Attaining Standardization in Islamic Banking Institutions in Pakistan: Analysis on Ijarah Financing

This paper aims to explore the practices of Ijarah financing by Islamic banks in Pakistan pertaining compliance with AAOIFI Shariah Standard (9) on financing. Primary data were gathered from respondents five (5) full-fledged administering semi-structured face-to-face interviews along secondary obtained contractual agreements Qualitative content analysis was undertaken employing NVivo software. The findings reveal discrepancies two clauses and emerging major challenges and/or problems facing banking industry, including (1) a lack standardization, (2) an insufficient regulatory supervisory framework, (3) dearth awareness products takaful operations (especially among corporate customers). study accrues both academic practical implications. It not only adds value existing literature finance but also serves as guide for industry Pakistan. is useful harmonize standardize contemporary Banking Division (IBD) State Bank (SBP) made it compulsory adopt No.