Islamic finance

Pakistan’s economy is shifting towards a fairer and more stable financial system. This change focuses on Islamic finance, which bans interest (Riba) and encourages risk-sharing, profit-sharing, and ethical investments. The goal is to create a more balanced economy, reduce risky financial practices, and promote long-term growth. Countries like Malaysia, Saudi Arabia, and the UAE have successfully adopted Islamic finance, benefiting from financial stability, increased investment, and stronger economies.

Pakistan reportedly aims to have 30 per cent of its banking system based on Islamic finance by 2025. This can help build a stronger economy, offer fairer financial services, and increase financial inclusion.

Sajid Awan

Dubai