State Bank of Pakistan appeals to supreme court over interest ban
Sharia court ordered Pakistan to adopt fully Islamic banking system within five years
The State Bank of Pakistan has lodged an appeal with the country’s Supreme Court, after a lower court ordered all banking in the country to be converted to Islamic principles.
In a statement, the SBP said it had conducted a “detailed review” of the judgement by the Federal Shariat Court (FSC) of Pakistan, which sets a five-year deadline for a complete ban on riba, or interest.
“Based upon the advice of our chief legal adviser and external counsel, we have sought guidance from the honourable
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