An Overview of Islamic banking in Pakistan: Modern Economic Perspectives

Authors

  • Aizaz Ul-Haq M.Phil. Scholar, Department of Islamic studies, Ghazi University, Dera Ghazi Khan, Pakistan.
  • Nouman Bashir M.Phil. Scholar, Department of Islamic studies, Ghazi University, Dera Ghazi Khan, Pakistan.

DOI:

https://doi.org/10.53583/jrss05.03.2023

Keywords:

Shariah, Islamic banking, Pakistan, Economic, Modern Banking System

Abstract

As a result of this study, we want to better understand Pakistan's economic Islamization process and its influence on people's material well-being in light of the economic provisions of the Qur'an and Sunnah (PBUH), in addition to the World Bank's framework for material well-being. According to this study, the Islamic legal notion of daruriyyat (necessities), as articulated in Maqasid al-Shariah, is identical to the English phrase "material well-being." Since the 1980s, economic Islamization ideology has been marketed as the sole answer to all economic problems generated by interest-based capitalism, and the purpose of this study is to investigate how this has happened. The fact that more than 60% of Pakistanis do not have access to the material well-being envisioned by the Islamic Legal System and the World Bank, after over three decades of economic Islamization, is concerning. There is a claim that Islamic economics and finance have been unable to alleviate Pakistan's economic woes in recent years. A study conducted by the Islamic Center for Social Justice and the World Bank found that it was unable to aid those who were deprived of reaching material well-being. Finally, a number of proposals are made in order to aid Pakistan in improving its current Islamic economic and financial circumstances.

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Published

2023-12-30

How to Cite

Ul-Haq, A., & Bashir, N. (2023). An Overview of Islamic banking in Pakistan: Modern Economic Perspectives. Journal of Religious and Social Studies, 3(1 Jan-Jun), 27–49. https://doi.org/10.53583/jrss05.03.2023