Islamic Finance · 13 min
Variable Profits Are Not Enough: A Response to Miftah Ismail on Islamic Banking
Mr Ismail is right that Pakistan's Islamic banking has become a change of vocabulary more than a change of substance. The harder truth is that reforming the contracts is necessary but not sufficient, because the currency in which they are written is itself born of interest.
M Azim Abdul Majeed · 2026-06-12