Developments in Islamic Banking

MOHAMMAD MANSOOR KHAN is Lecturer at the University of South Australia. He researches in the fields of accounting and Islamic finance and has written five recent research articles and worked as a guest co-editor of the special issue of Managerial Finance on the topic of interest-free banking. M. ISHAQ BHATTI is Associate Professor in the Department of Economics and Finance at La Trobe University, Melbourne, Australia and adjunct Professor of Finance, UAE University, UAE. He has previously held academic positions in Canada, Indonesia, Malaysia, the Middle East and Pakistan. He is the author of more than sixty articles and two books, and is an editorial board member of several journals. His main areas of research and scholarship are quantitative methods in Islamic finance, econometrics, Islamic economics and the economics of standards.

Introduction The Guiding Principles and Goals of the Islamic Economic System The Interest-Free Finance Movement in Global Financial Markets The Conceptual Development of Interest-free Banking and Finance in Pakistan (The CII Report 1980) The Implementation and Practice of Interest-Free Banking and Finance in Pakistan (1981-1991) The 1991 Federal Shariat Court (FSC) Judgement on Interest (Riba) and Interest-free Banking Practice in Pakistan The Attempts of the Commission of Islamization of Economy (CIE) for the Revival of Interest-Free Banking and Finance Movement in Pakistan(1992-1998) The Supreme Court Judgements of 1999 and 2002 on Interest (Riba) and Interest-free Banking and Finance Practice in Pakistan The Causes of Failure of Interest-Free Banking and Finance Movement in Pakistan Summary and Conclusions