Introduction of islamic banking

Introduction Of Islamic Introduction Of Islamic BankingBanking

Prepared By: Muneeb Waseem Ansari

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Introduction of Islamic Introduction of Islamic BankingBanking

Islamic banking is interest free banking, in Islamic banking is interest free banking, in which there is no fixed rate of return. Islamic which there is no fixed rate of return. Islamic banking is the banking system which is run banking is the banking system which is run in accordance with the Islamic laws and the in accordance with the Islamic laws and the Shari a` board; that guides the institutions. Shari a` board; that guides the institutions. This Shari a` board authorizes the products This Shari a` board authorizes the products that whether these are Shari a` compliant or that whether these are Shari a` compliant or not. Islamic banking is the banking that is not. Islamic banking is the banking that is guided by Islamic law ( Shari a`) principles guided by Islamic law ( Shari a`) principles and guided by Islamic economics. In and guided by Islamic economics. In particular, Islamic law prohibits usury, the particular, Islamic law prohibits usury, the collection and payment of interest, collection and payment of interest,


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also commonly called Riba in Islamic also commonly called Riba in Islamic discourse”. Islamic banking also finds its discourse”. Islamic banking also finds its roots in Islamic finance and all type of roots in Islamic finance and all type of transactions are interest free and of risk transactions are interest free and of risk sharing. The interest is prohibited in sharing. The interest is prohibited in Islamic ways of banking as it is also Islamic ways of banking as it is also obvious from Quran. In Quran, in Sura Al-obvious from Quran. In Quran, in Sura Al-Imran, Allah said that; “O you who Imran, Allah said that; “O you who believe! Do not devour Riba multiplying it believe! Do not devour Riba multiplying it over and keep your duty to Allah that you over and keep your duty to Allah that you may prosper” (3:130). Same kind of may prosper” (3:130). Same kind of prohibition regard fixed interest is also prohibition regard fixed interest is also lead in Sura Al-Rum(39) , Al-Nisa(160-lead in Sura Al-Rum(39) , Al-Nisa(160-161) and Al-Baqarah(275-281) of Quran. 161) and Al-Baqarah(275-281) of Quran.


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Riba and Gharar are illegal under Riba and Gharar are illegal under Islamic law. Riba refers to fixed rate of Islamic law. Riba refers to fixed rate of interest. Gharar refers to speculation. interest. Gharar refers to speculation. Islamic banking shows dramatic Islamic banking shows dramatic improvements and developments in improvements and developments in Pakistan. Islamic banking is taken as Pakistan. Islamic banking is taken as national policy and it is supported but national policy and it is supported but there exist dual banking structure in there exist dual banking structure in the Muslim countries. Mostly the the Muslim countries. Mostly the banks of conventional system are also banks of conventional system are also opening their separate Islamic opening their separate Islamic banking divisions and branches. banking divisions and branches.


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The expectation of increase in The expectation of increase in growth of networking of Islamic growth of networking of Islamic banking system is increasing. The banking system is increasing. The Islamic banking has increased in Islamic banking has increased in terms of branches, deposits, capital terms of branches, deposits, capital funds, sources. The ratio of income funds, sources. The ratio of income to expenses is high which indicates to expenses is high which indicates increasing profitability of the sector. increasing profitability of the sector.


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Riba or InterestRiba or Interest

Riba literally means increase, Riba literally means increase, addition, expansion or growth. It is addition, expansion or growth. It is however not every increase or however not every increase or growth, which is prohibited by Islam. growth, which is prohibited by Islam. In shariah, Riba technically refers to In shariah, Riba technically refers to the premium that must be paid the premium that must be paid without any consideration. without any consideration.


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Types Of RibaTypes Of Riba

According to jurists of Islam Riba According to jurists of Islam Riba have two types.have two types.

Riba Al-NaseahRiba Al-Naseah Riba Al-Fadl.Riba Al-Fadl.


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The organization of term interest The organization of term interest dates back to 17dates back to 17thth century with the century with the emergence of banking system at emergence of banking system at global level. Interest means giving global level. Interest means giving and/or taking of any excess amount in and/or taking of any excess amount in exchange of a loan or on debt. Hence, exchange of a loan or on debt. Hence, it carries the same meaning/ value as it carries the same meaning/ value as that of Riba is defend in the previous that of Riba is defend in the previous question. Further, it is narrated that “ question. Further, it is narrated that “ the loan draws interest is Riba”.the loan draws interest is Riba”.


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Riba in QuranRiba in Quran

In the Holy Quran, Allah (SWT) says in Sura Al-In the Holy Quran, Allah (SWT) says in Sura Al-Baqarah (2-279): Baqarah (2-279): “……“……. And if you repent, yours is your principal”. And if you repent, yours is your principal”

And what ever Riba you give so that it may And what ever Riba you give so that it may increase in the wealth of the people, it does not increase in the wealth of the people, it does not increase with Allah. ( Sura Al-Rum 30:39)increase with Allah. ( Sura Al-Rum 30:39)

And because of their charging Riba while they were And because of their charging Riba while they were prohibited from it. ( Sura An-Nisa 4:161)prohibited from it. ( Sura An-Nisa 4:161)


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O you who believe! Be mindful of God and give O you who believe! Be mindful of God and give up what remains of up what remains of al-ribal-riba if you are believers. a if you are believers. If you do not do so, then receive a declaration If you do not do so, then receive a declaration of war from God and his Messenger. But if you of war from God and his Messenger. But if you repent, repent, you shall have your capital sums you shall have your capital sums ((ru`ru`uus al-amws al-amwaal)l). You do not deal unjustly . You do not deal unjustly and you are not dealt with unjustly and you are not dealt with unjustly (2:278-(2:278-279)279)


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Riba in HadithRiba in Hadith

"Every loan that derives a benefit (to the creditor) is riba."

This Hadith is reported by Hazrat Ali Radi-AllahuAnhu


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Abu Said al Khudri Radi-AllahuAnhu Abu Said al Khudri Radi-AllahuAnhu narrated that Holy Prophet( peace be upon narrated that Holy Prophet( peace be upon him) said:him) said:

“ “ Gold for gold, silver for silver, wheat for Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, and wheat, barley for barley, dates for dates, and salt for salt, like for like, payment made salt for salt, like for like, payment made hand by hand. If anyone gives more or asks hand by hand. If anyone gives more or asks for more, he has dealt in Riba. The receiver for more, he has dealt in Riba. The receiver and giver are equally guilty. and giver are equally guilty.


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If the creditor received a goat as mortgage If the creditor received a goat as mortgage from the debtor, the creditor may use its from the debtor, the creditor may use its milk to the extent he has spent in providing milk to the extent he has spent in providing fodder to the goat. However, if the milk is fodder to the goat. However, if the milk is more than the price of the fodder, the more than the price of the fodder, the excess is excess is ribriba." Usmani, para 99) a." Usmani, para 99)


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From Usamah ibn Zayd: The Prophet, From Usamah ibn Zayd: The Prophet, peace be on him, said: "There is no peace be on him, said: "There is no riba riba except in except in nasi'ah nasi'ah [waiting]." [[waiting]." [Bukhari, Bukhari, Kitab al-Buyu, BabKitab al-Buyu, Bab BayBay al-dinari bi al-al-dinari bi al-dinar nasa'an, #dinar nasa'an, #386386; also ; also MuslimMuslim and and Musnad Ahmad]Musnad Ahmad]

"There is no "There is no riba riba in hand-to-hand [spot] in hand-to-hand [spot] transactions." [transactions." [MuslimMuslim, Kitab al-, Kitab al-Musaqat, Bab bay'i al-ta'ami mithlan bi Musaqat, Bab bay'i al-ta'ami mithlan bi mithlinmithlin; also in Nasa'i]. ; also in Nasa'i].


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Difference between Difference between conventional banking and conventional banking and

Islamic bankingIslamic banking


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Bank Client

money

money + money (interest)

Conventional

Banking System


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Bank ClientGoods & Services

money

Islamic Banking System


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Conventional BanksConventional Banks Islamic BanksIslamic Banks

Money is a commodity besides medium of Money is a commodity besides medium of exchange and store of valueexchange and store of value

Money is not a commodity thought it Money is not a commodity thought it is used as a medium of exchange and is used as a medium of exchange and store of valuestore of value

Time value is the basis for charging Time value is the basis for charging interest on capitalinterest on capital

Profit on trade of goods for charging Profit on trade of goods for charging on providing service is the basis for on providing service is the basis for earning profitearning profit

Interest is charged even in case the Interest is charged even in case the organization suffers losses by using organization suffers losses by using bank’s fundbank’s fund

Islamic bank operates on the basis of Islamic bank operates on the basis of profit and loss sharingprofit and loss sharing

While disbursing cash finance, running While disbursing cash finance, running finance or working capital, no agreement finance or working capital, no agreement for exchange of goods & services is made.for exchange of goods & services is made.

The execution of agreements for the The execution of agreements for the exchange of goods & services is a exchange of goods & services is a must while disbursing funds under must while disbursing funds under Murabaha, salam & Istisna contractsMurabaha, salam & Istisna contracts

Conventional banks use money as a Conventional banks use money as a commodity which leads to inflationcommodity which leads to inflation

Islamic banking tends to create link Islamic banking tends to create link with the real sector of the economic with the real sector of the economic system by using trade related system by using trade related activities.activities.


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Conventional banksConventional banks Islamic BanksIslamic BanksThe investor is assured of a pre The investor is assured of a pre determined rate of interestdetermined rate of interest

In contract it promotes risk sharing In contract it promotes risk sharing between provider of capital (investor) between provider of capital (investor) and the user of funds (entrepreneur)and the user of funds (entrepreneur)

Lending money and getting it back Lending money and getting it back with compounding interest is the with compounding interest is the fundamental functions of the fundamental functions of the conventional banksconventional banks

Compounding calculation is strictly Compounding calculation is strictly prohibited under Islamic banking systemprohibited under Islamic banking system

It can charge additional money incase It can charge additional money incase of defaultersof defaulters

The Islamic banks have no provision to The Islamic banks have no provision to charge any extra money from the charge any extra money from the defaulters.defaulters.

Conventional banks invest their Conventional banks invest their deposit in interest based modesdeposit in interest based modes

Islamic banking only deals in Halal Islamic banking only deals in Halal products and services, all transactions products and services, all transactions must be in SHARIAH COMPLIANCEmust be in SHARIAH COMPLIANCE

The status of a conventional bank, in The status of a conventional bank, in relations to its clients, is that of relations to its clients, is that of creditors and debtors.creditors and debtors.

The status of Islamic bank in relation to The status of Islamic bank in relation to its clients is that of Partners, Investors, its clients is that of Partners, Investors, and Trader, Buyer and Seller.and Trader, Buyer and Seller.

A conventional bank has to guarantee A conventional bank has to guarantee of all its deposits.of all its deposits.

Islamic banks cannot guarantee of all its Islamic banks cannot guarantee of all its deposits.deposits.


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Basic Principles of Islamic Basic Principles of Islamic BankingBanking


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Sanctity of contracts.Sanctity of contracts. Risk sharing.Risk sharing. No Riba / Interest.No Riba / Interest. Economic purpose / activity.Economic purpose / activity. Fairness.Fairness. No valid subject matter.No valid subject matter.


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Shariah / Islamic LawShariah / Islamic Law


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Shariah lexically means a way or path. Shariah lexically means a way or path. In Islam Shariah refers to the divine In Islam Shariah refers to the divine guidance and laws given by the Holy guidance and laws given by the Holy Quran, the Hadith (sayings) of the Quran, the Hadith (sayings) of the Prophet Muhammad (peace be upon Prophet Muhammad (peace be upon him) and supplemented by the juristic him) and supplemented by the juristic interpretations by Islamic Scholars. interpretations by Islamic Scholars. Shariah embodies all aspects of the Shariah embodies all aspects of the Islamic faith, including beliefs and Islamic faith, including beliefs and practices. practices.


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Sources of Islamic LawSources of Islamic Law

The Holy QuranThe Holy Quran

The Sunnah of the Holy Prophet (peace be The Sunnah of the Holy Prophet (peace be upon him)upon him)

Ijma’ ( consensus of the Ummah)Ijma’ ( consensus of the Ummah)

Qiyas (Analogy) Qiyas (Analogy)


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Islamic Mode of FinancingIslamic Mode of Financing


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Contracts Contracts MudarabahMudarabah MurabahaMurabaha MusawamahMusawamah SalamSalam IstisnaIstisna IjarahIjarah Ijarah wa Iqtina ( Ijarah Muntahiyyah Bitamleek)Ijarah wa Iqtina ( Ijarah Muntahiyyah Bitamleek)

Sub ContractsSub Contracts WakalahWakalah KafalahKafalah RahnRahn


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Islamic Banking Fare vis-à-vis Islamic Banking Fare vis-à-vis Conventional BankingConventional Banking

The approach of Islamic banking to satisfy The approach of Islamic banking to satisfy the business needs of the customers is the business needs of the customers is entirely different from that of the approach entirely different from that of the approach adopted by conventional banking. Basically adopted by conventional banking. Basically Islamic banking satisfies the business needs Islamic banking satisfies the business needs of the entrepreneurs by the following two of the entrepreneurs by the following two methods.methods.

Profit and loss sharing modesProfit and loss sharing modes

Debt creating modes (financing the purchase Debt creating modes (financing the purchase of commodities on credit with a mark-up)of commodities on credit with a mark-up)


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Role of Islamic banking in Role of Islamic banking in Economic Development of the Economic Development of the

CountryCountry


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Islam

Aqidah(Faith and Belief)

Shariah(Practices and Activities)

Akhlaq(Moralities and Ethics)

Principles Governing


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While functioning within the Shariah While functioning within the Shariah framework, Islamic banks an perform a framework, Islamic banks an perform a crucial task of resource mobilization and crucial task of resource mobilization and efficient allocation using either profit sharing efficient allocation using either profit sharing (Musharakah and Mudarabah) or trading & (Musharakah and Mudarabah) or trading & Ijarah based categories of Islamic mode of Ijarah based categories of Islamic mode of financing. Profit sharing modes can be used financing. Profit sharing modes can be used for short, medium and long-term project, for short, medium and long-term project, financing, import financing, pre-shipment financing, import financing, pre-shipment export financing and working capital export financing and working capital financing transactions. In order to ensure financing transactions. In order to ensure maximum role of Islamic finance in the maximum role of Islamic finance in the development of economy it would be development of economy it would be necessary to create an environment which necessary to create an environment which may induce to earmark more funds for may induce to earmark more funds for Musharakah/Mudarabah based financing.Musharakah/Mudarabah based financing.


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Small and medium enterprises (SME) Small and medium enterprises (SME) sector has a great potential for sector has a great potential for expanding production capacity and self-expanding production capacity and self-employment opportunities. Enhancing employment opportunities. Enhancing the role of financial sector in the role of financial sector in development of SME sub-sector could development of SME sub-sector could mitigate the serious problems of mitigate the serious problems of unemployment and low level of exports.unemployment and low level of exports.

it can safely be said that Islamic banking it can safely be said that Islamic banking has a great potential of playing an has a great potential of playing an effective role in the development of the effective role in the development of the country.country.


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Is Islamic Banking ViableIs Islamic Banking Viable


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Islamic banking is still in the stage of Islamic banking is still in the stage of evolution. No one can disputes that there is evolution. No one can disputes that there is a definite desire amongst Muslims savers to a definite desire amongst Muslims savers to invest their savings in the venues which are invest their savings in the venues which are permitted by the Shariah. Nevertheless, permitted by the Shariah. Nevertheless, they must be provides with Halal returns they must be provides with Halal returns on their investments. Islamic scholars and on their investments. Islamic scholars and practical bankers took up this challenge and practical bankers took up this challenge and have made commendable progress in the have made commendable progress in the last few decades in providing a number of last few decades in providing a number of such instruments. However, the concepts of such instruments. However, the concepts of Islamic banking and finance are still in their Islamic banking and finance are still in their early stages of development and Islamic early stages of development and Islamic banking is an evolving reality for banking is an evolving reality for continuously testing and refining those continuously testing and refining those concepts.concepts.


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Nature of Deposits in Islamic Nature of Deposits in Islamic BanksBanks


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Following are the nature of Following are the nature of deposits in Islamic banks.deposits in Islamic banks.

DepositDeposit NatureNature

CurrentCurrent QarzQarz

SavingSaving MudarabahMudarabah


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Qarz can be use for own need and Qarz can be use for own need and amanah can not be used for any amanah can not be used for any purpose, that’s why Islamic banks purpose, that’s why Islamic banks current accounts are based on Qarz current accounts are based on Qarz and not in amanah.and not in amanah.

Islamic banks offered three types of Islamic banks offered three types of saving accounts.saving accounts.

Mudarabah Saving AccountMudarabah Saving AccountMusharakah Saving AccountMusharakah Saving AccountWakalah Saving AccountsWakalah Saving Accounts


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ISLAMIC BANKING AS AN ISLAMIC BANKING AS AN ALTERNATIVE APPROACHALTERNATIVE APPROACH


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One might wonder whether Islamic banking and One might wonder whether Islamic banking and finance is an alternative approach to modern finance is an alternative approach to modern banking. In fact, the banking business is no more banking. In fact, the banking business is no more than a possible means to satisfy the needs of than a possible means to satisfy the needs of society according to the prevailing conditions and society according to the prevailing conditions and circumstances. Those needs should always govern circumstances. Those needs should always govern the means, not be its subject. The most important the means, not be its subject. The most important development in modern banking is the art of development in modern banking is the art of mobilizing funds for investment. It happened to be mobilizing funds for investment. It happened to be that the method of both collecting and using of that the method of both collecting and using of funds was based in the West on interest paid and funds was based in the West on interest paid and charged. In contrast, Islamic bankingcharged. In contrast, Islamic banking

is a system that provides financing and attracts is a system that provides financing and attracts savings on the basis of profit/loss sharing. One may savings on the basis of profit/loss sharing. One may have to think positively of such a scheme. By have to think positively of such a scheme. By waiving the interest factor, we find an alternative waiving the interest factor, we find an alternative vehicle to provide financing on a different basis vehicle to provide financing on a different basis which should be judged on its own merit. which should be judged on its own merit.


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For Muslims, this system of profit/loss For Muslims, this system of profit/loss sharing coincides with their belief in the sharing coincides with their belief in the prohibition of interest, and helps in prohibition of interest, and helps in mobilizing unused funds for investment and mobilizing unused funds for investment and creating new job opportunities.creating new job opportunities.

As for non-Muslims, the Islamic banking As for non-Muslims, the Islamic banking system does not contradict their faith, while system does not contradict their faith, while it provides the society with alternative it provides the society with alternative ideas for venture capital and other tools of ideas for venture capital and other tools of investment.investment.


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Mudarabah as a contract of participation between Mudarabah as a contract of participation between the provider of capital and the managing the provider of capital and the managing entrepreneur responds to normal human needs. entrepreneur responds to normal human needs. An enterprising engineer living in the West, as an An enterprising engineer living in the West, as an example, would welcome any possibility that example, would welcome any possibility that enables him to be provided by venture capital to enables him to be provided by venture capital to establish a new factory. This could be the case establish a new factory. This could be the case with many individuals of the same spirit. The with many individuals of the same spirit. The ultimate test of such alternative is whether it is ultimate test of such alternative is whether it is successful or not. It can be safely said that the successful or not. It can be safely said that the idea of Islamic banking has been successful. It is, idea of Islamic banking has been successful. It is, therefore, not surprising to find several therefore, not surprising to find several international banking institutions started the international banking institutions started the establishment of Islamic units or windows for establishment of Islamic units or windows for some of their customers. Islamic banking was some of their customers. Islamic banking was partially practiced by some of the Western banks partially practiced by some of the Western banks and financial institutions in Switzerland, U.K. and and financial institutions in Switzerland, U.K. and the United States.the United States.


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The establishment of City Islamic Investment The establishment of City Islamic Investment Bank in Bahrain is the latest example for the Bank in Bahrain is the latest example for the possible adoption of the Islamic banking system possible adoption of the Islamic banking system by traditional bankers. Economists have proven by traditional bankers. Economists have proven that the wider is the freedom ofthat the wider is the freedom ofchoice the higher is the level of social welfare. In choice the higher is the level of social welfare. In addition, wider choice implies greater respect of addition, wider choice implies greater respect of human rights. When an alternative concept such human rights. When an alternative concept such as Islamic banking is introduced, a new choice is as Islamic banking is introduced, a new choice is open to the market, with obvious economic and open to the market, with obvious economic and social benefits. Introducing Islamic banking as a social benefits. Introducing Islamic banking as a new choice has also further benefits related to new choice has also further benefits related to the advantages it provides to many fund users. the advantages it provides to many fund users. Commodity and service producers would certainly Commodity and service producers would certainly appreciate equal opportunities for obtaining appreciate equal opportunities for obtaining capital based on the merits of their businessescapital based on the merits of their businesses


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rather than on their personal creditworthiness rather than on their personal creditworthiness alone. Those entrepreneurs who prefer to be alone. Those entrepreneurs who prefer to be self employed need ways to obtain financing self employed need ways to obtain financing other than borrowing. Islamic banking gives other than borrowing. Islamic banking gives those pioneers such an opportunity on the those pioneers such an opportunity on the basis of profit/loss sharing. In general, Islamic basis of profit/loss sharing. In general, Islamic finance places more weight on the meritfinance places more weight on the merit

of the business to be financed, rather than the of the business to be financed, rather than the wealth of the fund user. As a result under this wealth of the fund user. As a result under this new banking alternative, a better distribution of new banking alternative, a better distribution of credit may be achieved. Therefore, I would like credit may be achieved. Therefore, I would like to recommend strongly to the Western World to recommend strongly to the Western World that all obstacles remaining in the way of that all obstacles remaining in the way of establishing Islamic banks in their countries be establishing Islamic banks in their countries be removed. removed.


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CHALLENGES AND CHALLENGES AND PROSPECTSPROSPECTS


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Last but not least, I would like to conclude with a Last but not least, I would like to conclude with a word about the challenges facing Islamic banks word about the challenges facing Islamic banks and what prospects they may have. The biggest and what prospects they may have. The biggest challenge Islamic banks have faced from their challenge Islamic banks have faced from their very beginning is how to narrow the gap very beginning is how to narrow the gap between the Islamic banking model and its between the Islamic banking model and its application; in other words, between theory and application; in other words, between theory and practice. Difficulties arise in this respect come practice. Difficulties arise in this respect come from being relatively small in a traditional from being relatively small in a traditional banking environment, having to rely on bankers banking environment, having to rely on bankers trained in traditional banking, and attempting to trained in traditional banking, and attempting to balance the unquenchable enthusiasm on the balance the unquenchable enthusiasm on the side of depositors, with a limited supply of side of depositors, with a limited supply of investment opportunities.investment opportunities.


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Islamic banks have been trying hard to meet those Islamic banks have been trying hard to meet those challenges through several means. The first is to challenges through several means. The first is to work for a better understanding of the concepts work for a better understanding of the concepts upon which their operations are based. This has upon which their operations are based. This has been a success to the extent that now traditional been a success to the extent that now traditional bankers are mostly cooperative and bankers are mostly cooperative and accommodating. Central bankers have also come accommodating. Central bankers have also come forward with new ideas of better methods for forward with new ideas of better methods for supervision and control, to suit the operations of supervision and control, to suit the operations of Islamic banks. Another means is to train their staff Islamic banks. Another means is to train their staff in this new form of banking and to press for more in this new form of banking and to press for more banking and financial innovations which are banking and financial innovations which are necessary for the new modes of finance. necessary for the new modes of finance. Fortunately, financial engineering has come in Fortunately, financial engineering has come in handy with bold and new ideas in finance which handy with bold and new ideas in finance which made the Islamic model so much more applicable. made the Islamic model so much more applicable. Innovations in this regard did not come exclusively Innovations in this regard did not come exclusively fromfrom


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Islamic banks. Surprisingly, financial markets Islamic banks. Surprisingly, financial markets produced some useful innovations, perhaps produced some useful innovations, perhaps indicating that Islamic banking is an idea whose indicating that Islamic banking is an idea whose time has come. Nonetheless, many challenges still time has come. Nonetheless, many challenges still remain, not the least to the predominance of remain, not the least to the predominance of Murabaha (sale mode) in the operations of some Murabaha (sale mode) in the operations of some Islamic banks, as well as the relative scarcity of Islamic banks, as well as the relative scarcity of short-term Islamic financial instruments. The short-term Islamic financial instruments. The prospects of Islamic banking and finance will prospects of Islamic banking and finance will depend extensively on the ability of Islamic banks to depend extensively on the ability of Islamic banks to continue facing challenges with resourcefulness and continue facing challenges with resourcefulness and creativity, in addition to being worthy of trust and creativity, in addition to being worthy of trust and understanding. I believe that competition, if allowed understanding. I believe that competition, if allowed and maintained, not only within Islamic banks, but and maintained, not only within Islamic banks, but also between all banks whether Islamic or also between all banks whether Islamic or traditional, would insure a promising future for the traditional, would insure a promising future for the banking industry as a whole.banking industry as a whole.


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Growth of Islamic Banking in Growth of Islamic Banking in PakistanPakistan


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Focus AreasFocus Areas


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Worldwide StatisticsWorldwide Statistics


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Market PerformanceMarket Performance


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Introduction of islamic banking

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