Pakistan National Assembly Panel Urges Speedy Transition to Complete Islamic Banking System

Pakistan's National Assembly (NA) convened a panel on the 4th of September 2020 to move the country to a complete Islamic financial system post-haste, according to local media reports. The panel comprised bankers, parliamentarians, religious scholars, as well as representatives from relevant ministries and the State Bank of Pakistan (SBP).

The NA’s standing Committee on Finance and Revenue expressed dissatisfaction in the slow progress of eliminating riba (charging interest on loans) and asked that the Government of Pakistan shift all deposits to Shariah-compliant modes, which could be done free of legislation. Chairman of the Committee on Finance and Revenue, Faiz Ullah ordered the SBP and Ministries of Law and Fi...