Interest-Free Banking | MCQs

Explanation

1st Jan 1981 interest-Free Banking was introduced in Pakistan first time.

From July 1, 1985, all commercial banking in Pak Rupees was made interest-free. 

In 1985 the President of Pakistan Mohammad Zia-ul-Haq introduced an interest-free banking system in Pakistan

Meezan Bank is interest-free in Pakistan.

Explanation

Federal Shariat Court announced a verdict on Riba (interest), declaring the prevailing interest-based banking system as against the Sharia in April 2022