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The Federal Ministry of Finance and Finance Minister Ishaq Dar announced on Wednesday that a special department will be set up in the National Bank of Pakistan (SBP) to promote interest-free banking.
The department makes recommendations, proposes reforms and develops frameworks for a rapid transition from a traditional interest-based economy to an Islamic liba-free economy.
The comments are made in light of the Federal Shariat Court (FSC) ruling that Pakistan should implement a liba-free banking system.
“These institutions regulate the banking system and the corporate sector. The Ministry of Finance fully supports these institutions.”
He also advised Islamic banks to offer services competitive enough to compete with traditional banking services.