Islamic Banking The Evolution of Islamic Banking in Pakistan
A Qualitative Analysis
Abstract
This article is intended to illustrate the historical evolution and development of Islamic banking. It provides information on the establishment of Islamic banking in many countries of the world. Islamic banking was started in the time of the Prophet. In this regard, the best examples of this are the partnership business of the Prophet and the establishment of Bait-ul-Mal by his Companions. In different Muslim eras, the rulers promoted the Islamic economic system. As a result of their sincere efforts, Islamic banks were established under Sharia principles in several Muslim countries. There is a need to review the development of Islamic banking in Pakistan to expand it. Let new avenues of further research and exploration be paved in academic circles. The following research article has been compiled to fulfill this present-day need of the intellectual world.
References
Al Baraka Bank pakistan (2010) Our Journey. Available at: https://www.albaraka.com.pk/page/our-journey. (accessed 8 April 2021).
Bakhsh, MM (1976), Nizam-e-Bait-ul-Mal of Islam, Ashraf Press, Lahore, 180-30
Dubai Islamic Bank (1975) Our History. Available at: https://www.dib.ae/about-us/our-history. (accessed 1 April 2021).
Dubai Islamic Bank Pakistan (2005) Corporate Profile. Available at: https://www.dibpak.com/index.php/dib-pakistan. (accessed 7 April 2021).
Ghazi, M.A., (2010) Lectures on Economics and Trade, Faisal Publishers and Books, Lahore, 396.
Halabi, A.B., (1932) Insan al-Ayyun fi Sirat al-Amin al-Mamun, Al-Azhar Press, Egypt, 1, 120.
Pakistan Daily, May 4, 2009
Supreme Court of Pakistan, (1999) Judgement on Riba. Cabinet Report Document 1999, Government of Pakistan, Islamabad.
State Bank of Pakistan (2008) Islamic Banking Department. Available at: http://www.sbp.org.pk/ibd. (accessed 2 April 2021).
State Bank of Pakistan (1948) Quaid-i-Azam's Speech. Available at: http://www.sbp.org.pk/about/history/h_moments.htm. (accessed 4 April 2021).
State Bank of Pakistan (2009) Islamic Banking Bulletin. Islamic Banking Department. Available at: https://www.almeezangroup.com/ur/why-al-meezan/sponsors. (accessed 6 April 2021).
Council of Islamic Ideology (2016) Annual report of 1981-80, Awan printing press, Islamabad, 45.80-140
Khan, M.M., (2008) Main Features of the Interest-Free Banking Movement in Pakistan (1980- 2006), Managerial Finance 34(9): 660-674.
Clement M.H. & Rodney W., (2004) the Politics of Islamic Finance, Edinburgh: Edinburgh University Press, 78.
Maulana Abdul Rahman Kalani, Rules of Trade and Transactions, Maktab-ul-Islam, Lahore, 2003, pp. 144-150
Akram, M., (2006) Islamic Banking An Important Progress, Tarjman-ul-Qur'an, Lahore, 54.
Usmani, M.T., (2010) Islamic Banking History and Background, Correction of Misunderstandings, Al-Afnan Safoura Chowk, Karan Hospital Road, Opposite PSO Pump, Scheme 33 University Road Karachi, 16.
Horizon, N., (2009) Pakistan’s Islamic Banks look to Kick-Start Interbank Market, 67
John, L., (2003) Esposito, The Oxford Dictionary of Islam, Oxford University press, 89.
Zafar, M., (1951) Banking and Foreign Exchange, Maktab Nowshah Nazar Road Rawalpindi, 21
