SBP Vision 2028 and Pakistan’s Transformation to a Shariah-Compliant Banking System

As mandated by a Federal Shariat Court decision[[1]] issued 28 April 2022 and consistent with constitutional amendments, Pakistan is transitioning its conventional banking system into a Shariah-compliant banking system towards a Riba-free economy by 1 January 2028. As the world's second most populous Muslim-majority country after Indonesia, Pakistan is preparing to transform its economic system, particularly its banking sector, into one that complies with Islamic principles. This includes the elimination of interest (Riba).[[2]]