Pakistan Will Switch to Islamic Banking System in 5 Years

The federal government has declared an initiative to implement an interest-free banking system in Pakistan and to drop two review applications from the Supreme Court of Pakistan against the Federal Shariat Court’s ruling on usury within the next few days.

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Ishaq Dar, the federal finance minister, made the statement announced the withdrawal of two review petitions against the Federal Shariat Court’s ruling that Pakistan’s economic and financial system must become Riba-free in five years that had been filed by the State Bank of Pakistan and National Bank of Pakistan.

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Speaking at a press conference, Dar stated that the PDM administration and PM Shehbaz Sharif decided to withdraw the review petitions on Iqbal Day. He said that the FSC had ordered a five-year banking and financial sector transformation. He added that there were difficulties in implementing a Riba-free system because it could not be completed in a single day, but that they would work more quickly than in the past to implement a shariah-compliant system.

He claimed that the government was aware that the SBP and NBP had appealed the Federal Shariat Court’s decision to change the interest-based system into a Riba-free one in five years to the Supreme Court of Pakistan. Assuming that the teachings of the Quran and the Sunnah should take precedence, the review appeals to the Supreme Court of Pakistan will be dropped during the next few days with the consent of the prime minister and in accordance with the governor of’s SBP’s suggestion.

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