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

Bangladesh Elections on EU Radar

EU Pre-Election Team to Visit Bangladesh in September Ahead of 13th Parliamentary Polls…reports Asian Lite News Bangladesh Election Commission’s Senior Secretary Akhtar Ahmed announced on Monday that a European Union (EU) pre-election

After Pakistan, China Backing Iran Too?

China and Iran signed a 25-year comprehensive cooperation agreement that covered trade, energy and security, showcasing the strategic value that Beijing places on Tehran….reports Asian Lite News Despite its long-standing claims of

US-India ties is a slow-motion catastrophe

For the first time in two decades, Trump’s actions, statements, and coercive tone have made relations with the US a combustible domestic political issue in India, writes Manoj Menon The post-globalisation uncertainty

Modi Welcomes Marcos Jr to Delhi

PM Modi Welcomes Philippines President Marcos Jr to Strengthen India-Philippines Ties…reports Asian Lite News Prime Minister Narendra Modi on Tuesday warmly welcomed Philippines President Ferdinand R. Marcos Jr at Hyderabad House in

Is Bangladesh Turning Into a Theocratic State?

The rise of radical Islamic influence under Yunus’s watch threatens to transform Bangladesh from a secular democracy into a theocratic state….writes Anna Mahjar-Barducci Nobel Peace Prize laureate Muhammad Yunus’s transition from economist
Go toTop

Don't Miss

Taliban to Build Shelters for Returning Afghan Refugees

More than 150,000 Afghan refugees have returned home from Pakistan

Rights group seeks int’l coverage of Balochistan ‘brutalities’

The protestors allege that Pakistani defence forces are trying to