پاکستان میں اسلامی بینکاری میں رائج مشارکہ اور مضاربہ تمویلی ضابطوں کی عملی صورتیں: تجزیاتی مطالعہ

Practical Applications of Mushārakah and Muḍārabah Financing Modes in Pakistan’s Islamic Banking: An Analytical Study

Abstract

This research critically examines the practical applications of Mushārakah and Muḍārabah financing modes within Pakistan’s Islamic banking sector. These two equity-based instruments, grounded in the principles of profit and loss sharing (PLS), represent the ethical and economic core of Islamic finance. The study aims to explore how these classical Sharīʿah contracts—rooted in mutual participation, risk-sharing, and transparency—have been institutionalized and operationalized by Islamic banks in Pakistan. Employing a descriptive-analytical methodology, the paper evaluates regulatory frameworks, financial data, and contractual structures from leading Islamic financial institutions, including Meezan Bank, BankIslami, Al Baraka Bank, and Dubai Islamic Bank. It investigates the extent to which these banks have implemented genuine PLS mechanisms as opposed to adopting debt-based models such as Murābaḥah or Ijārah. The study analyzes three key dimensions:(1) the Sharīʿah foundations of Mushārakah and Muḍārabah, derived from Qur’ānic injunctions and Prophetic traditions;(2) their institutional adaptation under the regulatory framework of the State Bank of Pakistan and compliance with AAOIFI standards; and(3) the practical limitations—such as asymmetric information, risk aversion, monitoring costs, and lack of financial literacy—that hinder their full-scale implementation. The research concludes that while Pakistani Islamic banks have introduced participatory finance models in principle, their application remains limited due to operational complexities, risk management challenges, and regulatory constraints. To realize the true spirit of Islamic finance, the study recommends structural reforms aimed at promoting genuine partnership-based financing, enhancing Sharīʿah governance, and cultivating a culture of trust, transparency, and entrepreneurship consistent with the maqāṣid al-sharīʿah.