PM Directs Constitution of Task Force for Elimination of Riba

Prime Minister Shehbaz Sharif has directed the constitution of a task force to propose a way forward and a concrete plan for the elimination of Riba from Pakistan in light of the Federal Shariat Court’s decision regarding Riba. According to the notification issued by the Finance Division, the task force will be headed by the Federal Minister for Law and Justice, Azam Nazeer Tarar. The members of the task force include Member of National Assembly (MNA) Maulana Asad Mahmood, MNA Riaz Pirzada, Qamar Zaman Kaira, Governor State Bank of Pakistan (SBP), Chairman Securities & Exchange Commission of Pakistan (SECP), Secretary Finance Division, Secretary Economic Affairs Division, Secretary Law and Justice Division, Mufti Taqi Usmani, Sheikh Azhar Iqbal, Mufti Qasim Attari, Dr. Muhammad Hussain Akbar, Dr. Raghib Naeemi, and Additional Finance Secretary Finance Division. The task force will assess and review the current state of Islamic Finance operations in the country. Further, it will review the order of the Supreme Court whereby the case was remanded back to the Federal Shariat Court (FSC) and review the order of the FSC to assess whether all the questions framed in the Supreme Court order have been suitably addressed in current FSC order. It will also identify areas where the implementation of the FSC order can require more focus and effort, such as foreign currency finance and foreign trade, and suggest a mechanism and plan in these particular cases. In addition, it will identify the gaps in the federal and provincial laws and suggest appropriate amendments to the laws to align them with Shariah principles concerning Riba. The task force has also been given the responsibility to recommend practical solutions for the conversion of the Public Debt into Shariah-compliant financing. Providing guidance on Shariah-compliant monetary policy and Islamic interbank offer rates (replacement of Kibor) will also be included in its duties. The committee will meet at least monthly or as and when required.