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  2. Federal Shariah Court verdict on interest system in Pakistan

    en.wikipedia.org/wiki/Federal_Shariah_Court...

    And the federal government has been ordered to completely abolish interest rates and implement a usury-free banking system in the country within a period of five years. [2] On June 25, 2022, State Bank of Pakistan along with four other banks challenged the decision of the Federal Shariah Court against interest in the Supreme Court. [3]

  3. Akhuwat Foundation - Wikipedia

    en.wikipedia.org/wiki/Akhuwat_Foundation

    Through AIM, 4.5 million interest-free loans have been disbursed to 3.5 million families across 800 cities in Pakistan. As of 2020, the total number of loans Akhuwat has disbursed amounts to PKR 128 billion (US$798 million). Akhuwat's loan portfolio consists of 58% male borrowers and 42% female borrowers. [12]

  4. Prime Minister's Youth Programme - Wikipedia

    en.wikipedia.org/wiki/Prime_Minister's_Youth...

    On 14 May 2014, the government approved 3.5 billion for interest-free loans up to Rs 50,000 would be provided to 1 million people across the country. Half of the beneficiaries would be women. The loans would be disbursed through Pakistan Poverty Alleviation Fund (PPAF) and each federating unit will get its share as per the NFC Award, with a ...

  5. IMF says it reaches a staff level agreement with Pakistan to ...

    www.aol.com/news/pakistan-imf-conclude-final...

    ISLAMABAD (Reuters) -The International Monetary Fund on Wednesday said it had reached a staff level agreement with Pakistan, which if approved by its board, will disburse $1.1 billion for the ...

  6. Pakistan and the International Monetary Fund - Wikipedia

    en.wikipedia.org/wiki/Pakistan_and_the...

    In 1958, for the first time, Pakistan went to IMF for bailout. For this, IMF lent out US$25,000 (equivalent to $264,014 in 2023) [originally the loan-amount is given in SDR; [4] for this article it is considered to be 1SDR = 1USD] to Pakistan on standby arrangement basis on 8 December 1958. [3] Pakistan again went to IMF in 1965.

  7. Islamic finance products, services and contracts - Wikipedia

    en.wikipedia.org/wiki/Islamic_finance_products...

    Sharia prohibits riba, or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to riba). [ 4 ] [ 5 ] Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haraam ("sinful and ...

  8. Islamic economics in Pakistan - Wikipedia

    en.wikipedia.org/wiki/Islamic_economics_in_Pakistan

    Zia's stated intention was to "eradicate the scourge of interest" on loans and securities, [4] and create an "interest-free economy". [3] On January 1, 1980, approximately 7,000 interest-free counters were opened at all the nationalized commercial banks, making Pakistan the first country in the Muslim world with Islamic banking. [3]

  9. Banking in Pakistan - Wikipedia

    en.wikipedia.org/wiki/Banking_in_Pakistan

    Prior to independence, the Reserve Bank of India acted as the central bank for what became Pakistan. Under pressure from the International Monetary Fund, Pakistan implemented economic reforms in the late 1990s. [1] These reforms included a $250 million World Bank loan for banking reform, which helped in loan recovery and reducing operational ...