3. Financial Literacy
Awareness about the modes of Islamic Finance in
General Public
Government Departments
Courts of Law
4. Source of Funds
Availability of Shariah Compliant Sources of Funds.
Hesitation in adapting to Shariah Compliant
Contracts
Fear of entering into Partnership
(Musharaka, Mudaraba) agreements with
Microfinance Institutions
Rate of Returns cannot be fixed therefore the fear of
return on investments remains
5. Legal structure of Pakistan
Hindrance in implementation of Islamic Finance
Products in essence
Company’s Ordinance Section 42 refrains an institution to
enter into trading whereas the true essence of Islamic
Financial Products is Trading
6. Standardization of Islamic Financial
Products
Implementation of a product must be standardized in
all practicing organizations for better
understandability and faith of the borrowers
Minimum standards for practicing Islamic
Microfinance must be set
7. Shariah Audits/Appraisals of Products and
Procedures
Firms should exist which would certify the products
and procedures of Islamic Microfinance Institutions
to be Shariah Compliant which would be recognized
by all national and international organizations.
8. Thank You
CENTER OF ISLAMIC BANKING & ECNOMICS
Head Office:
192- Ahmad Block, New Garden Town , Lahore, Pakistan
Ph: +92-42-35913096-8, 35858990, 38407850
Fax: +92 -42-35913056
E-mail : info@alhudacibe.com
Web: http://www.alhudacibe.com