This chapter seeks to develop an understanding as well as to unfold some of the key issues involved in exploring the new frontiers of alternative Islamic Banking Paradigm in the 21" Century both at theoretical and operational level with special reference to non-formal and voluntary sector banking. In this context, it is found relevant to provide historical overview of a re-discovering of Islam in the contemporary period. As a case study, the operational thrust of the Social Islami Bank Ltd. {previously known as Social Investment Bank Ltd. (SIBL)), a concept of 21st Century participatory three sector banking model established in November 22, 1995 in Dhaka, Bangladesh, is reviewed with a view to providing an empirical basis for in-depth understanding of this alternative Paradigm of Islamic Banking and Finance.
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