New govt loans to be Shariah-compliant from 2028

• Ministry of Finance drafts strategy for post-2027 Riba-free financial system • Existing conventional loans to continue until maturity • Majority foreign-owned banks may offer both Islamic, conventional products • Cabinet nod will set legal transition in motion ISLAMABAD: As part of its strategy to gradually shift to a Riba-free financial system by Dec 31, 2027, the government has decided that all new transactions, including loans, will be contracted on a Shariah-compliant basis from Jan 1, ...

By none@none.com (Khaleeq Kiani)