According to a news agency source, Pakistan’s Finance Minister Ishaq Dar stated on Wednesday that the federal government will introduce an “interest-free” banking system in the nation as soon as possible and would drop any challenges made against it to the Supreme Court the following day.
“With the permission of the prime minister and consultation with the SBP governor, I’m announcing on behalf of the federal government that the SBP (State Bank of Pakistan) and NBP (National Bank) will withdraw their appeals from the SC and our government will fully try to as quickly as possible implement an Islamic system in Pakistan,” Dar said.
Dar claimed in a statement shown on television that recent years have seen obstacles and difficulties in the implementation of an Islamic financial system.
The government was aware that the SBP and the NBP had independently appealed the Federal Sharia Court’s decision to enforce an Islamic form of banking and finance, according to the finance minister.
“Because this is ordained in the Holy Quran, and I believe the barometer of our decisions is the Quran and Sunnah, we all should follow it,” News channel quoted Dar as saying.
Additionally, he asked for divine direction in putting this new system into place.
Dar, though, warned that switching to a new system would be difficult because the new procedure couldn’t be put into place overnight.
However, the minister said that the government would drop the appeals in the coming days.
“The government has decided in the light of teachings of the Holy Quran and Sunnah, the two appeals against the Federal Shariah Court’s verdict by the government will be withdrawn, and work will begin to implement the system within a defined timeline,” Dar further said.
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