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

India halts auction of Lord Buddha’s sacred Piprahwa Relics in Hong Kong, sends legal notice to Sotheby’s.
Read More....
UNSC raises concern over Pakistan's missile tests and LeT links in Pahalgam attack.
Read More....
Russia declares May 8–10 ceasefire for WWII Victory Day; Ukraine rejects it as political stunt.
Read More....
C-DOT and CSIR-NPL sign MoU to boost joint research in classical and quantum communication.
Read More....
Cabinet approves revised SHAKTI policy to grant coal linkages to thermal power plants.
Read More....
INS Kiltan joins IMDEX Asia 2025 in Singapore to strengthen India–Singapore maritime ties.
Read More....
Cabinet approves National Scheme for ITI upgradation and five National Skilling Centres.
Read More....
Indian forces conduct 24 precision strikes on Pakistan-based terror infrastructure.
Read More....
Rohit Sharma announces retirement from Test cricket, continues with ODIs.
Read More....
Moody’s lowers India’s 2025 GDP growth forecast to 6.3% citing global headwinds.
Read More....