Pakistan Finance minister Ishaq Dar has said that the central government will soon implement an interest-free banking system in the country. While all the countries of the world are suffering from recession, they are stuck in the grip of inflation. In order to control inflation, the central banks of various countries are continuously increasing the interest rate. Through this, various countries are also planning to control inflation. But what happens if you give a 0% loan during this period? Couldn't think of that. But the government of pakistan has taken up such a project. The government of pakistan has announced that it is going to change the system of banks to provide loans at a 0% interest rate. Regarding this, pakistan Finance minister Ishaq Dar has said that interest-free banking services will be provided according to Islamic law and this service will be brought by the year 2027.
Pakistan is a predominantly Muslim country. According to Islamic religious laws, giving loans at interest is prohibited. pakistan has decided to introduce this system of giving interest-free loans by 2027. Central Syariah courts operating in pakistan ensure compliance with this Syariah law. Syariah courts say that taxing people is against Syariah law. Meanwhile, pakistan is taking steps to implement interest-free banking by 2027. It has said that it will cancel the banking system that collects interest by 2027, and with the permission of the government of pakistan, there is an Islamic method of action. Establishing an interest-free banking system will be very challenging. However, the finance minister has said that it has been planned within a certain period. Will such a decision by pakistan work? The question has also arisen.
If this interest-free banking scheme of pakistan becomes operational, banks can give interest-free loans. Through this people can get interest-free loan. This can increase the flow of money in the hands of the people. This may also lead to increased consumption. Due to this, economic growth will also improve. But what about the future of Pakistani banks? The fear has also arisen.
The main source of income for banks is interest income. If that interest income is not available, what is the future of banks? A question mark has also arisen. In a world where interest rates are increasing, pakistan alone is planning to create an interest-free environment. How feasible this is will only be known when implemented.
click and follow Indiaherald WhatsApp channel