State Bank of Pakistan appeals to supreme court over interest ban

state-bank-of-pakistan-sbp
The State Bank of Pakistan
Photo: SBP/Abbas Ali Khan

The State Bank of Pakistan has lodged an appeal with the country’s Supreme Court, after a lower court ordered all banking in the country to be converted to Islamic principles.

In a statement, the SBP said it had conducted a “detailed review” of the judgement by the Federal Shariat Court (FSC) of Pakistan, which sets a five-year deadline for a complete ban on riba, or interest.

“Based upon the advice of our chief legal adviser and external counsel, we have sought guidance from the honourable

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