In the last thirty years several Islamic countries have modified their economic systems to make them conform more closely with the ideals of Islam. Islamic banking has been in the forefront of this change. In my study I examine the theological basis for Islamic banking and the social justice argument for Islamic interest-free banking. As it is a relatively new endeavor in the contemporary banking history, I explain how Islamic banking can be put into practice, and what obstacles it has faced in the countries where it has been implemented. I discuss some of the issues which, if appropriately addressed, could lead to a more productive integration between Islamic finance and international finance.
Roshan Iqbal, ’00 Karachi, Pakistan
Majors: Economics and Business
Sponsors: David Weddle and A’amer Farooqi