Minister for Finance, Senator Mohammad Ishaq Dar said that the sitting government had always been committed to the development and promotion of Islamic Finance.
He said the above while chairing the first meeting of a committee for the implementation of the recommendations of a steering committee for the promotion of Islamic banking, said a statement issued here.
Ishaq Dar said the issuance of Sukuks by the present government during the last three years, including the recent issue of US$ 1 bn international Sukuk, was proof of the Government’s commitment to Islamic Finance.
Saeed Ahmad, Deputy Governor, SBP, and committee’s convener briefed the meeting on the recommendations of the steering committee. These recommendations are: (i) formation of a task force to undertake amendments in legal and regulatory framework; (ii) fast track adoption of AAOIFI and IFSB standards for Islamic Financial Institutions; (iii) develop a policy to raise new international financing through Islamic modes; (iv) harmonisation by SECP of terms and conditions of Shariah compliant instruments issued by NBFC, Notified Entities and Modarabas; (v) Promotion of Islamic finance research and development; (vi) training and capacity building of focal persons in government departments; (vii) formation of an Implementation Committee to deliver the above recommendations
After detailed deliberations with the committee, the finance minister directed the notification of four sub-committees, with membership derived from all the relevant stakeholders, to ensure effective and timely implementation of recommendations.
These are:
- Sub-Committee on Legal and Regulatory Framework
- Sub-Committee on Taxation
- Sub-Committee on Capital Market
- Sub-Committee on Awareness , Training & Capacity Building
The Committee was also briefed on the salient features of the Wakalah Sukuk.
The Finance Minister appreciated the efforts of the committee members and assured them of his full support towards the promotion of Islamic finance in the country.
The meeting was also attended by Finance Secretary, Chairman SECP, Chairman FBR, Chairman PBA, President ICAP, President Bank Alfalah, Shariah Finance experts and other senior officials of the Ministry of Finance and SBP.