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Islamic Banking

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by

Shaheer Rizvi

on 9 May 2013

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Transcript of Islamic Banking

Islamic Banking Islamic banking refers to a system of banking or banking activity that is consistent with principles of Islamic law (Sharia). Sharia prohibits, (Riba, Usury). i.e., interest free business. Islamic banks are seen to involve themselves as financial intermediaries and investment oriented institutions in bringing about well being of the community, society and the economy in the light of Shari'ah Principle of Islamic Banking 1- Prohibition of Interest or Usury
2- Ethical Standards
3- Moral and Social Values
4- Liability and Business Risk During the 1980’s, Pakistan, Iran, Sudan, and Malaysia adopted the new system officially The first attempt to establish IB was in the 1950’s – in the rural area of Pakistan Islamic banking (IB) is relatively new compared to conventional banking
Earliest Islamic financial institution can be traced to a savings institution based on profit sharing in Mit Ghamr, Egypt in 1963 Efforts to Islamize the economy of Pakistan started in the mid 60s. However a significant attempt was made in the mid 80s to convert the banking system to an Islamic banking system History of Islamic Banking in Pakistan Shariah Board
A committee of one or more Muslim Scholars, acting as an advisory board which issues a ruling as to weather a particular undertaking is in accordance with prescribed principles. In 1979, two Government-owned mutual funds in Pakistan, the NIT and ICP, started to eliminate interest from their operations by eschewing investment of their funds in interest bearing securities In 1984, the Banking and Financial Services Ordinance, 1984 amended seven laws and Banking Tribunals Ordinance, 1984 provided a new system of recovery of non-interest based modes of financing
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