اسلامی معاشیات میں امداد باہمی کا تصور

Islamic finance is simply a different way to structure or to create products that are consistent with the Islamic faith. Shared risk and joint profit are also important elements of Islamic finance, and various cooperative frameworks are employed in housing and other sectors. When you look at global finance, [Islamic finance] is a very, very high growth. Islamic finance is a socially responsible financial system and uses Islamic law (sharia) to regulate various sectors, including banking, investments, and insurance. Under the system, Islamic investments are often referred to as halal investments, or sharia-compliant investments. However we will discuss in this Paper the concept of mutual cooperation in Islamic finance.

The Impact of Uncertainty, Corporate Social Responsibility and Stakeholder Interest on Organizational Financial Performance: A Study of the Perceptions of the Financial Decision Makers of Service Sector of Pakistan

Corporate sector plays a pivotal role in the growth and economic development of the country. The objective of the present study is to assess the financial decision practices in the service sector of Pakistan. The study investigates the relationship and importance of financial decision determinants (uncertainty, CSR, and stakeholder interest) and financial performance in the presence of mediating role of capital budgeting, capital structure, and dividend policy. The target respondents of the present study were Chief Financial Officers (CFOs) of the service sector industries (Telecommunication, Banking, and Insurance) of Pakistan. The sample was limited to listed companies at Karachi Stock Exchange (KSE). The total population of the study was eighty four and all the respondents were approached for data collection. A questionnaire was used for data collection having 5- point Likert scale. Pilot testing was conducted in order to test the validity and reliability of the instrument. Refined questionnaire was distributed among companies operating in Islamabad, Rawalpindi, Lahore, Karachi, Peshawar, and Quetta. This study employed Confirmatory Factor Analysis (CFA), reliability, descriptive statistics, and a Structural Equation Model (SEM). Results reveal that the decision makers are well aware and agreed to the importance of applications of financial decisions and its determinants in the service sector of Pakistan. However, there are few areas where respondents do not agree or do not consider important, like pattern of past dividends, concern over maintaining share price and dividend cuts. The study concludes that the availability of financial resources and attitude of senior management are the major constrains for the capital investment. The study provides sufficient evidences that capital budgeting, capital structure and dividend policy are key mediators among determinants of financial decision practices and organizational financial performance. Resource availability is an important constraint to capital investment; this should be removed through private public partnership, foreign direct investment and by reducing interest rates. It is recommended that companies may take initiatives in corporate social responsibility activities and may screen out uncertain situations while making financial iii decisions. Service sector companies are also recommended to enhance the interest of stakeholders by providing them consistent dividend and establishing the suitable platform for the understanding the financial decisions. Keywords: Uncertainty, Corporate Social Responsibility, Stakeholder Interest, Capital Budgeting, Capital Structure, Dividend Policy, Organizational Financial Performance