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Islamic Banking in Practice: the Case of Pakistan

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  • Peter A. Cornelisse
  • Wouter Steffelaar

Abstract

In Islamic banking rules apply which differ from those in traditional banking. This article first discusses the consequences of Islamic banking for financial operations in general, then goes on to examine the Islamic procedures introduced in Pakistan's banking sector since 1985. Considering the drastic change in procedures, the effect of Islamization on this sector has been moderate. One reason for this is that banks in Pakistan have consistently opted for financial instruments closely resembling interest‐based finance. Another reason is that their behaviour has been determined to a large extent by the fact that they are state‐owned.

Suggested Citation

  • Peter A. Cornelisse & Wouter Steffelaar, 1995. "Islamic Banking in Practice: the Case of Pakistan," Development and Change, International Institute of Social Studies, vol. 26(4), pages 687-699, October.
    • Handle: RePEc:bla:devchg:v:26:y:1995:i:4:p:687-699
    DOI: 10.1111/j.1467-7660.1995.tb00570.x
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    References listed on IDEAS

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    1. Muhammad Anwar, 1993. "Strategies to Settle Existing Debts under an Islamised Banking System," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 32(4), pages 961-971.
    2. Muhammad Anwar, 1992. "Islamic Banking in Iran and Pakistan: A Comparative Study," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 31(4), pages 1089-1097.
    3. Khan, Mohsin S & Mirakhor, Abbas, 1990. "Islamic Banking: Experiences in the Islamic Republic of Iran and in Pakistan," Economic Development and Cultural Change, University of Chicago Press, vol. 38(2), pages 353-375, January.
    4. Presley, John R & Sessions, John G, 1994. "Islamic Economics: The Emergence of a New Paradigm," Economic Journal, Royal Economic Society, vol. 104(424), pages 584-596, May.
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    2. Martha A. Starr & Rasim Yilmaz, 2007. "Bank Runs in Emerging‐Market Economies: Evidence from Turkey's Special Finance Houses," Southern Economic Journal, John Wiley & Sons, vol. 73(4), pages 1112-1132, April.

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