Pakistan to Implement Interest-free Banking System

The Pakistan Government is planning to implement an interest-free banking system in the country from 2027 under the Islamic law. What is interest-free banking system? The concept of interest free banking system is derived from the Islamic form of banking. ..

Month: Current Affairs – November, 2022

Category: Economy & Banking Current Affairs • International / World Current Affairs

Pakistan Islamic Bond

Pakistan raised USD 1 billion loan through Sukuk bond, at a record 7.95% interest rate. Key Points It is the cost that Pakistan has agreed to pay on an Islamic bond. Country has also agreed to pledge a portion of ..

Month: Current Affairs - January, 2022

Category: International / World Current Affairs

Reforming the Law Commission

The Law Commission of India is a non-constitutional, non-statutory body constituted by the Government of India from time to time. It was originally constituted in 1955 and is re-constituted every three years. Colonial Legacy The Law Commission’s origin can be ..

Brunei introduces harsh new sharia laws that make adultery and homsexuality punishable by stoning to death

Brunei has recently introduced harsh new Islamic laws that make adultery and homsexuality punishable by stoning to death. The new measures also cover a range of other crimes, including punishment for theft by amputation. The move makes Brunei the first ..

Brunei enacts Sharia Law, Strong Islam

Brunei has enacted a new penal code which falls under Sharia law and imposes death by stoning for adultery and even gay sex, amputations for theft and widespread criticism. There has been widespread criticism over the move. Sultan Hassanal Bolkiah, ..

Brunei punishes Gay sex

Brunei is to introduce new Islamic law that would make Gay sex an offence, punishable stoning to death. The law comes to force from April 3 2019. It has received international condemnation. Under the law, the individuals can be convicted ..

All India Muslim Personal Law Board (AIMPLB) is in news because it to constitute a committee to advise method and process for undertaking large scale community reform program within Islamic Shariah

Recently, the All India Muslim Personal Law Board (AIMPLB) is in news because it will constitute a committee to advise the method and process for undertaking large scale community reform program within the Islamic Shariah. A resolution was passed in ..

RBI proposes ‘Islamic Window’ in Banks

The Reserve Bank of India (RBI) has come up with a proposal for opening of ‘Islamic window’ in conventional banks for a gradual introduction of Sharia-compliant (interest-free) banking in the country. The move is aimed to ensure financial inclusion of ..