غیر سودی بینکاری کی شرعی ہم آہنگی اورمعاصر معاشی تحدیات: شرعی جائزہ

Abstract

The discussion over the Shari’ah compliance of the current non-interest banking system, primarily known as an Islamic banking system, has continued for a long. This paper is aimed to provide a critical analysis of objections raised on this system. The discussion revolves around the question that what are the objections to this system. The Muslim jurists have focused on the juristic side of the matter. Of what deficiencies and objections, they have pointed out, most of them have been addressed by those who are driving this system.  But the point that needs to be projected is that this system has hardly succeeded in developing any other distinction from the interest-based system other than interest. When it is carried out on the principle of a Fractional reserve system, this banking model will no longer seem to produce any positive change in macroeconomics globally. The writer has concluded that this system only provides a way out to avoid interest-based transactions otherwise it has no other significance in the perspective of being acknowledged as a part of the Islamic financial system.