APPLICATION OF BAI SALAM IN AGRICULTURE SECTOR OF PAKISTAN
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Date
2015-08
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Publisher
UMT.Lahore
Abstract
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.