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Pakistan move towards Islamic banking

In a major step towards the Islamization of Pakistan’s banking sector, the government has appointed reputed Islamic scholar Maulana Justice (retd) Taqi Usmani as chairman of the Sharia Board of the State Bank of Pakistan. In addition, Saeed Ahmad, chairman of the recently constituted steering committee to promote Islamic banking, is also being appointed as deputy governor of the State Bank of Pakistan to ensure that the conventional banking system is replaced by the Islamic banking system as per the teachings of Islam and in line with the provisions of the 1973 Constitution. Justice (retd) Taqi Usmani, a leading scholar of Islam and a globally recognised expert on Islamic banking said he had accepted the responsibility following the government’s assurance to promote the Islamic banking system so that the conventional riba-based system is replaced.

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