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Title مروجہ اسلامی بینکاری اور علماء کا نقطہ نظر (تقابلی جائزہ)

Author(s) Ayesha Altaf

Abstract Contemporary Islamic Banking and the Views of Scholars Many scholars and practitioners noticed many problems in the operation of the traditional Western model of the banking system. Among this dramatically changed banking environment, attention turns to Islamic banking as an emerging force in the last three decades. Pakistan is an Islamic country and every system here, be it economic, social, educational, or political, must be subject to Islam. No system other than Islam can guarantee our well-being. The interest rate system, which is a product of the West, is deeply ingrained in our economy. It has weakened not only our economy but also our manpower. Islamic Banking is an alternative to Traditional Banking. Both Islamic and Traditional types of banks include activities such as money transaction, issuing loans and agency services. However, their methods are quite different from each other. Traditional Banks transact money on an interest-bearing basis, while Islamic Banks operate on an interest-free system. Islamic financing methods are introduced for investing in Islamic Banks. Today, Islamic Banking has become a controversial issue. Some scholars support the Islamic Banking system, while others disagree with it. However, the people are hesitant about these two different views. This research work is an attempt to bring forward the views closest to the Qur’an and Hadith on this issue, in order to find solutions to the problems and obstacles faced in adapting the country’s economic system to Islam. The article has four chapters. The first chapter deals with the need and importance of banking, the Shariah foundations of Islamic banking and the history of Islamic Banking in Pakistan, while the next three chapters deal with the rules and regulations of the Islamic banks financings such as Mudaraba, Musharaka and Ijarah, contains their common forms and their comparison and analysis. The research uses the qualitative research method. After studying the relevant material, the researcher has come to the conclusion that the current method of financing has been introduced in the form of Mudaraba, Musharaka and Ijarah, in view of the modern requirements, which are correct from shariah point of view but need further improvements. However, critics differ on these modern forms of Islamic banking. To this end, I recommend that the scholars be seated on a bench and the scholarly differences between them be resolved so that the people who are divided into two groups can come out of this division and those who are reluctant to keep money in Islamic banks can invest in Islamic banks. Keywords: Islamic banking, view of scholars, Mudaraba, Musharaka, Ijarah.

Type Thesis/Dissertation MS

Faculty Social Sciences

Department Islamic thought & Culture

Language Urdu

Publication Date 2021-06-17

Subject Islamic Studies

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