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AN ANALYSIS OF INTERESTFREE FINANCE IN PAKISTAN

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06 Pages : 61-70

http://dx.doi.org/10.31703/gmsr.2024(IX-II).06      10.31703/gmsr.2024(IX-II).06      Published : Jun 2024

An Analysis of Interest-Free Finance in Pakistan

Abstract

    An interest-free economy plays a prominent role in the country's development. Pakistan being an Islamic country should make efforts to flourish Islamic finance in order to get the benefits of this justified and equitable Islamic economic system. The basis of interest-free finance is avoiding interest (usury) which is against the teachings of the Quran and Sunnah. The present research is qualitative in nature, data is extracted from audited financial statements of the respective Islamic banks and websites. The global annual growth rate of interest-free finance is 10% and the same growth is exhibited by Islamic banks. Islamic banks are contributing to charity to achieve SDG goals under CSR. In Pakistan, the people believe Islamic banking is not un-Islamic. Islamic finance's challenges were also mentioned. The biggest challenges include a lack of qualified people, different schools of thought, no Islamic banking laws, no client awareness, and few Islamic products.

    Islamic Banking, Murahaba, Islamic Finance, Sustainable Development Goals

    (1) Natasha
    MS Scholar, Brains Institute Peshawar, KP, Pakistan.
    (2) Sadiq Ali
    MS Scholar, Brains Institute Peshawar, KP, Pakistan.
    (3) Numan Ullah
    Assistant Professor, Brains Institute of Technology Peshawar, KP, Pakistan.
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Cite this article

APA

CHICAGO

    CHICAGO : Natasha, , Sadiq Ali, and Numan Ullah. 2024. "An Analysis of Interest-Free Finance in Pakistan." Global Management Sciences Review, IX (II): 61-70 doi: 10.31703/gmsr.2024(IX-II).06

HARVARD

    HARVARD : NATASHA., ALI, S. & ULLAH, N. 2024. An Analysis of Interest-Free Finance in Pakistan. Global Management Sciences Review, IX, 61-70.

MHRA

    MHRA : Natasha, , Sadiq Ali, and Numan Ullah. 2024. "An Analysis of Interest-Free Finance in Pakistan." Global Management Sciences Review, IX: 61-70

MLA

    MLA : Natasha, , Sadiq Ali, and Numan Ullah. "An Analysis of Interest-Free Finance in Pakistan." Global Management Sciences Review, IX.II (2024): 61-70 Print.

OXFORD

    OXFORD : Natasha, , Ali, Sadiq, and Ullah, Numan (2024), "An Analysis of Interest-Free Finance in Pakistan", Global Management Sciences Review, IX (II), 61-70

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