{"id":100091,"date":"2024-10-21T12:45:34","date_gmt":"2024-10-21T07:45:34","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=100091"},"modified":"2024-10-21T12:45:39","modified_gmt":"2024-10-21T07:45:39","slug":"deadline-set-to-terminate-riba-in-pakistan","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html","title":{"rendered":"Deadline set to terminate &#8216;Riba&#8217; in Pakistan"},"content":{"rendered":"\n<p>Islamabad: Pakistan\u2019s parliament has passed a historic constitutional amendment that mandates the full elimination of &#8220;riba&#8221; or interest by January 1, 2028, as reported on October 21.\u00a0<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/kp-to-provide-interest-free-loans.html\" target=\"_blank\" rel=\"noreferrer noopener\">KP livestock farmers to get interest-free loans<\/a><\/p>\n\n\n\n<p>As per details, this significant move comes in response to a 2022 ruling by the Federal Shariat Court (FSC), which instructed the government to eliminate all forms of interest by 2027. The court ruled that interest, in any form, is strictly forbidden under Islamic law. The FSC, which ensures Pakistan&#8217;s laws comply with Islamic principles, played a pivotal role in this decision.<\/p>\n\n\n\n<p>Pakistan\u2019s central bank has already set targets to boost Islamic banking, aiming for it to account for 35% of the country&#8217;s commercial banking by 2025. Currently, Islamic banking holds a 20% share of the sector. Over the past five years, Islamic banks have seen consistent growth, with assets and deposits increasing by 25% and 22% annually.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/imf-discussion-reach-their-results.html\" target=\"_blank\" rel=\"noreferrer noopener\">UBG advocates for business relief, lower interest rates following IMF deal<\/a><\/p>\n\n\n\n<p>Pakistan now has six full-fledged Islamic banks offering a broad range of financial products. This amendment is expected to accelerate the country\u2019s transition towards an interest-free financial system, aligning the banking sector with Islamic principles and fulfilling the goals set by the FSC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Pakistan\u2019s parliament has passed a historic constitutional amendment that mandates the full elimination of &#8220;riba&#8221; or interest by January 1, 2028, as reported on October 21.\u00a0 Read: KP livestock farmers to get interest-free loans As per details, this significant move comes in response to a 2022 ruling by the Federal Shariat Court (FSC), which instructed the government to eliminate all forms of interest by 2027. The court ruled that interest, in any form, is strictly forbidden under Islamic law. The FSC, which ensures Pakistan&#8217;s laws comply with Islamic principles, played a pivotal role in this decision. Pakistan\u2019s central bank has already set targets to boost Islamic banking, aiming for it to account for 35% of the country&#8217;s commercial banking by 2025. Currently, Islamic banking holds a 20% share of the sector. Over the past five years, Islamic banks have seen consistent growth, with assets and deposits increasing by 25% and 22% annually. Read: UBG advocates for business relief, lower interest rates following IMF deal Pakistan now has six full-fledged Islamic banks offering a broad range of financial products. This amendment is expected to accelerate the country\u2019s transition towards an interest-free financial system, aligning the banking sector with Islamic principles&hellip;<\/p>\n","protected":false},"author":89,"featured_media":60296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[59857,59858,46691,59859,59856,59861,59860],"persona":[],"class_list":{"0":"post-100091","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-29th-constitution-of-pakistan","9":"tag-federal-shariat-court","10":"tag-interest-free-loans-2","11":"tag-pakistan-central-bank","12":"tag-riba","13":"tag-updates-and-news","14":"tag-zameen-newa","15":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Deadline Set to Terminate &#039;Riba&#039; in Pakistan- Zameen News<\/title>\n<meta name=\"description\" content=\"Pakistan passes a constitutional amendment to eliminate interest (riba) by 2028, boosting Islamic banking growth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deadline Set to Terminate &#039;Riba&#039; in Pakistan- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Pakistan passes a constitutional amendment to eliminate interest (riba) by 2028, boosting Islamic banking growth.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-21T07:45:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-21T07:45:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Pakistan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sabahat Abid\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sabahat Abid\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Deadline Set to Terminate 'Riba' in Pakistan- Zameen News","description":"Pakistan passes a constitutional amendment to eliminate interest (riba) by 2028, boosting Islamic banking growth.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html","og_locale":"en_US","og_type":"article","og_title":"Deadline Set to Terminate 'Riba' in Pakistan- Zameen News","og_description":"Pakistan passes a constitutional amendment to eliminate interest (riba) by 2028, boosting Islamic banking growth.","og_url":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html","og_site_name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","article_publisher":"https:\/\/www.facebook.com\/ZameenPK","article_published_time":"2024-10-21T07:45:34+00:00","article_modified_time":"2024-10-21T07:45:39+00:00","og_image":[{"width":1170,"height":400,"url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Pakistan.jpg","type":"image\/jpeg"}],"author":"Sabahat Abid","twitter_card":"summary_large_image","twitter_creator":"@ZameenProperty","twitter_site":"@ZameenProperty","twitter_misc":{"Written by":"Sabahat Abid","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html#article","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html"},"author":{"name":"Sabahat Abid","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/9db33618e4b5dfe90a74f6cd07923d16"},"headline":"Deadline set to terminate &#8216;Riba&#8217; in Pakistan","datePublished":"2024-10-21T07:45:34+00:00","dateModified":"2024-10-21T07:45:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html"},"wordCount":210,"commentCount":0,"publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"image":{"@id":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Pakistan.jpg","keywords":["29th constitution of pakistan","federal shariat court","interest free loans","pakistan central bank","Riba","updates and news","zameen newa"],"articleSection":["Notices &amp; Announcements"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html","url":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html","name":"Deadline Set to Terminate 'Riba' in Pakistan- Zameen News","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html#primaryimage"},"image":{"@id":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Pakistan.jpg","datePublished":"2024-10-21T07:45:34+00:00","dateModified":"2024-10-21T07:45:39+00:00","description":"Pakistan passes a constitutional amendment to eliminate interest (riba) by 2028, boosting Islamic banking growth.","breadcrumb":{"@id":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html#primaryimage","url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Pakistan.jpg","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Pakistan.jpg","width":1170,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/www.zameen.com\/news\/deadline-set-to-terminate-riba-in-pakistan.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.zameen.com\/news"},{"@type":"ListItem","position":2,"name":"Deadline set to terminate &#8216;Riba&#8217; in Pakistan"}]},{"@type":"WebSite","@id":"https:\/\/www.zameen.com\/news\/#website","url":"https:\/\/www.zameen.com\/news\/","name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","description":"","publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.zameen.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.zameen.com\/news\/#organization","name":"Zameen.com","alternateName":"Zameen","url":"https:\/\/www.zameen.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/news-cdn.zameen.com\/wp-content\/upload\/2015\/09\/Zameen.com_-_Logo.png","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/upload\/2015\/09\/Zameen.com_-_Logo.png","width":600,"height":300,"caption":"Zameen.com"},"image":{"@id":"https:\/\/www.zameen.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ZameenPK","https:\/\/x.com\/ZameenProperty","https:\/\/www.instagram.com\/zameenpk\/"]},{"@type":"Person","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/9db33618e4b5dfe90a74f6cd07923d16","name":"Sabahat Abid","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Avatar-Icon-96x96.jpg","url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Avatar-Icon-96x96.jpg","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Avatar-Icon-96x96.jpg","caption":"Sabahat Abid"},"description":"Sabahat Abid is a content creator at Zameen Media, illuminating the real estate landscape with her engaging writing.","url":"https:\/\/www.zameen.com\/news\/author\/sabahat-abid"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/100091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/users\/89"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/comments?post=100091"}],"version-history":[{"count":1,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/100091\/revisions"}],"predecessor-version":[{"id":100092,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/100091\/revisions\/100092"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/media\/60296"}],"wp:attachment":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/media?parent=100091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/categories?post=100091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/tags?post=100091"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/persona?post=100091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}