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The Sitting of the National Assembly has been adjourned to meet again on Tuesday, the 16th June, 2026 at 11:00 a.m. | Committee Meetings: 02:30 PM: 29th meeting of the Standing Committee on Finance and Revenue (Revised Notice) at Committee Room No. 02, First Floor, Parliament House, Islamabad
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Standing Committee on Finance and Revenue meets

Wednesday, 13th May, 2026

Chairman Syed Naveed Qamar expressed serious concerns regarding the proposed indemnity provisions and the extensive protections being extended to financial institutions and their officials. He categorically observed that such “boilerplate clauses,” which grant blanket immunity under the umbrella of “good faith,” should not become a routine feature of legislation. The Chairman further emphasized that legal protections must either apply equitably to both parties or not be extended in a one-sided manner.


He was chairing a meeting of the Standing Committee on Finance and Revenue held at the Parliament House for a detailed clause-by-clause review of the proposed amendments to “The Financial Institutions (Recovery of Finance) Amendment Act, 2026,” with particular focus on the newly introduced Section 15A concerning housing finance and foreclosure procedures.


During the deliberations, the Committee engaged in an extensive discussion on the proposed foreclosure mechanism under housing finance arrangements. Members expressed deep concern that, if enacted without adequate safeguards, the proposed legal framework could become unduly stringent and disproportionately burdensome for borrowers and ordinary citizens.

The Committee emphasized that while financial institutions required legal mechanisms for recovery of defaulted loans, the legislation must also ensure balance, fairness, and adequate safeguards for borrowers. Members stressed the need for meaningful remedies and appellate protections to prevent misuse of powers and arbitrary foreclosure actions.
During discussion, Members also raised broader concerns over the increasing trend of granting sweeping powers to institutions without corresponding accountability mechanisms.
 
The Committee directed the concerned Ministry and stakeholders to incorporate the agreed amendments and observations of the Committee in the revised draft for further consideration.

The Committee approved the minutes of its previous meeting held on 7th May, 2026

The meeting was attended by Dr. Nafisa Shah, Ms. Hina Rabbani Khar, Dr. Mirza Ikhtiar Baig, Mr. Muhammad Jawed Hanif Khan, Mr. Arshad Abdullah Vohra, and Ms. Shahida Begum, MNAs.  The meeting was also attended by Hon. State Minister for Finance and Revenue, Secretaries of Finance, and Law and Justice, along with senior officers of the Finance Division and the State Bank of Pakistan.