فتوی کا اسلامی منہج: مجموع فتاوی ابن تیمیہ کے تناظر میں

Im฀m Ibn Taymiyyah is a well-known scholar of Muslims. He was an ocean of knowledge and wisdom. His books prove his excellence He was born in 661 Hijrah in Harr฀n (Syria). He learned every kind of knowledge especially religious knowledge i. E knowledge of Qur’฀n, Tafs฀r, Had฀th, Fiqh, Jurisprudence, philosophy, inheritance law, mathematics, grammar, literature, and poetry etc. He wrote hundreds of books about the above mentioned fields. He was permitted to give Fatw฀ (verdict) in his early age. He was successful in achieving the position of Ijtih฀d (authoritative interpretation of Islamic Law). Ibn Taymiyyah Studied the Profound Books of religions and sects. Then he analyzed the works in the light of senior Imams and Qur฀n and Sunnah. He is an extra ordinary person in his knowledge and writings. In brief we can say the fatw฀s of Imam Ibn Taymiyyah have printed in thirty seven volumes. His first ratiocination in Fatwa is from the Holy Qur฀n. He presents the arguments from the Hadith and Sunnah of the Holy Prophet (S. A. W). He considered Ijm฀ ‘ (consensus of Muslim opinion) as a proof of Shar฀‘ah. He presents the point of view of various schools of thought, He trusted in the books of ancient scholars. He also answers the anticipating ambiguity and complication. A few of his fatwas begin with all praise to Allah. His fatw฀s are concordant with the life of the Muslims. In this article a deep study of fatwa of Ibn Taymiyyah has been taken as a guideline for fatwa in Islamic methodology.

Corporate Entrepreneurship, Agency Cost and Firm Performance: Evidence from Developed and Developing Economies

This study aims to extend the relationship of corporate entrepreneurship and agency cost, to firm performance. It also examines this relationship in the presence of behavioral biases to address the behavioral finance approach, and validates it in developed (USA) and developing (Pakistan) economies, in order to generalize the study. The design of this dissertation is to investigate the relationship of corporate entrepreneurship, agency cost and firm performance across both behavioral and traditional approaches of finance. The validated construct has been adopted to measure the corporate entrepreneurship, behavioral biases and risk perception of USA and Pakistani non-financial sector companies listed on the New York Stock Exchange (NYSE) and the Karachi Stock Exchange (KSE), respectively. The data for firm performance and agency cost has been taken from Balance Sheets Analyses (SBP Report) for Pakistani companies and from annual reports of the USA companies on a three yearly average bases (2009, 2010 and 2011). The findings highlight the significant negative relationship between corporate entrepreneurship and agency cost in USA, showing that corporate entrepreneurship can act as an excellent technique in reducing agency problems within organizations, ultimately leading to high performance, however, there is an insignificant impact between corporate entrepreneurship and agency cost in Pakistani context. Regarding the behavioral finance approach, both economies didn’t show any significant relationship of behavioral biases on risk perception; however, a significant relationship of risk perception on corporate entrepreneurship, depicts behavioral biases didn’t impact corporate finance decisions. It shows that corporate finance decisions may differ from person to person irrespective from culture to culture and from country to country, pointing towards individualistic approach. This study provides a foundation for future studies on the relationship of corporate entrepreneurship, agency cost and firm performance. My study helps executives to assess their own scenario while making effective entrepreneurial and financial decisions within companies and how to control or reduce the impact of behavioral biases in particular situations, in order to maximize their return Keywords: Corporate Entrepreneurship, Agency Cost, Firm Performance, Behavioral Biases, and Corporate Financial Decisions.