۳-متی
"أَمْ حَسِبْتُمْ أَن تَدْخُلُواْ ٱلْجَنَّةَ وَلَمَّا يَأْتِكُم مَّثَلُ ٱلَّذِينَ خَلَوْاْ مِن قَبْلِكُم مَّسَّتْهُمُ ٱلْبَأْسَآءُ وَٱلضَّرَّآءُ وَزُلْزِلُواْ حَتَّىٰ يَقُولَ ٱلرَّسُولُ وَٱلَّذِينَ آمَنُواْ مَعَهُ مَتَىٰ نَصْرُ ٱللَّهِ أَلا إِنَّ نَصْرَ ٱللَّهِ قَرِيبٌ۔"[[1]]
"پھر کیا تم لوگوں نے یہ سمجھ رکھا ہے کہ یونہی جنت کا داخلہ تمہیں مل جائے گا، حالانکہ ابھی تم پر وہ سب کچھ نہیں گزرا ہے، جو تم سے پہلے ایمان لانے والوں پر گزر چکا ہے؟ اُن پر سختیاں گزریں، مصیبتیں آئیں، ہلا مارے گئے، حتیٰ کہ وقت کارسول اور اس کے ساتھی اہل ایمان چیخ اٹھے کہ اللہ کی مدد کب آئے گی اُس وقت انہیں تسلی دی گئی کہ ہاں اللہ کی مدد قریب ہے"۔
The life of Holy Prophet (peace be upon him) is described as role model in Holy Quran for all the Muslims and known as Uswa.e. Hasna. So, the importance of the life history of the Holy Prophet (peace be upon him) in every period before prophet hood and as a prophet cannot be denied in any walk of life. But the makki period of the Prophet’s life has not enlightened in such a way as it has importance. Many aspects of makki period has been discussed in history and seerah writing but along with this a lot of aspects has been not given due importance in contemporary seerah writing. The basic sources of hadith o seerah provides lots of material on this aspect. In the makki period, Muslims were in minority and they had to face a lot of religious, social, economic and political issues in their lives. Now a days, in modern world majority of Muslims lives in western and non. Muslim societies and have to spend their lives as minority in that socities. In a state of minority, they have to face a lot of religious, social and economical issues in their lives. These problems can be solved in the light of seerah especially from the teachings of makki period, it can provide a lot of religious solutions in contemporary societies in a better way. This article will throw light on teachings of makki period and discuss the solutions of Muslim’s problems as minority in the light of fiqh. Ul. Seerah.
The transmission of monetary policy has recently received increased attention, especially with respect to the efficiency of banks’ credit channel. Yet, we know less about the relative role of Islamic banking in monetary policy transmission mechanism. This study therefore empirically examines the impact of monetary policy on the credit supply of Islamic versus conventional banks using an unbalanced panel dataset over the period 2005-2016 for Pakistan and Malaysia. To mitigate the problem of endogeneity, the robust two-step system-Generalize Method of Moments (GMM) estimator is applied. While estimating the effects of three alternative measures of monetary policy on banks’ credit supply, several bank-specific variables are included in the specification as control variables. By estimating the baseline models for each country, we provide strong evidence on the existence of credit cannel of monetary policy in Pakistan and Malaysia. The results from the extended model indicate that Islamic banks respond less to monetary policy as compared to their conventional counterparts.Further, the baseline models are extended on basis of size and liquidity to investigate the credit channel of monetary policy transmission mechanism. We have examined that the monetary policy indicators affected the small-sized banks more as compared to the large-sized banks in Pakistan and Malaysia. The same empirical evidence is found consistent in examining the interacted dummies of the small-sized Islamic banks versus the large-sized Islamic banks and the small-sized conventional banks versus the large-sized conventional banks. Furthermore, we have examined that the credit supply of the less-liquid banks is more respondent to monetary policy measure as compared to the more-liquid banks in Pakistan and Malaysia. The same empirical evidence is found consistent in examining the interacted dummies of the less-liquid Islamic banks versus the more-liquid Islamic banks and the less-liquid conventional banks versus the more-liquid conventional banks. At last, we have compared the effectiveness of credit channel between Pakistan and Malaysia. We analysed the coefficient values ofinteracted terms with monetary policy measure of all estimated models and found that credit channel through all types of banks is more respondent in Malaysian market as compared to that of Pakistan. x The relatively less response of Islamic banks to monetary policy may make it difficult for the central bank to achieve the desired objectives of the monetary policy. Our findings suggest that for an effective monetary policy, there is a vital need to consider the nature of Islamic banking while devising the monetary policy instruments to manage credit supply in the economy. Further, the results imply that the central banks; SBP and BNM need to revisit the monetary policy transmission through credit channel for Islamic banks, especially in economies with a dual (Islamic and conventional) banking system. Otherwise, there will appear monetary policy puzzles nullifying the objectives of policy. Similarly, the unique contractual and motivational features of Islamic financial institutions (IFIs) provide a justification to devise a set of Islamic financial instruments to absorb and inject the money through open market operations and other instruments in same industry. We are afraid that lack of adequate monetary instruments will lead to high intermediation cost and persistent inflationary pressures. Similarly, this study has drawn the intention of future researchers to know about theoretical background of Islamic versus conventional baking models and contractual obligations in legal matrix. Overall, Pakistan needs to get benefit from successful experience of Malaysia, especially in developing Islamic financial market and improving institutions quality that will make it able to transmit the monetary policy through credit channel efficiently.