Islamic Banks In Pakistan

There are about six Islamic banks working in Pakistan. Some are Pakistani and rest are of different Islamic countries like Dubai, Abu Dhabi, Bahrain, Saudi etc. they tell that their business is looking after by a board of ulema and their business is all Islamic. They announce their profit every month.I want to ask whether it is allowed making investments in fixed accounts of these banks.

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Status Of The Current Forms Of Islamic Banking

I am not clear about the concept of Islamic banking introduced in Pakistan. From what I have studied, it looks to me that the new system is actually not Islamic. They are just using the Islamic/Arabic terminology to mislead people and have also introduced lengthy paper work to make all the interest bearing products as Islamic products. Our Muftis are helping them against payment of huge stipends. (I may be wrong and want to correct my perception). I am strictly against Riba and when I tell my friends, they ask about the alternatives or solutions. Here, I do not have anything to say to a person who is employed somewhere with limited salary and no spare time to do or participate in any Halal business beside the trust factor in investing as a silent partner. Please help/guide me in answering these three questions according to your understanding of Islam.

1)Is the current Islamic banking and their products Halal and How?
2)Can we recommend some alternative investment plans to small investors which are Riba free and secure?
3)Can you refer a good book / web source / article to learn in detail about this issue under current economic situation?
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