پاکستان کی اسلامی بنکاری میں رائج رننگ مشارکہ:شرعی اصول وضوابط کی روشنی میں ایک تحلیلی مطالعہ ---------------------------------------------- Practice of Running Musharkah in Pakistani Islamic Banks: An Analytical Study in the Light of Shariah Principles

Abstract

Islamic banks claim that they are moving their financing heads toward profit and loss based modes. Running Musharkah (RM) is one of these modes. It is claimed that RM is an alternate of conventional interest based running finance (RF). RM enables the customer to draw and deposit funds against a RM finance limit offered by Islamic bank. It is reported that Running Musharkah reached almost at level of 25% of total financing portfolio of the bank during last five years, as per 2016 financial report of Meezan bank. Majority of Shariah Scholars are criticizing Islamic banks that RM is nothing but replica of conventional RF. This paper raised the important questions e.g. what is the nature of relationship between parties in RM? How and at what time profit rates are determined? On what basis profit is distributed? Is RM playing its role in equitable distribution of wealth to fulfill main Shariah objective of Musharkah? Is RM different from RF? The study discussed and analyzed RM on both Shariah as well as conventional financial perspectives and concluded that there is no difference between RM and RF except that product is given different name only. Like RF, RM is also causing accumulation wealth in few capitalists’ hands that is against spirit of Shariah.