Tag Archives: Riba

Commercial banks around the globe have designed and utilized Islamic financial instruments according to the rules of Shariah. Section 5(b) of Banking Companies Ordinance-1962 defines the business of banking as “banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise.” By analyzing both sides of the balance sheet of …

The year 2019 has been good for the Takaful in Pakistan. This is evident from the performance of the Takaful Industry. The annual gross contribution of the Takaful Industry has risen to Rs.10.98 billion in 2019 registering an increase of 27%, over the previous year (2018: Rs. 8.65 billion). The encouraging growth in contribution speaks itself that the Takaful is gaining strengthen in Pakistan where interest based insurance and banking …