system should be eliminated as soon as possible from country.

“Promotion of usury system is declaration of war against Allah and Holy Prophet (PBUH) and we cannot fight this war”, he said this while virtually addressing ‘National Islamic Economic Forum’s conference on Roadmap for Islamisation of Economy’.

He held switching over to Islamic economic system is close to my heart. All including government will have to launch efforts for doing this virtuous deed. It is our endeavour that Islamic banking system is implemented before year, he stated.

When I was finance minister from 2013 to 2017 then I had worked on Islamic banking system, he indicated. During this period state bank and SECP had worked along with Mufti Taqi Usmani.

He underlined that government has resolved tax problem. In order to promote Islamic banking 2 percent tax concession was granted to listed manufacturing companies. At that time only Meezan Bank was running Islamic banking system. It had only 100 branches and at present it has over 1,000 branches in country. People have great inclination towards Islamic banking system.

Published in The Daily National Courier, February, 03 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.