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Islamic Banks and Financial Stability: An Empirical Analysis of the Gulf Countries.
In case of Pakistan, interest institution is not only deep‐rooted, but also strongly interlinked with other exploitative tools that are prevalent in the hands of some selected people to keep their control over political, economic and social spheres of Pakistan.
There is an indispensable need to eradicate interest along with its allied forces from the polity of Pakistan.
This paper attempts to fill the gap in the literature by exploring the perceptions of consumers and bankers in an attempt to gain insights so that the availability of products and awareness can be increased.
The study uses a regression model by using perception as a dependent variable and awareness, knowledge and religious motivation as independent variables.
It concludes that all intellectual, practical, political, constitutional and legal efforts undertaken in Pakistan to enforce an interest‐free system were not meant in earnest and therefore they inflicted serious damage to the cause of Islam as well as Islamic banking.
Interest is prohibited in Islam for its exploitative nature. (2013) Testing the Financial Stability of Banks in GCC Countries: Pre and Post Financial Crisis. Conventional Banking: Business Model, Efficiency, and Stability. The implication of this paper is that conventional banks have the potential of absorbing financial stability shock as compare to Islamic banks on the basis of stated financial soundness indicators and Z-Score specifically. International Journal of Business and Social Research (IJBSR). The aim of this study is to examine the perceptions of consumers on Islamic banking and finance in Pakistan.Islamic finance is an emerging phenomenon, and its survival depends on the availability, affordability and awareness.Little research has been conducted to study this problem from the perspectives of consumers and Islamic banking employees. (2017), "An Islamic banking perspective on consumers’ perception in Pakistan", Qualitative Research in Financial Markets, Vol. Most of the research associated with Islamic banks fails to pay attention to these stakeholder groups in one study. It provides a longitudinal view of the issue of replacing the interest‐based financial system in Pakistan with an interest‐free system by taking the religious, socio‐economic and political factors of the country.The findings of the paper hold that piecemeal solutions to eliminate interest from the financial sector of Pakistan could never succeed.