تمسکات میں سرمایہ کاری اور اس کی شرعی حیثیت تحقیقی وتجزیاتی مطالعہ

Islam is a complete code of life which provides guidance in political, social and economic affairs. Economics deals with very importnt sphere of human life that involves struggle for survival. This struggle is always appreciated because Allah Almighty Himself motivates for it. The basic aim of this is to eradicate poverty and huger and to bring happiness and satisfaction in society but the condition is that all the economic activities should be done with within the limits of sharia. Otherwise the efforts of human beings in this world as well as hereafter will never be successful. In contemporary economic trends, investment in securities is well known and popular. Government and private institutions issue bonds, shares, debentures etc to provide economic security to the people but in various types of sceurities Shar฀‘ah laws are not taken care of. Where, for a Muslim, injunctions of Shar฀‘ah are everything. There are tidings of rewards on obeying these injunctions and warning of punishment on their violation boath in this world and hereafter. Economic experts suggest to invest but People remain uncertain in these schemes. Regarding this objective, in this article few types of securities (Shares, Debentures and Prize Bonds) have been discussed in Shar฀‘ah perspectives and prize bonds were given special attention because of difference of openion of scholars about it. Some alternate solutions which may provide an insight into Islamic fiscal monetary system have been provided at the end.

Determining the Factors of Profitability in Islamic and Conventional Banks of Pakistan

Banks plays vital role in capitalist economy. During the period of financial turmoil, it has been viewed that banks lost a huge capital due to non-recovery of loans from customers. Since there are two type of banks working in Pakistan therefore this thesis analyse which banks performance was better during the financial crunch. The objective of this thesis is to determine the factor affecting the profitability of Islamic and Conventional banks in Pakistan during the period 2008 — 2012. Data was collected through financial books of seventeen conventional and five Islamic banks. Two dependent variables i.e. Return on Asset and Return on Equity were used to determine the profitability of Islamic and conventional banks in Pakistan. Whereas Liquidity, Credit Risk, Capitalization, Efficiency, Bank Size, Economic Performance, Inflation and a dummy variable were used as Independent variables. Panel Data analysis is used to find out the result of secondary data. Initially the analysis was conducted on whole industry, which then applied on Islamic and Conventional banks separately. The results shows mixed trend for whole industry as well as separately. Liquidity is insignificant in the industry whereas the same result was obtained in separate analysis of Islamic and Conventional banks. Credit risk is significant and negatively correlated for whole industry as well as for separate banking segment i.e. Islamic and Conventional. Capitalization is significant in industry with ROE but showing a direct relationship. Same result is shown in Islamic and Conventional Banking Industry. However, it is also significant with ROA in Conventional banks showing an inverse relation. Efficiency is positively correlated and significant with ROA and ROE in industry and Islamic banks, whereas it is insignificant with ROE in conventional banks. Bank size shows same result for all analysis i.e. positive correlation and significance. The results of inflation and GDP are significant for conventional banks but having an inverse relation. Whereas GDP showing insignificant results in Islamic banks. While inflation is, significant but positively correlated with ROA. The results depicts that certain factor plays different role while determining the profitability of banks during certain conditions and type of banks. A same factor may be beneficial for conventional banks in certain time period whereas the same may be impacting negatively due to change of circumstances.