PTI government working on an interest free economic system in Pakistan

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PTI government working on an interest free economic system in Pakistan

ISLAMABAD - PTI MNA Zain Qureshi in Monday’s National Assembly session informed that the State Bank of Pakistan (SBP)was working on legislation for interest-free economic system.

Parliamentary Secretary on Finance Zain Qureshi, responding to a volley of questions raised by religo-political party members, said that State Bank of Pakistan (SBP) is taking this matter seriously. He was unsure about the exact timing to bring in the legislation.

A senior religio-political party member Maulana Abdul Akbar Chitrali commented the SBP was the main hurdle in getting rid of interest based system in the country.

The chair, taking part in the discussion, directed all the concerned members to make arrangements for holding a meeting of the Sub-Committee to discussion in length this matter.

“We have unanimously passed a private member bill for prohibition of private business on interest,” he said.

The House, soon after the Question-Hour session, witnessed rumpus in the House as the Opposition members were trying to take the floor to raise their point of orders.

The Opposition made a failed attempt to disrupt the proceedings of the House by point out lack of quorum in the House but required strength was present in the House.

PML-N’s senior member/ chairman Public Accounts Committee Rana Tanvir pointed out quorum in the house when the Opposition members were denied floor during the legislative business of the house. Earlier, Parliamentary Secretary for Finance Division Zain Qureshi said funds are transferred to provinces on 17th and on the last working day of every month.

Replying to another question, Zain Qureshi said debt to GDP ratio is expected to be 87 per cent by the end of current fiscal year and the government is vigorously working to bring down that ratio to around 81 percent in next three years.