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Body set up for Islamisation of fiscal system

KARACHI: The federal government has constituted an 11-member commission in the State Bank of Pakistan, fully empowered to carry out, control and supervise the process of transformation of the existing financial system to the one conforming to Shariah.

The commission is constituted in compliance with the decision of the Shariat Appellate Bench of the Supreme Court of Pakistan on December 23, 1999, an announcement by the State Bank here on Sunday said.

The commission is headed by I A Hanfi, a former governor of the State Bank.

Mohammad Yunus Khan, Additional Secretary, Finance Division the Chairman, Securities and Exchange Commission of Pakistan, and M Ashraf Janjua, Chief Economic Adviser, State Bank of Pakistan, are ex-officio members of the commission.

Other members are: Salman Shah, economist, Dr Pervez Hasan, advocate, Maulana Rafi Usmani, Islamic scholar, Zakir Mahmood, president-designate, Habib Bank Amar Zafar Khan, president-designate, United Bank and S Mohammad Husain, a chartered accountant.

Dr Fahim Khan of Islamic Development Bank will act as members/secretary of the commission. APP