Browsing by Author "MUHAMMAD WAQAS JAMIL"

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    CONVERSION OF THE BANKING SECTOR OF PAKISTAN INTO FULL-FLEDGE ISLAMIC BANKING
    (UMT.Lahore, 2023-04-04) MUHAMMAD WAQAS JAMIL
    Purpose –This study aims to gather the opinions of all relevant parties in order to determine not only the reasons why Pakistan's financial system has not yet been converted to an entirely Islamic one but also how and when such a conversion can be made possible. The study also offers recommendations and proposals for how to resolve those issues and problems in light of the perspectives of experts. Following the suggestions of this study, one can estimate the time needed for Pakistan's banking system to fully convert to Islam. Design / Methodology / Approach –For this study, qualitative research methodology was employed. Semi-structured "Open-Ended Questions" are created for the data collecting. Interviews are done with professionals and specialists from different Pakistani financial system stakeholders. The questions were answered by 23 of the 30 respondents. The Content Analysis Technique is used to manage and analyse the data. Practical / Research Implications –For all the financial system's stakeholders, decision makers, and scholars, this study will unquestionably be useful. It will assist them in recognizing the actual difficulties of the conversion process and how to overcome them, in developing new policies for Islamic banking and finance, and in putting such policies into practice. Finding –According to this study there are numerous issues and barriers that must be overcome before Pakistan's banking system can be converted to an Islamic one. The most significant obstacles are the coordinated plots and complicity of governments, constitutional and regulatory bodies, judiciary, bureaucracy, elites, and financial monopolies; a lack of an Islamic legal framework; a lack of technical expertise; a lack of 2 knowledge and training among bankers and Shariah advisors; and a lack of communication. Other operational and institutional issues also call for more focus. Without addressing these issues, adopting true Islamic banking in Pakistan is all but impossible, and the conversion process is little more than a pipe dream or urban legend. Originality / Value – Although there are several researches about the challenges of IBs in Pakistan by different aspects but no one has discussed comprehensively about the conversion process and the time required for it in the light of opinion of various stakeholders of IF industry of Pakistan.