BUSINESSJul 1 · 02:14 UTCDAWN[email protected] (Khaleeq Kiani)

New govt loans to be Shariah-compliant from 2028

The Pakistani government plans to transition to a Riba-free financial system by Dec 31, 2027, with all new loans Shariah-compliant from Jan 1, 2028. Existing conventional loans will continue until maturity, and foreign-owned banks may offer both Islamic and conventional products. The strategy aligns with a 2022 court ruling and a 2024 constitutional amendment.

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Ministry of FinanceorganizationFederal Shariat Courtorganization26th Amendment to the ConstitutiontopicRiba-free financial systemtopicPakistanplace

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