Browsing by Author "MIR SAJJAD RAFIQ"

Now showing 1 - 1 of 1
  • Thumbnail Image
    Item
    APPLICATION OF BAI SALAM IN AGRICULTURE SECTOR OF PAKISTAN
    (UMT.Lahore, 2015-08) MIR SAJJAD RAFIQ
    Islamic Banking is taking up its roots fast in the Muslim World including Pakistan mainly due to the Islamic Shariah prohibition of indulging in the practice of Interest (Riba) and hence to earn their livelihood in conformity with the Shariah framework. The seed of Islamic Banking was sowed in Pakistan in 1981 with the establishment of Federal Shariat Court. But with the start of Islamic Banking in Pakistan, criticism also followed on its working and interpretation of Shariah Principles. Majority of the Ulemas of different Schools of Thought in Pakistan did not approve of the prevalent Islamic Banking which has thrown a challenge to the Islamic Scholars to bring forth True Islamic Products on the Financing side and their mode of administration to conform to Shariah laws. On the liability side the Scholars are in conformity that it should be done on Modarababasis.