Paradigm Shift from Conventional to Islamic Banking System: A Case of the Conversion of Taqwa Islamic Banking in Pakistan

Muhammad Mushtaq Ahmed, Javed Khan and Fazl e Haq
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Muhammad Mushtaq Ahmed: Assistant Professor,Department of Islamic & Arabic Studies,University of Swat, Swat, KP, Pakistan.
Javed Khan: Lecturer, Department of Islamic & Arabic Studies, University of Swat, Swat, KP, Pakistan.
Fazl e Haq: Lecturer, Department of Islamic & Arabic Studies,University of Swat, Swat, KP, Pakistan

Global Regional Review, 2018, vol. 3, issue 1, 321-332

Abstract: The paradigm shift in banking industry from conventional to Islamic system of banking has been evident in previous decade. Conventional institutions are also either setting-up Islamic subsidiaries or converting conventional set-up into Islamic. The bank of Punjab started Taqwa Islamic Banking-(TIB) by converting its 1st branch into Islamic banking in 2012. In 2014, the bank completed one of the largest conversion project by converting 24 conventional into Islamic banking. In this paper, the regulatory guidelines of SBP in respect to conversion is discussed and procedure adopted by the bank of Punjab-TIB- is studied and analyzed. Practical complications and key problems faced by BOP-TIB and its possible solution is also presented. The study will provide a clear view of the conversion and the method adopted by BOPTIB. The study will further guide institutions intends to adopt conversion of its business from conventional model into Islamic model.

Keywords: Paradigm shift; Islamic Banking; Conversion; SBP; The Bank of Punjab (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:aaw:grrjrn:v:3:y:2018:i:1:p:321-332

DOI: 10.31703/grr.2018(III-I).23

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