By Imaduddin, APP
ISLAMABAD: Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization Senator Mohammad Ishaq Dar has announced the constitution of a Ten-member Steering Committee for the promotion of Islamic Banking with Saeed Ahmad, Actuary/Banker as its Chairman.
According to a statement of the Finance Ministry issued here on Tuesday Maulana Mufti Muneeb-ur-Rehman, Religious Scholar, Muhammad Imran Usmani, Religious Scholar, Dr Waqar Masood Khan, Secretary Finance, Munir Kamal, Banker, Afaq Khan, Banker, Irfan Siddiqui, Banker, Atif Bajwa, Banker, Mian Muhammad Idrees, Industrialist and Director, Islamic Banking Department, State Bank of Pakistan as its members.
Other members may be co-opted by Steering Committee, if required.
The Committee will submit its recommendations by December 31, 2014 and the State Bank of Pakistan, Karachi will provide secretarial support to the Steering Committee.
According to the notification the terms of reference include:
1–To review previous official reports on Islamic Banking including:
a. The Report of the Council of Islamic Ideology
b. The Report of “The Commission for Islamization of Economy”.
c. The Report of “Self Reliance Commission” prepared under the Ministry of Planning
d. The Report of the Commission of the State Bank of Pakistan prepared in pursuance of the Judgment of the Supreme Court of Pakistan
2—To formulate comprehensive policy framework for Islamic Financial System.
3—To suggest practical steps needed to be taken to implement Shariah-based financial system.
4—To find out practical ways and means to maximize equity- based financing instead of the widespread debt-based system.
5—To propose solutions for Islamic secondary market/money market for liquidity management.
6—To chalk out a road map and propose a time plan for progression of different phases of Islamic Banking.
7—To study international implications of converting conventional banking into Shariah-compliant banking.
8—To conduct an analysis of the possible legal obstacles in converting conventional banking into Shariah-compliant banking, and the changes required to remove these obstacles.
9—To review the existing research and training facilities available in the country for Islamic finance and suggest measures for further reinforcement and new initiatives in this regard and
10—To chalk out procedure and process for effective monitoring, overview and supervision of above mentioned terms.