65. At-Talaq/Annulment of the marriage
I/We begin by the Blessed Name of Allah
The Immensely Merciful to all, The Infinitely Compassionate to everyone.
65:01
a. O The Prophet!
b. Tell the Faithful that when any one of you would intend to divorce your women/wives, divorce them at a time when their prescribed waiting periods can properly start.
c. And count their waiting periods of three monthly cycles accurately,
d. and be mindful of Allah, your Rabb - The Lord.
e. Do not make them leave their houses where they have lived with their husbands, nor should they leave by themselves at their own discretion,
f. unless they are guilty of a flagrant obscenity.
g. And these are the limits set by Allah.
h. And whoever would violate and overstep the limits set by Allah will have surely wronged himself.
i. You never know that Allah may bring about a positive change of circumstances afterwards.
65:02
a. And once they have completed their waiting period,
b. then either keep them honorably, or part with them honorably.
c. And in either case, call to witness two persons of just character among you to the pronouncement of divorce or to its revocation.
d. And O Witnesses!
e. Give truthful witnessing with due consciousness as if before Allah.
f. This is to warn anyone who believes in Allah and the Last Hour.
g. And HE will make a way out of every difficulty and embarrassment for whoever would fear
disobedience of Allah.
65:03
a. And Allah will provide him sustenance of his need from such an unexpected source that he cannot even imagine.
b. And whoever would trust Allah, then HE will be sufficient for him for all his...
Japan and the land of present Pakistan had cultural linkages since ages. Sindh has remained important part of this land. The Indus civilization had trade links with other countries including Sumerian and Babylonian civilizations. This trend continued afterwards, and trade relations were established between people of Sindh and Japan in the nineteenth century. This interaction led both the countries to have cultural linkages. Presently many Sindhis are residing in Japan who have adopted Japanese culture besides maintaining their own cultural traditions and customs. Sindhi poetry adopted Japanese Haiku and ‘Safarnamas’ were written in Sindhi language grasping the living and traditions, etc. Of Japan. This research paper also discusses that both countries’ people have similar style of sitting together and exchange of opinions and happenings of the day which is traditionally called ‘Katchehry’ in Sindh.
During the times of financial crisis, losses tend to spread across financial institutions, threatening the overall stability of the financial system. The spreading of financial distress to various financial institutions gives birth to systemic risk. The intermediary role of the financial system is damaged, with adverse consequences for the supply of credit to the real economy. Therefore, the management of systemic risk becomes an important goal for the whole society. However, financial institutions do not contribute equally to the generation of systemic risk. Therefore, the main aim of this thesis is to assess separately how financial sectors and individual financial institutions inject systemic risk into the respective financial systems of Pakistan and BRICS during times of distress. During the last couple of decades, concentrations and control of global markets have been changed on a massive scale. Countries now are more focusing on regional and economic co-operations to achieve higher value-added production, to face regional challenges, and to cater to the monopolistic power of developed countries firms. BRICS is one of such economic cooperation. The establishment of China Pakistan Economic Corridor (CPEC) and increasing collaboration with Russia make Pakistan a potential candidate to enter this alliance. The more regional cooperation between these member countries calls for a major investigation about the spillover effect of systemically important financial sectors and institutions of BRICS and Pakistan. It is equally important to investigate the determinants of systemic risk in an economy. Delta Conditional Value at Risk (∆CoVaR) is one of the pioneer measures of assessing the systemic risk of financial institutions proposed by Brunnermeier (2016). It is based on another important financial risk measure named as Value at Risk (VaR). The panel regressions analysis is used to inspect the important determinants of the systemic risk within an economy. The results reveal that the banking sector is the highest contributor of systemic risk. The second high contributor to systemic risk is the insurance sector. The financial services sector contributes least in the generation of systemic risk of BRICS and Pakistan. Furthermore, the study also ranks top most systemically important financial institutions as well. The financial characteristics employed in the study include the size of the financial institution, the loan ratio, the leverage ratio, the tier1 ratio, and other financial characteristics. However, the findings reveal that the size of the financial institutions, the tier1 ratio, the market to book value ratio, and the operating profit margin ratio are significantly related to the systemic risk. Further, empirical analysis is carried out on 334 financial institutions of Pakistan and BRICS for the time period starting from January 2000 till December 2015. The data related to the closing prices and financial statements are taken from the Thomson Reuters Financial DataStream. The state variables data are obtained from World Development Indicators (WDI). The results have direct implications for the regulators and policymakers. Regulations that attempts to diminish the systemic risk in the financial system may take into account both systemic risk and individual risk faced by financial institutions and sectors. Furthermore, the regulatory framework might consider significant determinants while devising new strategies for financial institutions. This investigation may help to identify the most vulnerable financial institutions as well as financial characteristics helpful in reducing the systemic risk within an economy.