Pakistan’s government has constituted four sub-committees under its finance ministry for prmoting and facilitating Islamic banking in the country. The sub-committees are on legal and regulatory framework to encourage conventional banks with large Islamic banking operations to convert into full-fledged Islamic banks, on taxation to review tax related matters of Islamic banking and make it a competitive business model, on capital market to harmonize terms and conditions of Shariah compliant instruments on Islamic basis, and on awareness, training and capacity to promote culture of Islamic finance research and development. Finance minister Muhammad Ishaq Dar said the government is taking structured policy actions to promote Islamic banking in Pakistan.
