Islamic Banking in Pakistan: A Critical Review
Dr. Hafiz Muhammad Zubair, Nadeem Ghafoor Chaudhry

Abstract
The research paper examines the ideological contestation between Opponents and Proponents of Islamic Banking in Pakistan. Major part of the research is based on Sharīʿah and jurisprudential study of Modes of Financing in Islamic Banks. This explores the agreements and similarities between Conventional and Islamic Banking. This also analyze that the existing system in Islamic Banks is based on illegal tricks and subterfuges while there is some superficial fractional support to this system from Islamic Law, but the real Sharīʿah objectives for implementation of these laws has been severely trampled. Whether there are interest-free banks or conventional interest banks, in fact, they are not involved in trade or any kind of business, they only deal in money. This is the opinion of Ahl al-Ḥadīth and Majority scholars of Ḥanafī schools of thought in Pakistan, although foundation of such business institutions is the need of the Islamic society wherein on genuine basis and in the light of Sharīʿah principles, Mushārakah and Muḍārabah could be undertaken.

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