Senate votes to eliminate interest-based financial system by 2028

Senate has approved a constitutional amendment aimed at ending the country’s interest-based financial system by 2028 as part of the 26th Amendment.

The amendment, proposed by Senator Kamran Murtaza of the Jamiat Ulema-e-Islam (JUI), received overwhelming support in the Senate.

It mandates the complete elimination of the interest-based system by 1 January 2028. The amendment modifies Article 38(f) of the Constitution to call for the swift eradication of the interest-based economy "as soon as possible."

The government's backing led to the passage of the amendment with 65 senators voting in favour, and no opposition.