An Analysis of Islamic Economic Model

The aim of this paper is to discuss some economic Islamic models given by some prestigious Islamic economists. The Islamic model is one of the examples for international economies in the starting of new millennium. It has its evaluation in the 1970s as an alternate to conventional banking system. The model is based on profit loss sharing and would not be based on interest. The study will focus on the proposed model and will discuss the issues that the model will be supposed to address. It was also address whether the model is applicable to Pakistan economy or not it will also be discussed. As we know that there is dual banking system in Pakistan. In order to make banking system to be truly Islam, there should be legal prohibition of riba. In other words, riba should be made unlawful and whoever deals with it can be prosecuted by law. By prohibiting riba, it will force the bank to be more creative in offering financing products rather than just loaning money. The study will attempt to show the comparison between conventional system and Islamic financial and discusses whether the Islamic system works smoothly on the economy of Pakistan. It also shows that Pakistan should change its dual banking system in Islamic banking system to change structure change. In addition, Islamic financing contract require real activities to be created. There will not be loans to finance extravagance lifestyle which is the source of bankruptcies among the younger generation. It is strongly recommended that Pakistan should enforce truly Islamic financial system to sustain its economy and avoid another economic crisis in the future.

Petrography and Lithofacies Change of Tiyon Formation Middle Eocene Lower Indus Basin, Sindh

The study dealing with petrography, lithofacies and sedimentology of Tiyon formation help in correlation regionally and globally. During the Early-Middle Eocene rapid transgression and locally regression in Southern Lower Indus Basin deposited limestone interbedded shale in Tiyon formation in between Laki and Kirthar Formation. The main lithofacies distributed in Tiyon formation is limestone, nodular and marly limestone, highly fossilifereous with interbedded silty calcareous shale. The microfacies are mudstone, wackstone, packstone and grainstone with dominant Alveolinids, Assilina and Nummulities. The fauna are well preserved in similar lithofacies with minor change in France, Alpine, Himalayan and Indo-Pacific region. The Litho-biofacies of Tiyon formation indicates the marine transgression during Lutetian, west to east from Paris Basin through Libya, Egypt, Oman, Iraq, Iran, Turkey, Saudi Arabia, Afghanistan, Baluchistan, Sindh, Salt Range, Kutch, Rajasthan and Assam to Indonesia. The basal and middle part of the Tiyon formation yields Paracypris maridonalis, Paracypris sapperi, Schizoptocythere sp., Stigmatocythere oblique ostracods which are correlated to Saudi Arabia, Salt Range, Sor Range of Baluchistan and Kutch (India) area but in the middle to upper part Bairoloppilata and Krithe rutoti are common in Paris, Belgium and England. The presence of abundant gastropod species Velates perversus in European countries also confirms the Lutetian transgression from west to east Tethys. The upper part of Tiyon formation consists of Alveolina elongata, Nummulities obtusus, N. pinfoldi and N. perforatus indicates the Late Lutetian - Early Bartonian. The Tiyon formation is correlated with Pir Koh Limestone, lower part of Drazinda shale of Zinda Pir, Drug area (D.G. Khan) Punjab, basal shale unit of the Kirthar Formation and upper most beds of Ghazij Shale exposed in the Sore-Range, Chorgali Formation, Kuldana Formation, Basal part of Kohat formation and Sakesar Formation The Tiyon formation is the unit of Chat member of Laki Formation. This distinct lithological unit with different stratigraphic position should be formalized as a separate formation. The Tiyon formation is deposited in inner to outer platform with normal salinity, clear and warm water conditions most appropriate for the flourishing of shallow marine faunal assemblages. The age of Tiyon formation represent the Late Ypresian-Early Bartonian stage of Middle Eocene.