Islamisation of banking in Pakistan

Islamisation is a highly broad process; to discuss it requires a deep knowledge of fiqh, the shari`a , hadith, and al-Qur'an. Pakistan, founded on the ideals of Islam, should have had an Islamic economy from its inception. The historical truth of the matter, however, is that Pakistan was imbued with a capitalist, Western-born outlook. With the exception of religious institutions, Islamic economics was not taught. Thorough efforts have not even been made to maintain Islamic law in the land. When the military took over and sought to set up an Islamic economy, there were extremely few experts of Islamic economics around. Since there is no universally applicable model of an Islamic economy, the practices of ijtihad and ijma' are to be relied on. The Pakistani parliament is the most suitable body for ijma'. Islamisation of the economy began in 1979-80 and, after a number of organizations became interest-free and the profit and loss sharing system was set up on an optional basis, ne