The Qur’an is a Message that encompasses the essence of all the previous Divine Revelations since the beginning of time, and it will ring true till the end of time. The process of Divine Guidance was initiated with the inauguration of human existence on the earth and Prophet Muhammad (peace be upon him) was the last Messenger to be the savior of humanity, signaling the end of Divine Revelations and the Prophethood.
It may not be unfair to consider all former Divine Revelations a prologue for the Qur’an and all former Prophets being sent to prepare us for the arrival of Muhammad - the Seal and Gem of a Prophet - peace be upon him.
Millions of pages have been written to make the words of the Qur’an easily comprehensible by societies by and large in order to facilitate the use of The Book and the lessons it contains in all its wisdom and help humanity in the application of its lessons and verdicts to the capricious conditions of life.
In being the ultimate miracle of Allah – the Exalted and Merciful - and the abiding evidence of Allah’s Grace and Mercy, it unfolds the realities of the past and also miraculously guides human thought and action.
Its Message transcends the boundaries of space and time and will enter eschatological stages with mankind as a manifestation of Divine Communication with humanity.
It is a difficult task to bring about a comprehensive explanation of the Qur’an: an endeavor that has been a challenge for Muslim scholars since the time Shah Wali Allah first...
The concept of keeping wealth in a safe place dates to centuries. Ancient civilizations had diverse means of storing wealth in the form of crops, cattle, precious metals etc. The evolution of modern banking practice began with the introduction of receipts which were exchanged against precious metals and coins deposited to goldsmiths for safe keeping. Whenever the need for payments and transactions arose the holder of the receipts used to utilize the receipts as guarantee. The society used to honor these receipts as they carried the same weight as other precious metals. Receipts were swapped in place of precious metals and thus for all practical purposes paper was introduced as currency in the society. With the advent of currency notes the system of traditional banking came into being. Since then the banking system has gone through continuous change. The present banking system is geared up to meet the present and the future requirements of modern age. In the contemporary world money is now being steadily replaced by banknotes, cheques, pay orders, bank draft, ATM cards, debit cards, credit cards, e-banking.
A corporate entity is well differentiated from others through its capital structure; also referred to as ownership composition is one of the critical decisions for the stakeholders. This empirical study attempts to examine the capital structure of companies listed on Karachi Stock Exchange of Pakistan and endeavors to identify similarities and dissimilarities in capital structure determinants across financial and nonfinancial sector firms. Explanatory variables ? firm size, profitability, firm growth, asset structure, tax effect, tier1 capital and liquidity are employed to determine the capital structure determinants. Analysis results show that except firm growth rest of common predictors are found influential across both sector firms. Moreover, sector specific predictors; for financial firms tier1 capital and liquidity in nonfinancial firms; are also found influential at various significance levels. Empirical findings depict similarities and dissimilarities of capital structure determinants to a greater extent across both the sectors. Significance of minimum capital requirement - tier1 capital in banks highlights need for dynamic requirement to ensure availability of funds for lending.