Pakistan pushes ahead with full implementation of Islamic finance

Finance Minister Miftah Ismail has said Pakistan was moving in the right direction to convert from conventional banking to full-fledged Shariah-compliant banking as it pushed ahead with the Federal Shariat Court’s ruling that an Islamic country’s economic system should be interest-free.

Recently, the Federal Shariat Court has ruled that all banking in Pakistan should convert to Islamic banking.

“The honourable court has given five years for this conversion. Though perhaps these five years is too ambitious a timeframe,” Ismail said at the World Islamic Finance Forum virtually on Tuesday.

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