Pakistan’s Finance Minister and Islamic Scholars Discuss the Integration of Shariah Compliance in Country's Banking System

Pakistan's Federal Minister for Finance and Revenue, Miftah Ismail, met with eminent Islamic scholars at the Finance Division to discuss the incorporation of Shariah into the financial system and the abolition of Riba in the country, as per a statement issued by the Ministry of Finance and Revenue on the 19th of July 2022.

Why it Matters?

The meeting evaluated the current condition of the country’s financial system and Islamic finance operations, the Supreme Court's order, and the ruling of the Federal Shariat Court in the Shariat petition. Suggestions were made for designing a framework to manage public debt via a Shariah-compliant financing/debt structure, as well as creating a separate section in the Ministry of Finance on Islamic Financing, a...