Federal Shariah Court declares interest-based practices incompatible as Islamic banking assets grown dramatically Islamic finance, founded on Shariah principles, began to take shape in the modern era roughly eight to nine decades ago. Its global prominence surged after the oil boom of the 1970s in the Middle East, when newly accumulated wealth sought financial systems aligned with Islamic values. One of the earliest modern experiments was the Mit Ghamr Savings Bank in Egypt, established in 1963, often regarded as the first practical model of contemporary Islamic banking. In Pakistan, early discussions on interest-free finance date back to the 1950s, but…
