یہ آسماں جو حیرتی ہے اک ترے جمال کا
یہ حسن کیا ہے آئنہ ہے خوبی و کمال کا
یہ رنگ و نور لے رہے ہیں رہ گزار سے تری
گلاب ہو کہ چاند ہو کہ شمس ہو زوال کا
میں جنتوں کا تھا مکیں تری نگاہِ ناز سے
تاحشر مجھ سے امتحاں لیا ہے خدو خال کا
نظر سے وہ پلا کے مجھ سے کہتے ہیں کہ جائو اب
کہاں یہ حوصلہ سہوں میں لمس اُس جلال کا
میں اٹھ کے لڑکھڑا گیا تھا جب فضاؔ نے یہ کہا
یہ صورِ اسرافیل ہے، نہیں یہ پل وصال کا
A comparison of the Islamic Banking products offered in the two countries of Pakistan and Malaysia has been discussed in this paper. The research paper uses document analysis to identify different products offered by five full-fledged Islamic banks in Malaysia and Pakistan. It is evident from the research that Islamic banking sector in Pakistan is not tapping its full growth potential as in case of Malaysia. It is also concluded that the trade financing and asset financing products offered by Islamic banks in Malaysia are more diverse than the products offered by its counterparts in Pakistan. The paper gives insight to the Shariah complaint board to introduce new products while learning from the experience of other countries. This research does not focus on investigating the reasons behind these differences; however, it initiates a discourse in this direction.
The purpose of this research is to investigate the ability of six value-growth indicators to produce value premium and to investigate the factors that influences value premium. The six value growth indicators used in this study are book to market, earning to price, dividend to price, cashflow to price, gross profit to total assets and sales to price ratio. The explanatory variables selected in this are transaction cost, idiosyncratic volatility, institutional ownership, distress risk, investment irreversibility, operating leverage, financial leverage, information asymmetry and accrual quality. Furthermore, the sampling technique used in this research is purposive sampling from year 2004 to 2014. In order to avoid survivor bias, the sample size varies from year to year, however the maximum number of firms included in the analysis were 383. Additionally, the sample size also varies across the six value-growth indicators selected in this study. The value premium is estimated using value weighted two-dimensional portfolio formation technique. The result indicates that value stock earns higher return as compared to growth stocks irrespective of the value-growth indicator used to disentangle stocks into value and growth firms, suggesting that value premium is positive and significant for all the value-growth indicators. Value premium is highest when earning to price ratio is used as value-growth indicator. On the other hand, sales to price ratio produces lowest value premium. Furthermore, small stocks earn higher value premium as compared to big stocks. The impact of explanatory variables had been measured on value premium generated through all the six proxies. The significance of explanatory variable varies with the value-growth indicator used to form value premium, however their direction is consistent irrespective of the value growth indicator used. Indirect cost, volatility, oscore,investment irreversibility, financial leverage,information asymmetry and dividend cut have positive effect on value premium. Direct cost, operating leverage, financial constraint and accrual quality have negative effect, however, intuitional ownership is insignificant irrespective of the value-growth indicator used.