PAKISTAN TODAY: Many people think that Islamic banking and finance is a cure to all the financial woes. In fact that is not the case. Islamic banking and finance is as man-made as the conventional banking. The only difference is that Islamic banking and finance seeks basic guidance from Islamic sources like the Quran, Sunnah, Ijma and Qiyas. Only because of this Islamic banking and finance is free from some of the weaknesses and problems besetting conventional banking. There is very strong theoretical evidence that the principles of Islamic banking and finance are superior to the principles of conventional banking. This is why one would be inclined to assert that had Islamic banking and financial principles been implemented in the financial markets the problems we are facing today in financial industry would have been avoided to a great extent. » | Durdana Najam | Monday, November 21, 2011
