Pakistan not ready for Islamic banking deadline

PAKISTAN - Pakistan is not ready to meet a 1 July supreme court deadline to implement interest-free Islamic banking and its financial institutions are likely to request more time to make the change, officials said on 7 June.

"Things are still premature and most of the banks are not beyond the conceptual stage, they could ask for more time for preparation," a Finance Ministry official, who requested not to be identified, said in Islamabad.

Pakistani banks, under a December 1999 Supreme Court rul