SBP Plays Instrumental Role in Growth of Islamic Banking

ISLAMABAD, Mar 1 (APP): Ministry of Finance and Revenue on Monday informed National Assembly that State Bank of Pakistan (SBP) had played an instrumental role in growth of Islamic Banking in the country.

Replying to various queries raised by MNA Maulana Muhammad Jamal-ud-Din, Parliamentary Secretary on Finance and Revenue Makhdoom Zain Hussain Qureshi said that SBP is among the few regulators that have introduced comprehensive legal, regulatory and Shariah compliance framework for the Islamic banking industry. He said that owing to its efforts for promoting Islamic Banking in the country, SBP has been awarded as “Best Central bank of the Year 2020” by Global Islamic Finance Awards (GIFA) –Edbiz Consulting. UK.

The NA was further informed that the SBP had also been voted as the central Bank for 2020 in promoting Islamic finance by a poll conducted by Islamic Finance News (IFN), an arm of RED money group, Malaysia. Speaker National Assembly Asad Qaiser directed to convene a meeting of the concerned committee to discuss “The Islamabad Capital Territory Prohibition of Interest on Private Loans”.

He said that Ulema and religious scholars would be invited to discuss it in a meaningful way.

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