In this recent years, Islamic banking and finance has shown positive growth around the world among non — Muslim due to its broader product coverage and the ability to traverse the globe economy.
It includes detail of all the tasks that we performed in the course of this project. These tasks are presented in this report in a sequence to make it easy for the reader to understand and comprehend the results. Our research aims to fulfill many purposes.
They are listed below: To explore the perception of people regarding Islamic Banking. To find out which Islamic Banks do people know of.
To see how many people use Islamic Banking and why. To whether Islamic Banks are working strictly in accordance with Shariah compliances. Islamic Banks are working strictly according to the Shariah Compliances. Islamic banking is banking without Riba only. Islamic banking is conventional banking with a different name only.
People are aware of the basic concepts of Islamic Banking The above stated hypotheses were developed in order to be tested by survey.
Although, Islamic Banking at very small scale was present in Pakistan at the time of her inception inbut due to having Islamic bank perception very small volume of capital, limited areas of operations these banks were vanished from the page of history. According to Wilson RJ, the first attempt to establish an Islamic financial institution was took place in Pakistan in late s with the establishment of a local Islamic bank in rural area.
The charge was far lower than the rate of interest. Although the experience was encouraging, two main actors were responsible for its failure.
First, the limited funds available to loan could not cover the gap between deposits and credit. Secondly, the bank staff did not have complete autonomy over its operation. The serious steps towards Islamization of the principles and constitution were took place in when the Council of Islamic Ideology CII was established.
Inthe Council of Islamic Ideology CII presented its report on the elimination of interest, genuinely considered to be the first major work in the world undertaken towards the establishment of Islamic Banking and Finance. Inall commercial banks were bound by legislation to write-off all interest bearing transactions and transform their nomenclature stating all Rupee saving accounts as interest-free within next five years.
However, foreign currency deposits in Pakistan and lending of foreign loans continued as those were done before. Inthe Federal Shariat Court declared procedures adopted by the commercial banks non-Islamic.
Until today, the dispute between government and FSC is still in progress, and details of the news in print and other media revealed that government aimed to sabotage the historic decision of FSC.
The Islamization process of all state owned banks in Pakistan seems to take very long time, because of very complex network of branches, misconduct of authorities, absence of firm determination from government.
Perhaps, the root-cause of this failure was that the government and all the institutions having jurisdiction, not only did not felt their own responsibility on this important issue, but also with ample dexterity tossed the responsibility of Islamization process to the Federal Shariat Court to review its earlier decision that declared all interest bearing transaction non-Islamic.
So, it is the duty of government to devise policies, acquire proper resources and take necessary steps to solve the challenges and problems confronting the country on this dilemma.Islamic banking do people know of include the service and quality also understanding the concept of Islamic banking.
Obviously,there have two side perception which is positive and negative respondents likely majority people have chosen Islamic banking because of their religious motivation and knowledgeable about Islamic banking.
Get help on 【 Islamic Bank Perception Essay 】 on Graduateway Huge assortment of FREE essays & assignments The best writers! The perception of Islamic banking has been bloomed with its branches from the inspiration of building up a society on justice in accordance with basic socio-economic principles of.
The Islamic bank understand the perception of customers in the term of product and service quality. The basic theme of Islamic banking system is to offer the interest free product and service.
Islamic bank provide more profit on Murabaha facilities as compared to conventional loans. M Abdul Gafoor • Islamic finance by Mark Andrews • Perceptions about Islamic Banking by Institute of Islamic Banking and Insurance • Building an alternative financial system • A comparative analysis of perceptions about Islamic Banking The main points discussed in these articles were: • In the last decade Islamic banking has attracted.
The perception of Islamic banking has been bloomed with its branches from the inspiration of building up a society on justice in accordance with basic socio-economic principles of.