Articles and Reports EVOLUTION OF ISLAMIC BANKING Dr. Ishrat Husain, Governor SBP The Governor of the State Bank of Pakistan, Dr. Ishrat Husain gave a comprehensive outline on the evolution of Islamic Banking in Pakistan. He presented his paper at a seminar on Islamic Banking held recently at the Islamic Chamber of Commerce & Industry building, Karachi sponsored by Meezan Bank Limited.     FUTURES, OPTIONS AND SWAPS. WHAT SHARIAH EXPERTS SAY? International Journal Of Islamic Financial Service Volume 1, Article Number 4 Should Islamic financial institutions have the freedom to dabble in derivatives, like their conventional counterparts? According to one view derivatives add value and are justifiable on efficiency grounds. At the same time, the Shariah does not perhaps explicitly forbid such contracts, as these are of recent origin….     PRINCIPLES OF SHARIAH GOVERNING ISLAMIC INVESTMENT FUNDS. Mufti Taqi Usmani The term "Islamic Investment Fund" in this article means a joint pool wherein the investors contribute their surplus money for the purpose of its investment to earn halal profits in strict conformity with the precepts of Islamic Shariah…     THE ECONOMIC CHALLENGE FOR THE UMMAH Condensed from a talk by Justice Mufti Taqi Usmani delivered at the International Conference of the World Muslim Congress The 19th century was a century of political oppression where by the powerful Western nations enslaved most of the Asian and African nations including a large number of Muslim countries. The present century, which is nearing its end, has witnessed the gradual independence of these countries from Western imperialism…     TEXT OF THE HISTORIC JUDGEMENT ON INTEREST GIVEN BY THE SUPREME COURT OF PAKISTAN Mufti Taqi Usmani It was a momentous event, as big as the creation of the country itself. On 14 Ramadan 1420, the Shariah Appellate Bench of the Supreme Court of Pakistan gave its landmark decision banning interest in all its forms and by whatever name it may be called…