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Strategic Directions for Developing an Islamic Banking System

Suleman Aziz Lodhi and Rukhsana Kalim
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Suleman Aziz Lodhi: National College of Business Administraion and Economics, Lahore.
Rukhsana Kalim: Department of Economics, University of Management and Technology, Lahore.

The Pakistan Development Review, 2005, vol. 44, issue 4, 1003-1020.

Abstract: It is proposed that Islamic banking does not merely imply the interest-free banking system; rather, it is the banking in consonance with the ethos and value system of Islam and governed by the principles and rules laid down by Islamic Shariah. The question arises as to why the Islamic financing system has not been fully realised in Pakistan. And what directions should the Government take for establishing a sustainable Islamic banking system? The study is conducted according to the strategic management approach, exploring a practical route for developing growth-oriented Islamic banking system in Pakistan. Critical questions are raised to analyse the dynamics of Islamic banks in Pakistan. Then using a questionnaire, senior bankers are interviewed to add their insight. The study finally recommends strategic directions for developing a growth-oriented Islamic banking system in the country.

Date: 2005
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