As we know that in the 19th century the country was going through the faces of political and economic banking crisis and in all such situations the country undertake with the Islamic Banking System that have been even termed as Modern Banking. However, this banking system was just remaining restricted within the capital cities and major cities of Pakistan and unfortunately the rest of the regions and districts gets unaware from this concept.
It was strictly followed in all the Islamic banks to stay away from the borrowing of the money especially from the international banks and make the system free from the interest as it has been told by Islam. The main reason behind creating every single bank as interest free was that the borrower finds it difficult to return the whole amount because the interest rates keeps on increasing every single month.
Secondly, the lenders keep on borrowing the richer at the cost of borrowers. They become the part of the capitalist class and they firmly take the advantage form the economic problems of the needy. This results in the intolerance and difference between the classes in the society that is forcefully restricted in Islam.
The interest free banking was introduced in 1982. This banking system takes the loans from the Islamic countries that are based on the fixed term interest rates. Nevertheless as the Government of Pakistan has been widely expanded in the country and much private banking system has been highlighted therefore it is becoming a strong need for the Islamic banks to forces the attention of the people towards such banks that are free from interest. Islamic Banks also offer the profits to the account holder as well and share the loss with themselves. They do not offer fixed interest rates on their deposits.
The rates of interest are determined by the banks in accordance with the business. Such forms of the banks just work for the betterment of the people and nation because this would help even an ordinary person to get on the road of successful and prosperous future. Some of the most famous and known Islamic Banks in Pakistan are as follows:
Islamic Banks In Pakistan List
- Bank Albaraka
- Bank Islami Pakistan Limited
- Burj Bank
- Meezan Bank Limited
- Dubai Islamic Bank Limited
- UBL Islamic Banking
- Alfalah Islamic Bank
Well on the whole these were some of the vital and known information regarding the Islamic Banks in Pakistan that are not just named as Islamic but also follow all the principles and customs by Islam in view of the banking system.