بیع سلم میں تلفیق بین المذاہب کی فعالیت: هيئة المحاسبة کے فتاوی کا تحقیقی جائزہ

To juxtapose various components in one issue or various issues, and to adopt various jurists’ points of views is called “Talfiq.” In the present radical age of science and technology, each and every social faculty is being radicalized particularly in finance; there are certain complications in the monetary systems of various countries. In this scenario, to concentrate on one school of thought and deduce the solution of these financial issues has now become impossible. That is why, Majlis-e-Shar’ii concentrate on “Talfiq between different school of thoughts”, where various parallel issues are solved. The Majlis has prepared a sharia standard where practicable and beneficial financial issues are elaborated. The jurists have elaborated various principles of “Bae-e-Salam”, and presented various relevant issues taking the insight from various scholars of Maliki, Hanafi, Shafi and Hambli schools of thoughts and focused on “Talfiq”. The present research paper the decrees related to Talfiq will be explored, where the jurists have adopted it. Whether it is allowed or prohibited. If it is allowed, to what extent?

Impact of Fundamental Measures on Dividends: Evidence from Non-Financial Firms Listed at Pakistan Stock Exchange

This study examines the insight dynamics of factors affecting dividend payout in the context of Non-Financial firms listed at Pakistan Stock Exchange (PSX) in KSE-100 Index. Through observation, 66 firms were identified from 18 sectors of Non-Financial firms that have been paying the regular dividend in the past 6 years (2009-2014). In this study, a complete business cycle has been encompassed for reader?s view. Key explanatory variables were identified on the basis of prior literature (Dividend Payout, Cash Flow on Total Assets, Debt to Equity, Profitability, and Liquidity) and one which has not been studied before and considered significant is Free Cash Flow to Capital Expenditure. For econometric analysis of the data, Multivariate Regression Analysis was considered as a most appropriate tool. Descriptive statistics of data under study described its normality. In empirical analysis, Housman and BPLM tests declared random effect exist in the panel data. Moreover, data was found free from contemporaneous correlation, multicollinearity issue, and autocorrelation but the issue of heteroscedasticity has been found. Results of the study revealed that free cash flow to capital expenditure, debt to equity, net profit margin and current ratio are significantly impacting the dividend payouts. However two measures are insignificant that are cash flow to total assets and absolute liquidity ratio. These results suggest that Managers of the listed firms in Pakistan Stock Exchange (PSX) should aim to increase the meaningful cash flows to capital expenditure for the profitable projects that would yield high profits to firms, this will lead to high dividend and improve the investors? confidence.