ABSTRACT

This chapter addresses a theoretical vis-à-vis practical development issues under demand-driven legal scenarios. It explore various socio-economic systems based on capitalism and socialism, and then consider Islamic economic system as a best derivative of the mixture based on the people’s demand to invest in Shari’ah finance. The chapter seeks to motivate organic manifestation of its members’ beliefs and perception on various areas of human life with rich doctrinal roots. Chapter begins with historical background and theoretical development, and goes through the practical implications and complexities involved in various school of thoughts and under different jurisdictions. It presents Pakistan as a case study to see how jurists and bankers overcome on these complex issues in a multi-faith (Madhahib) societies.