Islamic Banking Model in the Light of Maqasid al Shariah: A Way Forward

Simple item page
dc.contributor.authorMuhammad Nadeem Khalil
dc.date.accessioned2025-07-28T12:44:11Z
dc.date.available2025-07-28T12:44:11Z
dc.date.issued2024
dc.description.abstractIslamic banking has made tremendous growth over the last twenty years all over the world including Pakistan. However various studies conducted by well-renowned researchers indicate Islamic banks have failed to achieve Maqasid al Shariah. Socioeconomic indicators in Pakistan also support the results of these research studies with increasing poverty, unemployment, and unequal distribution of wealth in Pakistan which indicates Islamic banks are not contributing effectively towards the socio-economic well-being of the people and achieving Maqasid al Shariah. The objective of conducting this study is to evaluate the current practices of Islamic banks in the light of Maqasid al Shariah, analyze why Islamic banks have failed in achieving Maqsid al-Shariah, and then develop an Islamic banking model in the light of Maqasid al Shariah to achieve Maqsid al-Shariah. To achieve this objective, this study employs a qualitative, exploratory research methodology in which face-to-face semi structured interviews with Shariah Supervisory Board (SBB) members of Islamic banks, Shariah scholars, academicians, and policymakers are conducted by using a non-probability purposive sampling technique. A total of 46 participants for this study is contacted out of which 20 participants are interviewed keeping in view the purpose and nature of the study. The grounded theory approach is used in this research and data is analyzed by using NVIVO software. The results of this study show that current practices of Islamic banks are not achieving Maqasid al Shariah and there is a dire need of developing and new model of Islamic banking to achieve Maqasid al Shariah. In addition, factors due to which Islamic banks have failed to achieve Maqasid al Shariah are also identified. The role of various stakeholders such as the government, regulator of Islamic banks (State Bank of Pakistan), Islamic banks, and the general public has been identified for the development of the Islamic banking model in the light of Maqasid al Shariah. Fruitful recommendations regarding the opening of current accounts, Mudaraba accounts, subsidiary Mudaraba companies accounts, restricted accounts, Wakala accounts, Waqf accounts, charity accounts, Zakat accounts, and practical procedure of Musharakah and Mudarabah financing, etc. are made for structuring the asset and liability side of Islamic banks for the development of the Islamic banking model in the light of Maqasid al Shariah.
dc.identifier.urihttps://escholar.umt.edu.pk/handle/123456789/3909
dc.language.isoen
dc.publisherUMT, Lahore
dc.titleIslamic Banking Model in the Light of Maqasid al Shariah: A Way Forward
dc.typeThesis
Files
Original bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
Islamic Banking Model in the Light of Maqasid al Shariah A Way Forward.pdf
Size:
3.89 MB
Format:
Adobe Portable Document Format
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Item-specific license agreed upon to submission
Description:
Download
Collections
2024