NA body discusses “Riba” bill

ISLAMABAD, Apr 5 (APP):The National Assembly’s Standing Committee on Finance, Revenue and Economic Affairs Thursday continued its discussions on “An Eradication of Riba Bill, 2015” moved by Sher Akbar aiming at eliminating interest based system in the country.
The committee, Chaired by Qaiser Ahmad Sheikh, was informed by Sher Akbar that there was no room for interest based system in Pakistan, so this should be abolished in accordance with the constitution of the country.
However, State Minister for Finance, Rana Muhammad Afzal Khan informed the committee that the system could not be abolished in one go as the country had to deal with many institutions, including international financial institutions, which worked on interest system.
He said that the ratio of interest could be reduced gradually.
The committee also recommended concession in the interest rate on agriculture loans provided to farmers.
The committee chairman recommended that it should be reduced to single digit.