Institute of Islamic Banking

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Effect of Islamic Banking on Financial Deepening among the Pakistani Muslim
(University of Management & Technology, 2018) Sanam, Hafiza Sadia
To investigate the influence of financial deepening and Islamic banking system is the main determination of this research among the Pakistani Muslim societies. For better imperial result we selective descriptive research design for this project. Muslim community is selected target population for getting back the result of respondent. Because this research is associated with the religion that why the respondent of the study are Muslim community. For data collection approximately two hundred survey questionnaires distributed. Survey questionnaire is used for data collection and firstly apply descriptive analysis, beside this regression and Content analysis applied for investigating the associated between variables of the research. The finding of the research explore deficiency information about financial prospective which is associated with development of Islamic banking system. Success of Islamic banking also depends on the training and exposure of the mangers but this study show the deficiency of mangers training and experience. Furthermore, small and medium financial institution is badly influence from the lack of managerial training and experience. Another investigation of the research is medium and small institute of influenced from the regulation bodies and policies of our government. The rapidly change in technology is also reason of less development in financial institution. The customers of Islamic bank still facing the issue of cash inflow and cash outflow. The suggestion of the research is training of the managers and need of experience mangers for implementation of interest free banking system, for this purpose government of Pakistan take stand for the implementation of Islamic banking system. Government of the Pakistan would create the trend of training among the owners of the business and as well to train the managers as well. v It is very difficult for small and medium financial institution to developed technological environment of interest free banking because for this purpose financial institution need huge capital so government should help the financial institution with providing subsidy. The determination on vibrant policies, terms and condition about the Islamic and its usage toward their customers about the responsibility and facilities.
Selection Factors of the Acceptance of Car Ijarah in Pakistan
(University of Management & Technology, 2018) Moin Ikram
Car Ijarah is considered to be a vital Islamic banking product which is contributing anomalously in the economic growth of Pakistan. The research study is conducted to explore the important selection variables for the intention to use car Ijarah among the customers in Pakistanusing Theory of Planned Behavior. The research study examines the factors influencing consumers for accepting car Ijarah within Pakistan. A research instrument is used to collect the data of 150 Islamic banks customers who are intended to use car Ijarah facility. Multiple regression analysis and Correlation analysis are applied on the data to achieve objectives of research study. The results proved that brand attitudes, perceived behavioral control and social identity expressiveness don't leads to intentions to use car Ijarah in Pakistan. On the other hand, subjective norms and self identity expressiveness leads to intentions to use car Ijarah facility in Pakistan. The study concluded that subjective norms and self identity influence positively on the intention to use car Ijarah in Pakistan. The study renders information in shaping Islamic finance service providers marketing strategy for an effective demand in relation to car Ijarah.
Role of possession and its execution in Islamic banking financial products
(University of Management & Technology, 2016) Usmani, Hassan
Possession is known as the key factor for an Islamic bank. Almost each n every Islamic banks product revolves around possession. According to sharia any transaction without possession is void. That is the reason why short sale is not allowed in Islamic banks. To address such issues sharia scholars stepped forward and prescribed solutions relevant to possession. In this research I have cover sharia rulings behind possessions and its types, terms and conditions, its execution in Islamic banking financial products.
A Comparative Performance Analysis of Islamic & Conventional Banking: A Case Study of Pakistan
(University of Management and Technology, 2018) Altaf Ahmad
The assessment of financial performance of banks is of particular importance in all societies and economic systems, given the scarcity of economic and financial resources compared to the large needs. Banks face a peculiar situation where most of the financial resources are borrowed from the depositors or shareholders. Therefore, one of the most important challenges facing bank managers is how to efficiently use the financial resources available to them. Financial indicators are the most common analytical tools used to assess the overall and partial performance of all organizations. The objective of this research is to critically evaluate the performance indicators which are used in previous studies and propose a comprehensive indicator to check the performance of selected Islamic and Conventional banks of Pakistanover the period of 2011-2016. The comprehensive indicator of performance is comprised of indicator of profitability, customer satisfaction and cost & revenue efficiency. The efficiencies are measured by using Stochastic Frontier Analysis, while overall indicator has been constructed by using Principle Factor Analysis. This study provides ranking of selected banks based on the new performance indicator and insights to the possible determinants in conventional and Islamic banking system. This study then compares the determinants of performance such as Bank size, Operating efficiency, Management efficiency, Employee efficiency, and Funding cost between conventional and Islamic banks which are comparable in size. To compare the determinants of performance, regression analysis is applied. Feasible Generalized Least Square (FGLS) approach is later used to estimate the determinants of performance. Findings show that Meezan bank is ranked at the top in revenue efficiency and Askari bank ranks first in cost efficiency. In overall performance comparison, Meezan bank is at the highest position. This V study identifies Operating efficiency, Management efficiency, Employee efficiency, and Funding cost as important determinants of the performance of Pakistani banking sector.
Legitimacy of Bai’a Al Urboon; an Investigational study
(University of Management and Technology, 2017) Aziz Ur Rehman
A Professor at Cambridge University London argued if the Islamic Banking system is truly Shari'ah Compliant then what is the Shari'ah justification for the Urboon (the Earnest money) in case if the buyer is unable to complete the deal? This was a moment which inspired the researcher to answer the question.Through this study, theresearcher conductedan in-depth research and concluded that some Fatawa and Shari'ah edicts are famous and people are following it but in fact there is no base for that. Bai'a Al Urboon is one such practice that accepted as the normal but without any firm grounding in the Islamic Financial System.In fact, some Shari'ah Scholars taking the advantages of thumping and exceptional Fatwa and using it as a common ruling. The researcher studied and researched books, articles, papers, etc. searching for a concrete basis for “Legitimacy of Bai'a Al Urboon” based on the principles of Fiqh and Shari'ah. This is a qualitative research collecting of the opinion of four school of Fiqh and highlighting the correct Shari'ah edict and rulings. Researching and reading through books, papers, articles and other supporting material provided an exceptional opportunity to learn the fundamental underlying principles of the Islamic financial system. It created an excellent niche for the development of a fast-growing industry. This research hopes to align further align our financial system with the core Islamic financial guidelines. The importance of this research lies in the need to protect the Islamic Finance industry and its clients from being in doubts and guilty in future. Malaysia started financing based on Bai'a Al Einah and after 20 years they announced that it is Haram. They cannot justify and satisfy their clients who invested and received profits in this 20 years. Dubai Islamic bank started Bai'a Al Salam based financing and after years they stopped it reasoning that this is Haram. Dana Gas issued Sukuk and after 2 years it was announced that such Sukuk are not a Shari'ah Compliant Sukuk. National Bonds Corporation facing objections on their Prospectus and on process on Sukuk Murabaha. Why the industry experts have been forced to argue and justify the wrong practices with weak quotes. The researcher tried his best to protect the industry and highlight the weak basis of Bai'a Al Urboon.
Determinants of financial performance of takaful and insurance companies
(University of Management and Technolog, 2017) Tanveer, Zoya
Research Purpose: The main aim of this research study is to determine the financial fundamental ratios that may influence on the financial performance of the KSE - 100 index listed insurance and takaful companies. The research study determines the important selected financial variables that an investor / decision makers considers to be impact significantly on the insurer’s financial performance. Methodology / Design / Approach: The research study constitutes secondary data of 22 insurance and 5 takaful listed companies to examine the impact of retention ratio, loss ratio, liquidity ratio, efficiency ratio, capital adequacy and current ratio on the financial performance (ROA and ROE) during the period 2010 to 2016. The data is collected from the annual financial statements of selected companies. Research Findings: The finding of the study concludes that insurance company’s decision makers should consider retention ratio, loss ratio and efficiency ratio as an important financial fundamental factor that impact the performance (ROA) in conventional insurance scenario. Further, study contributed that retention ratio, loss ratio, efficiency ratio, capital adequacy and liquidity ratio have statistically significant relationship to the ROA, while retention ratio, loss ratio and liquidity ratio have significant association to the ROE in the context of Islamic insurance companies. However, the research study found insignificant relationship between current ratio and financial performance for all models. Managerial Implications / Originality: The study assist investor’s and decision making authorities of domestic and international companies to have a better look of considering financial fundamental factors, thus predict the company’s performance. First comprehensive study has been conducted on financial factors determines the stock price of KSE - 100 listed insurance and takaful companies within the Pakistan
Demand side factors of insurance and Takaful
(University of Management and Technology Lahore, 2017) Arif, Maimoona
Risk is the main reason of psychological and economic stress in different countries but conventional (or Islamic) insurance is a mean to transfer (or share) risk. Insurance/Takaful is one of the risk transfer mechanism which transfer (or share) risk from policy holder to insurance operator. The aim of this study was to examine the key economic and socio-economic determinants for the demand of conventional/Islamic insurance in selected GCC and ASEAN countries. The data was taken on yearly basis from 2004 to 2016. OLS, Fixed and Random effect models were employed to examine the impact of economic (inflation, income, unemployment rate and interest rate) and socio-economic (dependency ratio, life expectancy and education level) on the demand for conventional and Islamic insurance (net premiums). The findings of the study concluded that life expectancy, per capita income, education, interest rate, dependency ratio found to be statistically significant in case of conventional insurance. However, only income and life expectancy found to be statistically positive significant, while dependency ratio and inflation found negative yet significant in case of demand for Islamic insurance.
Determinants of customer satisfaction in Islamic banking sector of Pakistan
(University of Management and Technology Lahore, 2016) Ali Aslam, Muhammad
Islamic banking in Pakistan experienced a remarkable development and increasingly challenging pace over the past decade. The primary purpose of conducting this research work was to examine the major determinants that may influence the satisfaction level of Pakistani customer’s in the Islamic banking. Service quality, product quality and awareness level was used to measure the impact on customer satisfaction in Islamic banking of Pakistan. The research study also figured out why consumers prefer Islamic banking over conventional banking system. The study made used of a questionnaire, filled by 116 customers of Islamic banks in full by random sampling. Descriptive statistics, one sample t-test and factor analysis were employed to achieve the objectives of the study. The findings of the research study suggested that product quality and service quality found to be positively and significantly impact the satisfaction level of the Islamic banking customers. The study also showed that majority of the consumers were aware of banking products and services being offered by the Islamic banks, but have no in depth understanding about the differentiation between Islamic and conventional banks. The results provides Islamic banking industry regulators, central bank, academicians and practitioners useful guides in their efforts to formulate adequate to attract more banking customer’s promotion policy.
Performance analysis of Islamic and conventional banks in Pakistan using camel framework
(University of Management and Technology Lahore, 2017) Hira Mehmood Butt
Economic condition of any country is somehow wholly or solely depends on soundness and accuracy of banking system therefore; its importance in current economic situation cannot be denied. Banking sector is basically works to give fuel to engine the progress of an economy. Therefore any kind of disruption or problem to banking sector would definitely shows a drastic affect on the economic growth of any country. Process of performance evaluation is necessary for the betterment of financial growth. Keeping in mind the importance of performance evaluation process current research study is based on comparative analysis of performance of two major banking sectors of Pakistan(Islamic and conventional sector) using the CAMEL framework. A sample of 4 Islamic banks and 16 conventional banks is used for conducting the study for the period of 2005 to 2015. Performance is taken as dependent variable whereas parameters of CAMEL model are taken as independent variables. Regression model is used to find out the impact and relationship among dependent and independent variables and to find the difference in the means of performance of these two sector banks, two sample t-test is applied. Result of regression model shows that all the variables have significant impact on performance except capital adequacy ratio. Similarly result of two sample t-test shows that no statistical difference found in means of both groups in case of capital adequacy ratio, management efficiency and earning quality whereas asset quality and liquidity shows difference among means of these two groups
Islamic banker’s perception regarding regulatory challenges of Islamic banking in Pakistan
(University of Management and Technolog, 2017) Rozeen Shaukat
This current study seeks to investigate the regulatory challenges of Islamic banking in Pakistan. The research aimed to examine whether or not regulatory challenges was present among the practitioners of Islamic banking in Pakistan, and if so which dimensions contributed towards regulatory challenges. This study research design was quantitative in nature and survey method was used. The selection of each bank was made through random sampling procedure. A close ended questionnaire was used to collect data from the practitioners of Islamic banking working in Lahore. One hundred fifty two questionnaires were screened for date analysis. Descriptive and inferential statistics were applied for analyzing quantitative data by using SPSS (Statistical Package for Social Sciences). Descriptive analysis was done for frequencies, percentages, and graphical interpretation to make summaries. Data normality was checked and inferential statistics were used to test the statistical significance between groups of the study. The study using quantitative technique provided useful insights for factors causing regulatory challenges among IB practitioners. The study results indicated that the raise of employment opportunities is a good indicator but the quality to deal with practical realities of IB, as per Islamic law still challenge for many. For reliable and timely information the practitioners are required to stay informed for quality discourse with IB stakeholders. The results determined that practitioners, having high level of education regarding Islamic banking having more ability to understand and deal with challenges. Liquidity in banks resulted adequate but the issue is to manage excessive liquidity. This issue can be resolved by organizing Islamic interbank money markets for the utilization of resources, along with establishing Islamic benchmarks, and tax incentives for investors and this cannot be done with the support of regulatory government bodies. The role of Shariah advisors has high importance as he is the one who procure structure for Shariah compliance activities and resolve issue. Results reported that performance of regulatory structure can be monitored and evaluated through proper Sharaih screening and Shariah based auditing. It was suggested that SBP with the help of Shariah experts should resolve this issue on priorities. It is imperative to invite and engage academic institutions on board by the SBP and industry for quality research, products innovation and financial engineering for the betterment of Islamic banking industry. This action will also result with adequacy IB services availability in urban and rural areas. For exceptional results, regular training of the staff (Shariah professional and banking professional) was highly demanded through combined efforts of central bank, and academic institution national and internationally. This effort may result with positive direction for harmony and standardization of operating procedures, as well as for improved market development of IB industry in Pakistan. Serious efforts for the promotion of research culture' consisting empirical evidences of the IB industry was highly recommended. An effective and efficient presence of Islamic banking is recommended along with strong and logical arguments considering practical approaches to attract the potential customers for Islamic banking services. It is suggested that for development of Islamic banking industry, additional research on the same topic may also be required and it can also be extended for overall Islamic banking and finance industry including capital and financial markets. The study findings will also be helpful researchers, policy makers and financial institutions to conduct more detailed inquires based on the issues of Islamic banking in Pakistan
Factors affecting the growth of Islamic microfinance institutions In Pakistan
(University of Management and Technolog, 2017) Shahid Safdar
Pakistanis an under develop economy having a population of about 200 million. It is the six most populous country of the world with high level of poverty. The Government and social sector organizations are using many tools to alleviate poverty. However, despite many attempts have been done for the basic necessities of human, it is still growing in Pakistanrapidly. Micro Finance considered being the globally accepted as an important tool to alleviate poverty. Pakistanofficially declared Islamic Republic of Pakistanhas great potential of Islamic micro financing. This research study aimed to study and identify the factors that impact on the growth of Islamic microfinance sector in Pakistan. A questionnaire is employed to achieve the research objectives of the study. The data is collected from 60 high ranked individuals having number of years‟ experience in the Islamic micro finance industry of Pakistan. One sample t-test and regression model is applied to examine the determinants of Islamic micro financing sector growth in Pakistan. The findings of the study revealed that structural issues of Islamic micro finance institutions, availability of Shariah complaint funds, availability of Islamic micro finance products, non-entrepreneurial approach of community, lack of regulatory and policy framework are the main problem areas hampering the growth of IMFIs in Pakistan.
Issues of Bai Tawarruq in Islamic Banks of Pakistan
(University of Management and Technology, 2016) Atiq Ul Haq
The evolution of Islamic banking and finance has tremendously influenced the economy world-wide, especially in Islamic countries. In recent decades, Islamic banking has become a major competitor of conventional banking system. Conventional banking users are increasing day by day due to its Sharia compliant principles and Islamic banking diversified range of products. Tawarruq is one of the Islamic banking products which is commonly used in Islamic banks. This research has focused on the fiqh perspectives of Tawarruq and its implementation issues in Islamic banking system.In this research, initially we have done the empirical study consideringsecondary data as qualitative methods. In the result, we analyzed that the research is based on different views of the followers and challengerstowards the legality of Tawarruq in Islamic fiqh. The basic condition of valid sale is considered better than that the other aspects,and it has beenreviewed by scholars of the field for valid sale according to sharia compliant. Due to that the legality of Tawarruq, it has been discussed by sharia scholars. There are some rules and resolutions in Islamic countries forthe legality of Tawarruq. In actual practice, Tawarruq is used as a commodity Tawarruq in Malaysia andin Middle East countries, it deals with commodity transaction through Tawarruq principle. Based on the comparative study and literature results, we explored that Tawarruq is permissible with certain conditionif it is strictly followed according to Sharia compliant, otherwise Tawarruq is not allowed.
Product development as liquidity management tool in Islamic banking; Pakistan case
(University of Management and Technology Lahore, 2016) Abubakar, Muhammad
Liquidity Management is considered one of the biggest challenges faced by Islamic Banking. Due to prohibition of Riba (Interest), Gharar, Haram and sale of debts at profit, Islamic Banks have very few liquidity management tools in contrast to conventional banks and hence Islamic Banking Industry of Pakistan is presently facing excess liquidity problem. According to State Bank of Pakistan (SBP) report conventional bank’s daily average of excess cash over & above required CRR for period of 20 November 2015 to 03 December 2015 is Rs 2,261 million (SBP, 2015). While the daily average of excess cash over & above required SLR is Rs 14,276 million for Islamic banks which are just 12% of total banking industry of Pakistan. It clearly depicts that the existing contract used by IBs for the disposal of excess liquidity are not sufficient, Islamic Banks need more sophisticated products for financing, Investments and for Treasury Management purpose. (SBP, 2015) This study focuses on the instruments which can be helpful for the Islamic banking industry to get rid of the liquidity problem, for the purpose, a research questioner was filled by the participants. It is evident from the research findings that nature of Islamic Banking contracts is more likely to be trade oriented in line with true spirit of following Islamic teachings “And Allah has permitted trading and prohibited riba. (Al-Baqra)” Study also suggest that product development is the only way to get rid of excess liquidity in more profitable way, IBs should take active part in trading & real estate activities and avoid usage of agency as underlying agreement. SBP in its strategic plan for Islamic Banking (2014-2018) also emphasizes on same aspect. Research also clarifies that recommended product development will encourage the society to transform form conventional to Islamic Banking through offering higher Halal return on savings.
Product Development as Liquidity Management Tool in Islamic Banking; Pakistan Case
(2017-04-05) Muhammad, Abubakar
Liquidity Management is considered one of the biggest challenges faced by Islamic Banking. Due to prohibition of Riba (Interest), Gharar, Haram and sale of debts at profit, Islamic Banks have very few liquidity management tools in contrast to conventional banks and hence Islamic Banking Industry of Pakistan is presently facing excess liquidity problem. According to State Bank of Pakistan (SBP) report conventional bank’s daily average of excess cash over & above required CRR for period of 20 November 2015 to 03 December 2015 is Rs 2,261 million (SBP, 2015). While the daily average of excess cash over & above required SLR is Rs 14,276 million for Islamic banks which are just 12% of total banking industry of Pakistan. It clearly depicts that the existing contract used by IBs for the disposal of excess liquidity are not sufficient, Islamic Banks need more sophisticated products for financing, Investments and for Treasury Management purpose. (SBP, 2015) This study focuses on the instruments which can be helpful for the Islamic banking industry to get rid of the liquidity problem, for the purpose, a research questioner was filled by the participants. It is evident from the research findings that nature of Islamic Banking contracts is more likely to be trade oriented in line with true spirit of following Islamic teachings “And Allah has permitted trading and prohibited riba. (Al-Baqra)” Study also suggest that product development is the only way to get rid of excess liquidity in more profitable way, IBs should take active part in trading & real estate activities and avoid usage of agency as underlying agreement. SBP in its strategic plan for Islamic Banking (2014-2018) also emphasizes on same aspect. Research also clarifies that recommended product development will encourage the society to transform form conventional to Islamic Banking through offering higher Halal return on savings.
Shariah and regulatory issues faced by interest-free banking in Pakistan
(University of Management and Technology, Lahore, 2016) Mufti Mahmood Ahmad
not available.
Risks in salam in islamic banking
(UNIVERSITY OF MANAGEMENT AND TECHNOLOGY, 2015) Hammad Fazal
Purpose: The purpose of this study is to describe the risks present in different stages of Salam when it was used as mode of finance in Islamic banking. Also, to discuss the mitigation tools to avoid those risks, highlighting the boundaries and limits for risk management mentioned by Shariah.
Islamic law of collateral(Reȟ’n)
(UNIVERSITY OF MANAGEMENT AND TECHNOLOGY, 2015) Akhtar, Aqeel
Islamic law states that the responsibility of a man is to structure this world without eradication force, in the interim or after the building. If acerbic tree to make caricature expedite to the terra firma deterioration then that acerbic tree categorized as annihilation to the terra firma and intrinsically become prohibited. Islam is a schema for entire universe and is extravagant bounteous than Halal and Haram. In the macrocosm corporate atmosphere, Islamic law of collateral is an emerging practical field of study with a few material available in published form discussing authentic insight and practical perspective to the Islamic outlook on principles and guidelines related to its operational, managerial and ethical issues. Islamic Law of collateral address a sole feature of Islamic financial market that has been consequently slighted. It aims to support the Islamic framework for understanding the ijunctions of Reȟ‟n demonstrate practical perspective for contemporary financial market i.e. banking Industry, corporate sector and Islamic Financial Markets.
Provision of commission agent agreement in islamic banking transactions: An exploratory study
(UNIVERSITY OF MANAGEMENT AND TECHNOLOGY, 2015) Muhammad Sohail Bhatti
The banks use agency agreement for appointing customers as its agent to buy the goods required by him under murabaha facility, to sell the goods under salam and istisna facilities and in ijarah to acquire the machinery as per requirement. The agency agreement is not devoid of conflicts. Some of the Islamic banks do not pay agency fee to the customer and those that are in practice of paying the agency fee include it in the cost of the transaction. Many Islamic banks are in practice of charging charity from customers acting as their agents in case of not selling the inventory under salam & istisna facilities by the due date. Brokerage “Samsarah” can be considered as the solution to the above mentioned problems as it motivates the customer working as an agent of the bank to fetch highest price for the inventory in hand from the market.
Application of bai salam in agriculture sector of Pakistan
(UNIVERSITY OF MANAGEMENT AND TECHNOLOGY, 2015) Mir Sajjad Rafiq
Islamic Banking is taking up its roots fast in the Muslim World including Pakistanmainly 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 Pakistanin 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 Pakistandid 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. Bay al-Salam is a contract for supply of goods at a later date i.e., at the time of harvest in case of Agri produce, but the price is negotiated and FULLY PAID in advance at the time of the Contract. This mode was specifically approved by the Holy Prophet to favor the farmers who needed money for their livelihood till the time of the harvest. But this ruling of the Holy Prophet is also being applied in other fields of production to facilitate the suppliers. However in Pakistanthe farmers are forced to borrow from the “Aarthi's” stationed in the Market Committees at exorbitant interest rates for their financing needs of buying the required inputs for harvesting of their fields. Thus the advent of Islamic Banking in Pakistanhas thrown a challenge to Islamic Bankers and Islamic Institutions to implement true Islamic Products on the Financing side specially in the Agriculture Sector where small farmers are victim of centuries old usurious practices of Aarthi system. Bai Salam is being practiced in Pakistanat a very small level making it insignificant for the economic benefit. This study documents the viability of practicing Salam in the Agriculture Sector and chalks out some practical models for administration of Salam. Findings suggest that Salam is the most desirable product not only for the betterment of the Farmers and the Economy but also for the Administrator of Salam i.e., it is a WIN WIN situation for all the stake holders.
Axioms of financial market in islam Past-present-future
(UNIVERSITY OF MANAGEMENT AND TECHNOLOGY, 2015) Fahad Ahmed Qureshi
Shariah law states that the responsibility of a man is to structure this world without annihilation force, in the interim or after the building. If acerbic tree to make caricature expedite to the terra firma deterioration then that acerbic tree categorized as annihilation to the terra firma and intrinsically become prohibited.

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