Committee formed to provide strategic direction for elimination of Riba

The Government of Pakistan has constituted a 14-member steering committee comprising religious scholars, bankers, chartered accountants and industrialists to provide a strategic direction for elimination of Riba within a five-year deadline set by the Federal Shariat Court (FSC).

The committee headed by Finance Minister Ishaq Dar, will have eight private sector members and five ex-officio members from the government side, according to a notification issued by the finance ministry.

The private sector members include Mufti Muhammad Taqi Usmani, President of Wifaqul Madaris; Mufti Irshad Ahmad Aijaz, Chairman of Shariah Advisory Committee of the State Bank of Pakistan (SBP); Mansurur Rehman Khan, President and CEO of Institute of Bankers Pakistan; Ashfaq Tola, Chairman of Pakistan Reforms and Resource Modernisation Comm­ission, Khozem A. Haidermota, Senior Partner, Haidermota & Co, Saeed Ahmad, former deputy governor of SBP, Irfan Siddiqi, President, Meezan Bank; and Mian Muhammad Idrees, CEO, Sitara Chemical Industries.

The ex-officio members include SBP governor, deputy governor of FIDFS & IT, SBP, finance division secretary, chairman of the Securities & Exchange Commission of Pakistan and chairman of the Pakistan Banks Association.

The steering committee would provide strategic guidance on the legal and regulatory reforms and actions required for implementation of FSC’s verdict on Riba. It would also suggest capacity-building measures of the stakeholders for full implementation of the FSC’s decision and monitor the progress of implementation of the FSC’s judgment, and remove the bottlenecks.

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