Karachi, February 26, 2019: Darul Uloom Karachi has declared Pakistan Banao Certificates Unislamic and impermissible to invest for getting any return on it due to Interest/Sood.
It has also advises the government to launch this scheme on Shariah Compliant basis.
Recently, the federal government launched dollar-denominated scripless Pakistan Banao Certificate (PBC) for resident and non-resident Pakistanis to generate funds to build the depleting foreign exchange reserves and support the balance of payment.
The PBC is the first sovereign retail instrument of its kind being offered by Government of Pakistan (GoP) targeting Overseas Pakistanis; measures crucial for a country plagued by widening fiscal deficits and a negative Balance of Payment.
(Detail story in a while).