Essay On Role Of Islamic Banking In Pakistan

Essay On Role Of Islamic Banking In Pakistan-57
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In 1970s Islamic banking was not famous, but at the start of twenty century it is very common in all over the world.

Islamic banking is account value approximately USD 500 billion. Islamic banking is flourishing dynamically in also Pakistan like other countries, since January, 1981 it is very famous in Pakistan.

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1.0 INTRODUCTION 1.1 Background Study The Islamic banking and finance sector is a fast growing industry, where it expanding and getting stronger each and every year.

In the past research made by Fadma and Rachid (2013), they only evaluate the performance of sukuk portfolio in compared to conventional bond portfolio, in the context of Malaysian market.

In their study, they are trying to find either the correlation between return of the portfolio of sukuk and bonds exist.We use cookies to make interactions with our website easy and meaningful, to better understand the use of our services, and to tailor advertising.For further information, including about cookie settings, please read our Cookie Policy . This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.The prime objective of state bank is to remove interest system from the Pakistan.The first private interest-free bank, the Dubai Islamic Bank was also setup in 1975 by a group of businessmen from several countries.Two more private banks were founded in 1977 under the name of Faisal Islamic Bank in Egypt and Sudan.PRINCIPLES OF ISLAMIC BANKING The Islamic banking system follows certain, yet simple, rules set by the Qur’an and the Shari’ah (Islamic law), which if deviated from the system becomes un-Islamic. Any predetermined payment or benefit over and above the actual amount of principal is prohibited: Islam allows only the type of loan in which interest of any form is not charged.Interest in this case is in either monetary form or other beneficiary forms such as using the borrower’s property, etc. In other words, any type of benefit received by the lender from the borrower in return for lending the money is prohibited.INTRODUCTION The basic concept of Islamic banking which is also known as 'interest-free banking' is based on basic ethical standards with just one main difference- Muslims are not allowed to pay or receive interest.This does not mean that business activities or making a profit are not encouraged, they are but as long as they don’t involve interest in any form.

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