Abstract
A number of economic concepts and techniques were applied in early Islamic banking including Mufawada, Mudarabah and Al-mal as existed in the medieval Islamic world. Interest free banking attracts more attention because of the political interest. The most controversial issues about interest free banking are the profit and loss sharing formula (Concept of Mudarabah). Disenchantment with the value neutral capitalist and socialist financial systems prompted not only Muslims but also others to look for ethical values in their financial dealings, and in the west some financial organizations have opted for ethical operations. It is in the course of brain storming for proffering solution to unpalatable state of our economy’s financial system that the prescribe for Islamic banking (Non-interest banking) in Pakistan is being agitated for. The focus of this project is to assess and overview of Islamic banking and finance in Pakistan. This research work is an historical research and based on secondary data.
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