ISLAMABAD: Finance Minister Ishaq Dar said on Saturday that government has always been committed to the development and promotion of Islamic Finance.

He expressed these views while chairing the first meeting of the Committee for Implementation of the recommendations of Steering Committee for Promotion of Islamic Banking here on Saturday.

He said that the issuance of Sukuks by the present government during the last three years, including the recent issuance of $ one billion international Sukuk, is proof of the government’s commitment to Islamic Finance.

After detailed deliberations with the committee the finance minister directed that four sub-committees, with membership from all the relevant stakeholders, to ensure effective and timely implementation of recommendations may immediately be notified.

The committees were Sub-Committee on Legal & Regulatory Framework, Sub-Committee on Taxation, Sub-Committee on Capital Market and Sub-Committee on Awareness, Training & Capacity Building.

The Committee was also briefed on the salient features of the Wakalah Sukuk. The finance minister appreciated the efforts of the committee members and assured them of his full support for promotion of Islamic finance in the country.

The meeting was attended by finance secretary, chairman SECP, chairman FBR, chairman PBA, president ICAP, president Bank Alfalah, Shariah Finance experts and other senior officials of the ministry of finance and SBP.