- Abbas Mirakhor, and Zubair Iqbal
- Published Date:
- March 1987
© 1987 International Monetary Fund
Library of Congress Cataloging-in-Publication Data
Iqbal, Zubair. Islamic banking.
(Occasional paper, ISSN 0251-6365; no. 49) “March 1987.”
Bibliography: p. 1. Banks and banking—Iran. 2. Banks and banking—Pakistan. 3. Banks and banking—Islamic countries. 4. Banking law (Islamic law) I. Mirakhor, Abbas. II. Title. III. Series: Occasional paper (International Monetary Fund); no. 49.
HG3270.2.A6I67 1987 332.1’0917’671 87-4166
(US$4.50 university libraries, faculty members, and students)
Address orders to: External Relations Department, Publications Unit International Monetary Fund, Washington, D.C. 20431
- Prefatory Note
- I. Theoretical Considerations
- II. Islamic Banking in the Islamic Republic of Iran and in Pakistan
- III. Major Issues of Transition to Islamic Banking
- IV. Summary and Conclusions
- Laws and Regulations Governing Islamic Banking in the Islamic Republic of Iran and in Pakistan
- Islamic Republic of Iran
- Elimination of “Riba” from the Banking System
- Elimination of “Riba” from the Banking System—Rate of Service Charge Recoverable on Finances Provided by Way of Lending Other Than “Qard-e-Hasana”
- Elimination of “Riba” from the Banking System—Determination of Rates of Profit on Various Types of PLS Liabilities of the Banks and Development Finance Institutions
- Section II
- 1. Islamic Republic of Iran: Modes of Permissible Transactions Corresponding to Types of Economic Activity
- 2. Islamic Republic of Iran: Assets and Liabilities of the Banking System, 1984/85
- 3. Islamic Republic of Iran: Breakdown of New Banking Facilities Extended According to Various Islamic Contracts
- 4. Pakistan: Comparisons of Interest Rates and Rates of Return Under Profit-and-Loss-Sharing Deposits, 1981–85
- 5. Pakistan: Ranges of Profits on Trade-Related and Investment-Type Modes of Financing
- 6. Pakistan: Growth of Profit-and-Loss-Sharing Deposits, 1981–85
- 7. Pakistan: Investment of Profit-and-Loss-Sharing Funds by Commercial Banks, 1984
The following symbols have been used throughout this paper:
- ... to indicate that data are not available;
- — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
- – between years or months (e.g., 1984–85 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
- / between years (e.g., 1985/86) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
This study was prepared by Zubair Iqbal of the Middle Eastern Department and Abbas Mirakhor of the Research Department. To collect information and views for the study, the authors held discussions with the authorities and representatives of commercial banks in the Islamic Republic of Iran and in Pakistan. They also benefited from comments by a number of staff members, including Paul Chabrier and Shakour Shaalan of the Middle Eastern Department and Mohsin Khan, Anthony Lanyi, and Rudolf Rhomberg of the Research Department. Comments made by Executive Directors also contributed to the study. Juanita Roushdy of the External Relations Department edited the paper. The views expressed are those of the authors and do not necessarily represent the views of the Fund.