A Sharʽiah Analysis of ʼijāra as a Financing Mode in the wake of Parallel Banking System of Bank of Khyber
Abstract
The only religion Islam provides the thorough layout for human beings not only covers the spiritual needs but also shaped the materialistic desires in a better way. The most important aspect among all is the availability of proper, smooth flowing and practical financial system as it involve almost in all fields of life. Looking at the current situation and fast growing industry, Islamic Banking System emerged as solid and firm scheme for optimum utilization of finance in full conformity of Shariʽah. ʼijāra is one of the modes frequently used in Interest free banks. The Bank of Khyber claims as Parallel Banking System i.e. it practicing conventional Banking as well as Islamic Banking System. This study emphasis on analyzing the practice of ʼijāra as a financing mode in the wake of Parallel Banking system of Bank of Khyber in the light of Sharʽiah teachings and to portray the real picture of it to enhance the level of satisfaction of customer.
References
[ ] Muhammad bin Āli, al Saraḥsi,[1993], Āl.Mabsūt,Dārul Mʽrif al Beirut,
v-14,p-49
[ ] Kamāl ud Din, ʼibn ul Hummām, Fatḥ ul Qadīr, Dār ul Fikar, v-9, p-146
[ ]Āli bin Ābi Bakar Ālmarghʽināny, Āl- Hidāya,V-03,P-56
[ ]Ābu Zakāryā Muhayun Din Yaḥyā bin Sharaf al Nnovi, Minhāju ṭālibīn wa Ūmdatul Muftyīn fil Fiqh,[2005],Dār al Fikr,V-01,p-104
[ ] ʽla ud Dīn, Ābu Bakar ʼibn Masʽud al Kāsāni [1986], Badaʼiʽussanāyed .2, Beirut, Dārul Kutub al.ʼilmia,v-4, p-180-186
[ ]Muhammad Taqi Ūsmāni,[2009], Ghair Sūdi Bankāri, Karachi: Zamzam Publisher, p-276-77
[ ] Muhammad bin Āli, al Saraḥsi, [1993], Āl.Mabsūt, Dārul Mʽrif al Beirut, V-15, p-108.
[ ] Bank of Khyber, Approved procedural documents/ ʼijāra agreement variable (IBD) 62.
[ ]Bank of Khyber, Approved procedural documents/ ʼijāra agreement variable/60-62 (Ibid)
[ ] Saraḥsi, Āl.Mabsūt, v-30 p-222.
