Growth of Economic System by Implementation of Islamic Economics: The Experience of Pakistan

Abstract

Economic growth is a phenomenon that is interlinked to a number of factors and a good financial system has a direct correlation with it. The present study deliberately focuses on growth of economic system by implementation of Islamic principles in special perspective of Pakistan. First, the principles of maqāsid al sharī’ah are discussed in this article and then their implementation for socio-economic growth is measured taking into account the review of efforts of Pakistan in distribution of wealth, elimination of ribā and Islamization of banking and finance system. This study finds that the reforms implemented in economic sector under Islamic principles through enforcing maqāsid al sharī’ah has shown considerable growth and development. This is a theoretical research with the help of few quantitative methods.