Govt forms 13-member committee to guide it on making Pakistan’s economy interest-free

The federal government on Friday notified the creation of a 13-member steering committee to provide strategic guidance on implementing the Federal Shariat Court’s judgement on making Pakistan’s economy free of interest.


A notification in this regard issued by the Finance Division on Friday said that the federal finance minister will oversee the workings of the committee.

The committee will be led by the governor of the State Bank of Pakistan.

The committee has been tasked with providing the government with the necessary guidance on the legal and regulatory reforms and actions required for the implementation of the Federal Shariat Court’s judgement on interest.

Further, the committee has to suggest capacity building measures of the stakeholders for full implementation of the FSC’s decision.

It will also monitor the progress of the implementation of the FSC’s judgement and remove the bottlenecks if any.

It will include as ex-officio members:

  • Federal finance secretary,
  • Securities and Exchange Commission of Pakistan (SECP) chairman
  • Pakistan Banks Association chairman
  • State Bank Deputy Governor FIDFS&IT.

Other members include:

  • Wifaq-ul-Madaris President Mufti Taqi Usmani,
  • SBP Shariah Advisory Committee Chairman Mufti Irshad Aijaz,
  • IBP CEO and member SAC Mansur ur Rehman Khan
  • Pakistan Reforms and Resource Modernization Commission Chairman Ashfaq Tola,
  • Haidermota and Co Senior Partner Khozem A Haidermota
  • State Bank of Pakistan former deputy governor Saeed Ahmad
  • Meezan Bank President Irfan Siddiqui
  • Sitara Chemical Industries CEO Muhammad Adrees.
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