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FBR Press Release

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Islamic Finance has gripped the world with a strong fervor and passion. The world is recognizing the significance of Islamic Finance and it had also been deliberated in 2nd and 3rd Session of UN Committee of Experts for International Cooperation in Tax Matters in their annual meeting held at Geneva. Asian Development Bank (ADB) has also introduced it as an agenda item in its meeting scheduled to be held in October 2008 at Tokyo (Japan). It will also be discussed in the 5th ATAIC Technical Conference.

Realizing the importance of this issue, Federal Board of Revenue invited the well known scholars of international repute Prof. Mufti Munib-ur-Rahman and

Mr. Mujeeb Baig in the FBR House, Islamabad to enlighten the senior tax officials of the Direct Taxes Wing on the "Tax Treatment of Islamic Financial Instruments". Mr. Mumtaz Ahmad, Member (Legal), FBR inaugurated the session while Mr. Irfan Nadeem, Member (Direct Taxes) welcomed the honorable guest speakers. Mrs. Farida Amjad, Chief (International Taxes) introduced the guest speakers to the participants.

The guest speakers made a presentation on the Islamic Financial Instruments and enlightened the audience on the basic concept of the riba free instrument. The session was followed by questions / answers, which lasted for one hour and certain future steps to be taken in this regard as to the tax treatment of the Islamic financial Instrument were noted down by the Income Tax Policy Section for examination and necessary action at the appropriate time.
Muhammad Hafeez Mughal
Secretary PR
Aug 18, 2008
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