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ISLAMABAD: The federal government has formed a 13-member steering committee headed by Finance Minister Ishaq Dar for implementing the Federal Shariat Court’s (FSC) verdict for interest-free economy.
The Finance Division notified the constitution of a 13-member steering committee to provide strategic guidance regarding the FSC verdict’s implementation for the interest-free economy.
According to the notification, the ex-Officio members included State Bank of Pakistan (SBP) governor, secretary finance, Securities Exchange Commission of Pakistan (SECP) chairman, the Pakistan Banks Association chairman, SBP FIDFS&IT deputy governor.
Other members included President Wifaq-ur-Madaris Maulana Mufti Taqi Usmani, SBP Shariah Advisory Committee chairman Mufti Irshad Ahmad Aijaz, IBP President Mansur-ur-Rehman Khan, Pakistan Reforms and Resources Modernization Commission chairman Ashfaq Tola, Haidermota & Co senior partner Khozem A Haidermota, SBP ex-deputy governor Saeed Ahmad, Meezan Bank President Irfan Siddiqi and Sitara Chemical Industries CEO Mian Muhammad Adrees.
Moreover, the Executive Director of the SBP’s Islamic Banking Department will act as secretary of the steering committee.
According to the terms of reference (ToRs), the committee will provide guidance on the legal and regulatory reforms and actions required for the implementation of FSC’s judgement on Riba (interest).