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The Federal Shariah Court docket of Pakistan FSC has issued a court docket order for the federal government to eradicate curiosity from home or international borrowings by 2027. Riba, as it’s recognized inside Islam, is most intently translated in English as ‘usury’, and is prohibited by the religion. However earlier makes an attempt at creating an interest-free financial system have didn’t materialise, or not less than they’ve had spillover repercussions for the nation’s banking sector, in accordance with Fitch Scores.
FinanceAsia sat down with the score company’s world head of Islamic finance, Bashar Al Natoor, and affiliate director, Saif Shawqi, to debate what the newest transfer may imply for Pakistan’s Islamic finance business.
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