The announcement from the Ministry of Finance last week that it will advise the State Bank of Pakistan and National Bank to withdraw their appeal against the Federal Shariat Court’s decree to convert to an Islamic financial system comes as a welcome step. Senator Mohammad Ishaq Dar, Federal Minister for Finance and Revenue, announced that the government will be moving ahead to ensure the conversion to Islamic instruments by 2027 and has already initiated the process.
While appreciating the decision by the Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar, as potentially conducive to a better and stronger economy and Pakistan’s financial future, Yousaf Hussain, President & CEO, Faysal Bank Limited, stated, “Faysal Bank, having embarked on and now being on the verge conversion from a conventional to an Islamic Bank, is poised to assume the lead role within Pakistan’s banking and financial sector to facilitate the complete conversion from interest-based banking to a Shariah-compliant banking system.
