Faysal Bank lauds govt's stance on interest-free economy

Faysal Bank Limited has appreciated the federal government's decision to make Pakistan interest-free. The Ministry of Finance last week announced its decision to withdraw their appeal against the Federal Shariat Court's decree to ensure the conversion to Islamic instruments by 2027 and has already initiated the process.

The Federal Shariat Court, in April 2022, had taken Faysal Bank's example of a smooth transition to Islamic Financial Instruments (IFIs) as a strong model to follow and asked all banks in Pakistan to switch from the conventional model to the Islamic instruments to make Pakistan's economy Riba-free.

The following weeks saw many appeals being filed in the Supreme Court to stall or delay the process. The recent decision of the GoP to withdraw the appeal ensures the expedition of this journey towards a unified Islamic financial system in the country.

While appreciating the decision by the federal government, President & CEO, Faysal Bank Limited, Yousaf Hussain has said Faysal Bank, having embarked on and now being on the verge conversion from a conventional to an Islamic Bank, was poised to assume the lead role within Pakistan's banking and financial sector to facilitate the complete conversion from interest-based banking to a Shariah-compliant banking system.