سیکولرازم اور مسلم معاشرے میں اس کا ارتقاء: تحقیقی مطالعہ

The concept of Secularism came to the Muslim world after Renaissance. Historically, the initial thoughts on the subject are found in the teachings of Greek Philosophers like Epicurus and Zeno. It was at first a discussion regarding the separation of religion and the state, the scientific advancements and the regime system in Modern Europe. Religion was considered as an obstacle by the West in their progress on the basis of reason and inquiry. Adaptation of secular approach helped the western countries to flourish in material fields. In Islamic world, secularism was not seen as a threat for religion before the twentieth century. Under colonization of many Muslim countries and particularly after the demise of Ottoman Empire which paved way to abolish Caliphate, the Muslim states adopted various western secular laws. Moreover, the Muslim countries went under heavy debts taken from European countries. They relied on foreign advisors and western education system for progress. The concept regarding the authority of Caliph changed. During the twentieth century, Muslim countries suffered politically and their geographical frontiers were changed. It created a kind of revolution in Muslim states. Revival of religious authority in modern political Muslim states is visible in central eastern countries during the last fifty years.

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