December 1, 2022
2 mins read

Pakistan: Ishaq Dar resolves to abolish interest-based banking

Addressing a seminar in Karachi, Dar claimed that Islamic financial system aims to transact as per the Shariah principles…reports Asian Lite News

Pakistan’s Finance Minister Ishaq Dar on Wednesday reiterated his resolve to abolish interest-based banking in the country, as he contended that ‘usury’ (practice of lending money at unreasonably high rates of interest) is strictly prohibited in Shariah, media reports said.

Addressing a seminar in Karachi, Dar claimed that Islamic financial system aims to transact as per the Shariah principles, Samaa TV reported.

He highlighted that it is easy to earn money under an interest-based system, however, it is illicit, the report said.

He went on to say that increasing income and reducing expenditure is the only solution, lamenting that people have become accustomed to spending more than their income.

The State Bank of Pakistan and the National Bank had filed appeals against the court’s decision of implementing usurious system in the country. At this, Dar said that he has reservations on it too.

The minister added that a country’s financial system is important for economic development and using banking services has become a necessity nowadays. However, he is still determined to end the interest-based system, Dar said.

The Finance Minister also shared that the repayment date of $1 billion of the Sukuk bond is December 3 to 5. He assured that there will be no delay in the payments of Sukuk which can cause a negative impact to the reputation of the country in the international market.

In response to his earlier claim of bringing the value of the US dollar sub Rs 200, Dar backtracked, saying that a stable economy is the need of the hour.

Dar also claimed that US dollar is being smuggled into Afghanistan, which Pakistan is trying to stop.

Shrugging off the negative politics, he said the economic instability in the country is due to the political tension in Pakistan.

He went on to reassure that Pakistan has faced more severe economic problems than the present crisis. However, the country will not default and will be free of usury in the next five years, he said, Samaa TV reported.

ALSO READ: Pakistan: Death toll rises to 3 in Quetta suicide blast

Previous Story

Former Chinese leader Jiang Zemin dies at 96

Next Story

10 terrorists killed in military operation in Balochistan

Latest from -Top News

Awami League Blasts Yunus ‘Propaganda’

Sheikh Hasina’s party slammed Ordinance No. 30, 2025, calling state recognition of the event an attempt to legitimise an “unconstitutional and unethical conspiracy….reports Asian Lite News Bangladesh’s ruling Awami League has strongly

Pakistan Snubs US at UN

Ahmad said that Pakistan, in collaboration with its all-weather friend, China and its ally, Russia, was circulating a draft resolution for the Council to adopt….reports Asian Lite News Despite the high-profile lunch

Violence against children hit unprecedented levels

In Somalia, it reported 2,568 violations against 1,992 children.In Nigeria, 2,436 grave violations were reported against 1,037 children The UN kept Israeli forces on its blacklist of countries that violate children’s rights

Japan Cancels U.S. Talks

The cancellation also coincides with Japan’s upcoming upper house elections on July 20, which are expected to test Ishiba’s fragile minority coalition Japan has cancelled a planned high-level security meeting with the

Modi calls Yoga a journey from ‘me’ to ‘we’

PM Modi showered praise on the Andhra Pradesh government for hosting this year’s national celebrations, commending Chief Minister N. Chandrababu Naidu and Deputy Chief Minister Pawan Kalyan for their leadership. Prime Minister
Go toTop

Don't Miss

Political Crisis Rattles Pakistan, Stocks Plunge 2K+

The PSX on Friday plummeted by over 2,000 points initially

‘Int’l support has ebbed away’: Shehbaz

“Pakistan is suffering not just from flooding but from recurring