Jan 2028 deadline set to end Riba, launch interest-free banking
The newly-passed 26th Constitutional Amendment Bill in Pakistan has set a deadline of January 1, 2028, to eliminate interest-based banking, known as Riba. This decision was made to align with Islamic principles and create an interest-free economic system. The Federal Shariat Court also emphasized the importance of eliminating Riba, stating that it goes against Islamic…