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Currently, the legitimacy of Islamic banking practices is restricted to the
compliance of Islamic banks operations with the procedures and
contractual requisites as approved by the Sharī‘ah boards while ignoring
the Islamic economic philosophy of promoting equity, fairness and
distributive justice. Since the Islamic banking ought to follow ethical
values drawn from tenets of Qur’ān and Sunnah, the overall goal of
Islamic law to which the Islamic banks, too, are subservient, is to promote
ma╖āle╒ derived from maqā╖id al-Sharī‘ah. Given this, the Islamic banks
are obliged to extend welfare for the benefit of the society in addition to
watching their business interests. In their juristic personality, Islamic
banks are bound to undertake the welfare objectives on behalf of all those
who provide them the financial resources. It, therefore, becomes
worthwhile to evaluate the practices of Islamic banks in terms of their
contribution to the society based on well-defined theoretical parameters. In
order to extract such parameters, this paper attempts to develop a
theoretical framework that provides holistic approach, including welfare
pursuits, to help evaluating Sharī‘ah legitimacy of Islamic banking
practices in Pakistan. The framework is expected to be helpful outlining
future outlook of Islamic banking in the country by enhancing legitimacy
of their practices.
Muhammad Khaleequzzaman, Muhammad Tahir Mansoori, Dr. Abdul Rashid. (2016) Sharī‘ah Legitimacy of Islamic Banking Practices in Pakistan - An Evaluation, Journal of Islamic Business and Management, Volume 6, Issue 1.
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