جس معاشرے میں رشوت ستانی اور ناجائز سفارش کا بازار گرم ہو ، اس معاشرے میں قوانین پر عمل کرنا بہت دشورار ہوجاتا ہے ۔ رشوت ستانی کی بنیاد پر بڑے سیاسی وسماجی لوگوں اور ان سے وابستہ افراد پر ایف آئی آر کا اندراج بھی مشکل ہو جاتا ہے۔پاکستان کے ہر قومی ادارے میں اس وقت رشوت ستانی عام ہے اور کسی بھی ادارے کے ملازمین اس کے بغیر کام کرنا گناہ سمجھتے ہیں ۔ اسی طرح جب عام قوانین پر رشوت کی بدولت عمل درآمد مشکل ہوتو پھر قوانین حدود وقصاص کے نفاذ میں تاخیر اور رکاوٹیں توخاص طور پر ضرورپیدا ہوں گی اور کی جاتی رہیں گی۔
Sīrah is the topic which started during 1st Hijrah, from that time till now there are several books written on this topic, there is no such personality in history other than Prophet Muhammad (PBUH) whose biography from his birth till his death is preserved in such a manner. None of the aspect of his life is hidden, there was no such personality in history that was praised to such an extent. There are so many books written on the Sīrah of Holy Prophet (PBUH), but the one which was written by Allama Ibn-e-Kathir is indeed unique among them all. During his era there were too many books written on Sīrah al-Nabawiyyah but his command on Ḥadith and Fiqh made his work unique among others, he added authentic Aḥadith and narrations in his book and included such points which remained hidden from other authors. His book consists of 4 parts, and also includes Fiqh al Sīrah, which shows his great command over Fiqh (Islamic Jurisprudence). The work of Ibn-e-Kathir helps in deeply understanding the Sīrah of Prophet.
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.