اسلامی بینکاری: عصری ضرورت اور سماجی اثرات

Islamic Banking: Contemporary Necessity and Social Impacts

Abstract

Islamic banking emerged in the mid-twentieth century as an alternative financial model funded on the guidance of the Qur’an and Sunnah. Its most distinctive feature is the complete prohibition of interest (riba) and the emphasis on profit-and-loss sharing. This study provides an analytical examination of the contemporary necessity of Islamic banking and its social impacts. It highlights that Islamic banking is not merely a financial structure but a comprehensive economic system that promotes justice, equality, and transparency.

The findings reveal that Islamic banking plays a significant role in poverty alleviation, the growth of small businesses, social justice, and the establishment of an interest-free economy. Furthermore, it encourages foreign investment and proves to be a sustainable and stable alternative during global financial crises. Nevertheless, the system faces several challenges, including the shortage of qualified experts, lack of public awareness, and difficulties in ensuring full compliance with Shariah principles.

This paper emphasizes that Islamic banking is not confined to Muslims alone but serves as a viable and trustworthy financial model on a global scale. If implemented in its true spirit, it has the potential to play a vital role in shaping a balanced and just economy not only in Pakistan but worldwide.