
Islamic Banking in Pakistan
Shariah-Compliant Finance and the Quest to make Pakistan more Islamic
- 186 pages
- English
- ePUB (mobile friendly)
- Available on iOS & Android
Islamic Banking in Pakistan
Shariah-Compliant Finance and the Quest to make Pakistan more Islamic
About this book
Islamic Banking and Finance (IBF) has become a growing force over the past three decades, with Pakistan being one of the IBF pioneers by converting to an 'interest-free' banking system in 1985. However, since independence in 1947, there has been continual tension over Pakistan's essential character, between Islamic Minimalists, who favour a Modernist interpretation of Islam, and those who favour an Islamic Maximalist interpretation that sees Pakistan as a model Islamic state.
This book analyses the push to Islamize Pakistan and its financial system by Islamic revivalists, following the early 1947 debates in the original Constituent Assembly to the final 2002 ruling on IBF of the Shariat Appellate Bench of the Pakistan Supreme Court. It examines the practice and theory behind contemporary Islamic, "Shariah-compliant", banking. It offers extensive interviews with Pakistani Islamic bankers on the state of their industry and how they see it developing, and provides analysis on how the Islamic banks' customers differ from those of conventional ones.
Presenting a critical analysis of Pakistan's IBF experience and offering a new insight into Pakistan's banking industry that illustrates broader political and social trends in the country, this book will be of interest to specialists on Islam, South Asia and International Economics.
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Table of contents
- Cover
- Half Title
- Title Page
- Copyright Page
- Table of Contents
- List of illustrations
- Preface: my first exposure to Islamic banking
- 1. Islamic finance globally and why this book?
- 2. An Islamic Republic or merely a Republic of Muslims?
- 3. The post-Jinnah Islamization of Pakistan
- 4. The debate over riba
- 5. The new orthodoxy of ‘old’ Islamic financial norms
- 6. The nuts and bolts of Islamic banking worldwide
- 7. ‘Rebooting’ Islamic banking in Pakistan to make it more Islamic
- 8. Three decades of the Pakistani experiment
- 9. Quo vadis Islamic banking?
- Glossary of key terms and abbreviations
- Bibliography
- Index