Does Islamic Banking System Contributes to Economy Development
Keywords:
economic development, Islamic Banking, Pakistan
Abstract
The purpose of this paper is to give the true meaning of development from an Islamic perspective. This paper examines the dynamic interactions between Islamic banking and economic growth in Pakistan, to see if the financial system affects and growth, transformation and growth of the financial system. Usually, in most Muslim countries, and in some non-Muslim countries, Islamic banking and works as a part of the banking system and the Islamic Republic of Pakistan is one of them. The aim of this paper was to consider the opinions of the interviewees regarding the role of Islamic banking in Pakistan in economic development. Six interviewees were asked about the types of effects of Islamic banking on economic development in the Pakistan. They were asked about 8 different types of effects. Most respondents believe that Islamic banking in Pakistan had positive impact on economic development. Some scholars around the world consider the use of Islamic banking more convenient for economic development. This result also indicates that improving the infrastructure of Islamic finance in Pakistan could benefit economic development. Islamic banks can play an important role in Pakistan today.
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2013-11-13
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