Social Welfare in the Religions of Subcontinent a Critical Study

Islam, Hinduism and Buddhism are among the major religions of Sub-continent. The present study highlights the fact that public welfare is preached by all of these religions. Giving alms for the sake of public welfare is an important part of various Hindu religious practices. The role of latest reformist movements is also worth mentioning along with the Hindu literature related with social well-being. Arya Sam฀j movement did many activities for the welfare of people. The founder of Buddhism made efforts for the betterment of mankind and used his religion and teachings to propagate public welfare. Buddhism rejected the caste system and played an important and effective role to minimize the sufferings of affected community. In this regard Islam rises to the highest pedestal as the topic of Holy Quran is Man. It focuses not only on the worldly success of man but also his success in the hereafter. Islam has gone a step ahead than other religions as the activities of public welfare are considered worship in it. The rights of human beings are given great importance and they are given no less importance than rights of Allah. Moreover, the Holy Prophet (S. A. W) took noteworthy steps for the welfare of whole mankind without any discrimination and these are highlighted in this paper. Islam also gives lineaments of the methods and modes of public welfare and goes beyond the other Semitic and non-Semitic religions in this regard. This paper explores and highlights the measures taken by the mentioned religions in a comparative manner and also proves that Islamic concept of social welfare is not only limited to human beings but it also enfolds other living beings and even plants. Islam provides a complete road map of public welfare. Islamic society not only progresses financially but it also focuses on spiritual, ideological and social progress. The aim of social welfare cannot be achieved unless equilibrium is maintained between rights and duties. Islam not only stresses on the rights of the weak but also safeguards the rights of the rich.

Determinants of Trade Credit in Pakistan and Role of Financial Development and Credit Information Sharing

Determinants of Trade Credit in Pakistan and the Role of Financial Development and Credit Information Sharing In developing countries, where financial markets and financial institutions are not welldeveloped, the usage of trade credit is high. Pakistan is characterized by a relatively underdeveloped financial system where most of the nonfinancial firms are credit rationed by financial institutions. However, listed manufacturing firms (LMFs) have access to both financial market and financial institutions. The simultaneous use and extension of trade credit by LMFs shows that these firms redistribute credit to their credit constrained customers in Pakistan. The aim of this study is two-fold. First, this study investigates the effects of the financial characteristics of LMFs on trade credit extended and trade credit used by these firms. Second, this study examines the effect of financial development (FD) and credit information sharing (CIS) on the credit redistribution by LMFs in Pakistan. A dynamic panel model (DPM) is estimated by applying the system GMM (one and two-step) estimator to the financial data of 327 manufacturing firms listed on the Pakistan Stock Exchange (formerly known as the Karachi Stock Exchange) for the time period between 2005 and 2015. The results of the study reveal that trade credit extended and trade credit used by LMFs are dynamic and are significantly affected by the financial characteristics of these firms. Trade credit extended by firms is positively related to credit received from suppliers and banks. This finding is consistent with the credit redistribution hypothesis. Furthermore, the simultaneous use of both trade credit and short-term bank credit by LMFs shows that these firms follow the optimal capital structure policy. The findings of the study also show that depth of financial institutions (DFIs) and depth of financial market (DFM) are quasi-moderators and have a buffering effect on the credit redistribution by LMFs. While, lending rate enhances the credit redistribution by LMFs in Pakistan. The findings suggest that credit managers should consider the persistence of their trade credit policies and changes in the financial characteristics of their firms while adjusting the trade credit policies. Furthermore, managers of LMFs should revise their trade credit policies in response to improvements in the level of FD and CIS.