Shariah Banking Transition Urged by 2028 Deadline

The 4th National Islamic Economic Forum Conference 2026 emphasized the need for Pakistan's banking system to become fully Shariah-compliant by January 1, 2028, urging the government and SBP to fulfill this commitment. A resolution was adopted for all commercial banks to convert by December 31, 2027, without exemptions. Speakers highlighted the rapid growth of Islamic banking, now accounting for nearly 40% of the industry with Rs14 trillion in assets, and discussed the role of blockchain in a transparent, Riba-free system. While a significant long-term structural shift, this development is unlikely to cause immediate, sharp movements in gold or currency rates.

بحوالہ / Source: www.brecorder.com