The Finance Division, Govt of Pakistan issued the working paper on 20th July 2022 in connection with formation of taskforce to propose way forward subsequent to federal shariat court decision on elimination of RIBA.
Federal Govt Formation Taskforce For Elimination of RIBA
The Prime Minister of Pakistan has directed to constitute a taskforce to propose a way forward and a concrete plan for elimination of Riba from Pakistan in the light of Federal Shariat Court’s decision in Shariat Petition No. 30/L/1991 dated 28-04-2022. In this regard a meeting is being held on 19-07-2022 under the chairmanship of Federal Minister for Finance.
Composition of the Taskforce
| i | Federal Minister for Law & Justice | Chairman |
| ii | Maulana Asad Mahmood, MNA | Member |
| iii | Mr. Riaz Pirzada, MNA | Member |
| iv | Mr. Qamar Zaman Kaira (Representative, of (PPPP) | Member |
| v | Governor, State Bank of Pakistan | Member |
| vi | Chairman, Securities & Exchange Commission of Pakistan | Member |
| vii | Secretary, Finance Division | Member |
| viii | Secretary Economic Affairs Division | Member |
| ix | Secretary Law & Justice Division | Member |
| x | Mufti Taqi Usmani | Member |
| xi | Sheikh Azhar Iqbal |
Member |
| xii | Mufti Qasim Attarim |
Member |
| xiii | Dr. Muhammad Hussain Akbar |
Member |
| xiv | Dr. Raghib Naeemi |
Member |
| xv | Additional Finance Secretary (IF), Finance Division |
Secretary |
Terms of Reference
- Assess and review the current state of Islamic Finance operations in the country.
- Review the order of the Supreme Court whereby the case was remanded back to 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.
- Identify areas where implementation of the FSC order can require more focus and effort, for example foreign currency finance and foreign trade, and suggest a mechanism and plan in these particular cases.
- Identify the gaps in the Federal and Provincial laws and suggest appropriate amendments in the laws so as to align them with the principles of Shariah with respect to Riba.
- Recommend practical solutions for conversion of the Public Debt into Shariah compliant financing/debt.
- Provide guidance on Shariah compliant monetary policy and Islamic interbank offer rates (replacement of Kibor).
- The committee shall meet at least monthly or as and when required.
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