Dar says ‘Islamising economy’ towards interest-free future

ISLAMABAD: Federal Finance Minister Ishaq Dar has revealed that the government is planning to eliminate interest from Pakistan’s economic system and implement an Islamic financial system in the country.

He stated that the government has withdrawn its usury policies, and was determined to implement Islamic system in Pakistan and in this regard, the government had withdrawn pleas of the banks against the judgments of the Federal Sharia Court (FSC).

“The FSC had passed judgment to Islamize the economic system within five years,” he said.

A committee consisting of top-notch Islamic scholars  has been constituted in this regard according to Dar.

Source: Earnst & Young

The two most important parts of the Islamic finance world are banking services and the Sukuk market – the Islamic equivalent of the bond market. Between them they account for around 95% of the $1.8 trillion worth of Islamic finance assets (end 2013), according to a World Economic Forum report.

The report ranks Pakistan at number 9 on a list of top 9 global share of Islamic finance banking assets.