ISLAMABAD, Pakistan: The Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar on Monday launched Shariah Compliant Investment 4 Products to promote Islamic financial system and to gradually eliminate interest based financial system in Pakistan.
In his address at the Launch Ceremony, the finance minister said that it is an honor for him to inaugurate the Shariah Compliant Products by National Savings.
The minister said that this initiative is in line with the government’s decision to promote Islamic Financing and these products shall cater to persistent public demand for safe investment avenues in line with the principles of Shariah.
The finance minister further expressed the resolve and commitment of the government to promote Islamic finance and establish an interest-free system in Pakistan within a timeframe of five years.
Ishaq Dar also informed the participants that the government has also constituted a high-level Steering Committee for this purpose, headed by the Governor State Bank and being personally supervised by the finance minister himself.
The Steering Committee is mandated to ensure smooth transition to Shariah Compliant economy.
At the end, the finance minister commended the Finance Division and National Savings’ teams for this achievement, as this launch would mark the Shariah Compliant Retail Products at the government level for the first time in Pakistan.
