PAKISTAN: The 26th Constitutional Amendment Bill passed by the Pakistan Senate sets 2028 for the end of the practice of Riba (interest-based banking) in the country. The Senate approved the amendment in clause (f) of Article 38 of the Constitution, effectively eradicating this form of usury with the current clause to “eliminate Riba as early as possible” replaced with “as far as practicable, by the 1st of January, 2028.” The development follows the 2022 Federal Shariat Court ruling that gave the government five years to implement an Islamic banking system in the country.
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