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
  • R. Praggnanandhaa wins UzChess Cup Masters 2025 and becomes top-ranked Indian chess player.

    Read More....
  • Meesho gets shareholder approval to raise ₹4,250 crore via IPO after shifting domicile to India.

    Read More....
  • IPS officer Parag Jain appointed new RAW chief; played key role in Operation Sindoor.

    Read More....
  • ICC updates powerplay rules for shortened T20 matches effective from July 2025.

    Read More....
  • Power Ministry forms task force to develop 'India Energy Stack' for digital power infrastructure.

    Read More....
  • MNRE issues revised guidelines for Biomass Programme to promote clean energy adoption.

    Read More....
  • CBSE to hold Class 10 board exams twice a year from 2026 session; first phase mandatory, second optional.

    Read More....
  • NATO agrees to increase defence spending target to 5% of GDP by 2035 at The Hague summit.

    Read More....
  • India and South Africa sign agreements on submarine cooperation during defence talks.

    Read More....
  • Odisha wins women’s title in first Hockey India Masters Cup; Tamil Nadu enters men’s final.

    Read More....