‘Riba-free banking bill soon’

PESHAWAR NWFP Senior Minister Sirajul Haq has said that a draft bill that provides legal cover to a riba-free banking system had been prepared and would be tabled soon in the Frontier Assembly for approval.

“A draft has been prepared to give riba-free banking legal status, which would be tabled before the Frontier assembly to implement it as an act soon,” said Mr Haq while inaugurating the Islamic Bank Counter at the Bank of Khyber Saddar Road Branch on Saturday. He said that the counter would work under the Hayatabad branch to which the State Bank had granted a license for Islamic banking. Mr Haq said that a special officer had been appointed at the BoK Saddar Road Branch to provide the general public with the facility of the riba free banking. The Islamic banking system was inaugurated by Prime Minister Zafarullah Khan Jamali at the Hayatabad Branch of the Bank of Khyber in November 2003. staff report

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