The essence of Islamic banking lies in the rejection of interest for loaning of money and in only making investments in businesses that provide goods or services that are consistent with Islamic principles. It is a relatively new field in modern banking. The first Islamic banks appeared in the late 20th century with the help and guidance of world renowned Islamic scholars and financial experts to apply Sharia-compliant banking principles
Tag "Islamic banking"
The Commission for Transformation of Financial System (CTFS) was established in January 2000 in the State Bank of Pakistan. It presented Shariah acquiescent methods of financing which encompassed producing lawful structures conductive for functioning of Islamic financial method, initiating a colossal education and teaching package for financiers and their patrons and a real channel through broadcasting for the overall public to generate consciousness about the Islamic financial system. It also