Conceptual Developments in Islamic Banking and Finance in Pakistan (1977–1980)

Mohammad Mansoor Khan and Muhammad Bhatti
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Mohammad Mansoor Khan: University of South Australia

Chapter 4 in Developments in Islamic Banking, 2008, pp 77-105 from Palgrave Macmillan

Abstract: Abstract The IBF movement had gathered significant momentum in the Muslim world by the late 1970s. An increasing number of Islamic banks had emerged in the private sectors of Muslim countries. However, no Muslim country had taken an initiative to establish its national economy and finance sector on Islamic lines. A major breakthrough in this regard occurred in September 1977 when the president of Pakistan General Mohammed, Ziaul Haq, expressed an interest in transforming the economy of Pakistan on Islamic lines. He directed the Council of Islamic Ideology (CII) to formulate a blueprint for an interest-free economy within 3 years.

Keywords: Business Ethic; Financial Institution; Banking System; Policy Instrument; Bank Credit (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-58230-9_4

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DOI: 10.1057/9780230582309_4

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