Open AccessIncongruity in Contemporary and Shariah Compliant Current Accounts and Ijarah Operated by Islamic Banking
Author(s) -
Malik Saqib Ali,
Abdul Wahab Jan Al-Azhari
Publication year - 2020
Publication title -
al-iḍaḥ/al-īḍāḥ
Language(s) - English
Resource type - Journals
eISSN - 2664-3375
pISSN - 2075-0307
DOI - 10.37556/al-idah.037.02.0604
Subject(s) - islam , islamic banking , business , asset (computer security) , accounting , islamic finance , finance , computer security , computer science , philosophy , theology
Current accounts and Ijarah has been foremost and important tools operated by the Islamic Financial Institutions. This study attempts to explore a few misgivings in the handling of current accounts by the Islamic banks in Pakistan. Financial management of Islamic banks is not under consideration which leads to the violation of Shariah’s fundamentals. Also in case of Ijarah, a bank’s client suffers from financial losses which must be borne in Islamic Banking system. Islamic Banks transfer the burden of some charges emerging form ownership of leased asset on their clientele which does not have any justification according to Shariah. This research has been carried out by taking unstructured interviews from some of the concerned staff of Islamic Banks. The results depict that current accounts and Ijarah is in operation and need to be revised and refined and must comply with Shariah.