DUTIES AND BENEFITS OF BANKS IN MODERN TIMES (A RESEARCH STUDY)

دورِ جدید میں بینک کے فرائض و وظائف(ایک تحقیقی جائزہ)

Authors

  • Arif Mahmood Mustafai Research Scholar, Department of Quran o Sunnah, University of Karachi.
  • Muhammad Ahsan ud din Department of Economics, University of Karachi.
  • Momin Fayaz Shaikh Department of Islamic Studies, Federal Urdu University, Karachi.

Keywords:

Traditional Banking, Islamic Banking, Economic Growth

Abstract

In our contemporary world the role of bank has increased manifold. Banks whether it be traditional or Islamic play a pivotal role in the economic life of a nation. In fact, modern banks are instrumental in shaping destiny of nations and thus are responsible for the growth and development of societies. Banks perform multiple functions such as safeguard people’s wealth, create jobs, provide capital for new ventures, generate investment opportunities and enhance business environment.  Modern banks are the main source of circulation of money leading to wealth multiplication in the national economy. Parallel to traditional banking there exists Islamic banking system which not only prohibits interest but lays emphasis on cent percent obedience to the laws and injunctions laid down by Islamic principles. Islamic bank forbids money earn through nefarious means and allows only permissible means according to the principles of shariah. The Islamic banking system is based on principles beneficial to the society as well guarantees stability and better prospects for the people of a country. In modern times the role of institutions like banks has grown to such an extent that their existence has become inevitable for socio-economic survival and progress.

Published

2018-07-01

How to Cite

Mustafai, A. M., Ahsan ud din, M., & Fayaz Shaikh, M. (2018). DUTIES AND BENEFITS OF BANKS IN MODERN TIMES (A RESEARCH STUDY): دورِ جدید میں بینک کے فرائض و وظائف(ایک تحقیقی جائزہ). Habibia Islamicus (The International Journal of Arabic and Islamic Research), 2(2), 15-28. Retrieved from http://habibiaislamicus.com/index.php/hirj/article/view/21