Islamic Bank Role

Role of Islamic Banks in

Economic Development

A Working paper exploring the meaning of Development in

Islamic perspective and suggestions regarding possible

utilization of Islamic banking for development of Pakistan.

SHAHID SALEEM1

[25 February 2008]

1

This paper was originally submitted for Gradate research assignment at Hailey College of

Banking and Finance, University of

Punjab, Lahore for Development Economics

curriculum. Also available at SSRN, USA website as http://ssrn.com/abstract=989055 & at

MPRA Germany website as http://mpra.ub.uni-muenchen.de/6449/ MPRA Paper No. 6449.

Role of Islamic Banks in Economic Development

Shahid Saleem

BBA (PU, PAK.), CBA (CIMA, U.K.)

Graduate student & Independent Research Worker

Webpage: http://shahidsaleem.netfirms.com/Papers%20&%20Research.htm

Emails: marshal.shahid@yahoo.com

Telephone: (00)92-42-5757362 / 0322-4500231

This research work is attributed to Shahid Saleem of Hailey College of Banking and Finance, 5th

Constituent College of University of Punjab, Pakistan. The university has been oldest university;

established under British rule in India, & has earned 2 Nobel laureates till date. Also, studying in

Managerial level with Chartered Institute of Management Accountants of England & Wales

(CIMA), London, founder of IMA (USA), ICWAI (India) & a leader of Management & cost

accounting in the world.

Keywords: Shahid, Islamic, Banking, Development, Pakistan, Economics

2

Role of Islamic Banks in Economic Development

Role of Islamic Banks in Economic Development

Once during a press conference in Malaysia, I was asked the question about contribution

of Islamic banks in promoting Islamic economy….. I said, they have contributed a lot and

they have contributed nothing......”

(Justice Mufti M. T. Usmani)

-------------------------------------------------------------------------------------------Abstract:

The purpose of this working paper is to give the real meaning of...