Abstract

This article explores the philosophy, theory, and practice of the Islamic Republic of Pakistan regarding Islamic Banking and Financing. It provides insights as to the evolution of the legal framework in Pakistan pertaining to Islamic Financing and the international issues that have generated from the uncertainty, unpredictability, and inconsistency in the present regime, identifying the risks posed to the system, which is in its infancy but surrounded by multiple legal frameworks in the international arena which are not complementary.