اسلامی مالیات کی تاریخ: پاکستان کے اسلامی مالیاتی شعبے کا سفراور عالمی پیشرفت

The History of Islamic Finance: The Journey of Pakistan's Islamic Financial Sector and Global Developments

Abstract

This paper investigates the historical development of modern banking and finance, examining both interest-based and Islamic systems. The primary objective of this paper is to theoretically inspect the impact of Islamic legal flexibility on the global growth and adoption of modern Islamic finance, with a particular focus on Pakistan along with some historic statistical data. Furthermore, the study investigates the advancements made in the academic and legal fields related to Islamic finance. Despite the significance of this topic, there has been a notable lack of scholarly research on Islamic finance in both Urdu and English literature. This paper seeks to address this research gap and contribute to a deeper understanding of the field. The paper traces the origins of modern Islamic finance back to the 1960s when Muslim scholars sought to create a more ethical and just financial system. The system's emphasis on ethical conduct, social responsibility, and risk-sharing has resonated with many, particularly during times of economic turmoil. The 2007-2008 global financial crisis highlighted the resilience of Islamic finance compared to conventional interest based systems. Moving forward, Islamic finance offers a promising alternative to traditional finance, prioritizing long-term welfare, sustainability, and ethical practices. As the world grapples with economic challenges, Islamic finance's potential to contribute to a more equitable and just financial system is increasingly recognized.