Pakistan, July 1 -- The federal government has unveiled a comprehensive strategy for gradually implementing an interest-free financial system in Pakistan. The plan outlines a phased transition to protect financial stability and minimize economic disruption. The roadmap is significant because it will reshape the country's banking and financial framework after 2027.

According to the Ministry of Finance's report, Strategy for Pakistan's Financial System Beyond 2027, the successful implementation of the new system will depend on addressing several major challenges and risks. The report states that the transition will be gradual to ensure economic stability. It also links the initiative to the Federal Shariat Court's 2022 ruling and the Const...