Moving beyond the rhetoric

Article Type

Article

Description

Pakistan’s transition to a fully Shariah-compliant banking system is approaching a critical stage, with the December 2027 deadline set by the Federal Shariah Court. Significant progress has been made, including growth in Islamic banks, branch networks, and Sukuk issuance, but challenges remain, such as conventional public debt, liquidity management, human resource capacity, and public awareness. Successful conversion requires bold, transparent reforms, coordination between regulators, banks, and government, and a clear, time-bound roadmap. Achieving these goals could enhance financial inclusion, attract ethical investment, and position Pakistan as a global leader in Islamic finance.

Publication Source

DAWN

Publication Date

9-1-2025

Pages

3

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