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

NITI Aayog’s new report charts a reform-driven roadmap to deepen India’s corporate bond market for Viksit Bharat @2047.
Read More....
Bhartiya Bhasha Utsav 2025 showcased India’s linguistic unity with the launch of Adi Vaani, the nation’s first AI-powered tribal language translator.
Read More....
IAS officer Supriya Sahu earned global acclaim by winning the 2025 UN Champions of the Earth Award for her impactful climate and conservation initiatives.
Read More....
The World Inequality Report 2026, published by the World Inequality Lab, flags India as one of the most unequal large economies, urging wealth and inheritance taxes to reduce deepening disparities.
Read More....
A new shieldtail snake species, Rhinophis siruvaniensis, has been discovered in Kerala’s Siruvani Hills, highlighting the region’s rich biodiversity.
Read More....
The World Bank approved $305 million for Haryana’s Clean Air Project, supporting electric mobility, industrial reforms, and sustainable agriculture to improve air quality by 2030.
Read More....
CRPF officer Dinesh Khatak from Haryana was awarded the Union Home Minister’s Efficiency Medal for his exemplary service in counter-insurgency and security operations.
Read More....
Denmark plans to ban social media use for children under 15, enforcing age verification to protect minors from cyber risks.
Read More....
Google co-founder Sergey Brin surpasses Jeff Bezos in global billionaire rankings, with his net worth reaching $240 billion thanks to Alphabet’s AI-driven stock surge.
Read More....
Hanoi has become the world’s second most polluted city after New Delhi, with PM2.5 levels far exceeding WHO limits, posing severe health risks.
Read More....