ISLAMABAD: The 26th Constitutional Amendment Bill, 2024 has set a deadline of January 1, 2028, to put an end to the practice of Riba (interest-based banking) in the country.
The clause was added to the draft amendments at the suggestion of Jamiat Ulema-e-Islam-Fazl (JUI-F), the Maulana Fazl-ur-Rehman-led regio-political party, which gave the government a tough time in presenting the draft of the amendment bill.
To eradicate this form of usury, the Parliament approved the amendment in clause (f) of Article 38 of the Constitution, which pertains to the promotion of social and economic well-being.
The current clause states that “eliminate Riba as early as possible,” and the government replaced this with “as far as practicable, by the 1st of January, 2028.”
Earlier in 2022, the Federal Shariat Court gave the government five years to implement an Islamic and interest-free banking system in the country, as the economic system of an Islamic country like Pakistan should be free of interest.
Prosecutors will in coming week ask court in southern city Avignon to sentence 51 men
Both executives have not discussed specific measures to keep TikTok running in United States
Economy has improved somewhat over past few months, and reason for this is IMF programme, says Humayun
Bessent, chief executive officer of Key Square Group, has called for extension of tax cuts from Trump’s first term
Chief of Malaysian Royal Air Force, who is of Pakistani origin, paid visit to his native Beir, Haripur, on Saturday
Local and official sources say first explosion took place in Irab area in jurisdiction of Loy Mamond Police Station
