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Interest-free Banking System
November 21 , 2022
738 days
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- The Pakistan Government is planning to implement an interest-free banking system in the country from 2027 under the Islamic law.
- It will operate based on ethical standards and prevents Muslims from paying or receiving any kind of interest.
- It is considered to be an effective tool to achieve the economic objectives of Islam.
- However, Pakistan is bound to honour the existing international financial commitments, though they do not comply with the sharia laws.
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