KARACHI: Finance Minister Ishaq Dar has expressed his government’s determination to scrap the current interest-based system from the country.
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Addressing a seminar on the subject of “ending interest-based system”, here on Wednesday, he said his government welcomes the decision given by Federal Shariat Court (to bring an end to interest-based system). He claimed that his government was very much concerned when State Bank approached Supreme Court to challenge the verdict of Federal Shariat Court.
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The seminar is being held in collaboration with the Federation of Chambers of Commerce and Industry and the Center for Islamic Economics.
Ishaq Dar said efforts were underway across the globe to connect every individual with the banking system as it had become a prime necessity of every day’s life. He further said that total assets’ worth of Islamic Banking system stands around 5000 billion, and in Pakistan alone they hold upto 20 to 21 billion worth of assets.
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He said private Islamic banks expanded their business ten times over last few years and their branches grown from 100 to 1000 in last nine years. He said Islamic banking has been successful in Pakistan, and its presence in current banking system in the country stands around 20 to 21%.
