Dar reIterates Govt’s all-out support For rIba-Free bankInG system In FIve years

ISLAMABAD Staff report

FEDERALFinance Minister, Ishaq Dar on Thursday assured the fullest support of the present government in efforts to make the banking system of Pakistan interest-free and transform it according to Islamic principles in five years’ time as per the deadline for the purpose given by the Federal Shariat Court.

The Finance Minister held out the assurance to this effect while addressing as the chief guest via video link at the National Islamic Economic Forum Conference-2023 (NIEFC) jointly organised by Saylani Welfare International Trust (SWIT) and Darul Uloom Memon here at a hotel on Thursday.

Dar told an audience at the conference that the cause of implementing Islamic principles in the banking sector was very close to his heart as he sincerely wished that banking systems became interest-free in Pakistan. “As a sincere follower of the teachings of Islam it is my earnest desire to get rid of the interestbased financial system in our country,” said the Finance Minister.

He said that brainstorming sessions like NIEFC with participation by leading financial experts and Islamic scholars went a long way in facilitating the government to achieve the cause of reforming the banking system as per the guiding principles of Islam.

He said that with the involvement of every concerned stakeholder including noted religious scholars, financial, and economic experts Pakistan would easily fulfill the task of making the banking system interest-free and Shariah-compliant within five years.

He said that in his previous tenure as the Finance minister he had introduced a number of initiatives to speed up the process of adoption of Islamic principles

IHC reserves decision on Gill’s objection on appointment of special prosecutor

ISLAMABAD Staff report

The Islamabad High Court (IHC) has reserved its verdict on the petition against the appointment of a special prosecutor in Shahbaz Gill’s sedition case.

IHC Chief Justice (CJ) Aamer Farooq conducted the hearing on Shehbaz Gill’s petition against the appointment of a special prosecutor in the sedition case. Shahbaz Gill had challenged the appointment of Special Prosecutor Raja Rizwan Abbasi as Special Prosecutor.

However, Aleem Abbasi Advocate appeared in the court on behalf of Prosecutor Rizwan Abbasi.

“This happens only in exceptional circumstances and not in this case,” Gill’s counsel contended.

During the hearing, CJ Aamer Farooq reminded that a special prosecutor was appointed in most cases.

“Has the attorney general been appointed?” asked the CJ. “The attorney general is being appointed,” Gill’s counsel replied.

second-hand smoke is just as dangerous

by the banking system.

The Finance Minister said that in the past term, he had offered two per cent tax exemption to the listed manufacturing companies that duly adopted the Islamic banking system. He said that as soon as he had assumed the Finance Ministry he implemented his thinking by advising the State Bank of Pakistan and the National Bank of Pakistan to withdraw their appeals against the judgment of the Shariat Court to eliminate interest from the banking system.

Dar said that a steering committee had been formed with all the relevant stakeholders and he being its patron to work on the cause of transforming the banking system as per the Shariah principles. He welcomed the announcement of SWIT Chairman, Moulana Muhammad Bashir Farooqi, to partner with likeminded charities to approach concerned philanthropists within and outside the country for raising at least US $ two bil- lion for the State Bank of Pakistan to facilitate the importers who have been facing serious hardships due to fast depleting foreign exchange reserves.

The Finance Minister hoped that the proposal of Moulana Farooqi would be implemented in a transparent, well-regulated, and structured manner as he offered his assistance to act as a facilitator between State Bank and concerned charities that wanted to collect donations for serving the national economy.

Moulana Farooqi told the audience that he had planned to team up with top charities in Pakistan including Akhuwat, Citizens Foundation, and Indus Hospital to raise funds from concerned donors in Pakistan to facilitate the traders in the country who have been gravely suffering due to suspension of imports. He said the donations collected by his charitable drive would go a long way to generate employment opportunities for the masses in the country.

Pakistani student earns highest score worldwide in ACCA exam

KARACHI Staff report ccording to a statement on Thursday, 107,142 students from around the world entered for the December sitting of ACCA exams, which saw 128,693 exams completed. Huzaifa Jamil from Lahore, Pakistan, emerged as a global award recipient for earning the highest score worldwide in ACCA’s Financial Reporting (FM) paper. 107,142 entered for the December sitting, which saw 128,693 exams completed.

Pass rates have been announced by ACCA (the Association of Chartered Certified Accountants) for students who sat their exams in December 2022.

ACCA’s campaign manager for Asia Pacific, Rashid Khan, said: ‘Huzaifa’s drive and ambition serve as a source of inspiration for the talented youth in our country. His success serves as a reminder that Pakistanis have the potential to excel on a global stage if they are given the right opportunities and platform. Despite the numerous challenges facing the country, the key to a successful future is to support and celebrate the achievements of young individuals like Huzaifa, and to encourage them to pursue their passions and dreams, unencumbered by obstacles.’

Huzaifa credits his success to hard work and perseverance and is thankful for the support from his parents and teachers at SKANS School of Accountancy.

Huzaifa is privileged to have also memorised the Holy Quran and is eager to embark on a fulfilling au- diting career. He looks forward to all the exciting global opportunities and rewards that come with being a globally in-demand ACCA-qualified professional. Huzaifa has set a high bar for himself with his consistent exam performances and is determined to maintain this level of excellence. He is focused on replicating his success in his remaining exams and is dedicated to building a successful career, earning recognition for his family and country.

The ACCA qualification is highly regarded and widely recognised around the world, offering exciting career opportunities with leading employers. The ACCA Qualification rigorously tests the skills, abilities and competencies that a modern accountant needs, with a firm grounding in ethics and professionalism.