Islami Maeeshat aur Banking - Islamic Economics and Banking (Dr. Israr Ahmad)

Dr. Israr Ahmad discusses the core principles of an Islamic economic system, particularly concerning banking. He argues that conventional banking practices, even those labeled ‘Islamic’ through mechanisms like *murabaha* and *muajjal*, are fundamentally flawed and often equivalent to interest-based transactions (*haram*). He proposes investment corporations as a viable alternative, where investors share in profits and losses based on legitimate business ventures. He anticipates that fixed-price agreements will eventually break down the cycle of interest, offering a path toward a truly interest-free economy. He views current Islamic banking practices as imperfect but acknowledges their potential to contribute to the ultimate goal of eliminating interest.

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