Pakistani bank launches nationwide outreach drive to promote Riba-free financial system

A Pakistani man counts Pakistan's rupees at his shop in Karachi on May 16, 2019. (AFP/File)
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Updated 21 November 2025
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Pakistani bank launches nationwide outreach drive to promote Riba-free financial system

  • In 2022, a Pakistani court ask government to eliminate Riba, or interest, and align the banking system with Islamic principles
  • The country’s Islamic banking assets had for the first time reached $40.7 billion by the end of March 2025, the central bank said

KARACHI: Pakistan’s Bank Islami has launched a nationwide outreach program to advance Islamic banking and supporting a Riba-free financial system in the country, it said on Friday.

Under the initiative, the bank’s regional team leaders are holding on-ground awareness and advocacy sessions with officials across the country to promote greater understanding and adoption of Shariah-compliant financial solutions and pave the way for Riba-free alternatives.

“This outreach program aligns with Bank Islami’s broader mission to promote Shariah-compliant financial inclusion and support policies that encourage ethical banking practices throughout the country,” the bank said in a statement.

The Pakistani central bank said in May that Islamic banking assets had for the first time reached Rs11.5 trillion ($40.7 billion) by the end of March 2025 as the country actively moved toward implementing a fully Shariah-compliant financial system.

In April 2022, Pakistan’s Federal Shariat Court (FSC) had directed the government to eliminate Riba, or interest, and align the country’s entire banking system with Islamic principles by 2027.

Following the order, the government and the State Bank have taken several measures ranging from changing laws to issuing sukuk Islamic bonds to replace interest-based treasury bills and investment bonds.

Bank Islami said people have welcomed the opportunity to engage more deeply in Islamic banking and discuss the benefits of a Riba-free economy as part of its drive.

“The Bank plans to continue and expand these engagements as part of its long-term vision for a more just and resilient financial system,” it added.
 


Pakistan says responding to Afghan ‘offensive operations’ after border fire as tensions escalate

Updated 26 February 2026
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Pakistan says responding to Afghan ‘offensive operations’ after border fire as tensions escalate

  • Afghan Taliban spokesperson says “large-scale offensive operations” launched against Pakistani military bases
  • Pakistan says Afghan forces opened “unprovoked” fire across multiple sectors along shared border

ISLAMABAD: Afghanistan’s Taliban authorities said on Thursday they had launched “large-scale offensive operations” against Pakistani military bases and installations, prompting Pakistan to say its forces were responding to what it described as unprovoked fire along the shared border.

The escalation follows Islamabad’s weekend airstrikes targeting what it said were Tehreek-e-Taliban Pakistan (TTP) and Daesh militant camps inside Afghanistan in response to a wave of recent bombings and attacks in Pakistan. Islamabad said the strikes killed over 100 militants, while Kabul said dozens of civilians were killed and condemned the attacks as a violation of its sovereignty.

In a post on social media platform X, Afghan government spokesperson Zabihullah Mujahid said Afghanistan had launched “large-scale offensive operations” in response to repeated violations by the Pakistani military.

 

 

Pakistan’s Ministry of Information said Afghan forces had initiated hostilities along multiple points of the frontier.

“Afghan Taliban regime unprovoked action along the Pakistan–Afghanistan border given an immediate, and effective response,” the ministry said in a statement.

The statement said Pakistani forces were targeting Taliban positions in the Chitral, Khyber, Mohmand, Kurram and Bajaur sectors, claiming heavy Afghan casualties and the destruction of multiple posts and equipment. It added that Pakistan would take all necessary measures to safeguard its territorial integrity and the security of its citizens.

 

 

Separately, security officials said Pakistani forces had carried out counterattacks in several border sectors.

“Pakistan’s security forces are giving a befitting reply to the unprovoked Afghan aggression with full force,” a security official said, declining to be named. 

“The Pakistani security forces’ counter-attack destroyed Taliban’s hideouts and the Khawarij fled,” they added, referring to TTP militants. 

The claims from both sides could not be independently verified.

Cross-border violence has intensified in recent weeks, with Pakistan blaming a surge in suicide bombings and militant attacks on militants it says are based in Afghanistan. Kabul denies providing safe havens to anti-Pakistan militant groups.

The clashes mark the third major escalation between the neighbors in less than a year. Similar Pakistani strikes last year triggered weeklong clashes before Qatar, Türkiye and other regional actors mediated a ceasefire in October.

The 2,600-kilometer (1,600-mile) frontier, a key trade and transit corridor linking Pakistan to landlocked Afghanistan and onward to Central Asia, has faced repeated closures amid tensions, disrupting commerce and humanitarian movement. Trade between the two nations has remained closed since October 2025.