November 16, 2022 (MLN): The State Bank of Pakistan (SBP) and the National Bank of Pakistan (NBP) have submitted applications to the Supreme Court (SC) requesting to withdraw their appeals against the Federal Shariat Court’s (FSC) decision for a complete transformation of the banking system into Shariah-compliant banking by December 2027, Federal Minister for Finance and Revenue Mr. Ishaq Dar informed on Tuesday.

Earlier, the FSC issued directives that the country’s banking system should be free of interest by December 2027 and ruled that the federal government and provincial governments must amend relevant laws. Later, commercial banks and the central bank subsequently filed an appeal, challenging the FSC verdict.

However, earlier this week, Ishaq Dar said that the SBP and NBP would withdraw their appeals as the government aims to implement the Islamic banking system in the country.

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Posted on: 2022-11-16T11:12:00+05:00