Islamic Banking in Pakistan
By Feisal Khan
Routledge – 2013 – 240 pages
Pakistan was one of the pioneers of Islamic Banking and Finance (IBF) as it converted to an interest-free banking system in 1985.
This book critically analyzes the experience of Pakistan with IBF. Drawing on first-hand experience of the Pakistani banking environment and practices, the author offers a unique perspective on Pakistani IBF from both an academic and practical angle. The book traces and examines the development of contemporary IBF since WWII and the contribution of Pakistani/South Asian scholars to its growth as an alternative to conventional banking and finance, and considers the extent to which Islamic Banking and Finance is a viable alternative to current financial practices and the degree to which IBF lives up to the claims of its advocates. In this context, the book offers a detailed analysis of how the Meezan Islamic Bank, by far the largest Islamic Bank in Pakistan, operates.
Putting the Pakistan IBF experience in context, this book will be of interest to specialists on Islam, South Asia and International Economics.
1. Introduction 2. The Debate over Riba: Contending Perspectives 3. The Development and Antecedents of Islamic Banking and Finance 4. Legal Challenges to Pakistani Islamic Banking: Is it ‘Islamic’ or Isn’t it? 5. Dual Track Banking in Pakistan: Interest Free, Islamic, or Does it Make a Difference? 6. The Desirability and Viability of Islamic Banking: Borrowers, Lenders, Regulators and Thinkers 7. Verdict on Two Decades of the Pakistani Experiment 8. The Future
Feisal Khan is Assistant Professor of Economics at Hobart and William Smith Colleges, USA.