Historical context of Pakistan’s Islamic finance  Pakistan has a protracted history of Islamic banking with the initial attempt to Islamize banking system in 1980s 2 , leading to sweeping changes in the Banking Companies Ordinance, 1962 (BCO’62) and associated laws and regulations to accommodate noninterest based banking transactions. Some specific developments around this period are noteworthy: i.
Third, the reform of exchange rate regime has advanced significantly. On July 21st, 2005, China reformed its exchange rate regime and adopted a managed, floating exchange rate regime based on market supply and demand with reference to a basket of currencies.