A Panel of Economists and Bankers was appoited by the Council of Islamic Ideology in November, 1977 to assist it in its work related to the remodellling of the economic and financial system of the country in conformity with the Holy Quran and the Sunnah. In accordance with the priorities set by the Council, the Panel devoted itself in the first phase of its work to evolving a framework for introduction of Zakat and Ushr in the country and submitted its Report to the Council in this regard in March, 1978. In the next phase, the Panel directed its attention to the issues and problems involved in eliminating interest from the economy and the mechanics of evolving an alternative system conforming to Sharia that should at the same time be fully capable of meeting the requirements of the contemporary situation