But a different bill that would have given the Senate the same financial authority to decide on senators’ benefits and privileges as their National Assembly colleagues failed.
The incapacity of the State Bank of Pakistan team, led by Governor Jameel Ahmad, to verify whether the “Islamic banks” adhered to its regulatory criteria was the main talking point of the Senate Standing Committee on Finance meeting, which was chaired by Saleem H. Mandviwalla.
Mr. Ahmad did, however, disclose that the central bank was developing a different scheme to exempt Islamic finance from the need for collateral in the form of assets. “We are exploring ways to issue sukuk without the requirement that it be backed by an asset, and we are working on an alternative structure,” he said.
