An Introduction to Islamic Modes of Financing for Elimination of Interest Based Transactions in Banking Sector of Pakistan

Bibliographic Information
Journal	Al-Idah
Title	An Introduction to Islamic Modes of Financing for Elimination of Interest Based Transactions in Banking Sector of Pakistan
Author(s)	Ahmad, Rashid, Ata ur Rahman
Volume	27
Issue	2
Year	2013
Pages	01-14
Full Text
Chicago 16th	Ahmad, Rashid, Ata ur Rahman. "An Introduction to Islamic Modes of Financing for Elimination of Interest Based Transactions in Banking Sector of Pakistan." Al-Idah 27, no. 2 (2013).
APA 6th	Ahmad, R., Rahman, A. u. (2013). An Introduction to Islamic Modes of Financing for Elimination of Interest Based Transactions in Banking Sector of Pakistan. Al-Idah, 27(2).
MHRA	Ahmad, Rashid, Ata ur Rahman. 2013. 'An Introduction to Islamic Modes of Financing for Elimination of Interest Based Transactions in Banking Sector of Pakistan', Al-Idah, 27.
MLA	Ahmad, Rashid, Ata ur Rahman. "An Introduction to Islamic Modes of Financing for Elimination of Interest Based Transactions in Banking Sector of Pakistan." Al-Idah 27.2 (2013). Print.
Harvard	AHMAD, R., RAHMAN, A. U. 2013. An Introduction to Islamic Modes of Financing for Elimination of Interest Based Transactions in Banking Sector of Pakistan. Al-Idah, 27.

Al-Idah الایضاح Volume 27 Issue 2 Contents

منو دھرم شاستر اور ہندو نظام میراث معالم السنن میں امام خطابی كا منہج و اسلوب مشہور مصادر سیرت كے اسالیب كا علمی جائزہ مولانا ثناء اللہ امرتسری كی تفسیر ثنائی كا اجمالی جائزہ قرآن كا تصور ارض مسلم عائلی قوانین سے متعلق فقہاء پاكستان كی آراء امام جلال الدین سیوطی كی تفسیر میں اشعار عرب سے استشہاد كا علمی جائزہ تعمیر شخصیت كے جذباتی اجزاء احادیث نبویہ كی روشنی میں حیل فقہ اسلامی كے تناظر میں تفسیر در منثور اور موضوعی روایات: ایک تحقیقی جائزہ عہد خلفاء راشدین اور اسلاموفوبیا تفسیر در منثور میں مذكور بعض موضوعی روایات كا تحقیقی جائزہ واقعہ غرانیق كا علمی تحقیقی اور ناقدانہ جائزہ ڈاكٹر حمید اللہ كی خدمت حدیث العلامة شائسته جل و خدماته العلمية الدينية السياسية حياة نسيم حجازي ومكانته العلمية والأدبية في الأدب الأردي محمود تيمور كمصلح اجتماعي An Introduction to Islamic Modes of Financing for Elimination of Interest Based Transactions in Banking Sector of Pakistan Zakat on Non-Agricultural Land Plots: Public Awareness and Fiscal Reforms Carbon Trading and Islamic Capital Market Growth: Doubling Time and Forecasting Madrassa Education in the Sub-Continent: Myths and Realities Quranic Standpoint over Extremism in Society Islamizing the Constitution of Pakistan: The Role of Maulana Maudoodi The English Translations of the Holy Quran: A Critique

Abstract

The Economic system ofIslam is very balanced one. Islam does not deprive a person to take benefit of all halal (permissible) things, while it has banned all illegal means of earning like deceit, corruption, gambling, etc. Among all evils, interest/usury is the worst form of earning and those who are involved in transactions based on it, they have been threatened with hell. While on the other hand, in most banks and other financial institutions, transactions are carried out on the basis ofinterest. This is why Muslim scholars worked out alternative modes based on Islamic financing to replace interest-based transactions. In this article six modes of financing i. e. Musharakah. , Mudharabah, Murabahah, Ijarah, Salam and Istisnah have been discussed. If these Islamic inodes of financing are adopted in banking sector and in otherfinancial institutions, then it is hoped that in a very short span of time elimination ofriba would be possible.