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The Study of Shortcomings in Conventional Banking System: A Maqasid-E-Shariah Perspective

Thesis Info

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Author

Bilal, Qaisar

Program

PhD

Institute

University of Science and Technology

City

Bannu

Province

KPK

Country

Pakistan

Thesis Completing Year

2020

Thesis Completion Status

Completed

Subject

Islamic Studies

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/13302/1/Qaisar%20Bilal%20islamic%20studies%202020%20UST%20bannu%20prr.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676728111268

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It is unanimous quote that the life blood of development is the sound economy of a country. The trend reveals the fact, all the developed countries across globe are symbols of cited above quote. Contrary to the said saying, countries deficient of it are still striving for survival and the world ranks them in the list of under developed countries. It is also pertinent to mention that along with other relevant factors to boost up the economy, banking sector play a very keen role in providing the smooth ground one way or other. The fact beyond it is quite clear as this Industry has depth involvement in almost all life businesses. Nobody can deny the importance of this sector that is why the fast growth has been observed in Banking Industry so for as comparative to other economic sectors. Similarly, the financial history depicts the datum about gray aspect of this sector. The downfall of financial industry leads towards the collapsing of entire economy as almost all the core economic activities based on this industry directly or indirectly. In last centuries, financial crises has been observed numerous time affecting the global economies and put the adverse impact on routine economic cycles for long time. The economist played a vital role in evaluating these financial crises and presented thousands of research papers and reports aimed to explain the issue and causes of its occurrences. Likewise different surveys has been conducted in order to get core and real causes of these disasters but all in vain. After practicing a large number of remedial measures and opting thousands of suggestion in this regard results almost same consequences. The world economy faced huge financial disaster on average after decade or two like Wall Street Crash of 1929 and Great Depression, Oil Crises in 1973, Latin American Debt Crises in 1982, Black Monday in1987, U.S Saving and Loan Crises in 1989, Japanese Asset Bubble in 1990, Mexican Peso Crises in 1994, Asian Financial Crises in 1997, Russian Financial Crises in 1998 and Dot-Com bubble in 2000. The worst case occurred in 2008 that affect the world economy severely. Almost all the dollar base countries felt the shocks of these crises. The summary of almost all recommendations towards its healing and to bringing them in a streamline of rationality shows that all are primarily made on derived assumptions of mankind and based theoretical phenomena’s constantly leaving the space for individual’s curiosity and interest which leads the system to repeat itself in year or decade in the shape of new financial disaster or financial crises. Important to mention that after the use of bulk of energies and utilization of all type resources, why the economist are unable to explore the solid and firm system to accomplish the financial objectives of humanity and why the world used to face such disaster in a cyclic manner and why the financiers remains in risk of “anything may happen anytime” and in fear of uncertainty. The only answer to all raised question is very clear that we always construct our system on man-made policies and procedures rather than opting the divine rules and orders. “An interesting irony that every dollar note has the admission: “In God we trust”, but when it comes to develop theories to earn dollars or to distribute or spend them, trust is placed only on human ideas based on personal assessments; God is held totally out of picture, as being irrelevant to economic activities’. [Taqi Usmani, 2009].This is the quandary that high financial experts and economist didn’t realize and nobody confer attention towards it to know the root cause of downfall. Manmade theories are always limited to specified era and restricted to particular setting. That is why the world economy consistently running with high risk. So there is dire need felt to observe the banking system in the light of divine rules to ensure its smooth operations with full confidence of sound and firm procedures from customer to organizations along with reliance of all stakeholders operating in the said system directly or indirectly. This research study will mainly covers the identification of shortcomings in conventional banking system with respect to sharia’s principles and laws only. Those products, trends, policies and dealings of it violating the cultural norms, international accounting or auditing standards and any other sort of disrespect and lacking is not the considerable part of this research. Along with that, it also focus on describing the remedial measures of the loopholes in order to eliminate them from the system to ensure the smooth flow of financial operations and to protect it from adverse violations and exploitations. The study will present the some in vogue practices of Islamic banking system in the form of portraying the detail discussion of mostly used modes of financing like Mudarabah, Murābaḥa, Ijarah, and Diminishing Musharakah along with their procedural documentations and patterns exist in the Islamic Banks as sample that how these modes are free from all such lacking and weakness what the conventional Banks have which is the need of the day to address properly in order to bring the entire system in full conformity of divine standards and laws. For the said purpose, the study includes all the sources of Shariah i.e. Qura’n, Sunnah, Ijma and Qias classical literature and contemporary financial reports, surveys and procedural laws of different financial Institutions special emphases on conventional Banks. On the basis of findings of the study, the suggestions will be stated to bring the deviations in accord with the mainstream Sharia.
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دہشت گردی کا لیبل

دہشتگردی کا لیبل

سلام اﷲ ٹیپو پاکستان کی جیلوں سے 54سیاسی قیدیوں کی رہائی کے مطالبے میں کامیابی کے بعد جہاز سے باہر آتے ہوئے ۔ہائی جیکنگ تو کامیاب ہو گئی مگر اس کے بعد جنرل ضیاء الحق پاکستان پیپلز پارٹی کے لیے جس کارکن کو گرفتار کر نا ہوتا دہشت گردی کا لیبل لگا کر گرفتار کر لیتا ہزاروں کارکنان گرفتار کر کے شاہی قلعے اور جیلوں میں منتقل کر دیے گئے ۔

 

Islamic Studies and Private Universities in South-West Nigeria: Challenges and Prospects

Islamic Studies is one of the core and pertinent courses offered and taught at both private and public universities in Nigeria. The subject prepared its graduates to have potentialities, capabilities man power in teaching, administration, politics, economic, legislation and judiciary in Nigeria. Despite these significant contributions, the subject has confronted with a lot of deprivations in the enrollment of students, recruitment of staff and availability of physical and instructional materials. Based on these, the paper therefore, intends to explore the teaching and learning of Islamic studies in the south west Nigeria private universities, identify problems facing its teaching and learning and proffer solutions to these predicaments. The methodology adopted is analytical with information from both oral interview and written sources from libraries in Nigeria. Among the findings of the study are that the Subject-Islamic studies needs more experts to teach its core courses in private universities in Nigeria and students who wish to enroll for the subject should have rudiments of the discipline before admission.   

Precision Irrigation for Improving Water Use Efficiency Using Indigenized Sensor Based Irriagion Scheduling and Efficient Irriagion Techniques

Real time sensors based precision irrigation scheduling has potential to improve water productivity. Field experiments were carried out for two subsequent years (2017 and 2018) for producing maize and wheat crops at the Water Management Research Center (WMRC), Postgraduate Agricultural Research Station (PARS), University of Agriculture, Faisalabad (UAF). Field irrigation systems included flood irrigation (canvas pipe), perforated pipe irrigation and drip irrigation under different planting geometries. The design, development and manufacturing of sensor-based irrigation systems using locally available material were performed to minimize the cost of equipment development and energy consumption for crop irrigation. A solar powered tube well of half cusec discharge was used for pumping water for irrigating the experimental fields. The fertigation unit was used with electricity operated submersible pump at the experimental site. Maize crop had seven treatments viz; T1-flood irrigation conventional ridge sowing (0.762 m row to row spacing), T2-flood irrigation furrow bed planting (0.457 m row to row spacing), T3perforated pipe irrigation with 0.254 m furrow width (0.432 m row to row spacing), T4- perforated pipe irrigation with 0.203 m furrow width (0.406 m row to row spacing), T5perforated pipe irrigation with 0.152 m furrow width (0.381 m row to row spacing), T6drip irrigation with 0.914 m lateral spacing (0.457 m row to row spacing) and T7-drip irrigation with 1.219 m lateral spacing (0.609 m row to row spacing). Similarly, wheat crop had also seven treatments viz; T1-flood irrigation flat sowing by rabi-drill, T2-flood irrigation bed furrow planting with 0.254 m furrow, T3-perforated pipe irrigation bed furrow planting with 0.254 m furrow, T4-perforated pipe irrigation bed furrow planting with 0.203 m furrow, T5-perforated pipe irrigation bed furrow planting with 0.152 m furrow, T6-drip irrigation flat with 0.914 m lateral spacing and T7-drip irrigation on beds with 0.914 m lateral spacing. The flood irrigation system (treatments T1 and T2) took more time to fill the field and resulted in significantly lowest water productivities of maize 9.2-9.72 (grain yield kg/ha/mm irrigation depth) and of wheat 9.6-10.30 (grain yield kg/ha/mm irrigation depth). The perforated irrigation system (treatments T3, T4 and T5) produced intermediate values of water productivities for maize 16.38-17.3 (grain yield kg/ha/mm irrigation depth) and for wheat 12.30-12.66. The drip irrigation system (treatments T6 and T7) resulted in significantly greatest water productivity values of 19.219.55 for maize crop and 14.20-14.30 for wheat crop. xlii Indigenized soil moisture sensors using copper, brass and steel materials of single probe (Type-I length: 152.4 mm, 304.8 mm), two probes (Type-II length: 152.4 mm, 304.8 mm) and Type-III length (152.4 mm, 304.8 mm) were developed, fabricated, calibrated and validated using Gravimetric Method and tested in field. The developed sensors sent soil moisture signals on cloud for data storage, reuse and sharing purpose using coding. Arduino Mega was coupled with laptop through USB cable and sensors responses shown on Arduino sketch 1.8.5 in serial monitor. Arduino Mega was coupled with Arduino Ethernet Shield for transformation of soil moisture data on cloud. The irrigation was applied based on soil moisture status. The system based on micro-controller was tested for irrigating Maize and Wheat crops. Raspberry Pi-3 (Model B) controlled hardware in distribution box (DB) made promising use of indigenized soil moisture sensors (Type-I, Type-II and Type-III) for calibration and irrigation water management. The Linear calibration for indigenized steel wired double probe soil moisture sensors (152.4 mm, 304.8 mm) was made. The costs incurred for developing Type-I, Type-II and Type-III soil moisture sensors were PKR 800, 1650 and 250, respectively. The WinSRFR model was used to determine water application efficiency as a function of each plot‟s irrigations with respect to experimental field length under sandy loam soil. For the crops grown during 1st year (2016-17), the model resulted in application efficiencies of maize as 44%, 41%, 63%, 67%, and 69% for treatments T1, T2, T3, T4 and T5, respectively. Similarly the model predicted application efficiencies of wheat as 55%, 64%, 61%, 66% and 75% under treatments T1, T2, T3, T4 and T5, respectively. These application efficiency improved in the 2nd year crops under the indigenized soil moisture sensors based precision irrigation scheduling. The drip irrigation treatments (T6 and T7) had significantly improved water application time saving values (65.26% and 61.38%), perforated pipe irrigation treatments (T3, T4 and T5) had intermediate values of water application time saving (15.52%, 12.76% and 10.07%) as compared to T1-conventional ridge sowing (canvas pipe/flood irrigation). Similarly, drip irrigation treatments (T6, T7) had significantly better water application time saving values (66.12%, 62.33%), perforated pipe irrigation treatments (T3, T4 and T5) had intermediate values of water application time saving (17.60%, 14.91% and 12.29%) as compared to T2-furrow bed planting (canvas pipe/flood irrigation). Application time saving was 58.88%, 60.18% and 61.37% using drip irrigation treatment (T6) as compared to perforated pipe irrigation treatments (T3, T4 and T5). Similarly, water xliii application time saving under drip irrigation treatment (T7) was 54.28%, 55.73% and 57.05% as compared to perforated pipe irrigation treatments (T3, T4 and T5). All the treatments under perforated and drip irrigation systems had better water application time saving values during 2nd year maize cropping than those under 1st year maize cropping. The drip irrigation treatments (T6, T7) for wheat sowing had significantly better water application time saving values (44.82%, 37.42%), perforated pipe irrigation treatments (T3, T4 and T5) had intermediate values of water application time saving (27.73%, 23.33% and 17.72%) as compared to T1-flat sowing by rabi drill (canvas pipe/flood irrigation). Similarly, drip irrigation treatments (T6, T7) had significantly highest water application time saving values (40.81%, 32.87%), perforated treatments (T3, T4 and T5) had intermediate values of water application time saving (22.47%, 17.75% and 11.74%) as compared to T2-bed furrow planting (canvas pipe/flood irrigation). Application time saving was 23.65%, 28.03% and 32.94% using drip irrigation treatment (T6) as compared to perforated pipe irrigation treatments (T3, T4 and T5). Similarly, water application time saving was 13.42%, 18.38% and 23.95% using drip irrigation treatment (T7) as compared to perforated treatments (T3, T4 and T5). All the treatments under perforated and drip irrigation systems had higher water application time saving values during 2nd year wheat cropping than those under 1st year of wheat cropping. Efficient water application in the experimental field for maize and wheat crops increased irrigation efficiency. For maize production, drip irrigation treatments (T6, T7) had significantly improved irrigation efficiency values (86.0%, 86.83%), perforated treatments (T3, T4 and T5) had intermediate values (80.83%, 81.0% and 81.05%) and flood irrigation treatments had significantly lowest values (50.95%, 52.15%). All the treatments had significantly greater irrigation efficiency values during 2nd year maize cropping than those under 1st year maize cropping because of applying soil moisture sensor based irrigations. The drip irrigation treatments (T6, T7) had significantly greatest irrigation efficiency values (87.95%, 88.1%), perforated treatments (T3, T4 and T5) had intermediated values of irrigation efficiency (80.5%, 80.75% and 81.45%) and flood irrigation treatments had significantly lowest irrigation efficiency values (73.25%, 74.4%). Most of the treatments had significantly higher irrigation efficiency values during 2nd year wheat cropping than xliv those under 1st year wheat cropping. Overall treatment mean irrigation efficiency was 80.82% during 1st year and 81.0% during 2nd year. Total cost of production of 1st year maize (2016) for the drip irrigation treatments T6 and T7 was found higher than the perforated pipe irrigation system and flood irrigation system with a margin of PKR 68451 and PKR 68292, respectively. The drip irrigation produced a benefit cost ratio of 3.28 for T6 and 3.20 for T7 treatments. The benefit cost ratio of perforated pipe treatments T3, T4 and T5 were 3.43, 3.41 and 3.26, respectively. Similarly, the benefit cost ratio for flood irrigation treatments T1 and T2 were 2.68 and 2.77, respectively. Total cost of production of 2nd year maize (2017) for the drip irrigation treatments T6 and T7 was found higher than the perforated pipe irrigation system and flood irrigation system with a margin of PKR 74443 and PKR 74281, respectively. The drip irrigation produced a benefit cost ratio of 3.14 for T6 and 3.06 for T7 treatments. The benefit cost ratio for perforated pipe irrigation was 3.33, 3.25 and 3.11 for T3, T4 and T5 treatments, respectively. Similarly, the benefit cost ratio for flood irrigation was 2.58 and 2.68 for T1 and T2, respectively. Total cost of production of 1st year wheat (2016-17) for the drip irrigation treatments T6 and T7 was found higher than the perforated pipe irrigation system and flood irrigation system with a margin of PKR 70726 and PKR 71214, respectively. The drip irrigation produced a benefit cost ratio of 2.81 for T6 and 2.77 for T7 treatments. The benefit cost ratio for perforated pipe was 2.94, 2.87 and 2.81 for T3, T4 and T5 treatments, respectively. Similarly the benefit cost ratio for flood irrigation was 2.51 and 2.61 for T1 and T2 treatments, respectively. Total cost of production of 2nd year wheat (2017-18) for the drip irrigation treatments T6 and T7 was higher than the perforated pipe irrigation system and flood irrigation system with a margin of PKR 64279 and PKR 64708, respectively. The drip irrigation produced a benefit cost ratio of 3.26 for T6 and 3.21 for T7 treatments. The benefit cost ratio for perforated pipe was 3.25, 3.18 and 3.12 for T3, T4 and for T5 treatments, respectively. Similarly, the benefit cost ratio for flood irrigation was 2.81 and 2.92 for T1 and T2 treatments, respectively. The benefit-cost analysis for drip and perforated pipe irrigation systems showed that the perforated pipe irrigation could be a feasible irrigation method for small scale farmers and drip irrigation system for large farmers. However, keeping in view the benefits of drip irrigation regarding high water use efficiency and yield, it is recommended that it should also be promoted for small farmers by providing proper training for profitable farming." xml:lang="en_US