On January 15, 1959, bank rate was raised in Pakistan from its traditionallevel of 3 per cent to 4 per cent. This paper examines the effect of this rise of one percentage point in the bank rate on the borrowings of scheduled banks from the State Bank, their reserves, their lending rates, the...

This is a valuable book edited by two eminent scholars, Drs. Zamir Iqbal and Abbas Mirakhor. Dr. Iqbal is Principal Financial Officer of the ‘Quantitative Strategies, Risk and Analytics Department’ in the Treasury of the World Bank in Washington, while Dr. Mirakhor is now the First Holder of...

Islamic Banking and Finance discusses Islamic financial theory and practice, and focuses on the opportunities offered by Islamic finance as an alternative method of financial intermediation. Key features of profit-sharing (as opposed to debt-based) contracts are highlighted, and the ways in...

The generally recognized economic problem of mankind is how best to satisfy the basic needs of all people around the world in spite of the prevailing scarcity of resources. Since this is not happening, the paper argues that the primary reason is the secular worldview which has weakened the...

The Handbook of Islamic Banking comprises 25 studies by leading international experts on Islamic banking and finance specially commissioned to analyse the various debates and the current state of play in the field. This comprehensive Handbook provides a succinct analysis of the workings of...

The generally recognized economic problem of mankind is how best to satisfy the basic needs of all people around the world in spite of the prevailing scarcity of resources. Since this is not happening, the paper argues that the primary reason is the secular worldview which has weakened the...

This paper undertakes a comparative analysis of ethics and economics as enshrined in the worldview of Islam and that which has become the foundational building block of western intellectual orientation. The paper makes an attempt to drive home the importance of ethics as foundation of the...

The paper examines the teachings of the Qur’an and the Sunnah and the views of a number of classical Muslim scholars with respect to the unity of mankind and its implications for integration of the world economies through increased specialization and division of labor and removal of...