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Shari‘ah’s teachings are perfect and forever. They leave everlasting impacts on society towards its spiritual as well as material purification (Tazkia) if implemented properly according to Qur’an and Sunnah. Interest (Sood/Rib┐) has been forbidden by Almighty Allah whereas Trade (Ba‘a) has been legitimated. To bring the Muslims of today out of Interest-based Banking System, religious scholars have outlined and introduced Islamic Banking System which, although, has got fast growth in market but still, a number of objections are being raised by different scholars leading to an impression that this system is not working in accordance with Shari‘ah. This not only discourages the entry of new ones to Islamic Banking Sector but also create confusions in the minds of the enlisted customers. Keeping in view the above scenario, need is felt to assess, evaluate and analyze the Objections raised with special emphasis on Islamic Concept of Bank, Charity Fund (Iltez┐m be tasaduq) and Mur┐ba╒a being the major points of objections of the critics. The present study investigates different aspects and dimensions of these objections in the context of Shariah and ground realities in order to know the extent of validity of these objections, highlight the gray areas giving rise to objections and give real picture to the public in general and enhance the satisfactory level of the enlisted Islamic Banking customers in particular. The contemporary world revolves around economy. Most of the international conflicts, even are one way or other, due to economic interests. As an eternal divine religion Islam too has blessed humanity with its economic teachings. Interest that had chained up the people before and even after Islam was denied by Islam. Simultaneously unlike an incomplete code it gives a perfect code of economic system. Interest based system that comprised of simple & compound interests in a number of ways like Qem┐r, ba‘a Qabl-ul-qabz (resale before possession) and individual and business interest’s transaction etc prevailed in pre-Islamic society. Today’s environment also sees humanity chained up like- wise in the name of world global trade in the forms of giving and receiving Aids, all forms of Insurance, Stock and Money Markets and different interest based banks.
Bilal, Qaiser. (2015) The Gray area Beyond Raised Objections (Sharia’h Perspective) Regarding In-practice Islamic Banking System, Bannu University Research Journal in Islamic Studies, Volume 2, Issue 2.
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