Pakistan govt to implement 'interest-free' banking system by 2027

Pakistan govt to implement 'interest-free' banking system by 2027

Daily Current Affairs   /   Pakistan govt to implement 'interest-free' banking system by 2027

Change Language English Hindi

Category : International Published on: November 14 2022

Share on facebook
  • Pakistan's Finance Minister Ishaq Dar has announced that the country would move towards an 'interest-free' banking system under the Islamic law by 2027.
  • The announcement came with Finance Minister Dar conveying the government's intention of withdrawing its appeals against the Federal Shariat Court's April decision of eliminating interest from the country in five years.
  • According to the Federal Shariat Court (FSC), the interest-based banking system prevalent in Pakistan is against Sharia law because interest in any form is considered wrong in Islam.
  • Dar also announced that the Asian Infrastructure Investment Bank (AIIB) approved $500 million loan. Pakistan has secured the loan at one of the highest interest rate of 4.9% by any multilateral creditor.
Recent Post's
  • Mauritius awarded its highest honor, ‘Order of the Star and Key of the Indian Ocean,’ to PM Modi.

    Read More....
  • The government will establish daycare cancer centers in every district within three years.

    Read More....
  • According to the second advance estimates of the Ministry of Agriculture, India achieved a record food grain production in the 2024-25 session, with Kharif at 16.6391 million tonnes and Rabi (excluding summer crops) at 16.4527 million tonnes.

    Read More....
  • India signed an MoU with Armenia for cooperation in the regulation of medical products.

    Read More....
  • The joint military exercise Khandjar-XII between the special forces of India and Kyrgyzstan began in Tokmok, Kyrgyzstan, and will be held from March 10 to 23, 2025.

    Read More....
  • Dr. Jaishree Venkatesan became the first Indian to win the prestigious Ramsar Award in the ‘Wetland Wise Use’ category and was recognized as a female changemaker in wetlands by the Ramsar Secretariat.

    Read More....
  • Self-Help Groups (SHGs) of Andhra Pradesh set four world records—one Guinness and three World Records Union records, with DWCRA members achieving 3 lakh orders worth ₹5.13 crore in a week on ONDC.

    Read More....
  • Union Health Minister J.P. Nadda inaugurated the third International Symposium on Health Technology Assessment (ISHTA 2025) at Bharat Mandapam, organized by the Department of Health Research in collaboration with WHO India and the Centre for Global Development.

    Read More....
  • No Smoking Day is observed every year on the second Wednesday of March.

    Read More....
  • Mumbai will host the WAVES 2025 Summit, with a high-level meeting co-chaired by the Chief Secretary of Maharashtra and the Secretary of the Ministry of Information and Broadcasting.

    Read More....