SBP, NBP to withdraw appeals against interest free banking verdict: Dar

Islamabad: Federal Minister for Finance and Revenue Senator Muhammed Ishaq Dar on Wednesday said that State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) would withdraw their petitions from the Supreme Court of Pakistan against the judgment of the Federal Shariat Court in which the court had ordered implementation of interest-free banking system in the country.

Addressing a press conference, the minister said in this regard he held several meetings and detailed discussions with the Governor, State Bank of Pakistan and under the special directives of Prime Minister, it was decided that both the SBP and NBP would withdraw their petitions against the decision.

He said that the government would also expedite its efforts to introduce Shariah compliant banking system in the country for rapid growth and promotion of Islamic bank and finance.

He further informed that during 2013-18 several steps were being taken to promote Islamic economic system and a special committee comprising on Islamic scholars were also formed, adding that Islamic Banking system also observed significant growth and progress at that time.

However, he said that from last few years the sector was completely neglected and no further progress was witnessed, adding that promotion of Islamic economic system and interest free banking was the top priority of incumbent government

He said that government was also determined to overcome all the challenges faced for introducing interest free banking system and it will take all possible measures to take forward the interest free banking and economy for the prosperity of nation.

The minister also congratulated the nation on the victory of Pakistan cricket team against New Zealand.

SOURCE: APP