Developments in Islamic Banking: The Case of Pakistan

Introduction The Guiding Principles and Goals of the Islamic Economic System The Interest-Free Finance Movement in Global Financial Markets The Conceptual Development of Interest-free Banking and Finance in Pakistan (The CII Report 1980) The Implementation and Practice of Interest-Free Banking and Finance in Pakistan (1981-1991) The 1991 Federal Shariat Court (FSC) Judgement on Interest (Riba) and Interest-free Banking Practice in Pakistan The Attempts of the Commission of Islamization of Economy (CIE) for the Revival of Interest-Free Banking and Finance Movement in Pakistan(1992-1998) The Supreme Court Judgements of 1999 and 2002 on Interest (Riba) and Interest-free Banking and Finance Practice in Pakistan The Causes of Failure of Interest-Free Banking and Finance Movement in Pakistan Summary and Conclusions