Articles

In the last 20 years, Muslim nations have made varying efforts to restructure their economies along Islamic lines. The economy of an Islamic state is similar to the economy of a capitalist welfare state.

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The movement in the West toward ethical investment closely matches the spirit of

Though the annual success of Islamic banks has proven their viability, the future growth of Islamic financial institutions depends on the development of a worldwide network of modern and well-equipped financial institutions. Islamic banks must undertake longer-term financial investments and develop medium- and long-term financial instruments. Since a secondary financial market does not exist, a pan-Islamic financial regulatory body should be contemplated.

A criticism of Professors Tahirul Qadri book: Bila Sood Bankari – Ek Oboori Khaka. It outlines the four observations in which the book is based. The claim that they are intended to legalize all transactions without intending any real change is put forward. The authors arguments are carefully examined and criticized.

Several commonly-accepted steps must occur before economic integration among nations can arise: the desire and will to integrate; a customs union to establish tariffs and seal the trading bloc; and free trade within the bloc, with all member states acting in unison. After World War II ended, the European Common Market was set up, with the Treaty of Rome incorporating several principles of a common market. Since the League of Arab States' Treaty in 1950, the Arab world has made efforts toward integration as well.

Both President Zia ul-Haq of Pakistan and HRH Prince Mohammed al-Faisal have promoted Islamic finance. Pakistan was the first nation to switch to an Islamic banking system, while Prince Mohammed worked to develop its concepts. Islamic banking is advancing not only in the

The history of Islamic banking can be covered by looking at developments around the Muslim world through a country-by-country description.

The short history of and future possibilities for Islamic banks are of note. Strong Islamic banks emerged in the 1970s and 1980s as Muslims established institutions that shun interest. Most governments in the Islamic world did not strongly support the Islamic banking movement; in fact, they were pretty indifferent. Most support for Islamic banks came from private sources, though both Pakistan and Iran resolved to establish Islamic economies.