SBP to implement interest free banking in Pakistan

On Wednesday, The finance minister of Pakistan Ishaq Dar announced the promotion of interest-free banking. He ordered to make a special wing in the State Bank of Pakistan to recommend an Islamic riba-free economy. This wing will also make recommendations and report to eradicate interest-free banking.

Jamia Darul Uloom Karachi and the Federation of Pakistan Chamber of Commerce and Industries (FPCCI) organized a seminar on interest-free banking on Wednesday. Addressing the seminar the finance minister stated that the State Bank of Pakistan and the Security and Exchange Commission of Pakistan (SECP) can make it possible to transform the economy of Pakistan free from riba.

The Federal Shariat Court (FSC) has noted to implement interest-free banking in Pakistan by the end of 2027.

The event attended by a large number of stakeholders of govt. and political parties. Islamic scholars, the business community, and Islamic finance institutions also presented in the seminar.

The head of the Islamic economic center renowned scholar of Jamia Darul Uloom Mufti Taqi Usmani attended the seminar. While addressing the seminar he demands the speedy implementation of this ruling and doesn’t want any delays in it.

The leader of the JUI-F political party Maulana Fazal ur Rehman lauds the government’s decision and withdraw from the National Bank of Pakistan (NBP) and the central bank. He also appreciated the finance minister of Pakistan for promoting interest-free banking. He said, Pakistan will manage to get off the FATF grey list and can saved from default.

Syeda Qandeel Zehra
Syeda Qandeel Zehra
Syeda Qandeel Zehra is a senior content writer with writing expertise in different niches. She is an MBA graduate by qualification and loves to write about diverse topics. Zehra has 3 years of writing experience and currently employed at as a content writer.


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