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Article: Modarabas: - excessive control stunts development. (Islamic financial system)
- Article from:
- Economic Review
- Article date:
- March 1, 1995
CopyrightCOPYRIGHT 1995 Economic and Industrial Publications. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It is necessary now that the government should remove the impediments restricting the operation of this Islamic mode of financing. The eyes of other Muslim countries - which also want to adopt this interest (Riba)-free financial system - are on Pakistan. It must provide the lead so that the others may follow Pakistan in implementing this system in their countries.
While the world economy is passing through a period of transition and transformation, the economy of Pakistan in general and the financial services in particular offer enormous opportunities besides posing new challenges. The financial sector is operating in an environment of increasing competition where ...