Innovation in Islamic techniques of financing

Banker's Equity Limited (BEL) is a firm that has come to impact private-sector investment in Pakistan. BEL is a groundbreaking organization, both in the ideas it espouses and the practices it embraces. The firm is sponsored by the State Bank. The State Bank's chairman heads the board of directors, which is composed of leading nationalized bank officers and BEL's managing director. By providing capital and offering numerous services such as supplying foreign currency and legal documentation, BEL seeks to make financing a simpler process. BEL funds are drawn from commercial banks. The body needs to be very careful in taking on projects. BEL shares in the profits and losses of companies in which it invests. Among the efforts it hopes to promote are the local production of plant and equipment. The firm has developed the tool of Mudarabah, by which one party puts up money and another manages the venture. BEL has also developed participation-term certificates, an interest-free alt