فیملی بزنس میں'' ابہام'' سے پیدا ہونے والے مسائل کا شرعی و تحقیقی جائزہ

ABSTRACTFamily Business is a very important form of business in this era and especially because of this it merely does not matter the business, but more sensitivity is of close relatives and relationships. That is why it has many administrative, Shariah and ethical complications. That is why, this theme has been created as a field of discussion and research. If the issues of Family Business are reviewed, their root is to leave the matters undefined, uncleared and undocumented. Then the solution to all these issues is to overcome their ‘Unclarity’ found in different aspects. To finish the matter, we should clear and correct for example ‘business status’ between father and sons, uncle and nephew or a few brothers. Similarly, in case of death of elders, the inheritance is to be determined. Then that all the matters should be written in a very brief manner and arranged. It is also possible to calculate the income and expenditure account. It is not appropriate that every partner should spend without any speculation. Then one time it becomes difficult to face each other. In this article, we have tried to review all the dimensions where there may be more problems due to ‘unclearity’ in mutual business dealings. In this context, the first business status of family members has been explained. Then mentioned the problems raised after the death of the family leader. Later on, more aspects of the problem are presented by presenting some other observation examples on this subject.

Monetary Policy Transmission Mechanism: Exploring the Role of Islamic Versus Conventional Banks

The transmission of monetary policy has recently received increased attention, especially with respect to the efficiency of banks’ credit channel. Yet, we know less about the relative role of Islamic banking in monetary policy transmission mechanism. This study therefore empirically examines the impact of monetary policy on the credit supply of Islamic versus conventional banks using an unbalanced panel dataset over the period 2005-2016 for Pakistan and Malaysia. To mitigate the problem of endogeneity, the robust two-step system-Generalize Method of Moments (GMM) estimator is applied. While estimating the effects of three alternative measures of monetary policy on banks’ credit supply, several bank-specific variables are included in the specification as control variables. By estimating the baseline models for each country, we provide strong evidence on the existence of credit cannel of monetary policy in Pakistan and Malaysia. The results from the extended model indicate that Islamic banks respond less to monetary policy as compared to their conventional counterparts.Further, the baseline models are extended on basis of size and liquidity to investigate the credit channel of monetary policy transmission mechanism. We have examined that the monetary policy indicators affected the small-sized banks more as compared to the large-sized banks in Pakistan and Malaysia. The same empirical evidence is found consistent in examining the interacted dummies of the small-sized Islamic banks versus the large-sized Islamic banks and the small-sized conventional banks versus the large-sized conventional banks. Furthermore, we have examined that the credit supply of the less-liquid banks is more respondent to monetary policy measure as compared to the more-liquid banks in Pakistan and Malaysia. The same empirical evidence is found consistent in examining the interacted dummies of the less-liquid Islamic banks versus the more-liquid Islamic banks and the less-liquid conventional banks versus the more-liquid conventional banks. At last, we have compared the effectiveness of credit channel between Pakistan and Malaysia. We analysed the coefficient values ofinteracted terms with monetary policy measure of all estimated models and found that credit channel through all types of banks is more respondent in Malaysian market as compared to that of Pakistan. x The relatively less response of Islamic banks to monetary policy may make it difficult for the central bank to achieve the desired objectives of the monetary policy. Our findings suggest that for an effective monetary policy, there is a vital need to consider the nature of Islamic banking while devising the monetary policy instruments to manage credit supply in the economy. Further, the results imply that the central banks; SBP and BNM need to revisit the monetary policy transmission through credit channel for Islamic banks, especially in economies with a dual (Islamic and conventional) banking system. Otherwise, there will appear monetary policy puzzles nullifying the objectives of policy. Similarly, the unique contractual and motivational features of Islamic financial institutions (IFIs) provide a justification to devise a set of Islamic financial instruments to absorb and inject the money through open market operations and other instruments in same industry. We are afraid that lack of adequate monetary instruments will lead to high intermediation cost and persistent inflationary pressures. Similarly, this study has drawn the intention of future researchers to know about theoretical background of Islamic versus conventional baking models and contractual obligations in legal matrix. Overall, Pakistan needs to get benefit from successful experience of Malaysia, especially in developing Islamic financial market and improving institutions quality that will make it able to transmit the monetary policy through credit channel efficiently.