A Proposed Islamic Microfinance Impact Assessment Methodology

Impact assessment of microfinance programs have been remained the foremost concern of microfinance stakeholders for optimal policy measures. The existing literature regarding the impact assessment varies from parametric to experimental methods to evaluate the performance of microfinance programs across the world however; the literature is lacking a single measure to reveal maximum possible changes in socioeconomic variables resulting from microfinance institutions’ intervention. This study aims to develop a composite index for evaluating the performance of microfinance programs in multi-dimensional contexts. The study exposes a set of eight “diverse indicators” to evaluate the performance of a microfinance program on a wider socioeconomic scale. The dimensions of the index are consist of economic (Income, saving) and socioeconomic (poverty, access to basic facilities, family empowerment) indicators. The changes in deprivations of household, based on the selected indicators, reveal the intensity of success of a microfinance program towards their goals. Finally, we have developed an index by the interaction of incidence and intensity of socioeconomic deprivations. The index is named as “Multidimensional Microfinance Deprivation Index”. This is an index developed in the same line as multidimensional poverty index. The implications of this study are three folds; firstly, it will open up a new dimension of literature in the field of microfinance including Islamic microfinance by instigating an important area. Secondly, it may provide a better alternative to microfinance’s stakeholders to investigate the impact assessment of microfinance programs on a wider socioeconomic scale rather than a few economic. Last but not the least, the study integrates diverse socioeconomic indicators, after assigning weights and adjustment to portray an overall picture of the performance of microfinance in terms of uplifting the socioeconomic conditions of the poor and financially marginalized people.

Studies on the Standardization of Rose Water and Assessment of its Uses/ Role in Herbal Medicine.

The plant-based medicament isan essential therapeutic weapon to fight against the various human and animal diseases. The present study is based on the rose water obtained from the petals of Rosa damascena Mill available in Pakistan and to correlate its usage and application in personal care preparations. In this study twelve samples of rose water were examined in which eleven samples were collected from the local market / provided by the manufacturer on request, and one hydro distilled sample was prepared on lab scale. The thesis has alienated into five parts. The first part has two portions. Part I (a) consists of the brief introduction related to the rose water botanical source, the region of the world where rose water distilled, chemical constituents, historical, traditional and medicinal importance. In the firstpart, the value of standardization also highlighted through the introduction of standardization, in the end of the first part, the objectives of the present study is discussed. Part I (b) deals with the literature review of Rosa damascena. Rose plant widely disseminated in the plant kingdom and currently consumed bya significant amount as a therapeutic agent. Literature data suggested that rose flowers associated with various biological and pharmacological activities, including anti-cancer, cardiovascular, analgesic, anti-inflammatory, anti-oxidant, anti-microbial and helpful in skin care. Part II describes the experimental work of the present study. Part III shows the results of studies on rose water samples and their physicochemical study, estimation of their volatile components through HS-GC-MS, determination of functional groups through FTIR, toxicity study, in-vitro antioxidant activity study against standard ascorbic acid, invitro anti-inflammatory activities against standard diclofenac sodium, in-vitro sun protection factor determination, anti-microbial activity, bacterial contamination study, cosmaceutical effect on topical application on skin to observe the hydration glow and oil content. Two formulations prepared one is rose water-based cream, study its antiinflammatory and anti-oxidant effects against standard drugs, and the other is rose water based cough syrup and performed its antitussive effect on rats. xxvi In the present study, the pH of rose water is within the range from 4-6 which is an acceptable and non-skin irritating pH value and suitable for topical application. The phytochemical study indicates the presence of flavonoids, tannins, saponins, triterpenoids and fixed oil, whereas the volatile components which have detected through HS-GC-MS are phenyl ethyl alcohol, citronellol, pentadecane, heptadecanol, octadecanol, tetracosane, decane and nonane. FT-IR estimation indicates the presence of carbohydrates, an amine group, a hydroxyl group, alkane, alcohol, ester, ether and carboxylic anhydrides. Toxicity study of rose water indicated that it is non-toxic and LC 50 is more than 3500µg/ml. Invitro antioxidant activity of three samples 12, 9 and 8 shown marked % reduction. The reducing power of sample# 12 recorded as highest 841.66, followed by sample #9 (533.33) and then sample #8 (458.33) against 50µg/ml standard ascorbic acid. The invitro anti-inflammatory activity of rose water studied on four different concentration that is 3,5 7 and 10 ml, and it observed that 10 ml of rose water shown protein inhibition activity equivalent to 100µg/ml of standard diclofenac sodium. Rose water protects from the UV radiation. The sun protecting factor of rose water samples ranges from 3.956 to 0.218. Results of anti-microbial activity indicated that all the test organisms had not shown dose-related sensitivity and thus no zone of inhibition was observed by well diffusion method. The bacterial contamination indicates that rose water samples contain both gram positive and gram negative bacilli. The skin hydration, as well as the glowing effect, significantly increased after the application of rose water. Two formulations are designed based on rose water one is rose water-based cream, and other is rose water based cough syrup. Results of in-vitro anti-inflammatory activity by protein (egg albumin) denaturation of cream formulation throughout the concentration range of 50-1000 µg/ml. For F1 cream formulation was 52.2-80.6 % F2 was 41.4-65.2%, and F3(Placebo) was 0.375-43.67% and for standard drug diclofenac sodium observed within the range of 35.33-86.32%. The IC 50 value of F1 and F2 are 257.39µg/ml and 375.41µg/ml respectively. The reducing power of formulated rose water-basedcream increased with the increase of concentration (25-1000 µg/ml). The reducing power of cream noted as F1 ranges from xxvii 11.80 % to 81.55 %, F2 formulation antioxidant activity ranges from 8.05 % to 72.81 % and F3 formulation which is placebo cream 7.38% to 9.12%ascorbic acid equivalents (AES)µg/g. Four formulations of cough syrup are designed based on rose water and checked their antitussive activity at three different doses (5 ml, 10 ml and 15ml) against standard ivy extract 5 ml/70kg and Dextromethorphan 10 ml/70 kg and itobserved that C1 has the highest inhibition of a cough that is mean±S.E.M (9.00±2.08, 4.33±1.76 and 3.00±0.57) at 30min, 60 min and 90 minutes respectively. Part IV accentuates the overall discussion based on the results of rose water study. Rose water exhibit an anti-oxidant, anti-inflammatory, prevent premature aging, provide nourishment and glow to the skin prevent UV penetration. Rose water cream shows good anti-oxidant and anti-inflammatory activity and rose water based cough syrup has an excellent antitussive effect. Part V has the general conclusion and suggestions for future studies.