Dar announces withdrawal of appeals against FSC decision on interest

Finance Minister Ishaq Dar has announced to withdraw of the appeals filed in the Supreme Court against the decision of the Federal Shariat Court (FSC) on interest.

State Bank of Pakistan and commercial banks including the National Bank of Pakistan (NBP) had filed petitions against the FSC direction to the government to completely transform the banking system into Shariah-compliant banking by December 2027.

Federal Finance Minister Ishaq Dar has said in the press briefing that they are advancing the Islamic banking system in the country and the effort will be to implement it fast. He said that the FSC has given a decision against the interest system in the past.

He said that there was a detailed discussion on this matter and special consultations were held with the Governor of SBP. The finance minister said that with the approval of Prime Minister Shahbaz Sharif the State Bank and The National Bank will withdraw the appeals filed in the Supreme Court against this decision.

He further said that the government will try its best to implement the Islamic system in the country. He said that there were challenges in the banking system which has been going on for 75 years.

Finance Minister has also stated in a tweet that the Board of Asian Infrastructure Investment Bank (AIIB) has today approved $500 million as co-financing of the Asian Development Bank (ADB) funded BRACE program for Pakistan. He has also stated that these Funds will be received by the State Bank of Pakistan within November 2022.

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