Is Islamic banking Islamic?

Islamic banking in Pakistan originated in 1979 with terminology changes like replacing 'interest' with 'mark-up', but critics argue it remains non-Islamic. Since 2002, it has grown with Sharia-compliance oversight and financial instruments like sukuks, Ijara, and Takaful. However, profit structures in Islamic banking still mirror conventional banks by tying to policy rates, raising questions about alignment with Quranic principles.