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The main objective of the paper is to understand the reasons why Islamic banking failed in Pakistan despite lots of efforts being made to implement in contrast to its success in other parts of the world.

The paper is based on a debatable conceptual approach. It provides a longitudinal view of the issue of replacing the interest‐based financial system in Pakistan with an interest‐free system by taking the religious, socio‐economic and political factors of the country.

The findings of the paper hold that piecemeal solutions to eliminate interest from the financial sector of Pakistan could never succeed. It concludes that all intellectual, practical, political, constitutional and legal efforts undertaken in Pakistan to enforce an interest‐free system were not meant in earnest and therefore they inflicted serious damage to the cause of Islam as well as Islamic banking. Interest is prohibited in Islam for its exploitative nature. In case of Pakistan, interest institution is not only deep‐rooted, but also strongly interlinked with other exploitative tools that are prevalent in the hands of some selected people to keep their control over political, economic and social spheres of Pakistan. There is an indispensable need to eradicate interest along with its allied forces from the polity of Pakistan. The practical success of interest‐free banking and finance movement in Pakistan could not be materialized unless the state and polity of Pakistan are not convinced seriously to discover the paradigm of their personal and state institutions based on Islamic guidance and principles.

The contents of the paper woven around normative and social disciplines and therefore, it is not possible to devise any statistical model to empirically test the contribution of these socio‐economic factors in a failure of interest‐free banking and finance movement for future research and any identified limitations in the research process.

The paper provides a broarder perspective over the issue of eliminating interest from the national economy and financial sector of Pakistan. The paper figures out some serious political, social and micro and macro economic constraints that should be first sorted out to pave the way for any viable strategy to succeed in replacing the existing system with risk‐sharing and alternative interest‐free mechanisms. The findings of this paper may be useful for the policy makers, researchers, academicians, financial experts, Islamic Shariah scholars, bankers, regulators, Islamic financial institutions and those Muslim countries who wish to undertake a similar kind of experiment as was attempted in Pakistan. This paper may also help the Western economist to think and debate about an alternative interest‐free economic and financial system of Islam.

The paper aims to study the effects of humidity on the electrical properties of copper phthalocyanine (CuPc) thin films deposited at different gravity conditions.

Surface-type samples were fabricated on glass substrates with preliminary-deposited copper electrodes. The CuPc solution was prepared in benzene. The thin films of CuPc were deposited on these substrates at diverse gravity conditions by drop-casting and centrifugation at 1 × g and 70 × g, respectively. Impedance and capacitance of the fabricated devices were measured against the different relative humidity ranging from 32 to 98 per cent.

The impedance and the capacitance of the CuPc film were found to be dependent on the ambient humidity levels (32-98 per cent) and the gravity conditions (1 × g and 70 × g) opted during the fabrication process.

The centrifugation technique can potentially be used in the instrumentation industry for the fabrication of humidity sensors.

The results of the investigations can potentially be used in the instrumentation and optoelectronics industry for the fabrication of humidity sensors.

CuPc films were deposited from a solution in benzene using drop-casting and centrifugation. The electrical properties of the films were found to be dependent on film fabrication conditions and ambient humidity levels. Growth-dependent electrical properties of the CuPc films can be explained by considering their structure.

Given the relative importance of the Shari’ah supervisory boards (SSBs) in Islamic banks’ (IBs’) performance, this study aims to examine the impact of SSB diversity on IBs’ performance from the stakeholders’ perspective in the context of Pakistan.

Random-effects model and generalized method of moment are used to investigate the impact of SSB diversity on IBs’ performance across a panel data of 22 Islamic banks in Pakistan from 2005 to 2020 inclusive.

The findings of this study show that SSB size, SSB relevant educational background diversity, bank’s size and bank’s stability have a positive impact on IBs’ performance. In contrast, SSB age, nationality and cross-membership diversities have a negative impact on IBs’ performance. Moreover, SSB gender, tenure and general educational diversities have no significant impact on IBs’ performance.

SSB diversity and IBs practices are different across different jurisdictions. This study is conducted on IBs in Pakistan because of data constraints; thus, the results of this study may not be generalizable to other countries' IBs.

In structuring the SSBs’ framework, the regulatory authorities and policymakers should consider mandating an ideal SSB size and hiring relevant qualified members with low cross-membership to improve IBs' performance. Thus, the structure potentially attracts Muslim stakeholders, enhances their satisfaction and improves IBs' performance.

Having diversified members in the SSB, IBs equally benefit both individual and group stakeholders in society. Diversity in SSB members enhances IBs' performance and the social welfare of various stakeholders in society.

To the best of the authors' knowledge, this is the first empirical research that examines comprehensively the impact of SSB structural and demographic diversities on IBs' performance in the context of Pakistan. This paper contributes to the unique Shari’ah governance structure in the context of Pakistan. Additionally, this study may serve to assist IBs’ stakeholders in better comprehending the SSB practices of IBs in Pakistan.

The main objective of this paper is to highlight the main features of interest‐free banking theory and practice in Pakistan over the last three decades. It explores the country‐wide interest‐free banking movement since its inception in 1980 to its demise in 2002, and the reasons for such outcome. Moreover, it addresses the question why interest‐free banking has been recently reinstated by the government of Pakistan under the dual banking system and more importantly, would it be any real and big success?

The paper explores concepts, model, strategies and practical issues related with the Islamic banking and finance system. It holds a conceptual approach. It is designed as a case study that provides comprehensive analysis over the contributions made by political, government, financial, legislative and religious institutions of Pakistan in setting‐up the interest‐free banking and finance system in the country.

The findings of the paper hold that all intellectual, practical, institutional, political, constitutional and regulatory measures undertaken by the government and top policy makers of Pakistan to transform the banking system of the country Shariah compliant were devoid of real urge and effectiveness, only piecemeal solutions. The interest institution got very firm roots in the financial sector of Pakistan and strongly supported by other exploitative agents and systems that prevail in the socio‐economic life of the country. There is a dire need to take revolutionary steps with strong political and public support and commitment to uproot interest along with its allies from Pakistan economy and society. After all, Pakistan is an ideologically‐based Muslim country that holds the constitutional responsibility to eliminate interest from its economy and establish a fair and just socio‐economic order.

The paper envisages the main concepts, models and strategies adopted in implementing the Islamic economic and finance system in Pakistan. However, it does not deal in quantitative data and statistical tools to support its findings by empirical evidence. Rather it entails subjective analysis and critique work.

The paper provides the deeper insight of highly technical, complex and mammoth job of eradicating interest from Pakistan economy that was deeply rooted and also strongly supported by other exploitative forces prevailing in the socio‐economic life of the country, causing gross distribution of wealth and concentration of resources and powers in the hands of few. It explains that the need for a major change in one institution or system entails the demand for bringing radical changes in the whole set‐up of country. This paper undertakes longitudinal view to analyze the institutional, financial, judicial and political developments that took place in Pakistan to restructure its economy on Islamic lines. It lays down all relevant facts and issues systematically to provide a clear‐cut assessment over the past, present and future of interest‐free banking movement in Pakistan.

Before the British colonial regime, Muslims in South Asia recognized a transnational notion of education that stretched on all sides, including the Middle East, Africa, Europe, and Central and South-East Asia, with a great social awakening and consciousness about the importance of inclusive education. Academia included theological and secular subjects and focused on producing thoughtful, sophisticated, and confident individuals ready to defend their beliefs with sound knowledge and reasoning. However, the British Raj in the 19th and 20th centuries had a lasting and indelible impression on the Muslims and the Islamic education system. British colonial regime challenged the theological discourse and education and compelled a Western style of education. These transformations in the education system raised several dilemmas and impasses for the Muslims of South Asia. Pakistan has remained a silent recipient of this tension underpinned in its educational systems even before its inception. This chapter traces the roots of education systems operating in Pakistan starting from the ninth century with the victory of Mohammad Bin Qasim through the 19th-century colonial rule of Great Britain until today, when the country offers a blend of diverse education systems. The study explores values embedded in different education systems operating in Pakistan. It is essential to understand the values inherent in these systems to see the harmony or conflict prevailing as a consequence which might have repercussions for the different societal segments and communities. Renewed focus toward value realization will facilitate refining educational frameworks and a promise for the acceptance of global and international advancements.

The purpose of this paper is to examine the linkage between Islamic financing principles and economic growth (EG) by taking into consideration two Islamic Financing Principles: Risk Sharing and non-risk sharing separately.

The data for this study are obtained from the annual reports of all Islamic banks from Bangladesh using Bank scope database and annual report for the period 1984-2014. The research uses an Autoregressive Distributive Lags (ARDL) approach. For robustness, this study also employs a continuous wavelet transform approach.

The empirical findings reveal that the risk sharing instruments are positively related to the EG of the country. On the other hand, non-risk sharing instruments are negatively related to the EG of the country.

The dominant use of non-risk sharing-based financing has undermined the greater possibility of Islamic banking to contribute more to the EG of the country. Banks and other financial institutions need to pay greater attention to systemic risk created by risk transfer and apply risk sharing methods of financing more vigorously to achieve greater equity, efficient allocation of resources, stability and growth of the financial system and welfare of the society as a whole.

This study has advanced the knowledge by examining the issue of Islamic financing principles and EG. This is probably one of the first attempts to find the linkage between Islamic financing principles and EG by taking into consideration two portfolios: risk sharing and non-risk sharing separately and provide significant insights for policy makers, market players and academicians.

The aim of the present research is firstly to examine and recognize the quality elements of services in the banks by SERVQUAL instrument and some Islamic banking factors. Secondly, the aim is to prioritize these factors based on fuzzy TOPSIS. Fuzzy logic provides a useful tool for dealing with decisions in which the phenomena are vague.

The present research was performed among bank customers. The required information was gathered through a designed questionnaire. Using fuzzy set theory, customers' perceptions of service quality are generally expressed subjectively in vague linguistic terms, and this paper tries to apply a fuzzy approach to service quality.

The result of this study shows that “short and suitable queue” and “confident and reliable staff” are the most important quality factors in bank service and on the other hand, “being equal with Islamic doctrines” and “accessible branches” are the least significant factors of service quality in the view of Iranian bank customers.

The results of the present research will be useful for bank decision makers to pay particular attention to indicators of most or least importance.

The concept of ranking quality factors in banking service using fuzzy TOPSIS is a new approach, especially in the field of Islamic banking. Banks have huge budgets, which can then be allocated for indicators of higher importance when the importance of each factor is determined.

The purpose of this paper is to study the differences or variance in the yields of Islamic and conventional bank deposits and capital, respectively, in view of their contractual differences, namely the former which is based on equity and the latter on debt.

The paper uses a financial ratio approach.

It was found that deposit yields in conventional banks were lower than return on equity (ROE), which truly reflect the contractual differences between fixed deposit and bank's capital. Also, it was found that Islamic banks' deposit yield and ROEs do not reflect their risk‐taking properties, as their variances were found to be smaller.

The paper adds to the literature on risk‐return relationship in Islamic capital theory, which currently lacks theoretical studies.

The paper shows that increasing the level of risk taking in mudarabah investment account could increase its expected returns.

Since both shareholders' capital and mudarabah investment accounts constitute risk capital, variance in yields should be proportional to risk. The paper is the first attempt to explore and compare yields from Islamic bank capital and mudarabah deposits.

Apartment purchase is an increasing investment trend in Islamic banks as clients trusted to eradicate the interest from financial dealings to capture the Islamic Principles. The paper aims to investigate the Shariah compliance in the investment of apartment purchases under Shirkah-ul milk in Bangladesh Islamic banks.

This study examined the perception of 125 clients and 25 managers from five key Islamic banks on the investment practices of apartment purchases. This study applied two data analysis methods: reflective measurement model was operated for examining the consistency, reliability, multicollinearity problems and validity; and Smart PLS-SEM (structural equation model) was used to investigate the direct impact of each explanatory variable on Shari’ah compliance in Islamic banks.

The results indicated that Islamic banks could not strictly maintain the Shariah compliance in apartment purchase. Such Shari’ah non-compliance is due to lack of knowledge and understanding with regard to bank’s objectives and philosophy, weak Shariah board, audit, weak regulatory body and supervision problem. These findings also firmly match clients’ and managers’ perceptions.

A limited size of clients and bankers were involved in this study. The study focuses only on perceptions of Islamic banks’ clients and managers and avoids Muslim clients who involved conventional banks.

This study provides Shariah-compliant alternatives in investment avenue for apartment purchases. These Shariah modes include Apartment Purchase Musharakah Mutanaqasa; Bai-Muajjal; and Apartment Purchases under Shirkah-ul Milk, which captures various limitations against current apartment purchase practices as well as to develop clients’ trust in Islamic banks.