On Saturday, the Senate passed the Banking Companies (Amendment) Bill, aimed at reinforcing the legal structure for Islamic banking in Pakistan. Despite expectations that the 26th Constitutional Amendment Bill would be discussed, the Senate session faced repeated delays, allegedly due to the ongoing intimidation of opposition lawmakers and the abduction of their family members. Originally slated for 11:00 AM, the session was rescheduled multiple times, finally beginning at 11:10 PM, during which the Banking Companies Amendment Bill was passed.
Finance Minister Muhammad Aurangzeb introduced the bill, highlighting its purpose to enhance the legal framework supporting Islamic banking. He added that the State Bank of Pakistan’s regulatory role has been strengthened to promote financial inclusion, and the complaint process with the Banking Mohtasib has been simplified.
The minister noted that the global financial crisis of 2008 led to the downfall of several companies, and Pakistan is now introducing reforms through this bill to mitigate future financial crises. He also mentioned plans for new legislation to eliminate non-filers, emphasizing that many countries require a national tax number (NTN) for voting eligibility.
In response to a question about the independence of the State Bank, Aurangzeb clarified that it operates independently following a parliamentary decision. Regarding the denial of loans and credit cards to politically exposed persons (PEPs), including himself, he acknowledged the need for additional diligence but vowed to address the issue with the SBP governor.
After former Senate Chairman Farooq H. Naek pointed out procedural issues concerning session adjournment rules, the Deputy Senate Chairman adjourned the house until 12:30 AM. However, the session was further postponed, with a new meeting scheduled for Sunday at 3:00 PM.
