An Overview of the Evolution of Islamic Financial System in Pakistan

Abstract

This study presents the evolution of Islamic Banking and the financial system in Pakistan which has been legalized by the jurist and many people do not use any Islamic banking product for themselves, whether it is Takaful or Madharba. Our leader Quaid-e-Azam Muhammad Ali Jinnah was very keen on introducing the Islamic economic system in the country. The SBP also aimed to eliminate the interest rate system from the country. We are currently breathing in the atmosphere of the interest system where every child in the world is indebted to usury where even if one buys the Qur'an, the food they buy only by paying indirect interest. All these issues and the key terms of the Islamic financial system have been explained in the contemporary context in this study.