Ishaq Dar announces to create a new wing in Finance Ministry to eliminate interest

KARACHI (92 News) - Finance Minister Ishaq Dar has announced to create a new wing in the Finance Ministry to eliminate interest from the society.

Addressing the Hurmat-e-Sood seminar on Wednesday, he said that the government could purge the country of interest in five years.

"The Islamic banking system is spreading at a fast pace and its share in the market has increased to 21 percent. The banks' assets are at the level of Rs seven trillion," he maintained.

The minister said that the current account and the budget deficit had shaken the foundation of the country. "There is need for the Charter of Economy to come out of the current account and the budget deficit," he added.

He said that the prime minister had ordered to expedite efforts for eliminating interest.