Pakistan gives foreign banks an edge in shift to Islamic finance

Domestic lenders required to convert to sharia-compliant model from 2028 One currency, two banking systems. Pakistan's banks must all offer sharia-compliant services from 2028, but foreign banks will be able to continue offering non-Islamic services alongside — giving them a possible advantage. © Reuters ISLAMABAD — In the run-up to its banking reform toward Islamic banking, the Pakistani government has decided to require domestically owned banks to operate under a fully sharia-compliant model from 2028 to eliminate interest-based finance.

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