Islamabad: Finance Minister Mohammad Ishaq Dar announced on Monday his strong determination to transform Pakistan into a fully interest-free financial system within the next five years.
The minister made this statement during the launch ceremony of Sarwa Islamic Savings Products by National Savings, which took place at the Finance Division.
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In his address, Minister Dar reiterated the government’s commitment to promoting Islamic finance and establishing a comprehensive interest-free system in Pakistan. He emphasized that this ambitious goal would be accomplished within a strict timeframe of five years.
During his speech, the Finance Minister warmly welcomed the guests and expressed his honor to inaugurate the Shariah-compliant products offered by National Savings. He highlighted that this initiative aligns with the government’s decision to foster Islamic financing, meeting the persistent demand from the public for secure investment avenues in accordance with Shariah principles.
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Minister Dar also informed the attendees about the establishment of a high-level Steering Committee, chaired by the Governor of the State Bank and personally supervised by himself. This committee has been tasked with ensuring a seamless transition to a Shariah-compliant economy.
Concluding his remarks, the Finance Minister commended the Finance Division and the National Savings teams for this significant achievement. The launch of these Shariah-compliant retail products marks a pioneering step at the governmental level, providing Pakistani citizens with access to Shariah-compliant investment options for the first time.
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This transformative move towards a fully interest-free financial system is expected to reshape the economic landscape of Pakistan, attracting both domestic and international investors seeking Shariah-compliant opportunities. The government’s proactive stance and the establishment of the Steering Committee demonstrate a strong commitment to realizing this vision within the designated timeframe.
The implementation of an interest-free financial system not only reflects the government’s adherence to Islamic principles but also aims to foster financial inclusivity and stability. It is anticipated that this transformation will contribute to sustainable economic growth and enhance Pakistan’s position as a leading player in the Islamic finance industry.
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As the nation embarks on this journey towards a fully interest-free financial system, all eyes will be on Pakistan’s progress in achieving this ambitious goal within the stipulated five-year timeframe.
