Search results
Results From The WOW.Com Content Network
In 1992, the Federal Shariah Court ordered the abolition of the interest rate system in Pakistan, which was later challenged in the Supreme Court of Pakistan. [1] The Supreme Court later referred the decision back to the Federal Shariah Court in 2002 for reconsideration.
Because the debate on "Islamising" Pakistan's national economy has been reduced to issues related to interest-free banking, the abolition of riba (interest), the laws of inheritance and the levy of the "zakāt", Sikand believes all that is being offered are "magical solutions" to the complex modern problems of Pakistan's economy. [68] [69]
During that period economy of Pakistan remained in poor shape and Pakistan had to go to IMF again for record third in the period of Bhutto government. [3] As per few sources, this was the most corrupt government in the history of Pakistan. This time Pakistan got an amount of US$294,690 (equivalent to $589,251 in 2023) on 13 December 1995. [3]
Pakistan's new finance minister Ishaq Dar said on Wednesday he will work to rein in inflation while cutting interest rates, saying the rupee currency was undervalued and promising a strong ...
In late January, Pakistan lifted the artificial cap on its currency, causing the rupee to plunge 20% against the dollar in a few days. The government raised fuel prices by 16%. And the Pakistani central bank raised its interest rate by 100 basis points to battle the country's highest inflation in decades, expected to be as high as 26% in ...
Before independence on 14 August 1947, during the British colonial era, the Reserve Bank of India was the central bank for the then undivided subcontinent. On 30 December 1948 the British Government's commission distributed the Reserve Bank of India's reserves between Pakistan and India—30 percent (750 M gold) for Pakistan and 70 percent for India.
ISLAMABAD (Reuters) -A Pakistani court sentenced former Prime Minister Imran Khan to 14 years imprisonment on Friday in a land corruption case, a setback to nascent talks between his party and the ...
The Pakistani rupee depreciated against the US dollar until around the start of the 21st century, when Pakistan's large current-account surplus pushed the value of the rupee up versus the dollar. Pakistan's central bank then stabilized by lowering interest rates and buying dollars, in order to preserve the country's export competitiveness.