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The legitimacy of Islamic banking refers to the compliance with the
precepts of Shar¯ı‘ah (Islamic law) of the pronouncements and their implementation,
requisites of various contracts, as well as, realization of the welfare objectives.
Therefore, the Islamic banks are supposed to follow the Islamic values focused to
bring benefit to the society alongside the commercial motive. These distinguishing
features establish identity of the Islamic banks separate from their conventional
counterparts and require pursuing normative values of Islamic injunctions. The
primary focus of this research is two folds: firstly, considering the legitimacy
of Islamic banking practices in holistic perspective including normative concerns
directed by Shar¯ı‘ah, and secondly, to gauge the perception of the customers of
Islamic and conventional banks about the aforementioned approach of Shar¯ı‘ah
legitimacy. The research has been commissioned by developing the constructs of
Shar¯ı‘ah legitimacy through extensive review of the relevant literature. At the same
time, the empirical analysis based on the opinion of 836 customers of Islamic and
conventional banks in all the four provinces and the capital city of Pakistan has
produced important conclusions regarding their perception about legitimacy of the
Islamic banking practices. The key finding in the theoretical perspective is that the
value judgements have been grossly ignored by the Islamic banks. The empirical
research indicated that about half of the customers perceived Islamic banking as
Shar¯ı‘ah legitimate. On overall basis, the other half viewed contrary to this or
preferred to remain indifferent. There is a dire need that Islamic banks should look
into the desired goals of Shar¯ı‘ah legitimacy in both contexts; the value judgement
and the perception of the customers.
Muhammad Khaleequzzaman, Muhammad Tahir Mansuri, Abdul Rashid. (2019) An Empirical Study of Shar¯ı‘ah Legitimacy of Islamic Banking Operations in Pakistan, Journal of Islamic Business and Management, Vol ume 9, Issue 2.
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