The Federal Shariat Court Monday praised the unanimous approval of the 26th constitutional amendment by the parliament, which mandates the complete abolition of interest (riba) from the country's financial system by January 1, 2028, reported 24NewsHD TV channel.
In a statement issued by the court, this amendment is hailed as a significant milestone for developing Pakistan's Islamic financial and banking system.
The court highlighted that this amendment follows the historic decision made by the Federal Shariat Court on April 28, 2022, written by Justice Dr. Syed Muhammad Anwar. The decision outlined a five-year timeline for eliminating riba from Pakistan's financial structure.
The amendment to Article 38F of the Constitution has now solidified this directive into law, marking a historic achievement in the legislative history of Pakistan.
The court emphasized that this step reaffirms the country's commitment to advancing Islamic finance, describing the development as a major leap toward establishing a more Islamic financial system.