The Development of Islamic Finance Pakistan

Authors

  • Muhammet Fatih Canbaz Bolu Abant İzzet Baysal Üniversitesi
  • Shehzad Ahmed Ankara Sosyal Bilimler Üniversitesi

Keywords:

Islamic Finance, Takaful, Sukuk, Shariah consultancy firms

Abstract

The purpose of this article is to evaluate the development and growth of Islamic Finance in Pakistan. In this context; as sharia-compliant models; Business models of Islamic banks, Takaful companies, Mudarabah-based companies, Sukuk, Sharia Consulting firms, RIET, Capital Markets, Islamic microfinance and traditional retail and investment banking are discussed. In addition, the study; provides information on government policies and key experts that contributed to the development of Islamic finance in Pakistan between from 1947 to 2027. Islamic Financial Institutions evaluate Shariah governance systems, particularly the work of the devolved type of self-management. Therefore, understanding the Islamic Finance business models and the industry in Pakistan was found important. The general challenges faced by Islamic Finance sectors in Pakistan are discussed in the article. As a result, it is found the overall performance of the Islamic finance sectors in Pakistan are growing fastly and in future also it is expected overall banking sector's major percentage can shift to Islamic banks.

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Published

2022-10-22

How to Cite

Canbaz, M. F., & Ahmed, S. (2022). The Development of Islamic Finance Pakistan. Journal of Financial Economics and Banking, 3(2), 43-52. Retrieved from http://jofeb.org/index.php/jofeb/article/view/35

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Full Length Articles