The 26th Constitutional Amendment Bill, 2024, recently passed by the Senate, has set a deadline of January 1, 2028, to end the practice of usury (interest-based banking) in the country. This clause was added to the draft amendments on the suggestion of Jamiat Ulema-e-Islam Fazl (JUI-F), a regional political party led by Maulana Fazlur Rehman, … Read more
Pakistani rupee notes appear in a counting machine at a bank in Peshawar, August 22, 2023. – Reuters The clause was added based on the suggestion of JUI-F. January 2028 deadline to end the practice of usury. Any transaction involving usury is considered “wrong.” The 26th Constitutional Amendment Bill, 2024, recently passed by the Senate, … Read more
KARACHI: Bank Islami, one of the leading Islamic financial institutions in Pakistan, has launched a pivotal initiative by promoting its interest-free banking services that are accessible to people from diverse backgrounds and religions. This move reflects BankIslami’s mission to promote ethical and inclusive banking in Pakistan’s financial landscape, which is consistent with the principles of … Read more