query: when was islamic banking system introduced in pakistan

pos: Islamic economics in Pakistan came in response to an upsurge in Islamic activism, and the problems and controversies associated with the policies of Zia's predecessor, Prime Minister Zulfikar Ali Bhutto. Zia's stated intention was to "eradicate the scourge of interest" on loans and securities, and create an "interest-free economy". On January 1, 1980, approximately 7,000 interest-free counters were opened at all the nationalized commercial banks, making Pakistan the first country in the Muslim world with Islamic banking. However, in spite of the public support allegedly demonstrated for it (and other Islamisation policies) by the 1984 Islamisation referendum and the programme's initial gains and success,

neg: Meezan Bank in short term rating, and the long-term entity rating at AA (Double A) with “Stable” outlook, making it the only Islamic bank with AA credit rating in the Islamic banking industry of Pakistan. Meezan Bank Meezan Bank (Urdu میزان بینک) is the first and largest Islamic commercial Bank of Pakistan. The Bank is headquartered in Meezan House - Karachi, Pakistan. It has a network of over 600 branches in more than 159 cities of Pakistan. It commenced operations in 2002 when State Bank of Pakistan issued first-ever license for Islamic commercial banking. The Bank has a market share of 35%

neg: BankIslami Pakistan 10 percent, respectively. On 7 May 2015 KASB Bank merged with BankIslami Pakistan Limited with its branch network of 104 which made BankIslami a bank of 317 branches in 93 cities. BankIslami Pakistan BankIslami Pakistan is a Pakistani bank based in Karachi, Pakistan. It was the first Islamic commercial bank to receive the Islamic banking license under the Islamic banking policy of 2003 from State Bank of Pakistan on March 31, 2005. The bank started its operations from 7 April 2006 and offers shariah compliant retail banking, investment banking, consumer banking and trade finance products. The bank intends to focus

neg: Islamic finance in Malaysia to kick start the expansion of the Islamic Banking system, the Central Bank (Bank Negara Malaysia - BNM) later allowed the conventional banking institutions to offer Islamic banking services using their infrastructure. The option was seen as the most effective and efficient mode of increasing the number of institutions offering Islamic banking services quickly and inexpensively. Following this, on 4 March 1993, BNM introduced "Skim Perbankan Tanpa Faedah" (Interest-free Banking Scheme), or SPTF, which became the “Skim Perbankan Islam - SPI” (Islamic Banking Scheme) in 1998. In October 1996, BNM issued a model financial statement for the banking institutions participating

neg: BankIslami Pakistan BankIslami Pakistan BankIslami Pakistan is a Pakistani bank based in Karachi, Pakistan. It was the first Islamic commercial bank to receive the Islamic banking license under the Islamic banking policy of 2003 from State Bank of Pakistan on March 31, 2005. The bank started its operations from 7 April 2006 and offers shariah compliant retail banking, investment banking, consumer banking and trade finance products. The bank intends to focus on wealth management as the core area of business and plans to soon launch proprietary products, and integrated financial planning services. The bank has a nationwide presence, its branch network consists

neg: Islamic economics in Pakistan modes of financing. Most informed Pakistanis, however, insist that there is "no concerted move" to do away altogether with the conventional banking system, or to replace existing linkages and relationships with international financial markets. As of March 2014, the new "rebooted" Islamic banking sector made up 9.4% of Pakistan's banking assets, but like the old Islamic banking sector is still overwhelmingly based on markup, not profit and loss sharing. As of 2015 the Faisal case decision that banned all interest on bank loans but was sent back to Federal Shariat Court (FSC) for "definitive finding on all the issues ..."

neg: Islamic economics of Zia-ul-Haq, several Islamic economic concepts and practices were introduced into the domestic economy, as part of Zia's Islamisation reforms (see Islamic economics in Pakistan). The term lived on in the Muslim world, shifting form to the less ambitious goal of interest-free banking. Some Muslim bankers and religious leaders suggested ways to integrate Islamic law on usage of money with modern concepts of ethical investing. In banking this was done through the use of sales transactions (focusing on the fixed rate return modes) to support investing without interest-bearing debt. Many modern writers have strongly criticized this approach as a means

neg: Meezan Bank Meezan Bank Meezan Bank (Urdu میزان بینک) is the first and largest Islamic commercial Bank of Pakistan. The Bank is headquartered in Meezan House - Karachi, Pakistan. It has a network of over 600 branches in more than 159 cities of Pakistan. It commenced operations in 2002 when State Bank of Pakistan issued first-ever license for Islamic commercial banking. The Bank has a market share of 35% in Islamic banking industry of the country. JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, has rated the Bank’s short term rating at A1+ (A-One Plus), the highest standard

neg: Islamic economics in Pakistan the Islamic imperatives of equality and social justice, which are so central to the Qur’anic text, successive regimes in Pakistan have sought to focus on particular economic injunctions of the Qur’an abstracted from wider issues of justice and equality". Because the debate on "Islamising" Pakistan's national economy has been reduced to issues related to interest-free banking, the abolition of "riba" (interest), the laws of inheritance and the levy of the ""zakāt"", Sikand believes all that is being offered are "magical solutions" to the complex modern problems of Pakistan's economy. Feisal Khan also argues that instituting a strictly Islamic banking system

neg: BankIslami Pakistan 2004. A detailed business plan was then prepared and a formal application was submitted to the State Bank of Pakistan on 26 May 2004. On 26 September 2005, Dubai Bank joined the sponsors and became one of the founding shareholders of BankIslami by investing 18.75% in the total capital. The State Bank of Pakistan issued a No Objection Certificate on 19 August 2004 and BankIslami Pakistan Limited, the second full-fledged Islamic commercial bank in Pakistan, was incorporated on 18 October 2004 in Pakistan. BankIslami Pakistan Limited was the first bank to receive the Islamic banking license under the Islamic banking

neg: Shariah Board of Pakistan ("State Bank of Pakistan") has an "Islamic Banking Department" that as of 2016 describes itself as "enabling legal, regulatory and Shariah compliance framework" for that country's Islamic banking industry (along with other tasks such as promoting Islamic finance). The Central Bank of Kuwait issued instructions on “Shariah Supervisory Governance for Kuwaiti Islamic Banks” in December 2016 as part of their "Shariah supervisory regulations for Islamic banks as per applicable best practices". As of late 2014, Bahrain was planning to set up a central sharia board for Islamic banks. In non-Muslim majority UK, the government banking regulatory body, the

neg: Islamic economics in Pakistan in 2002 remains unheard in the Federal Shariat Court. Islamic activists (such as M. Akram Khan), maintained that Islamic banking and economics had "effectively failed" because of lack of "political will", ignorance of Islamic banking's "potential", the "inexperience" of the banking sector, failure to interest the public, etc. Critic and economist Feisal Khan has noted that the Islamic banking industry in Pakistan has been supply driven rather than demand driven (mandated by General Zia-ul-Haq, court rulings, and the State Bank of Pakistan, rather than by customer interest or popular movements). In series of interviews conducted in 2008 and 2010 with

neg: Islamic economics in Pakistan advisory body known as the Council of Islamic Ideology (CII), declared that Pakistan's banking system was "fundamentally based upon "riba"", and unanimously called for its elimination. The mid and late 1970s were a time of Islamic revivalism throughout parts of the Muslim world, including Pakistan. Zia's predecessor, leftist Prime Minister Zulfikar Ali Bhutto faced economic problems of stagflation and opposition to his programme of nationalization and land reform. In 1976 and 1977, vigorous opposition to Bhutto's policies united under the revivalist banner of "Nizam-e-Mustafa" ("Rule of the prophet") and preached that establishing an Islamic state based on sharia law would

neg: National Bank of Pakistan all the major cities,some of which are newly opened islamic Banking branches while others are converted branches from conventional to Islamic.Presently, Mr.Fouad Farrukh is Group Chief of Aitemaad Islamic Banking Group ,who is a veteran banker having diversified banking experience. NBP Aitemaad Islamic Banking consists of five Regions out of which two are in Punjab one is Punjab Central and other one is Punjab South,Sindh Region ,KPK Region and FEDC & Quetta Region. National Bank of Pakistan National Bank of Pakistan (NBP) is a major Pakistani commercial bank with headquarters in Karachi. Although state-owned, it operates as commercial bank, while

neg: Islamic finance in Malaysia in the world. The ultimate goal of the Malaysian Islamic financial model is to operate in parallel with Malaysia's conventional financial system. To achieve this, the Islamic financial system presents itself as a viable alternative to the more established, conventional system. A specific legal framework and financial instruments are pre-requisites to the Islamic financial system. Initially, an Islamic Banking Act was enacted to cater for this system. As the system developed and new components within it were introduced, legal rules such as the Takaful Acts and rules governing the Islamic Interbank Money Market were issued. Because of the pressing need

neg: Islamic banking and finance demonstrated in the world's second largest Muslim country—Pakistan—when a minority (non-Muslim) member of the Pakistani parliament questioned it, pointing out that a scholar from Al-Azhar University, (one of the oldest Islamic Universities in the world), had issued a decree that bank interest was not un-Islamic. His statement resulted in "pandemonium" in the parliament, a demand by members of leading Islamist political party to immediately respond to these allegedly derogatory remarks, followed by a walkout when they were denied it. When the upset members of parliament returned, their leader (Sahibzada Fazal Karim), stated that since the Pakistan Council of Islamic ideology

neg: Islamic banking and finance and the “lending ratio”. According to economist and Islamic finance critic Feisal Khan, a "true" or strict Islamic banking and finance system of profit and loss sharing (the type supported by Taqi Usmani and the Shariah Appellate Bench of the Supreme Court of Pakistan) would severely cripple central banks' ability to fight a credit crunch or liquidity crisis that leads to a severe recession (such as happened in 2007-8). This is because if credit was provided by taking "a direct equity stake in every enterprise" (the PLS approach) it would contract in a credit crunch. But situations like this —

neg: Conservatism in Pakistan program was implemented prior to General Zia-ul-Haq's Islamization program. Starting in February 1979, new penal measures based on Islamic principles of justice went into effect. These carried considerably greater implications for women than for men. A welfare and taxation system based on Zakat and a profit-and-loss banking system were also established in accordance with Islamic prohibitions against usury but were inadequate. After the death of Jinnah, Prime Minister Liaquat Ali Khan successfully authored and passed the Objectives Resolution from the state parliament, roughly declaring Islam as state religion. The idea of Conservatism in Pakistan identifies several constants including the "respect

neg: Islamic economics in Pakistan undertake to uphold the "Provisional Constitution Order" established by the coup, which required judges to not "make any order against the Chief Executive or any other person exercising powers or jurisdiction under his authority." Two justices of the Shariah Appellate Bench resigned rather than take the oath, a new appeal with new judges found many "errors" in the Aslam Khaki case and overturned the ruling of a couple months earlier. In Pakistan's financial sector, as of 2006, a system of Islamic banking has been adopted that operates in parallel with the conventional banking system. Pakistanis can choose between the two

neg: Islamic economics in Pakistan 1977 Nizam-e-Mustafa movement, and during the rise in fundamentalist after 2000. At other times "only lip service" is paid to the issue. Maududi and other Islamist hoped to make Pakistan "a new Medina" which would become "the leader of the Islamic world in the twentieth century, a laboratory where experiments in Islamic modernity would be successfully conducted en route' to ushering a new Islamic renaissance" Ashraf Qureishi and Abul A'la Maududi, two of the pioneer theoreticians of Islamic banking, who preached that interest was riba, forbidden to Muslim, and "laid the foundations of current" Islamic Banking and Finance in the

neg: Islamic economics in Pakistan Pakistani banking professionals (banker in conventional and Islamic, Shariah banking advisors, finance-using businessmen, and management consultants), Khan noted many Islamic bankers expressed "cynicism" over the different or lack thereof between conventional and Islamic bank products, the lack of requirements for external Shariah-compliance audits of Islamic banks in Pakistan, shariah boards lack of knowledge of un-shariah compliant practices in their banks or power to stop these practices. However this did not deter patronage by the pious (one of whom explained that if his Islamic bank was not truly shariah compliant, 'The sin is on their head now, not on mine! What

neg: Islamic economics in Pakistan I could do, I've done.') One estimate of banking customer preference (given by a Pakistani banker) was that out of the entire Pakistani banking sector, was that about 10% of customers were "strictly conventional banking clients", 20% were strictly Shariah-compliant banking clients, and 70% would prefer Shariah-compliant banking but would use conventional banking if "there was a significant pricing difference". A survey of Islamic and conventional banking customers found (unsurprisingly) Islamic banking customers were more observant (having attended hajj, observing salat, growing a beard, etc.), but also had higher savings account balances than conventional bank customers, were older, better educated,

neg: Challenges in Islamic finance Gulf states and in developed countries. Studies of Islamic banking customer in Malaysia and Pakistan found customer satisfaction was connected to service quality. A study of Islamic banking customers in Bangladesh found "most customers" between 25–35 years, "highly educated" and having a "durable relationship" with the bank, more knowledgeable about account than financing products. In series of interviews conducted in 2008 and 2010 with Pakistani banking professionals (conventional and Islamic bankers, Shariah banking advisors, finance-using businessmen, and management consultants), economist Feisal Khan noted many Islamic bankers expressed "cynicism" over the difference or lack thereof between conventional and Islamic bank products,

neg: Islamic banking and finance Malaysia did not have "specialized personnel trained to understand and negotiate Sharia-compliant treasury swaps" and were not willing to hire the consultants who did. The majority of Islamic banking clients are found in the Gulf states and in developed countries. Studies of Islamic banking customer in Malaysia and Pakistan found customer satisfaction was connected to service quality. A study of Islamic banking customers in Bangladesh found "most customers" between 25–35 years, "highly educated" and having a "durable relationship" with the bank, more knowledgeable about account than financing products. In series of interviews conducted in 2008 and 2010 with Pakistani banking

neg: Mashreq (Bank) handled by Dubai. Bank’s profit exceeded AED1 billion the same year, while assets reached AED50 billion in 2006. The system for risk modeling was introduced with probability of default and loss given default calculations. A retail application scorecard was also introduced. All centralized operation units and mindscape were moved to the dedicated twin building at the Dubai Outsource Zone in 2008. A total of 10 branches and a Mashreq Gold Centre were established during 2008 in Egypt. Kuwait operations also commenced in 2009. Five key areas: commercial and investment banking; retail banking; treasury and capital markets; international banking and Islamic

neg: Challenges in Islamic finance conventional banking clients", 20% were strictly Shariah-compliant banking clients, and 70% would prefer Shariah-compliant banking but would use conventional banking if "there was a significant pricing difference". A survey of Islamic and conventional banking customers found (unsurprisingly) Islamic banking customers were more observant (having attended hajj, observing salat, growing a beard, etc.), but also had higher savings account balances than conventional bank customers, were older, better educated, had traveled more overseas, and tended to have a second account at a conventional bank. Another study, using "official data" reported to State Bank of Pakistan, found that for lenders who had taken

neg: Mohammed bin Faisal Al Saud Geneva that is the international Islamic finance organisation and a parent institution for 55 Islamic banks. The DMI group is a Bahamas-incorporated holding company with a portfolio of Islamic banks in Bahrain, Niger, Egypt and Pakistan. Then he founded Faisal Private Bank in 1990 that is the pioneer banking institution in Islamic finance industry. Prince Mohammed was the chairman of its board of directors and of the Islamic Finance Group. Faisal Private Bank has several branches in different countries, including Switzerland. Its Switzerland branch was granted full banking license by the Swiss Federal Banking Commission (FINMA) in August 2006. Prince

neg: Islam in Pakistan enemies.The first formal step taken to transform Pakistan into an ideological Islamic state was in March 1949 when the country's first Prime Minister, Liaquat Ali Khan, introduced the Objectives Resolution in the Constituent Assembly. The Objectives Resolution declared that sovereignty over the entire universe belongs to God Almighty. The president of the Muslim League, Chaudhry Khaliquzzaman, announced that Pakistan would bring together all Muslim countries into Islamistan-a pan-Islamic entity. Khaliq believed that Pakistan was only a Muslim state and was not yet an Islamic state, but that it could certainly become an Islamic state after bringing all believers of Islam

neg: Profit and loss sharing board(s) of directors". In Kuwait the Kuwait Finance House is the second largest bank and was exempt from some banking regulations such that it could invest in property and rims outright and participate directly in musharaka financing of corporations and "generally act more like a holding company than a bank". Nonetheless as of 2010 78.4% of its assets were in "murabahah", "ijara" and other non-PLS sources. The Islamic Republic of Pakistan officially promotes Islamic banking for example by (starting in 2002) prohibiting the startup of conventional non-Islamic banks. Among its Islamic banking programmes is establishing "musharaka pools" for Islamic banks

neg: Al Baraka Bank the country. Al Baraka Islamic Bank is attributed to be the pioneer of Islamic Banking in Pakistan. It has been operating in the country since 1991 as branch operations of "Al Baraka Islamic Bank Bahrain." During this period of over two decades in the country, the bank effectively developed and sustained its identity as one of the pioneers in providing Shariah compliant banking products and services. ABPL is a subsidiary of the Al Baraka Banking Group (ABG) which is a renowned Islamic Banking group in the Persian Gulf region. ABG is a Bahrain Join Stock company listed on Bahrain and

neg: Islamic banking and finance Bahrain, Indonesia, Jordan, Kuwait, Lebanon, Malaysia and Pakistan have developed guidelines for SSBs in their respective jurisdictions. Some countries, like Indonesia, Kuwait, Malaysia, Pakistan, Sudan, and the UAE have centralized SSBs (In Malaysia that SSB is called the Shariah Advisory Council, and was set up at Bank Negara Malaysia (BNM).) A number of Shariah advisory firms have now emerged to offer Shariah advisory services to the institutions offering Islamic financial services. Some Islamic Banking observers believe the industry suffers from handpicked, highly-paid Shariah experts who have been approving financial products using "ḥiyal" (legal stratagem) to follow sharia law, "shunning controversial

neg: Al Baraka Bank Al Baraka Bank Al Baraka (Pakistan) Limited (ABPL) came into being as a result of the first merger in the Islamic Banking sector of Pakistan. The merger took place between the branch operations of Al Baraka Islamic Bank (AIB) Bahrain, Al Baraka Islamic Bank Pakistan (AIBP) and Emirates Global Islamic Bank (Pakistan), and thus from 1 November 2010, the operations of the merged entity began. The second merger took place in 2016 with Burj Bank Ltd. As of Sept 2016, the Bank has a national presence in Pakistan with a network of 224 branches in more than 100 cities across

neg: Islamic economics in Pakistan and secularists in positions of influence and "generations of Muslim usage and custom supported by the fatwa of respected ulema that held low rates of interest to be acceptable, non-usurious, and not "riba"", according to economist Feisal Khan. Even Allama Iqbal "the Thinker of Pakistan" ("Mufakkir-e-Pakistan") "cited approvingly" the fact that Muslim princely states in India did not restrict modern banking or "attempt to impose some sort of `Islamic` concept of interest-free financial transactions." Consequently enthusiasm for Islamisation has waxed and waned throughout Pakistan's history. It has been strong when "religious elements are in ascendancy", such as during partition, the

neg: DMI Trust DMI Trust Dar al-Maal al-Islami Trust () ("The House of Islamic Money"), founded in Switzerland in 1981, is a leading Islamic financial institution with affiliates on four continents and assets under management of over $3.6 billion USD, operating in accordance with Zakat principles of Islamic banking. Its slogan is "Allah is the purveyor of success." DMI Trust has two main business units, Takafol and Retakafol, for Islamic banking and Islamic insurance/reinsurance respectively; these are based in the Bahamas, Luxembourg, and the United Kingdom. Fund management and financial services in Switzerland and Morocco, investment banking in Bahrain and Pakistan, commercial and

neg: Islamic economics in Pakistan more critical explanations and observations. In 2000, the Governor of the State Bank of Pakistan, Ishrat Hussain contended that "Pakistan is far removed from the day when it will be ready to adopt a full-fledged Islamic economic system. ... Most of the assumptions and premises on which the (scientific) hypotheses about the Islamic economic system have been constructed are serious flawed... " A report by the IMF noted that the government has been unable to formulate non-interest based instruments for financing budget deficits, "thus the government, which is the major exponent of the implementation of the Islamic system, is forced

neg: Islamic banking and finance professionals (conventional and Islamic bankers, Shariah banking advisors, finance-using businessmen, and management consultants), economist Feisal Khan noted many Islamic bankers expressed "cynicism" over the difference or lack thereof between conventional and Islamic bank products, the lack of requirements for external Shariah-compliance audits of Islamic banks in Pakistan, shariah boards lack of awareness of their banks' failure to follow shariah compliant practices in or their power to stop these practices. However this did not deter patronage of the banks by the pious (one of whom explained that if his Islamic bank was not truly shariah compliant, 'The sin is on their

neg: Islamic economics in Pakistan in the constitution (203B) which specifically removed from the FSC's jurisdiction "fiscal law or any law relating to the levy and collection of taxes and fees or banking or insurance practice and procedure", until government deemed it appropriate to withdraw the ban. Furthermore, after the death of general Zia-ul-Haq, this programme was neglected by his long-time opponent Prime minister Benazir Bhutto, while Zia ally Nawaz Sharif launched a twin intensified programme, Privatization programme and the economic liberalisation to promote the GDP growth rate as well as reverting the economy back to Westernized economic system. To surmount this obstacle, Islamic activists

neg: History of the Islamic Republic of Pakistan offer. When Jinnah died of tuberculosis in 1948, Islamic scholar Maulana Shabbir Ahmad Usmani described Jinnah as the greatest Muslim after the Mughal Emperor Aurangzeb and also compared Jinnah's death to the Prophet's passing. Usmani asked Pakistanis to remember Jinnah's message of "Unity, Faith and Disipline" and work to fulfil his dream: The first formal step to transform Pakistan into an ideological Islamic state was taken in March 1949 when Liaquat Ali Khan introduced the Objectives Resolution in the Constituent Assembly. The Objectives Resolution declared that sovereignty over the entire universe belongs to God Almighty. Support for the Objectives Resolution

neg: Muhammad Taqi Usmani Pakistan when he established the Meezan Bank. Usmani has authored a number of books in Arabic, Urdu, and English on Islamic topics in addition to a large number of articles on Islamic banking and finance published in a number of journals and magazines. According to "The Muslim 500" website, he is a leading scholar of Islamic Finance, "Usmani's chief influence comes from his position as a global authority on the issue of Islamic finance." In March 2004, United Arab Emirates Vice President and Prime Minister Mohammed bin Rashid Al Maktoum presented an award to Taqi Usmani in recognition of his

neg: DMI Trust retail banking in the Persian Gulf region and other parts of the world. Additionally, DMI Trust operates the Faisal Islamic Bank group of investment companies with affiliates in Bahrain, Egypt, Pakistan, Qatar and the United Arab Emirates. DMI Trust Dar al-Maal al-Islami Trust () ("The House of Islamic Money"), founded in Switzerland in 1981, is a leading Islamic financial institution with affiliates on four continents and assets under management of over $3.6 billion USD, operating in accordance with Zakat principles of Islamic banking. Its slogan is "Allah is the purveyor of success." DMI Trust has two main business units, Takafol

neg: Dubai Islamic Bank Pakistan to offer Priority & Platinum Banking, as well as the most extensive and innovative portfolio of Alternate Distribution Channels. The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns a nearly 40% stake in the Indonesian bank. Additionally, in May 2017, Dubai Islamic Bank PJSC was given the license by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd. The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide. DIB has won a

neg: Riba unequivocal ... Why one is permitted while the other is forbidden can only be fully known by Allah and whomsoever he gave such knowledge. As a practical matter, we should know what is permitted and use it to our advantage, and what is forbidden and avoid it. Credit sales do not follow the Islamic ideal called for by pioneers of Islamic banking of doing away with the "injustice" and exploitation of un-shared profits and losses in finance. Orthodox scholars have expressed a lack of enthusiasm for "murabaha" credit sales-based Islamic Banking. (The Pakistan state Council of Islamic Ideology calls it

neg: Mohammad Uzair many other private educational institution as Dean and Rector. He also remained the first Dean & Project Director of Karachi University Business School. He appeared many times on Pakistan Broadcasting Corporation and Pakistan Television Corporation. He is the lifetime member of Pakistan Institute of International Affairs. In January 2015, his Autobiography was published with the name of Yaddasht . He is one of the pioneers of interest free banking and his book " Interest Free Banking"is still considered a milestone on this topic, in 1985, Faridi, Fazlur Rahman, published an article in Journal of King Abdul Aziz University: Islamic Economics,

neg: Agha Hasan Abedi with Habib Bank before independence of Pakistan, he brought about significant changes in Pakistan's banking culture when he founded the United Bank Ltd (UBL) in 1959 in Karachi. He was the Founder and the first President. Under his stewardship, UBL became the second largest bank in Pakistan. Mr. Abedi introduced a host of professional innovations, including the concept of personalised service and banking support to trade and industry, paying particular attention to the bank's overseas operations. One of the first to comprehend the opportunities offered by the oil boom in the Persian Gulf, Mr Abedi pioneered close economic collaboration in

neg: Islamic banking and finance notes, trusts (see "Waqf"), transactional accounts, loaning, ledgers and assignments. Muslim traders are known to have used the cheque or "ṣakk" system since the time of Harun al-Rashid (9th century) of the Abbasid Caliphate. Organizational enterprises independent from the state also existed in the medieval Islamic world, while the agency institution was also introduced during that time. Many of these early capitalist concepts were adopted and further advanced in medieval Europe from the 13th century onwards. In the middle of the 20th century some organizational entities were found to offer financial services complying with Islamic laws. The first, experimental, local

neg: Riba transactions "would not be free", but would have some kind of "cost" other than interest. (Charitable, interest/return-free loans are known as "Qardhul Hasan" in Islam.) As the Islamic revival blossomed in the last half of the 20th century, this new financial system began to be developed. By the late 20th century a number of Islamic banks formed to apply "riba"/interest-free principles to private or semi-private commercial institutions within the Muslim community, In the 1980s the Pakistan regime of General Muhammad Zia ul-Haq condemned the "curse of interest" and promised to eliminate it. By 2014 around $2 trillion in banking assets

neg: Judicial system of Iran of the Judiciary.” Although Article 2 of the constitution the Islamic Republic states that the Republic "is a system based on belief in ... the One God ... His exclusive sovereignty and the right to legislate", according to one source, the new laws of the Islamic Republic "modify the sharia" (i.e. what Muslims believe is God's legislation) "in three significant ways." see Islamic banking After the 1979 Islamic Revolution, all banks had to follow Sharia banking procedures, including the forbidding of interest (riba) and the forbidding of usury. The Supreme Audit Court of Iran regulates banking and financial operations. In

neg: Faysal Bank Faysal Bank The Faysal Bank Limited is a multinational bank based in Karachi, Sindh, Pakistan. which was incorporated in Pakistan on October 3, 1994 as a public limited company under the Companies Ordinance, 1984. It is a publicly listed universal bank engaged in commercial, retail, corporate and islamic banking activities and based on a number of metrics i.e. branch network, asset base, deposit size etc. is positioned as one of the top-ten banks in Pakistan. Currently the Bank's footprint is spread over more than 150 cities with 450+ branches which include 200+ Islamic branches and a declared expansion plan of

neg: Islamic finance products, services and contracts active borrowers. Islamic finance products, services and contracts Banking or banking activity that complies with sharia (Islamic law)—known as Islamic banking and finance, or shariah-compliant finance—has its own products, services and contracts that differ from conventional banking. Some of these include "Mudharabah" (profit sharing), "Wadiah" (safekeeping), "Musharakah" (joint venture), "Murabahah" (cost plus finance), "Ijar" (leasing), "Hawala" (an international fund transfer system), "Takaful" (Islamic insurance), and "Sukuk" (Islamic bonds). Sharia prohibits "riba", or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to "riba"). Investment in businesses

neg: Islamic finance products, services and contracts Islamic finance products, services and contracts Banking or banking activity that complies with sharia (Islamic law)—known as Islamic banking and finance, or shariah-compliant finance—has its own products, services and contracts that differ from conventional banking. Some of these include "Mudharabah" (profit sharing), "Wadiah" (safekeeping), "Musharakah" (joint venture), "Murabahah" (cost plus finance), "Ijar" (leasing), "Hawala" (an international fund transfer system), "Takaful" (Islamic insurance), and "Sukuk" (Islamic bonds). Sharia prohibits "riba", or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to "riba"). Investment in businesses that provide

neg: Nawaz Sharif of the industrial and banking units by Prime minister Sharif was to become the hallmark and the rise of strong business oligarch who have concentrated enormous assets, further increasing the wealth gap in Pakistan and contributing to the political instability. Sharif also upgraded the Islamic laws such as Shariat Ordinance and Bait-ul-Maal (to help poor orphans and widows) to drive the country on the model of an Islamic welfare state. Sharif family was an affectee of Zulfikar Ali Bhutto's nationalisation policy. A number of important industries, such as Pakistan National Shipping Corporation, National Electric Power Regulatory Authority, Pakistan International Airlines,

neg: JS Group JS Group JS Group is a financial services group in Pakistan, founded in 1971 by Jahangir Siddiqui. The company controls and operates financial services companies in Pakistan. Financial services of JS Group include asset management, commercial banking, company research, insurance, investment banking, Islamic banking, micro finance, and stock brokerage. JS Group also has investments throughout Pakistan's economy, in the industrial sector, technology and media sectors, commercial real estate, energy and natural resources. JS Group has its headquarters in Karachi. JS Group has six businesses: JS Industrial, JS Infocom, JS Property, JS Resources, JS Transportation and JS Financial. JS provides financial

neg: Islamic banking and finance Islamic assets, Saudi Arabia with $258 billion, Malaysia $142 billion, Kuwait with $118 billion and UAE with $112 billion. An islmaic bank in UAE also introduce many types of . islamic investment programs which is shariah compliant And according to Reuters, Iranian banks accounted for "over a third" of the estimated worldwide total of Islamic banking assets, (although sanctions have hurt Iran's banking industry and "its Islamic financial system has evolved in ways that will complicate ties with foreign banks"). According to the latest central bank data, Iran's banking assets as of March 2014 totalled 17,344 trillion riyals or $523

neg: BankIslami Pakistan LSE. In 2007, the family concern were founding investors in the Islamic Bank of Asia in Singapore, with DBS Development Bank of Singapore as the principle promoter. Dubai Bank PJSC is an Islamic bank based in Dubai, U.A.E. It commenced operations in September 2002 as a conventional bank. However, on 1 January 2007, it converted into sharia compliant financial institution with a focus on the UAE’s Islamic banking sector. The bank offers a full range of products and services through its corporate and consumer banking divisions. These include transaction and deposit accounts, financing, trade finance, and wealth management services as

neg: Allied Bank Limited Services (including myABL Personal Internet Banking, myABL Mobile App, myABL FonePay App and SMS Banking). Under Business Banking, ABL offers Corporate & Investment Banking, Transaction & Business Accounts, Home Remittances to Pakistan, Cash Management Solutions, Trade Services, SME Financing, Agriculture Financing, Business Internet Banking. Allied Bank established its Islamic Banking Group to offer a diverse range of deposit and investment related accounts ensuring Shariah compliance. Other services offered by Allied Bank include Extended Hours Banking, Online Banking, Safe Deposit Lockers, Utility Bills Payments, Allied Phone Banking, Customer Support and car Financing. Allied Bank maintains its reputation for innovation in operations

neg: Allied Bank Limited the U.K. Banking Act. In 1981, the president was changed. In 1984, again new president was appointed. He tried to increase the international business of the bank. At that time, ABL also initiated a major counter program. In 1985, mainframe computer was installed and effective management system was developed. During this period profitability was increased. New president Mr. Maqbool introduced different schemes in 1987-88. In 1989, 13 new branches were installed. Over 1991, there were 745 branches all over the Pakistan. In November/December 1990, the government announced its commitment to the rapid privatization of the banking sector. Allied Bank’s management

neg: Bank Melli Iran years, which could be renewed on its own. In April 1932, the first banknote of BMI was issued. Saving Fund: saving fund of Bank Melli Iran was established under a law to encourage people to save money in 1939. It is one of the active units of the bank after establishment of Islamic banking system as a cash loan. After victory of Islamic Revolution and establishment of Islamic Republic sovereignty, the change in banking system and elimination of usury and creation of a bank were considered based on Islamic teachings and laws. By adoption of lawful bill of bank operation

neg: Hira Schools (Pakistan) Certificate. Hira Schools maintain low tuition fees to allow low-income students to enroll. Tanzeem-e-Asatiza Pakistan (Teachers Association of Pakistan), a teacher wing of Jamaat-e-Islami Pakistan, introduced the Hira educational project in the late 1990s. It operates 215 schools and 10 colleges across the country. The system employs 2,045 male and 1,415 female teachers who provide instruction to the 32,000 male and 28,700 female students. The Hira Educational Foundation organizes all the branches, develops curriculum, conducts faculty training and inspects schools. The Hira Schools adhere to the Islamic and cultural values of Pakistan. The curriculum is provided by the Association For

neg: International Islamic University, Islamabad of Social Sciences offers degree in education, politics and international relations, psychology, history and Pakistan studies, Islamic art and architecture, mass communications and sociology. A Faculty of Islamic Studies (Usuluddin) was founded in 1981. It offers degree in the Tafseer and Quranic sciences, Hadith, comparative religion, Da'wah and Islamic culture, Aqeedah and philosophy and Seerah and Islamic history. The Da'wah Academy was founded in March 1985. The Shari'ah Institute of Training was founded in 1981 and became an academy in 1985. The university's International Institute of Islamic Economics was founded in 1983. It offers degree in Islamic banking and finance,

neg: Islamic economics in Pakistan a "Profit and Loss Sharing System", according to which account holders were to share the losses and profits of the bank. In 1980 the Council of Islamic Ideology issued a report with "detailed and far reaching reforms" to eliminate interest. The military government employed Islamic scholars and economists led by professor Khurshid Ahmad to compile laws about Islamic financing. Zia's government responded to the council's report by replacing interest-bearing savings accounts with PLS instruments in Pakistan's five state banks. The government also introduced and encouraged such banks to adopt financing schemes based upon the principles of "mudaraba" and or "musharaka."

neg: Islamic finance in Malaysia banking sector is recognized as one of the major potential growth sectors addressed in the FSMP. The Malaysian experience of Islamic Banking has had a tremendous impact on neighbouring countries and others across the globe. Islamic banking services in Malaysia have aided both Muslim and non-Muslim customers, and helped the country's economic development and national building process. Islamic finance in Malaysia The Islamic financial system in Malaysia has witnessed a tremendous growth in demand, acceptance and development since its introduction in 1963. It began with the establishment of the Malaysian Pilgrims Fund Board (Tabung Haji) and the country’s first Islamic

neg: Challenges in Islamic finance to the real sector, affecting Islamic banking. According to Ibrahim Warde, `this showed that Islamic finance was not all a panaceas, and that a faith-based system is not automatically immune to the vagaries of the Financial system.` Concentration of ownership is another danger to the stability of Islamic banking and finance, according to Munawar Iqbal and Philip Molyneux. They write that only "three or four families own a large percentage of the industry. ... This concentration of ownership could result in substantial financial instability and possible collapse of the industry if anything happens to those families, or the next generation

neg: Islamic banking and finance are "not implemented by most Islamic banks". Faleel Jamaldeen differentiates its controlling body (Islamic Financial Services Board) from the other Islamic Financial standards organ, the AAOIFI, saying,the AAOIFI sets best practices for handling the financial reporting requirements of Islamic financial institutions, IFSB standards are mainly concerned with the identification, management, and disclosure of risk related to Islamic financial products. Individual countries also have accounting standards. The Institute of Chartered Accountants of Pakistan issues Islamic Financial Accounting Standards (IFAS). The Islamic Interbank Money Market was established by Bank Negara Malaysia on 3 January 1994, and has developed instruments to manage the

neg: Islamic economics in Pakistan 1940, were from South Asia. (Maududi moved to Pakistan where he became an influential Islamist leader.) According to Feisal Khan, "South Asians in general and Pakistanis in particular are `over-represented`" among Islamic Banking "theorist and practitioners," and Pakistanis are "found in Islamic banks and financial firms throughout the [Persian] Gulf at all levels, from tellers to the boardroom." Article 28 of Pakistan's 1956 Constitution called for the elimination of "riba" "as early as possible". The 1962 Constitution provided in the principles of policy that "usury" should be abolished. Similar provisions were found in the 1973 Constitution. In 1969 the state-sponsored

neg: Infopro Sdn Bhd Infopro Sdn Bhd INFOPRO Sdn Bhd ('Infopro') is an certified and a CMMi Level 5 appraised Malaysian based software house that specializes in core banking solution that provides front and back end banking solutions known as eICBA system. The eICBA system consists of core banking system known as ICBA (Integrated Computerised Banking System) and systems for Business Intelligence, ATM, e-Switch, Internet Banking and Telebanking. The core banking system also handles Islamic banking Infopro won the Ministry of International Trade and Industry (MITI)'s Export Excellence Award (Services) in 2010. Inntron, an information technology consultancy in the Banking and Finance sector globally

neg: Pakistani textbooks controversy negationist in its depiction of political Islam and the treatment of minorities in Pakistan, such as Hindus and Christians. Irredentism is manifested through claims of "eternal Pakistan" (despite the country being created from British India only in 1947), narrow and sectarian interpretation of Islam, downplaying the tolerant aspects of the religion and focusing on Islamic Fundamentalist interpretations (such as all banking being un-Islamic), and making accusations of dual loyalty on minority Hindus and Christians in Pakistan. According to Pakistani professor Tariq Rahman, Pakistani textbooks cannot mention Hindus without calling them cunning, scheming, deceptive or something equally insulting. The textbooks ignore

neg: Islamic banking and finance Islamic bank was established in the late 1950s in a rural area of Pakistan which charged no interest on its lending. In 1963, the first modern Islamic bank on record was established in rural Egypt by economist Ahmad Elnaggar to appeal to people who lacked confidence in state-run banks. The profit-sharing experiment, in the Nile Delta town of Mit Ghamr, did not specifically advertise its Islamic nature for fear of being seen as a manifestation of Islamic fundamentalism that was anathema to the Gamal Nasser regime. Also in that year the Pilgrims Saving Corporation was founded in Malaysia (although not

neg: Banking and insurance in Iran Banking and insurance in Iran Following the Iranian Revolution, Iran's banking system was transformed to be run on an Islamic interest-free basis. As of 2010 there were seven large government-run commercial banks. As of March 2014, Iran's banking assets made up over a third of the estimated total of Islamic banking assets globally. They totaled 17,344 trillion rials, or US$523 billion at the free market exchange rate, using central bank data, according to Reuters. Since 2001 the Iranian Government has moved toward liberalising the banking sector, although progress has been slow. In 1994 Bank Markazi (the central bank) authorised the

neg: Riba Lawyer and Islamic scholar Kemal A. Faruki, complained that much time and energy were spent in Pakistan on "learned discussions on "riba"" and "doubtful distinctions between `interest` and `guaranteed profits`" in the banking system, while a far more serious problem affecting the poor was ignored: usury perpetrated on the illiterate and the poor by "soodkhuris" (lit. `devourers of usury`). These officially registered moneylenders under the Moneylenders Act are permitted to lend at not more than 1% below the State Bank rate. In fact they are Mafia-like individuals who charge interest as high as 60% per annum collected ruthlessly in monthly

neg: China–Pakistan relations and the East Turkistan Islamic Movement (ETIM), added the ISPR statement. In 2008, Pakistan had purchased military equipment from China for an improved quality of defence arsenal and force to fight the constant attack from foreign militants. This relationship still continues nine years later when Pakistan Army imported Chinese-built Low to Medium Altitude Air Defence System (LOMADS) LY-80 for its air defence system. In the past, China has played a major role in the development of Pakistan's nuclear infrastructure, especially when increasingly stringent export controls in Western countries made it difficult for Pakistan to acquire plutonium and uranium enriching equipment

neg: Islamic banking and finance to Ibrahim Warde, `this showed that Islamic finance was not all a panaceas, and that a faith-based system is not automatically immune to the vagaries of the Financial system.` Concentrated ownership is another danger to the stability of Islamic banking and finance. Munawar Iqbal and Philip Molyneux write that only "three or four families own a large percentage of the industry. ... This concentration of ownership could result in substantial financial instability and possible collapse of the industry if anything happens to those families, or the next generation of these families change their priorities. Similarly, the experience of country-wide experiments

neg: Economy of Malaysia foreign), 15 investment banks (all domestic) and 2 other financial institutions (both domestic) operating in Malaysia. Commercial banks are the largest and most significant providers of funds in the banking system. The biggest banks in Malaysia's finance sector are Maybank, CIMB, Public Bank Berhad, RHB Bank and AmBank. Malaysia is currently also the world's largest centre of Islamic Finance. Malaysia has 16 fully-fledged Islamic banks including five foreign ones, with total Islamic bank assets of US$168.4 billion, which accounts for 25% of the Malaysia's total banking assets. This in turn accounts for over 10% of the world’s total Islamic banking

neg: Infopro Sdn Bhd Family Law and also the Dean of the Centre for Postgraduate Studies at the International Islamic University Malaysia. Support for eICBA is done via web based support homepage known as CSSi (Customer Support System – internet). Infopro Sdn Bhd INFOPRO Sdn Bhd ('Infopro') is an certified and a CMMi Level 5 appraised Malaysian based software house that specializes in core banking solution that provides front and back end banking solutions known as eICBA system. The eICBA system consists of core banking system known as ICBA (Integrated Computerised Banking System) and systems for Business Intelligence, ATM, e-Switch, Internet Banking and Telebanking.

neg: Al Baraka Bank progressive upward trend in the Pakistani banking sector. From a meager 0.3% share in 2003, Islamic banking institutions (IBIs) have now captured around 10.4% of the total asset pie in the banking industry as of March 2015. The core philosophy of ABPL is compliance with the fundamental principles of Shariah. The entire banking activities are closely monitored and regulated by a Board of Shariah Advisors at the headquarters in Bahrain as well as a Shariah Advisory Committee in Pakistan. All policies, procedures, products and services of ABPL are approved by the bank's Shariah Board headed by Justice (R) Khalil ur

neg: Islamic banking and finance financial institutions. Also in that year the Islamic bond market emerged when the first tradable "sukuk" — the Islamic alternative to conventional bonds — were issued by Shell MDS in Malaysia. In 2002, the Malaysia-based Islamic Financial Services Board (IFSB) was established as an international standard-setting body for Islamic financial institutions. By 1995, 144 Islamic financial institutions had been established worldwide, including 33 government-run banks, 40 private banks, and 71 investment companies. The large US-based Citibank began to offer Islamic banking services in 1996 when it established the Citi Islamic Investment Bank in Bahrain. The first successful benchmark for the

neg: Islamic banking and finance debt to unsustainable levels." During the global financial crisis Islamic banks "on average, showed stronger resilience" than conventional banks, but "faced larger losses" when the crisis hit "the real economy," according to a 2010 IMF survey. At the beginning of the "Great Recession" of 2007-9, Islamic banks were "unscathed", leading to one Islamic banking supporter to write that the collapse of leading Wall Street institutions, particularly Lehman Brothers, "should encourage economists world-wide to focus on Islamic banking and finance as an alternative model." However gradually the effect of the financial downturn moved to the real sector, affecting Islamic banking. According

neg: Christianity in Pakistan who lived in Bangladesh, were severed from Pakistan. Pakistan became a culturally monolithic, increasingly Islamic state, with smaller religious minorities than ever. With the governments of Zulfikar Ali Bhutto and Zia ul-Haq, more stringently Islamic laws transformed Pakistan. Conversion to other faiths than Islam is not prohibited by law, but culture and social pressures do not favour such conversions. Muslims who change their faith to Christianity, are subject to societal pressure. Extremely controversial were the blasphemy laws, which made it treacherous for non-Muslims to express themselves without being accused of being un-Islamic. Zia also introduced the Sharia as a basis

neg: JS Group services in commercial banking, asset management, private equity, investment banking, securities brokerage, company research, insurance, Islamic banking and finance, and micro finance. Companies operated by JS financial are: Jahangir Siddiqui & Co. Ltd. was incorporated (under Companies Ordinance 1984) in 1991 as public unquoted company. The Company is presently listed on & is also a corporate member of Pakistan Stock Exchange (PSX). JS Group's principal activities are trading of securities, maintaining strategic investments, consultancy services, underwriting, etc. The company has a long term rating of AA (Double A) and short term rating of A1+ (A one plus) assigned to it

neg: Banking in Bangladesh led by Islami Bank Bangladesh Ltd, controls 20% of deposits in Bangladesh. Bangladesh operates the world’s biggest Islamic microfinance scheme. According to Bangladeshi government polling, Islamic banking has an overall approval rating of 84% among the country's population. Banking in Bangladesh Bangladesh is a developing country with an impoverished banking system, particularly in terms of the services and customer care provided by the government run banks. In recent times, private banks are trying to imitate the banking structure of the more developed countries, but this attempt is often foiled by inexpert or politically motivated government policies executed by the central

neg: Islamic banking and finance liquidity needs of the Islamic financial institutions -- "funding and adjusting portfolios over the short term". The Islamic Financial Services Board was founded on 3 November 2002 at Kuala Lumpur by central banks of Bahrain, Iran, Kuwait, Malaysia, Pakistan, Saudi Arabia, Sudan along with the Islamic Development Bank, AAOIFI, and IMF. As of April 2015, the 188 members of the IFSB comprise 61 regulatory and supervisory authorities, eight international inter-governmental organisations, and 119 market players (financial institutions, professional firms and industry associations) operating in 45 jurisdictions. From 2002 to 2012 it issued 17 standards, guiding principles and notes. Its objective

neg: Infopro Sdn Bhd system that integrates both front end banking such as teller functions and back end banking such as back office function, administration, customer information, accounting and data centre functions. The modules are packaged under ICBA system includes the following modules: - The Customer Information Module is the central module for the ICBA system. ICBA system has been installed in more than 82 financial institutions worldwide and has international presence in more than 27 countries including Afghanistan ICBA Islamic modules have been certified by a Syariah expert, Dr Mohd Daud Bakar who is an Associate Professor at the Department of Islamic and

neg: MCB Bank Limited appointed immediately and the second Director will be appointed upon completion of the term of the existing Board, scheduled to be on March 27, 2009. As part of the transaction, Maybank and MCB are also expected to enter into a business cooperation arrangement which will include, among others, Islamic banking, retail banking, credit cards, asset management and SME banking. Maybank and MCB are also expected to benefit from increased business ties and trade flows between Pakistan and Malaysia MCB Bank Limited MCB Bank Limited (formerly Muslim Commercial Bank) was incorporated by the Adamjee Group on July 9, 1947. The bank

neg: BankIslami Pakistan by the Randeree family, was in excess of US $3.0 billion. The Randeree family's interests in the banking sector consist of various niche holdings internationally, including a stake in Dallah Albaraka Bank Limited in South Africa which was formed in 1989. More recently, the family concern played a pioneering role with QIIB (Qatar International Islamic Bank) in the formation of the Islamic Bank of Britain PLC (IBB) and retains its shareholding in the bank. It also remains a founding shareholder in the European Islamic Investment Bank PLC (EIIB), which raised approximately 200 million pound, pre and post listing on the

neg: Islamic finance products, services and contracts as ""tawarruq", commodity "murabahas", Malaysian Islamic private debt securities, and Islamic short-sales". Exploitation is involved when high fees are charged for "doing nothing more substantial than mimicking conventional banking /finance products". Haram activities are not avoided when banks (following the customary practice) simply take the word of clients/financees/borrowers that they will not use funds for unIslamic activities. Others (such as convert Umar Ibrahim Vadillo) agree that the Islamic banking movement has failed to follow the principles of shariah law, but call for greater strictness and greater separation from the non-Muslim world. Banking makes up most of the Islamic finance industry.

neg: Islamic banking and finance when financiers are "less and less sure of the creditworthiness of their financial sector counterparties" and essentially stop lending to even the biggest and most stable borrowers or even other banks — is exactly the time when credit expansion and "flooding" the economy with liquidity is needed to prevent widespread business bankruptcy and unemployment. Banking makes up most of the Islamic finance industry. Banking products are often classified in one of three broad categories, two of which are "investment accounts": Originally these modes were intended by Islamic banking advocates to be "interim" measures, or to be used for situations where

neg: Profit and loss sharing declared by the State under its Export finance scheme". Another use of musharaka in Pakistan is by one of the largest Islamic banks (Meezan Bank) which has attempted to remedy a major problem of Islamic banking namely providing lines of credit for the working needs of client firms. This it does with a (putative) musharaka "Islamic running finance facility". Since the workhorses of Islamic finance are product-based vehicles such as murabaha, which expire once the product has been financed, they do not provide steady funding a line of credit for firms to draw on. The Islamic running finance facility does.

neg: Haji Saeed Ur Rehman Khan Karar was to implement Islamic laws in order to make Pakistan an Islamic republic. He also supported the implementation of the Islamic zakat system in Pakistan, in which zakat distribution can easily be monitored. Haji Saeed Ur Rehman Khan Karar Haji Saeed ur Rehman Khan Kakar (born 1929) is a Pakistani landlord and trader of Dipalpur. He was politically active in the cause of creating Pakistan as an independent Islamic state, and later as a director in public administration. He was born on 25 June 1929 in a Pathan family resident in the village of Ghari Ojala in Rohtak district, India.

neg: Sharia advisor Islamic financial institutions to appoint a Shariah advisor (with Pakistan, for example, requiring at least one individual to serve as a Shariah advisor for Islamic banks operating in the country; and Malaysia requiring Islamic banks to appoint a Shariah advisory committee comprising at least five individuals). In case of non-banking institutions and transactions, the requirements of Shariah advisory vary. In Malaysia, for example it is sufficient to appoint a Shariah advisory firm (an independent institution) to seek advice on Islamic capital market transactions. In Dubai International Financial Centre (DIFC), the requirement is to appoint a Shariah advisory committee comprising at

neg: Central Bank of Sudan in the Sudan (some seven branches), and combined them with the Sudanese currency board. In addition to the normal duties of a central bank, which may include minting coins and issuing banknotes, managing a country's internal and external accounting, and setting monetary policy and interest rates, Sudan's central bank is also responsible for fostering Islamic banking. After Sudan introduced Islamic law (Sharia) in 1984, the banking and financial industry changed its practices to conform with Sharia. In 1993 the government established the Sharia High Supervisory Board (SHSB) to ensure compatibility of financial practices with Islamic principles. In compliance with the

neg: Banking and insurance in Iran swaps. While the standards of the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) are widely followed around the world, they are not enforced in Iran. As of 2010, the interest rate charged between banks (i.e. interbank rate) is set by the government of Iran (by the "Iranian Banking Association Council"). In practice, because the banking system of the Islamic Republic is run on an Islamic interest-free basis, there are no "interest rates" per se but only "provisional profit" lending rates called "Mobadala". 12.0% (2007), 11.5% (2008), 12.0% (2009). Free market rate is 24-25 percent (Aug 2009). As

neg: Islamic economics in Pakistan worked to Muslims agree that the Quran condemns "Riba", but do not all agree over what "riba" is. While Muslim activists (and most Pakistanis) agree that "riba" is interest on debt, others believe that "riba" is usury (unethical loans that unfairly enrich the lender) and not interest charged under state-regulated banking practices. Such people were to be found disproportionately among "the economists, bankers, politicians, and bureaucrats" who "would be responsible to administer an interest free system". To convince these people and others, Jamat-e-Islami and like-minded groups have sponsored, and Saudi Arabia has financed, numerous symposia "dedicated to the task of

neg: East Pakistan East Bengal was renamed as East Pakistan. Pakistan ended its dominion status and adopted a republican constitution in 1956, which proclaimed an Islamic republic. The populist leader H. S. Suhrawardy of East Pakistan was appointed prime minister of Pakistan. As soon as he became the prime minister, Suhrawardy initiated a legal work reviving the joint electorate system. There was a strong opposition and resentment to the joint electorate system in West Pakistan. The Muslim League had taken the cause to the public and began calling for implementation of separate electorate system. In contrast to West Pakistan, the joint electorate was

neg: Challenges in Islamic finance the lack of requirements for external Shariah-compliance audits of Islamic banks in Pakistan, shariah boards lack of awareness of their banks' failure to follow shariah compliant practices in or their power to stop these practices. However this did not deter patronage of the banks by the pious (one of whom explained that if his Islamic bank was not truly shariah compliant, 'The sin is on their head now, not on mine! What I could do, I've done.') One estimate of customer preference (given by a Pakistani banker) in the Pakistani banking industry, was that about 10% of customers were "strictly

neg: Syed Wajid Ali the "Institute of Islamic Culture" in 1952. He was the Chairman of this institute that promotes harmony among various Islamic scholars and peoples by publishing various books and articles by famous scholars. Syed Wajid Ali also deserves credit for his 'overall vision' for his nation, Pakistan. He was the first person, who in 1961, signed a joint venture agreement with Nippon Electric Company of Japan to initiate a television project in Pakistan. Later, this proved to be a visionary first step in introducing television in Pakistan before it was introduced in India, Indonesia, Malaysia and some other Asian countries. Ubaidur

neg: Constitution of Pakistan the constitution on 23 March 1956—a day when Pakistan celebrates its Republic Day over the adoption of the constitution. The constitution provided for parliamentary form of government with a unicameral legislature. It officially adopted Pakistan as "Islamic Republic" and the principle of parity was introduced. Its features were: By the constitution, Iskander Mirza assumed the presidency but his constant involvement in national affairs, as opposed to Constitution, dismissed four elected prime ministers in two years. Under public pressure, Mirza upheld the "coup d'état" in 1958, thus virtually suspending the constitution. Shortly afterwards General Ayub Khan deposed Mirza and declared himself

neg: Islamic schools and branches the Muslim Brotherhood (Akhwan-al-Muslimeen). The JI envisions an Islamic government in Pakistan and Bangladesh governing by Islamic law. It opposes Westernization—including secularization, capitalism, socialism, or such practices as interest based banking, and favours an Islamic economic order and Caliphate. Liberal and progressive movements have in common a religious outlook which depends mainly on Ijtihad or re-interpretations of scriptures. Liberal Muslims at thought have led to the birth of certain small denominations from primarily unaffiliated followers who believe in greater autonomy of the individual in interpretation of scripture, a critical examination of religious texts, gender equality, human rights, LGBT rights and

neg: First Five-Year Plans (Pakistan) The economic development planning began in 1948 when Prime minister Liaquat Ali Khan presented the first Five-Year plans at the parliament of Pakistan on 8 July 1948. The first plan was conceived by the Ministry of Finance (MoF), and were studied and developed by the Economic Coordination Committee (ECC) based on the theory of Cost-of-production value, and also covered the areas of Trickle-down system. As part of this programme, the State Bank of Pakistan was established to give a kick start to banking services in the country. Quickly, the major economical infrastructure was expanded and the gap was filled by

neg: Accounting and Auditing Organization for Islamic Financial Institutions institutions on 26 February 1990 in Algiers. Then, it was registered on 27 March 1991 in Bahrain. It has members from more than 45 countries, including central banks and Islamic financial institutions and other parties working in the financial industry and banking, Islamic International. The Commission has obtained support for the application of the standards issued by it, where these standards are dependent today in the Kingdom of Bahrain and the Dubai International Financial Centre, Jordan, Lebanon, Qatar, Sudan and Syria . The competent authorities in Australia, Indonesia, Malaysia, Pakistan, Saudi Arabia and South Africa issued guidelines derived from the

neg: Telenor Pakistan which has been re-farmed for LTE, it was previously used on the 2G (GPRS/EDGE) network. Telenor's new LTE-A network will initially be available in Karachi, Lahore, Rawalpindi and Islamabad. Telenor Pakistan's new headquarter '345' was inaugurated on 1 November 2017 by then prime minister of Pakistan Shahid Khaqan Abbasi and is situated in Gulberg Greens, Islamabad. In 2008, Telenor acquired majority shares of Tameer Microfinance Bank Limited for its mobile financial services project. They named the branchless banking service "Easypaisa" and launched it in October 2009. Easypaisa was Pakistan's first branchless banking deployment. Later 'Mobile Wallet' was introduced where normal

neg: Shetab Banking System amounts of time organizing things in person and would consequently be able to conduct activities immediately over the phone or over the internet. The impact of the system is already being felt as corporations establish e-commerce, supply chains, online banking and retailing systems. Shetab Banking System The Shetab (Interbank Information Transfer Network) system is an electronic banking clearance and automated payments system used in Iran. The system was introduced in 2002 with the intention of creating a uniform backbone for the Iranian banking system to handle ATM, POS and other card-based transactions. Prior to its introduction, some Iranian banks were