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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