FinancePakistan gives foreign banks an edge in shift to Islamic financeDomestic lenders required to convert to sharia-compliant model from 2028One currency, two banking systems. Pakistan's banks must all offer sharia-compliant services from 2028, but foreign banks will be able to continue offering non-Islamic services alongside -- giving them a possible advantage. © ReutersADNAN AAMIRJuly 7, 2026 14:31 JSTISLAMABAD -- In the run-up to its banking reform toward Islamic banking, the Pakistani government has decided to require domestically owned banks to operate under a fully sharia-compliant model from 2028 to eliminate interest-based finance.Read NextEnergyPakistan approves final link in 1,600-km national oil pipelineFinanceBangladesh bets $3.2bn to avert a banking crisis but reforms elusiveBusiness trendsPakistani gig workers' exports to hit record high but AI threats loomCommoditiesIndian families scale back on gold for weddings as prices hover near highsEnergyBangladesh power cuts deepen as government struggles to pay billsFood & BeverageIndia's sugar industry likely to exit exports and exist for ethanolDefensePakistan unfazed by Afghan-Russian military pact, say officialsTradeChinese firms brace for new EU rules as trade deficit tops $1bn a dayInternational relationsBangladesh courts China to drive infrastructure and trade pushBusiness dealsPakistan offers up 3 state-owned power distributors in privatization pushLatest on FinanceFinanceSingapore's Temasek to raise AI exposure 2.5-fold over 5 yearsFinanceJapan brokerages set sights on US mega-IPOs after strong SpaceX debutFinanceJapan's blockchain-based security tokens to open to foreign investorsSponsored ContentAbout Sponsored ContentThis content was commissioned by Nikkei's Global Business Bureau.
Pakistan gives foreign banks an edge in shift to Islamic finance
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