Interview with Fitch Ratings: Pakistan’s push for Islamic finance
As the South Asian economy looks to eliminate interest from its banking system, Fitch Ratings' global head of Islamic finance, Bashar Al Natoor, examines what this could mean for the country’s Islamic finance sector.
A version of this article was first published on FinanceAsia.
The Federal Shariah Court of Pakistan (FSC) has issued a court order for the government to eliminate interest from domestic or foreign borrowings by 2027. Riba, as it is known within Islam, is most closely translated in English as 'usury', and is prohibited by the faith. But previous attempts at creating an interest-free economy have failed to materialise, or at least they have had spillover repercussions for the countr…
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