Pakistan Will Become Interest-Free Nation Soon says Ishaq Dar
- 01, December , 2022
NewsToday: According to Finance Minister Ishaq Dar, a five-year interest-free period may be possible for Pakistan in the near future.
Ishaq Dar, Finance Minister of Pakistan, said at a seminar in Karachi about the sanctity of usury that banks are becoming a necessity of life worldwide. That transparent transaction can be ensured through the banking system.
He stated that the government is determined to abolish the usury system in the country and applauded the Sharia court's decision on Haram usury.
According to the finance minister, Islamic banking accounts for 20 to 21 percent of the country's total assets, which total 7 trillion rupees. Islamic banks must outperform regular banks.
According to Ishaq Dar, the State Bank and other banks filed appeals against the Federal Sharia Court's decision, which were later withdrawn.
According to the federal minister, Pakistan is likewise confronting current account and budget deficits; we have gotten accustomed to spending more than we earn; we must boost income while decreasing expenditure.