Pakistan Moving Toward the Complete Implementation of Islamic finance
June 02, 2022 | Updated at June 02, 2022
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Email The Islamic Republic of Pakistan is said to be on the right track toward transitioning from conventional banking to full-fledged Shariah-compliant banking, as per a statement by the country’s Minister of Finance, Miftah Ismail at the World Islamic Finance Forum held virtually on 31st of May 2022.
Why it Matters?
The Federal Shariah Court has recently ruled that all banks in Pakistan should convert to Islamic banking, noting that an Islamic country's economic system must be interest-free and suggesting a five-year grace period for this transition. According to Ismail, though this timeframe may seem overly ambitious, there were efforts to convert 35% of the country’s banking sector to Islamic banking by 2023 or so.
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