Interest-free economy does not mean changing of whole system

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Bank of China and other foreign banks express their reservations

Ijaz Kakakhel
Islamabad

A legislative body of Upper House of parliament on Wednesday was informed that the government is working over elimination of interest/Riba but the plan doesn’t aim at the transition of whole finance system however it is limited to certain windows and products.

Aisha Ghaus Pasha, State Minister for Finance and Revenue expressed these views during a meeting of the Senate Standing Committee on Finance and Revenue, which was held today at Parliament House while Senator Saleem Mandviwalla on Chair.

The committee was apprised on withdrawal of appeals by Federal government against the verdict of Federal Shariat Court on Interest/Riba. Officials of State Bank of Pakistan (SBP) informed the committee that, Federal Shariat Court in his judgment pronounced that Riba shall be eliminated from country till June 2022.

However, the appeal was filed to extend the time period and for the guidance of Federal Shariat court in this matter. Aisha Ghaus Pasha, State Minister for Finance and Revenue, told that every political party has expressed inclination toward the elimination of interest/Riba and SBP is working on transformational plan, which will be implemented in the coming years. Senator Saleem Mandviwalla informed that, Bank of China and other Foreign Banks wrote a letter about this pertinent matter and advised the ministry to address their reservations in this regard.

The Senate body congratulated the Khawaja Masood Akhtar owner of ‘FORWARD Sports’ for being the Pakistan sole company, whose footballs were used in FIFA 2022 Qatar World Cup. Senator Saleem Mandviwalla stated that Khawaja is an another success story of Pakistan, whose footsteps shall be followed by the other industrialists of Pakistan.

He further added that Khawaja played a pivotal role in displaying the positive image of Pakistan worldwide. The committee also endorsed Khawaja named for the Highest Civilian Award for his contributions in manufacturing industry.

Moreover, the senate committee also discussed the matter relating to notices sent to business persons by FBR under Anti-Money Laundering Act.