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Home > Corporations Choice for Issuing Sukuks over Conventional Loans: ?A Case of Pakistani Corporate Sector?

Corporations Choice for Issuing Sukuks over Conventional Loans: ?A Case of Pakistani Corporate Sector?

Thesis Info

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Author

S. Hassan Jamil

Institute

Virtual University of Pakistan

Institute Type

Public

City

Lahore

Province

Punjab

Country

Pakistan

Thesis Completing Year

2017

Thesis Completion Status

Completed

Subject

Software Engineering

Language

English

Link

http://vspace.vu.edu.pk/detail.aspx?id=84

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676720962949

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The securitization of sukuk (Islamic bond) has attract different researcher to understand its nature. This study was undertaken to identify the determinants of sukuks for the firm who intend to issue this security for the very first time in Pakistan. It is important to understand that why would firm issue sukuks over the choice of conventional bank borrowings which has long been used in the Pakistani financial market. The predictors undertaken for this study are, firm internal funds ability the return on investment, capital investment in tangible assets, firm size, conventional bank borrowing to total liabilities, market to book ratio, and leverage. The study introduced a new determinant in the case, the interest coverage ratio as proxy of financial distress for the firm decision for issuing sukuks. Census data of 13 firms were observed which remained listed on KSE from 2005 till 2015 that include the period before Sukuk were floated in Pakistan?s financial markets. The study employed Panel Least Square Models; OLS, White Cross-Section covariance and Coefficient, Model, FE Model and RE Model. Both the likelihood ratio and Hausman test has favored FE model as consistent and efficient model. The study revealed empirically that firm prefers its internally generated funds as first choice of financing as per pecking order theory, the firms makes mutually exclusive choice among conventional bank borrowing and sukuk financings, and it prefers sukuk financing when they are dealing under financial distress. The study also found that sukuk being asset based financing scheme is preferred when firms are growing their fixed assets over already available capital and reserves.
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محتشم عبدالغنی

محتشم عبدالغنی مرحوم
جناب محتشم عبدالغنی مرحوم کا تعلق سرزمین بھٹکل سے ہے، ہندوستان کے مغربی ساحل پر بحر عرب کی موجوں کی بے تابی، نمی، خنکی، گہرائی اور گیرائی کے ہمہ وقت نظارے میں محو، بھٹکل کی یہ ساحلی زمین، مردم خیز رہی ہے، جناب محتشم عبدالغنی بھی اپنی دینی، تعلیمی اور سماجی خدمات کی وجہ سے بھٹکل کے قابل فخر فرزند تھے، نام و نمود سے دور رہنے اور خموشی کو ترجیح دینے اور تجارت میں مصروف رہنے کے باوجود ان کی ملت کے لیے دل سوزی اور مقاصد کے مطلوب سرمستی ورعنائی نے ان کو بڑی مقبولیت عطا کی تھی، دارالعلوم ندوۃالعلما کی مجلس انتظامیہ اور آل انڈیا مسلم پرسنل لا بورڈ کے وہ رکن اساسی تھے، مسلم یونی ورسٹی علی گڑھ کی کورٹ کے معزز ممبر بھی تھے، قوم و ملت کے اداروں کے لیے فکر مند اور عملاً ان کی بہود و ترقی کے لیے کوشاں رہے لیکن ان کی جدوجہد، ایثار و قربانی کا سب سے حسین مرقع بھٹکل بلکہ گواسے کیرلا تک پورا مغربی ساحل ہے، دینی، اخلاقی، تعلیمی، تجارتی اور سیاسی لحاظ سے یہ پورا خطہ دوسروں کے لیے قابل تقلید ہے، وہاں کے مسلمانوں کی اس بیداری میں بے شبہ محتشم عبدالغنی مرحوم کی خدمات سب سے نمایاں ہیں، بھٹکل میں ان کو قائد قوم کہا جاتا تھا، حق یہ ہے کہ ان کی قیادت کی ضرورت پوری ملت اسلامیہ ہندیہ کو تھی۔
راقم الحروف کو ان کی خدمت میں حاضر ہونے کا موقع ملا، جسمانی لحاظ سے وہ قد آور اور وجیہ و شکیل تھے، دل بھی اتنا ہی پاک اور شفاف تھا، گفتگو کی دل کشی ان کے لہجے کی معصومیت سے اور سوا ہوجاتی تھی، وہ مولانا سید ابوالحسن علی ندوی کے بڑے عقیدت مند تھے اور اسی عقیدت کی وجہ سے دارالعلوم ندوۃالعلما سے...

سورۃ نور کے تناظر میں مفتی محمد شفیع ؒ کےفقہی طرزاستدلال

Mufti Muhammad Shafi's tafseer is an important and educational extract in the Quranic field. Tafseer Muarif ul Quran has its own relevance and rank amongst others. This tafseer concentrates on current fiqhi issues and gives their solutions with strong signs It is also discussed social issues of the society. This article examines the fiqhi style and qualities of Mufti shafi "especially the study of Surah Noor" which are prominent factors of the Tafseer. This Tafseer has converted difficult terms and words into easy ways and elaborated Quranic verses with Hadith and old translations.

Phonetic Analysis of Lexical Stress in Sindhi

This dissertation investigates the syllable structure and stress patterns of Sindhi words through the analysis of behavioral data from speech judgment experiments, and of acoustic data from speech production experiments, conducted with native speakers of Sindhi. There were three basic queries, the first of which was: What is the syllable structure? For this, a syllable judgment study was designed to explore syllable structure in Sindhi indigenous words and English loanwords. Syllable counts and syllabification judgments were elicited from native speakers for words presented in written format. This syllable judgment study sought to determine native speakers’ intuitions about the syllabification of Sindhi words in terms of the major principles: Sonority Sequencing Principle (SSP) and Maximal Onset Principle (MOP) of syllabification, and phonotactic constraints of the language, referencing to consonant clusters syllable-initially, -medially, and -finally. On the basis of the data, the study devised an algorithm for syllabification that illustrates how a Sindhi word is syllabified. Secondly, it investigates the word-level stress patterns in Sindhi and identifies the phonological factors that determine stress location in polysyllabic words. This study also examines the intuition of native speakers by eliciting their judgments about the location of lexical stress in words of two, three, four and five syllables from 150 selected words. The findings from the stress judgment study shows that native speakers have a preference for identifying stress on a heavy syllable. This pattern is strongest in words that have a single heavy syllable. In words with multiple heavy syllables the pattern is less clear. In tri-syllabic words there appears to be a preference for stress on the leftmost heavy syllable, while four-syllable words do not show this pattern as clearly. However, five-syllable words, show a preference for lexical stress on the penultimate syllable, which does not seem to depend on syllable weight. From these data the study concludes that Sindhi is not a fixed stress language. The location of stress varies in words according to the weight of the syllables in the word. This study concludes that Sindhi is a weak quantity-sensitive language and it is not a fixed stress language. Third question investigated here is what are the acoustic correlates of word level stress in Sindhi? This work collects and examines quantitative acoustic data (2000 voice samples of Sindhi speech) from ten native speakers. From the physical examination of stressed and unstressed vocalic sounds, the study found strong evidence that several phonetic properties are altered by word-level stress in Sindhi. The speech materials used in the acoustic analysis are ten minimal stress pairs of words that differ primarily in the location of stress (first vs. second syllable). The test words were all highly familiar words selected and chosen to minimize segmental variation among the words. The acoustic analysis of productions of these 20 words is based on measures of fundamental frequency (F0), vowel formants (F1 and F2) as a measure of vowel quality and vowel duration. In addition, the stop closure duration of the word-initial onset consonant for stressed and unstressed syllables was also measured. The results show strong evidence that stressed syllables have higher F0, F1 and F2, and greater duration values as compared to unstressed syllables. In addition, the study undertook another experiment of preliminary intonational aspects of Sindhi in order to investigate the role of pitch between stress and intonation of contrastive focus accentual phrase in Sindhi, F0 of vowel pitch contours were analyzed for evidence that the location of the beginning of the pitch rise, or the pitch peak varies in relation to the location of the stressed syllable in the word. Sindhi pitch accent rises from the first syllable in disyllable words, irrespective of syllable weight, and the rise is followed by a fall at end of the word. Thus, it was observed, there was a rise and fall in intonation of contrastive focus accentual phrase. A peak occurs on the second or third syllable and may span over two syllables in longer words.