Istisnā’- a Realistic Approach to the Concept in Islamic Finance and its Application to the Agricultural Sector in Pakistan

Farmers predominantly belong to lower class of the society, particularly in developing and under developing countries. This actuality really put them on back-foot in every sphere of life, including their various agricultural activities.  For instance, they always face problems to fulfil their agricultural requirement, both for crop and non crop activities, and hence, not in position to get utmost benefits from their efforts. Being citizens of a developing country, Pakistani farmers come across the identical situation. As they are Muslims, therefore, avoid securing interest based loan from the financial institutions. Islamic financial system provides an alternate to such interest based arrangement in the shape of various financing techniques. Among these, Istisnā’ (manufacturing) is the most important one which can be used effectively for the fulfilment of various agricultural requirements. However, its role is more dominant in the satisfaction of non crop agricultural activities that is for example, manufacturing of some heavy agricultural machinery and equipments, installation of tube-wells and channels for appropriate irrigation system, construction of small houses for farmers in their lands etc. The present work discusses the theoretical background of this mode, available in the scholarly work of classical and contemporary Muslim jurists’ work, followed by the description that how it can be used for financing various sectors of agriculture. Study reveals the transaction is equally viable for the development of all sectors of agriculture like local farming, fish farming, dairy farming, poultry farming, horticulture etc. The intended results can be achieved when the financial institutions apply the transaction in its true spirit and philosophies envisaged for it by Islamic commercial law, and not mere a source of earning profit.

Causes and Impacts of Terrorism in Pakistan After 9/11: A Case Study of Fata and Khyber Pakhtunkhwa

Terrorism has strong effects on the behavior of people and the main factor to disturb the social, political and economic life of the people. It also disturbs the government and their routine activities in occupied region. After 9/11 attacks Pakistan joined the block formed in the war against terrorism like the United States and their allies. Pakistan gave much support to them against terrorist and insurgent groups in Afghanistan. Therefore Pakistan faced difficulties and complexities, like death, destruction and other sociopolitical impact because of Frontline ally in the anti-terrorist campaign. The consequences of those policies also brought terrorism in Pakistan, to counter that terrorism; Pakistan uses hard power and military operations. Military operation has also strong effects on the behavior of people and it played a destructive role in the disturbance of people’s lives and government activities in the FATA and KP. In FATA and Malakand Division-KP where the literacy is low and people have a strong belief in religion, they have strict culture norms. It was therefore easy for terrorist groups to mold people towards anti-state activities. As per this research the government carelessness, ideological clash between state and society, lack of public rights, illegal FM broadcasting and many other socio-political and economic factors were the reasons for the attraction of terrorism in the region. Peace building without hard approach, i.e. military operations were possible in FATA and KP. Other measures, particularly diplomatic means, proper mediations or peace deal could be applied before resorting to military operations. However the government did not try them and went to full scale war. The unwise behavior of government opened room for terrorist groups to have footing there in FATA and KP