استحسان کی اصلیت و ماہیت کے بارے میں مستشرقین کی آراء کا تنقیدی جائزہ

Islamic Fiqh is the representative of legal aspect of Islam. It has been originated and established on direct teachings of Qur’an and Sunnah of the Holy Prophet Muhammad (SAW). These two sources are called primary sources of Islamic law. There are some supplementary sources to the primary sources; Istihsan (Juristic Preference) is one of these. Orinetalist’s studied and produced literature on Islamic law. Istihsan has also been discussed by them but they have different opinions about its origin and its role in Islamic law. In this article their opinions are being critically analyzed and the definition, role and types of Istihsan being presented according to Muslim’s viewpoint. This research concluded that the Goldziher, Joseph Schacht, MicDonald, David Pearl, and Benjamin Jokisch explanations about the establishment of Isti╒san are not correct.

Role of Microfinance in Financial Stability, International Diversification, Millennium Development Goals and Growth of Msmes

This dissertation consists of four essays measuring impact of microfinance. For the first three essays growth in microfinance is measured, with respect to five dimensions i.e. Number of active borrowers, Gross Loan Portfolio, Total Assets, Personnel and Equity. To investigate impact of growth in microfinance, microfinance index is developed by using principle component analysis and then panel regression models i.e. fixed effect and random effect models are applied. Whereas for the fourth essay stock prices of microfinance institutions are used in the analysis. In the first essay moderating role of political stability in the relationship between microfinance and financial stability is investigated. To unfold the relationship data of thirty eight countries from 1999 to 2012 is analyzed in the essay. This essay concludes that with growth in microfinance and political stability financial stability escalates but the effect of growth in microfinance on financial stability may not be same for politically stable and unstable countries. Although growth in microfinance will increase financial stability in both politically stable and unstable countries but its role is more prominent and effective in politically unstable countries. In the second essay role of entrepreneurial thrust in the relationship between growth in microfinance and growth of micro, small and medium enterprises (MSMEs) is investigated. A panel of 15 countries from 2004 to 2013 is investigated in this analysis. The study documented that in isolation microfinance may not increase growth of MSMEs but if a borrower possess entrepreneurial thrust then growth in MSMEs is evident. For the third essay three relevant millennium development goals i.e. (Eradicate extreme poverty & hunger, Improve maternal health & promote gender equality and empower ix women) are chosen to examine the impact of microfinance on millennium development goals in the presence of political stability as a moderating variable. Data of 32 countries from 2000 to 2012 is analyzed for checking impact of microfinance on poverty alleviation, whereas data of 41 countries from 2000 to 2012 is analyzed to investigate impact of microfinance on women empowerment and maternal health. The research concluded a positive role of microfinance in poverty alleviation and improving maternal health whereas a partial impact on education aspect of women empowerment is detected. In the fourth essay diversification benefits of including a microfinance stocks in a portfolio is analyzed. Prices of seven micro-finance stocks and stock indices of respective countries from five countries are taken from Thomson One banker database. Mean variance spanning test is applied to investigate the relationship. Although lesser or sometimes negative correlation between micro-finance stocks and international portfolio is spotted but no diversification benefits are identified by inclusion of micro-finance stocks in the portfolio.