Factors Paving the Way towards Islamic Banking in Pakistan
Islamic banking is one the most blossoming doctrine in
economic system of the world. The Fast growing awareness about
Islamic financial system has brought strong feeling to Muslims to
confront the western interest-based economic cycle. The Islamic
economic system is emerging as a reliable alternative to the interest
based system. This study is proposed to ascertain the motivational
factors encouraging people to go for Islamic banking in Pakistan.
These pulsing factors are determined by generation of hypothesis that
there are certain factors which are urging people to opt Islamic
banking system and to see the differences in their ranking by applying
Friedman test. These factors include: Economically derived factors
such as stability of Islamic banks in crisis, profit and loss sharing
doctrine and equity sharing etc. This study also highlights the
religiously derived factors such as interest free banking, Shariah
tenets and supervisory of Islamic Shariah board and sociopsychological
factors.
[1] Al-Omar, Faud and Abdel-Huq, Muhammad "Islamic Baking; Theory,
Practices and Challenges" London Zed Book Limited, 1996.
[2] Aggarwal, R., and Yousef, T. "Islamic Banks and Investment
Financing," Journal of Money, Credit, and Banking, vol. 32, No.1, 2000,
pp. 93-120.
[3] Rahim, A., Rahman, A., "Introductory Article Islamic Banking and
Finance: Between Ideals and Realities", IIUM Journal of Economics and
Management 15, No. 2: 2007123-141 by the International Islamic
University Malaysia.
[4] Banking Company Ordinance by Government of Pakistan.1962.
[5] SBP, Islamic Banking Bulletin Vol. IV No. 2, 2009.
[6] Sole, Juan, "Islamic Banking Make Headway" IMF Monitory & Capital
Market Department, 2007.
[7] Power C., "Banking on Faith", Portfolio 2009 American City Business
Journal, 2007.
[8] Abbas M., "Progress and Challenges of Islamic Banking ", International
Monetary Fund, 1997.
[9] Hamzeh, I., "Islamic Finance - Mainstream Alternative to Conventional
Finance", Athens Information Technology, Greece, 2009.
[10] Vayanos, Peter, Wackerbeck, Philipp, "How do Islamic Banks Compete
in an Increasingly Competitive Environment", Booz & Company, 2007.
[11] Tahir S., "Future of Islamic Banking, Journal of Islamic Banking &
Finance" The International Association of Islamic Banks, Karachi, Oct-
Dec, 2005, pp 21-33.
[12] Kahf, M. (2004) "Factors of success in Islamic banks" presented in the
International Conference on Islamic Banking, Brunei Jan. 5-7.
[13] Akhtar, S., "Authenticity and Innovation - A Regulator-s Perspective"
Harvard Law School, 2008.
[14] Noor A. M., "Islamic Banking Present & Future Challenges, Journal of
Management & Social Sciences", BIZTEK, spring, Vol. 3 No. 2, 2007,
pp 13-22.
[15] Akhtar S. "Islamic finance: its sustainability and challenges"
Georgetown University, Washington, 2007.
[16] Mohiuddin A., "Islamic Banking - A Hedge against Manmade Crisis",
2009, http://www.accountancy.com.pk/ articles.asp?id=186.
[17] Thomas W. M., "Friedman Two Way Analysis of Variance by Ranks",
1998 http://www.nyx.net/~tmacfarl/ STAT_TUT/friedman.ssi
[18] Nunnaly, J. "Psychometric Theory" New York: McGraw-Hill. 1978.
[1] Al-Omar, Faud and Abdel-Huq, Muhammad "Islamic Baking; Theory,
Practices and Challenges" London Zed Book Limited, 1996.
[2] Aggarwal, R., and Yousef, T. "Islamic Banks and Investment
Financing," Journal of Money, Credit, and Banking, vol. 32, No.1, 2000,
pp. 93-120.
[3] Rahim, A., Rahman, A., "Introductory Article Islamic Banking and
Finance: Between Ideals and Realities", IIUM Journal of Economics and
Management 15, No. 2: 2007123-141 by the International Islamic
University Malaysia.
[4] Banking Company Ordinance by Government of Pakistan.1962.
[5] SBP, Islamic Banking Bulletin Vol. IV No. 2, 2009.
[6] Sole, Juan, "Islamic Banking Make Headway" IMF Monitory & Capital
Market Department, 2007.
[7] Power C., "Banking on Faith", Portfolio 2009 American City Business
Journal, 2007.
[8] Abbas M., "Progress and Challenges of Islamic Banking ", International
Monetary Fund, 1997.
[9] Hamzeh, I., "Islamic Finance - Mainstream Alternative to Conventional
Finance", Athens Information Technology, Greece, 2009.
[10] Vayanos, Peter, Wackerbeck, Philipp, "How do Islamic Banks Compete
in an Increasingly Competitive Environment", Booz & Company, 2007.
[11] Tahir S., "Future of Islamic Banking, Journal of Islamic Banking &
Finance" The International Association of Islamic Banks, Karachi, Oct-
Dec, 2005, pp 21-33.
[12] Kahf, M. (2004) "Factors of success in Islamic banks" presented in the
International Conference on Islamic Banking, Brunei Jan. 5-7.
[13] Akhtar, S., "Authenticity and Innovation - A Regulator-s Perspective"
Harvard Law School, 2008.
[14] Noor A. M., "Islamic Banking Present & Future Challenges, Journal of
Management & Social Sciences", BIZTEK, spring, Vol. 3 No. 2, 2007,
pp 13-22.
[15] Akhtar S. "Islamic finance: its sustainability and challenges"
Georgetown University, Washington, 2007.
[16] Mohiuddin A., "Islamic Banking - A Hedge against Manmade Crisis",
2009, http://www.accountancy.com.pk/ articles.asp?id=186.
[17] Thomas W. M., "Friedman Two Way Analysis of Variance by Ranks",
1998 http://www.nyx.net/~tmacfarl/ STAT_TUT/friedman.ssi
[18] Nunnaly, J. "Psychometric Theory" New York: McGraw-Hill. 1978.
@article{"International Journal of Business, Human and Social Sciences:55901", author = "Muhammad Mazhar Manzoor and Muhammad Aqeel and Abdul Sattar", title = "Factors Paving the Way towards Islamic Banking in Pakistan", abstract = "Islamic banking is one the most blossoming doctrine in
economic system of the world. The Fast growing awareness about
Islamic financial system has brought strong feeling to Muslims to
confront the western interest-based economic cycle. The Islamic
economic system is emerging as a reliable alternative to the interest
based system. This study is proposed to ascertain the motivational
factors encouraging people to go for Islamic banking in Pakistan.
These pulsing factors are determined by generation of hypothesis that
there are certain factors which are urging people to opt Islamic
banking system and to see the differences in their ranking by applying
Friedman test. These factors include: Economically derived factors
such as stability of Islamic banks in crisis, profit and loss sharing
doctrine and equity sharing etc. This study also highlights the
religiously derived factors such as interest free banking, Shariah
tenets and supervisory of Islamic Shariah board and sociopsychological
factors.", keywords = "Islamic banking, motivational factors, religiousfactors, socio-psychological factors and economic factors", volume = "4", number = "6", pages = "935-7", }