If not, they will have to go back to the Federal Shariat Court and list the constraints. If they are able to find the right solutions, it will be entirely possible to transition to Islamic banking within the five-year timeframe. ISHRAT HUSAIN: There are certain issues that need to be settled, and the government and the SBP have formed a committee to look into them. KAZIM ALAM: Is the target of complete conversion from conventional to Islamic banking in five years achievable? Currently Chairman of the IBA’s Centre for Excellence in Islamic Finance, Dr Husain has played a pivotal role in establishing Islamic banking in Pakistan as a two-term governor of the State Bank of Pakistan (SBP). Kazim Alam speaks to Dr Ishrat Husain about the issues surrounding the transition of Pakistan’s banking system into a fully Sharia-compliant model by the end of 2027.
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