In a sudden decision, the Pakistan government on Wednesday blazoned that it’ll move ahead to establish an interest-free, Islamic banking system and withdraw in the coming days appeals filed against it in the Supreme Court, according to a media report.
This was blazoned by Finance Minister Ishaq Dar on Wednesday, Samaa TV reported.
In a televised statement, Dar said that in recent times, the progress on assessing an Islamic system of banking had faced hurdles and challenges.
He bared that when the Federal Sharia Court before this time issued its verdict to put an Islamic form of fiscal and banking system, the government had knowledge that the State Bank of Pakistan( SBP) and the National Bank– both representatives of the government in the banking and fiscal sector– had independently filed prayers in the Supreme Court against the verdict. ” Because this is ordained in the Holy Quran, and I believe the mark of our opinions is the Quran and Sunnah, we all should follow it,” he said, Samaa TV reported.
Dar said that with authorization from Prime Minister Shehbaz Sharif and after due discussion with SBP Governor Jameel Ahmed, both the central bank and the National Bank will withdraw their prayers in the Supreme Court and that the government will try its utmost to apply the Islamic system of banking as soon as possible, the report said.
He also supplicated for godly guidance on assessing this new, interest-free system.
Dar, still, reminded that there are a lot of challenges in enforcing this system since Pakistan’s entire banking system in vogue for the once 75 times can not suddenly move to a different system. ” The government has decided in the light of training of the Holy Quran and Sunnah, the two prayers against the Federal Shariah Court’s verdict by the government will be withdrawn, and work will begin to apply the system within a defined timeline,” he said.
