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Finance Minister vows to introduce interest-free banking system
February 02, 2023

Finance Minister Mohammad Ishaq Dar has expressed the government's resolve to make all out efforts to transform banking system in accordance with the Islamic teachings and injunctions.

Virtually addressing the "National Islamic Economic Forum's conference on Roadmap for Islamization of the Economy", he said it is a big challenge to switch over the prevailing banking system according to Shariat. However, it is our desire to get rid of the interest-based banking system as soon as possible.

The Finance Minister expressed his government's determination to make Pakistan an economic power after nuclear power.

He said Islamic banking is flourishing in the country and recommendations of the forum will auger well for eliminating interest-based system from the country.

Ishaq Dar said when the State Bank of Pakistan and other commercial banks filed appeal in the Supreme Court of Pakistan against Federal Shariat Court's decision regarding interest-based system, the PML-N leadership including former Prime Minister Muhammad Nawaz Sharif decided to withdraw the appeal and we did it after assuming the power.

He said the government also constituted a committee under the chairmanship of Governor State Bank of Pakistan with Ulema and bankers as its members to look into the issue.

The Finance Minister also strongly criticized the previous government of Pakistan Tehreek-e-Insaf for massive mismanagement and misgovernance to ruin the country's economy.