Dr.Masood Mashkoor Siddiqui , Dr.Abdul Malik , Dr, Abdul Ghafar
Our objective is to analyze the working of an interest free economic system. We will first present the model of interest free financial system as developed by Uzair, Siddiqui and Ahmed. Later we will discuss the implications of our work for the model of Islamic financial system as developed by the above authors. The discussion will be followed by comments on the feasibility of the model. Since the process of islimization is apparently going on for several years, specially in the direction of interest free financial system, any discussion on Islamic financial system would be incomplete without the mention of the experience of these financial institutions .we will therefore give a brief description of these efforts in general and in particular Pakistan’s experience would be discussed at length. Our main concern in case of Pakistan bank, a financial institution that has introduced various Islamic financial schemes. The article concludes with a brief outline of some unresolved issues and suggestions for resolving these issues.
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