عصر حاضر میں اسلامی بینکاری: شرعی اصول اور اقتصادی اثرات کا تنقیدی جائزہ

Islamic Banking in the Contemporary Era: A Critical Analysis of Shariah Principles and Economic Impacts

Abstract

Islamic banking is a financial system based on the teachings of the Qur’an and Sunnah, aiming to provide an interest-free, just, and transparent economic framework. Its primary objective is not only to offer an alternative to the conventional interest-based system but also to establish an economic order that promotes social justice, equitable distribution of wealth, and sustainable economic development. However, in practice, Islamic banking has not fully succeeded in achieving its potential in fostering economic growth.

This study critically examines the factors behind the limited success of Islamic banking. The findings reveal that the system faces several internal and external challenges, including the complex application of Shariah principles, lack of coordination between Shariah scholars and economists, limited range of financial products, and insufficient governmental and regulatory support. Furthermore, the tendency of Islamic banks to replicate conventional banking models, along with their reluctance to adopt genuine profit-and-loss sharing modes (such as Mudarabah and Musharakah), has adversely affected their overall performance.

The study also highlights that enhancing public awareness, promoting advanced research in Islamic finance, and ensuring standardization at the international level are crucial for the growth of Islamic banking. Finally, practical recommendations are presented to transform Islamic banking into an effective and sustainable alternative economic system.

Keywords: Islamic Banking, Shariah Principles, Economic Development, Profit and Loss Sharing, Financial System