Fraud revealed to the public in the name of Islamic banking across the country - Pakistan

Senate Standing Committee on Finance Chairman Salim Mandviwala says that 25 to 30 percent interest rate is charged in Islamic banking, conventional banking charges 20 percent interest rate, fraud with the public in the name of Islamic banking. is happening

On Wednesday, the Senate Standing Committee on Finance met under the chairmanship of Senator Saleem Mandviwala, in which a briefing was given on the Deposit Protection Corporation Amendment Bill, 2024.

During the meeting, State Bank Deputy Governor Dr. Inayat Hussain said that the protection of consumers has been ensured in the bill, even after the approval of the bill, microfinance banks will not be included, the board will have the authority to include a bank.

</script> <ins class="adsbygoogle" style="display:block; text-align:center;" data-ad-layout="in-article" data-ad-format="fluid" data-ad-client="ca-pub-0928966750491324" data-ad-slot="7023764380"></ins> <script> (adsbygoogle = window.adsbygoogle || []).push({}); </script></div> Senator Mohsin Aziz inquired whether you did everything on the request of the IMF. On which the Deputy Governor said that we have drafted the bill ourselves, IMF has helped us. IMF bailout package, possibility to convene board meeting on Pakistan if preconditions are met The Deputy Governor said that the formation of Shariah Advisory Committee of State Bank is included in this bill, single member companies, trusts and NGOs can also join it. He further informed that the paid-up capital will not be used, the procedure for utilization of the corporation’s resources has also been laid down in the bill. During this time, fraud was also revealed to the people across the country in the name of Islamic banking. Chairman Committee Salim Mandviwala said that 25 to 30 percent interest rate is charged for borrowing in Islamic banking, conventional banking charges 20 percent interest rate, people are being cheated in the name of Islamic banking, people love Islam. They go not for the sake of but for financial interest, I have come across many cases in which there has been a complaint of high interest rate in Islamic banking. FBR’s negotiations with the business community failed, the nationwide shutter down campaign gained momentum The Standing Committee on Finance sought a briefing on Islamic banking from the State Bank and asked that the prevailing procedures regarding international Islamic banking be also informed. The Deputy Governor said that in the banking sector, conventional banks have a share of 75% and Islamic banking has 25%. In the meeting, a detailed review of the Deposit Protection Corporation Amendment Bill 2024 was completed and the bill was approved. Dr. Inayat Hussain said that under the amendment bill, money in banks up to five lakh rupees will get legal protection, earlier deposits up to two and a half lakh rupees were protected. The chairman committee said that it has been 50 years and we have not done this work yet? FBR denies rumors of amnesty scheme for smuggled vehicles Deputy Governor State Bank said that this bill does not include microfinance banks, it is planned to include microfinance banks in the bill in the future, currently there is a separate protection system for them, the board will have the power to Whether to include finance banks or not, earlier the international financial institutions were not in favor of protecting depositors, the IMF has now told us to protect depositors. The chairman committee asked why IMF tells us all these things. <figure class="media sm:w-1/3 w-full media--left media--embed media--uneven"> <iframe class="nk-iframe" onload="setInterval(()=>{try{this.style.height=this.contentWindow.document.body.scrollHeight+’px’;}catch{}}, 100)” width=”100%” frameborder=”0″ scrolling=”no” style=”height:250px;position:relative” src=” sandbox=”allow-same-origin allow-scripts allow-popups allow-modals allow-forms”>

Dr. Inayat Hussain said that he wanted to do this work during the time of Dr. Ishrat Hussain, at that time the international organizations opposed it.

Senator Mohsin Aziz said that board members of State Bank charge 75 thousand rupees for a meeting, other banks have a fee of more than 50 thousand rupees, that is why people prefer jobs in the banking sector, those people join the boards. Do those who need money, good and sensible people do not become members of a board.

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2024-08-31 02:37:24

Fraud revealed to the public in the name of Islamic banking across the country – Pakistan

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