The Constitutional, Legal and Current Status of Islamic Banking & Finance in Pakistan
DOI:
https://doi.org/10.46568/tis.v0i20.186Abstract
The Ideological Foundations:
Pakistan came into being with the view to be a laboratory ofIslamic Injunctions. While addressing the opening ceremony of State Bank of Pakistan, the Father of the national said,"Ishall watch with keenness the work of your Research Organization in evolving practices compatible with Islamic ideals of social and economic life. The economic system of the West has created almost insoluble problems for humanity and to many of us it appears that
only a miracle can save it from disaster that is now facing
the world. t has failed to do justice between man and man and to eradicate friction from the international field. On the contrary it was largely responsible for the two World Wars in the last half century. The Western world, in spite of its
advantages of mechanization and industrial efficiency is today in a worse mess than ever before in history''1