ڈاکٹر وھبۃ الزحیلی کے تفسیری آراء کی روشنی میں اسلام کے عادلانہ نظام کا تحقیقی جائزہ

It is an admitted fact that Islam is “Universal Din” and a complete code of life. Its universality and conciseness is proved from Quran itself. Quran identifies the universality and surmounts it upon all over other Ady┐n and says, “And He sends his messenger along with righteousness and fait Din-e- ╓aq, so that surpass it upon other Dins, though it will be unpleasant for the polytheists”. The Holy verses shows and argues that Dine- Islam is a superior to all other Dins, it may be through love, arguments, conclusiveness or through state and governed on its completion Quran says, “Today I completed your “Din” for you along with all the blessings and liked Islam as a Din for you”. In a nutshell, the above two mentioned the Holy verses indicate clearly the universality and comprehensiveness, because the “Din” which will be superior and must be universal and precise. Islam is the only religion which is beneficial for all mankind in each and every aspect. Its universality is declared that it is a surety for mankind prosperity. Allah says in His Holy Book, “The Holy Quran” that do justice as it is more nearer to piousness. Allah has described “Justice twenty six times His Holy Book and it is also among one of His qualities. All these show the importance of justice.

Uncertainty, Foreign Direct Investment and Economic Growth: Evidence from Developing Asia

Voluminous work has been produced on transnational investments-led growth through technology transfers and imitation yet the empirics remain inconclusive. We consider regional differentials in absorption capacity and capacity to imitate as major factors underlying mixed results across the empirical literature about Foreign Direct Investment (FDI) and economic growth nexus. This work, broadly argues that the impact of FDI on growth depends on its interaction with human capital and domestic investment. This study also proposes that transnational investments are prone to uncertainty and that the estimated relationship is sensitive to proxies and measures used for uncertainty. In this backdrop, this study envisages examining the role of FDI in economic growth of Developing Asia over a time span of 1980-2007. To put the arguments to an empirically testable framework, building on endogenous growth theory, a model for growth is derived based on Romer (1991) and developed by Borensztein et al. (1998) which we extend from a single equation to a Simultaneous Equation Model (SEM) to deal with potential simultaneity across the variables. Generalized Method of Moments (GMM) is employed to control for endogeniety of the dependent variables. This study finds a strong positive interaction between FDI and human capital that suggest that the benefits of FDI are conditional on the absorption capacity of recipients. Also a strong and robust net crowding out effect of FDI is shown. FDI and domestic investment do not demonstrate a significant interactive effect on economic growth. Lower levels of human capital coupled with net crowding out of the domestic investment serves to compromise the effects of FDI on growth for the region. Furthermore, physical capital is found to be a significant determinant of FDI inflows and economic growth. Malthusian theory that over population dissuades economic growth in the region is supported. The FDI-Uncertainty relationship varies across the alternative measures used for uncertainty. The standard deviation of the real effective exchange rate is inversely related to FDI. In contrast, uncertainty measures generated through GARCH drives FDI inflows to the region indicating different response to Risk vs. Uncertainty. Regime durability is found paying a positive premium to growth. This study contributes to the literature in two ways. First, it is the first study that we are aware of that analyzes the FDI-Uncertainty-Growth linkages for developing Asia. Secondly, the analyses are conducted using simultaneous framework that captures feedback between FDI, domestic investment and economic growth. This work also controls for simultaneity and endogeniety bias by employing Instrumental Variable (IV) estimation technique in SEM framework. Also our work contributes to empirical literature on uncertainty and FDI and uncertainty and economic growth by employing alternative measures of uncertainty which help better understand the nexus in context of risk vs. uncertainty hypothesis. Additionally, this work provides plausible reasons behind mixed results in previous work that has looked at FDI-growth linkages. Based on the findings, on the whole, we recommend formulating policies to produce efficient human capital through scientific education and creating market driven skills. Well devised population policy not only hinging on slowing down the population growth rates but also a better management of human capital should be devised. Most importantly, FDI inflows should be directed to selective sectors and areas where it can make complementarities with domestic capital. Physical infrastructure should be improved both in quality and quantity.