riba Archives - Pkrevenue.com

Pakistan Sets Bold Path to Interest-Free Banking by 2028

October 20, 2024October 20, 2024Shahnawaz Akhter

Pakistan is on the cusp of a historic shift in its financial landscape as the newly-passed 26th Constitutional Amendment Bill, 2024, sets January 1, 2028, as the deadline to eliminate Riba (interest-based banking) from the country’s economic system.

Pakistan to Achieve Fully Interest-Free Financial System in Five Years: Dar

June 27, 2023June 27, 2023Mrs. Anjum Shahnawaz

Islamabad: Finance Minister Mohammad Ishaq Dar announced on Monday his strong determination to transform Pakistan into a fully interest-free financial system within the next five years.

Pakistan Takes Significant Step Towards Implementing Riba-Free Banking System

June 19, 2023June 19, 2023Shahnawaz Akhter

State Bank of Pakistan works towards Sharia-compliant financial system Karachi, June 19, 2023: In a significant move that aligns with Islamic teachings, Pakistan is on the verge of implementing a Riba-free banking system in the country.

Security Investment Bank applies for Shariah certificate

May 13, 2023May 13, 2023Faisal Shahnawaz

Security Investment Bank Limited (SIBL) has applied to become a Shariah-compliant investment bank following the issuance of comprehensive guidelines by the Securities and Exchange Commission of Pakistan (SECP).

Dar chairs meeting to review implementation of Riba free system in Pakistan

April 7, 2023April 7, 2023Mrs. Anjum Shahnawaz

ISLAMABAD: Finance Minister Ishaq Dar on Friday chaired a meeting on implementation of Riba free system in Pakistan.

Pakistan Islamic banks stick to KIBOR – interest based benchmark

March 7, 2023March 7, 2023Faisal Shahnawaz

KARACHI: Pakistan Islamic banks are stick to Karachi Interbank Offered Rate (KIBOR) – an interest based benchmark.

Pakistan financial system capable of implementing Riba-free banking

January 19, 2023January 19, 2023Hamza Shahnawaz

KARACHI: Financial system of Pakistan is capable of implementing Riba-free banking as per the injunctions of Islam.

Commercial banks urged to withdraw appeals in Riba case

December 5, 2022December 5, 2022Mrs. Anjum Shahnawaz

ISLAMABAD: A leading scholar of the country on Sunday urged commercial banks to withdraw their appeals against the order of Federal Shariat Court (FSC). The FSC judgment declared that Riba (usury) is Haram and prevailing banking system with interest system should be abolished forthwith. READ MORE: State Bank, NBP to withdraw petitions in Riba case: […]

State Bank, NBP to withdraw petitions in Riba case: Ishaq Dar

November 9, 2022November 9, 2022Mrs. Anjum Shahnawaz

ISLAMABAD: Finance Minister Senator Muhammed Ishaq Dar Wednesday said that State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) will withdraw their petitions from the Supreme Court of Pakistan against the judgment of Federal Shariat Court in which the Court had ordered implementation of interest-free (Riba free) banking system in the country. READ […]

KCCI demands implementation of Riba free banking

July 1, 2022July 1, 2022Hamza Shahnawaz

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Friday demanded the government for early implementation of Riba free banking in Pakistan. Chairman Businessmen Group in the KCCI, Zubair Motiwala, and KCCI President, Muhammad Idrees have extended gratitude to Prime Minister Shahbaz Sharif for taking interest in the implementation of the Federal Shariah Court’s decision […]

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