Pakistan to Proceed with Establishment of Islamic Banking System: Finance Minister

The Federal Government of Pakistan will proceed with the establishment of an interest-free, Islamic banking system and withdraw appeals filed against it before the Supreme Court of Pakistan in the upcoming days, as announced by the country's Minister of Finance, Muhammad Ishaq Dar on the 9th of November 2022.

Why it Matters?

Since Pakistan's whole financial system, which has been in use for the previous 75 years, cannot be suddenly switched to a new system, recent efforts to impose an Islamic banking system in the country have encountered roadblocks and difficulties. The State Bank of Pakistan (SBP) and the National Bank of Pakistan, both representatives of the government in the banking and financial sectors, had each filed an appeal in the Supreme Cou...