Islamic Banking & Financial Management
In islamic countries banking emerged dasa response to both religious and economic needs Efforts for economy wide elimination of Riba started in the 1970s and most of the significant and practical steps were taken in the 1980s. The Mid-80s attempt was a significant step in the evolution of islamic banking system in the country. In a technical sense it was the most advanced model compared to any other model being practiced anywhere in the world at that time. However the system fell apart as it did not adequately address issues such as putting in place an effective Shariah compliance mechanism, giving emphasis to capacity building, and opting for a flexible and evolutionary approach
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