An Analysis of Islamic Economic Model

The aim of this paper is to discuss some economic Islamic models given by some prestigious Islamic economists. The Islamic model is one of the examples for international economies in the starting of new millennium. It has its evaluation in the 1970s as an alternate to conventional banking system. The model is based on profit loss sharing and would not be based on interest. The study will focus on the proposed model and will discuss the issues that the model will be supposed to address. It was also address whether the model is applicable to Pakistan economy or not it will also be discussed. As we know that there is dual banking system in Pakistan. In order to make banking system to be truly Islam, there should be legal prohibition of riba. In other words, riba should be made unlawful and whoever deals with it can be prosecuted by law. By prohibiting riba, it will force the bank to be more creative in offering financing products rather than just loaning money. The study will attempt to show the comparison between conventional system and Islamic financial and discusses whether the Islamic system works smoothly on the economy of Pakistan. It also shows that Pakistan should change its dual banking system in Islamic banking system to change structure change. In addition, Islamic financing contract require real activities to be created. There will not be loans to finance extravagance lifestyle which is the source of bankruptcies among the younger generation. It is strongly recommended that Pakistan should enforce truly Islamic financial system to sustain its economy and avoid another economic crisis in the future.

Challenges of Human Resource Development to Pace With Globalization

Purpose of this investigation is to study the Challenges of Human Resource Development to pace with globalization. A study of this kind would highlight the dimensions, which can be manipulated to upgrade the human resource development in teacher educators working in institutes of teacher education to pace with global threats. This may also help in planning the resources to be tapped and utilized in its optimum level. The present study aimed at identifying certain variables related to human resource development in teacher educators’ working in institutes of teachers education. Study determines the effect of human resource development climate, performance appraisal, induction in-service education and training needs of teacher educator with impact of gender, experience, age wise difference, organizational difference, working in unisex or co-education, service stature difference. Population of the study was teacher educators working in the eleven institutes of teacher education in the twin cities of Islamabad and Rawalpindi. Two hundred twenty three, male and female teacher educators responded to the researcher’s questionnaire. Instrument used for data collection was HRDC, PERAP, INS and training needs assessment, questionnaire adapted through Noorjahen N, Ganihar. Researcher used it after getting the formal permission. The demographic portion of the instrument was developed by the researcher to sort out the demographic information. In total thirty one hypotheses were developed. To explore difference between the means of two groups t-test was applied. One way ANOVA and post hoc LSD were used for exploring the difference among more than two groups. Major findings of the study revealed, that gender wise, experience wise, age-wise difference, organizational difference, working in unisex or co-education, service stature difference have a significant impact on the variables HRDC, PERAP, INS and training needs. Furthermore a significant relation among the variables HRDC, PERAP, INS and training needs was determined.