Pakistani Senate Approves Legislation to Enhance Islamic Banking Framework

In a late-night session on Saturday, the Senate passed the Banking Companies Amendment Bill, aimed at strengthening the legal framework for Islamic banking in Pakistan, Dawn reported yesterday.

The session, initially scheduled for 11 AM, faced multiple delays due to concerns over the intimidation of opposition lawmakers and the abduction of their families, ultimately commencing around 11:10 PM.

Finance Minister Muhammad Aurangzeb highlighted that the bill would enhance the regulatory role of the State Bank of Pakistan to promote financial inclusion and simplify the complaint process with the Banking Mohtasib.

He noted the need for reforms to prevent future financial crises, referencing the impact of the 2008 global financial crisis on local companies.