Moving beyond rhetoric: Can Islamic banking become mainstream in Pakistan

Dawood MAMOON

Abstract


Abstract. Challenging economic theory that is developed at micro level is a common practice among macro-economic behaviors of conventional economic system. In this context the paper analyses Islamic banking that tries to bring an interest free financial system. The paper explains the circumstances that may lead to a universal application of Islamic banking in Pakistan. This is done after presenting a detailed discussion on the rational for conventional banking. 

Keywords. Islamic banking, Capitalism, Islamic economics, Interest rates.

JEL. E50, E52, E60.


Keywords


Islamic banking; Capitalism; Islamic economics; Interest rates.

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References


Picketey, T. (2014). Capital in 21st Century, Belknap Press.

Keynes, J.M. (1936). General Theory of Employment, Interest and Money, Macmillan Press.




DOI: http://dx.doi.org/10.1453/ter.v4i4.1459

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