ISLAMABAD: In a historic move towards promoting Islamic finance, Pakistan’s Parliament has unanimously passed the 26th Constitutional Amendment, mandating the complete elimination of Riba (interest) by January 1, 2028.
This significant amendment modifies Article 38(f) of the Constitution, marking a key milestone in the country’s efforts to align its financial system with Shariah principles.
The amendment follows the April 28, 2022, Federal Shariat Court judgement, authored by Justice Dr. Syed Mohammed Anwer, which set a five-year timeline for the removal of Riba from Pakistan’s financial system.
By incorporating this court decision into the Constitution, Pakistan has taken an unprecedented legislative step, underscoring its dedication to establishing an Islamic banking system.
The newly amended Article 38(f) now reads: “Eliminate Riba completely before the first day of January 2028.” This development is being hailed as a monumental achievement for Islamic finance in the country.
The passing of this amendment reflects the collective determination of Pakistan’s lawmakers to push for a Riba-free economy and strengthen the nation’s Islamic banking sector.
