Minister for Finance and Revenue Miftah Ismail held a meeting in Islamabad on Tuesday, with renowned Islamic scholars on implementation of Shariah in banking system and elimination of Riba from Pakistan.

The meeting reviewed the current state of Islamic Finance operations in the country, order of the Supreme Court and Federal Shariat Court’s decision in Shariat petition.

The meeting discussed and sought guidance in certain financial areas requiring more clarity for the implementation of Shariah in the financial system of the country.

Religious scholars gave proposals for implementation of banking system on Islamic lines for monetary policy and Islamic interbank system.

It was also suggested that a separate section should be created in the Finance Ministry on Islamic Financing.

The Minister endorsed the suggestions of the religious scholars and asked the relevant authorities to chalk out a program in the light of these suggestions.

Source: Radio Pakistan