Majlis Terminates Compound Interest

Parliament voted for a bill on Tuesday based on which compound interest on bank loans that matured by the end of last fiscal year (March 20, 2019) would be eliminated and debtors given until mid-February 2020 to repay their dues.
The controversial bill was passed amid mixed voices in favor and against the decision. 
Majlis Research Center, the influential research arm of the parliament, has said that in light of existing laws many manufactures have either downed their shutters or are on the verge of insolvency due to the back-breaking burden of bank liabilities. Over the years they were neither able to repay their debts nor allowed to apply for new loans to remain afloat.