ISLAMABAD: The Federal Shariat Court (FSC) on Monday welcomed the 26th Constitutional Amendment passed by the both houses of Parliament.
According to a press release issued by Dr Matur Rehman, senior Research Officer of FSC, Parliament has unanimously approved the 26th amendment to the Constitution of Pakistan. According to the amendment in Article 38F, complete abolition of interest by January 1, 2028 has been made mandatory which is an important development for the implementation of Islamic finance and banking system in Pakistan.
It stated that this constitutional amendment is a historic achievement, reaffirming the commitment to promote Islamic finance, adding that the amendment is a result of the historic decision delivered by the Federal Shariat Court on April 28, 2022. It further said that this judgment was written by Justice Dr. Syed Muhammad Anwar wherein, the court had fixed a period of 5 years for the complete elimination of Riba from the financial system of the country. “This decision has now become part of the Constitution, a significant development in the legislative history of Pakistan,” the press release said.
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