A Proposed Islamic Microfinance Impact Assessment Methodology

Impact assessment of microfinance programs have been remained the foremost concern of microfinance stakeholders for optimal policy measures. The existing literature regarding the impact assessment varies from parametric to experimental methods to evaluate the performance of microfinance programs across the world however; the literature is lacking a single measure to reveal maximum possible changes in socioeconomic variables resulting from microfinance institutions’ intervention. This study aims to develop a composite index for evaluating the performance of microfinance programs in multi-dimensional contexts. The study exposes a set of eight “diverse indicators” to evaluate the performance of a microfinance program on a wider socioeconomic scale. The dimensions of the index are consist of economic (Income, saving) and socioeconomic (poverty, access to basic facilities, family empowerment) indicators. The changes in deprivations of household, based on the selected indicators, reveal the intensity of success of a microfinance program towards their goals. Finally, we have developed an index by the interaction of incidence and intensity of socioeconomic deprivations. The index is named as “Multidimensional Microfinance Deprivation Index”. This is an index developed in the same line as multidimensional poverty index. The implications of this study are three folds; firstly, it will open up a new dimension of literature in the field of microfinance including Islamic microfinance by instigating an important area. Secondly, it may provide a better alternative to microfinance’s stakeholders to investigate the impact assessment of microfinance programs on a wider socioeconomic scale rather than a few economic. Last but not the least, the study integrates diverse socioeconomic indicators, after assigning weights and adjustment to portray an overall picture of the performance of microfinance in terms of uplifting the socioeconomic conditions of the poor and financially marginalized people.

Antecedents and Consequences of Employees Engagement Model: An Empirical Study of Teaching and Faculty of Higher Education Institutes of Pakistan

This study aims to find out antecedents and consequences of Employees Engagement. The notion engagement has not been empirically tested at academic level. Therefore, the concept requires theoretical elaboration and empirical testing in different work settings. Despite many years of academic enquiry to determine factors influencing Employees Engagement, yet the gap exists in academic literature. However, fewer evidences have been found in theory and practice to test the intensity and mechanism of Employees Engagement. The concept is still new and needs a practical approach to analyse psychological disposition of individuals influencing Employees Engagement. The study is grounded in Post-positivism paradigm with quantitative approach, a cross-sectional and survey strategy has been used to collect primary data. The population of the study is both public and private sector universities and higher education institutes recognized by Higher Education Commission (HEC) of Pakistan. The estimated population is 33,000 approximately and, a sample of 1420 is taken on the basis of 5% margin of error to infer the population response. The study data has been collected through a multidimensional questionnaire taken from various studies and modified by using Exploratory Factor Analysis (EFA) to fit to the study context. The survey tool consists 154 items under nine constructs of the study model. The study results revealed that employees are personally engaged and have psychological connectivity to work. The study findings also revealed that out of five independent variables Job Characteristics, Job Involvement, and Motivation, are contributing factors to Employees Engagement. However, other two factors Organizational Justice, and Organizational Support remained insignificant to Employees Engagement. Furthermore, Employees Engagement has significant influence upon Discretionary Efforts and has mediating power for all loaded predictors. However, Leadership as mediator remained insignificant between all exogenous and endogenous latent variables. This study advances the existing literature in several ways: (1) Employees Engagement concept is a personal engagement concept; (2) study model provides a framework to analyse and understand association, strength and direction of the factors; (3) the study contributed empirical utility of Employees’ Engagement concept in higher educational institutions ;(4) the study clearly demonstrates the Motivational cloud (factors) to create psychological connectivity of individuals and work; (5) the model differs from previous models as it provides dimensions of engagement grounded by Motivational factors, that proves theoretical linkage of the concept to its roots (6) Importantly, the study has attended to the gaps in the literature to find out the antecedents of Employees’ Engagement in relation to its conceptual roots (7) this study proves that Discretionary Efforts are not only the outcome but also mediator between engagement and performance(8) This study has provided methodological contribution related to using PLS path modelling to assess the psychometric properties of each latent variable by convergent and discriminant validity. This research has practical significance: it contributes to strategic HR policies of higher educational universities specifically to increase Employees Engagement, Discretionary Efforts and Employees’ Performance. The model is applicable to both public universities as no variance has been found in relation to determinants of Employees Engagement.