The catalytic role of Islamic Legal Maxims for Transforming Conventional Banking into Islamic Banking in Pakistan

Submission Type

Paper Presentation

Abstract/Description

This study aims to explore the role of Islamic Legal Maxims (Qawaid-ul-Fiqh) as catalysts for transforming banking system in Pakistan from conventional to Islamic.

Qualitative approach has been employed using secondary data gathered from Classical texts, previous literature, and contemporary academic texts. To analyze the data, qualitative content analysis was applied.

This research reveals that Islamic Legal Maxims (Qawaid-ul-Fiqh) provide a robust framework and ground to facilitate the conversion of conventional banking into Islamic Banking in Pakistan. This study has also highlighted the challenges which are to be faced during this conversion process.

Besides identified barriers and challenges, the study has enlightened the regulatory gaps, interest of stakeholders, and public misconceptions. The findings of this study contribute to offer actionable insights for financial institutions, policy makers, and academia.

To the best of researcher's knowledge, very limited research work is carried out on the applications of Islamic Legal Maxims to address the issues thoroughly facing by Islamic banking sector, particularly relating these maxims to the conversion process of conventional banking to Islamic banking.

Keywords

Qawaid-ul-Fiqh, Islamic Banking, Pakistan, Legal Maxims, Conventional Banking, Conversion Process

Location

Movenpick Hotel

Session Chair

Prof. Dr. Imam Uddin, Director Islamic Finance & Accounts, Institute of Business Management (IOBM)

Session Moderator

Dr. Azima Khan, Assistant Professor, Institute of Business Administration, Karachi

Start Date

4-12-2024 3:15 PM

End Date

4-12-2024 4:15 PM

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Dec 4th, 3:15 PM Dec 4th, 4:15 PM

The catalytic role of Islamic Legal Maxims for Transforming Conventional Banking into Islamic Banking in Pakistan

Movenpick Hotel

This study aims to explore the role of Islamic Legal Maxims (Qawaid-ul-Fiqh) as catalysts for transforming banking system in Pakistan from conventional to Islamic.

Qualitative approach has been employed using secondary data gathered from Classical texts, previous literature, and contemporary academic texts. To analyze the data, qualitative content analysis was applied.

This research reveals that Islamic Legal Maxims (Qawaid-ul-Fiqh) provide a robust framework and ground to facilitate the conversion of conventional banking into Islamic Banking in Pakistan. This study has also highlighted the challenges which are to be faced during this conversion process.

Besides identified barriers and challenges, the study has enlightened the regulatory gaps, interest of stakeholders, and public misconceptions. The findings of this study contribute to offer actionable insights for financial institutions, policy makers, and academia.

To the best of researcher's knowledge, very limited research work is carried out on the applications of Islamic Legal Maxims to address the issues thoroughly facing by Islamic banking sector, particularly relating these maxims to the conversion process of conventional banking to Islamic banking.