Publication Date
11-15-2024
Description
Financial system is a vital component of the overall socio-economic system of a country as well part of international financial architecture in a globalized world. Transformation of a financial system in absence of complementary changes in the larger socio economic systems may not enable us to achieve the goals of Maqasid e Shariah. I would therefore like to draw your attention to at least a few pressing issues. Judiciary and Legislature have done their job which was the easiest declaratory and directive giving a deadline for conversion of the entire financial system to become Shariah -Compliant. The difficult part to make this transaction successful lies with the Executive Branch, the industry players, and the society at large. If adequate preparation work is not done and behavior and mindset are not altered the new system will become formally compliant but in my view substantively miss the spirit behind the conversion.
Recommended Citation
Husain, I. (2024). Transition to Islamic Financial System Unravelling the Knots. Retrieved from https://ir.iba.edu.pk/faculty-research-talks-speeches/153
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