Abstract
In fact, Religion Islam is a complete code of life and its teachings are forever. They leave undying brunt on human beings directly or indirectly towards its spiritual as well as material purification (Tazkia) if put into practice appropriately according to the Sharī ‘ah’s teachings i.e. the noble Book, Qur’an and Sunnah. ‘An interesting irony that every dollar note has the admission: “In God we trust”, but when it comes to develop theories to earn dollars or to distribute or spend them, trust is placed only on human ideas based on personal assessments; God is held totally out of picture, as being irrelevant to economic activities’.[Taqi Usmani]. The introduced Islamic Banking System is one of the positive steps taken by religious scholars in order to pull out the humanity in general and Muslims specifically from manmade unsound, Interest-based Financial System. The statistic proves that the introduced Islamic banking system has a rapid growth in the market for the last two decades but still, a number of doubts have been created regarding its theory, framework and practices that this system is not in full conformity with Sharī‘ah. Some scholars give the impression that the Islamic banking system and conventional banking system is of same nature but of different names only and the interest presently occurred in these financial institutions is not forbidden in Sharī‘ah because it is for business purposes. Such miss representations not only dishearten the entry of new one to this sector but also craft mystification and perplexity in the minds. Keeping in view the above scenario, need is felt to assess, evaluate and analyze the situation with special stress to mentioned perceptions. The present study investigates different aspects and dimensions of these perversion and unmapped areas in the context of Sharī‘ah and ground realities in order to know the extent of validity of these perceptions and give real picture to the public in general and enhance the satisfactory level of the enlisted Islamic Banking customers in particular.
Qaiser Bilal, Wahab Khan. (2014) In-Limbo; the In-Practice Islamic Banking System, in Full Conformity With Sharī ‘ah Standards Or. . ., Bannu University Research Journal in Islamic Studies, Volume 1, Issue 2.
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