اسلامی بینکوں میں رائج مضاربت: اصول و تطبیق، دور حاضر کے تناظر میں

Islām is said to be a complete code of conduct. It guides the humanity in every aspect of life. To earn the best living is the aim of every man, for which he earnestly spends his most precious time and energies. In the present era, the economic activities are in close correspondence with the banking system. But, it is a matter of fact that the conventional banking system was not founded on Islamic economic principles, nor does it follow them in the conduct of its affairs. The question arises, are Islām and its academic sources capable to guide us to substitute the conventional banking system. We find that Muḍārabah in an Islamic economic system is an instrument that emanates a number of substitutions to replace the conventional banking. This article discusses Muḍārabah, only. Muḍārabah is a mode of Islamic financing in which one party provides capital and second one employs its expertise to do a business. In the classical Muḍārabah, there were only two parties. One of them is called Rabb al-Māl (Financer) and second Muḍārib (Worker). It was the simplest form of the classical Muḍārabah, but with the passage of time, Muḍārabah evolved into many forms. Now, it has become more complex. The Islamic banks employ Muḍārabah. They are using modern forms of Muḍārabah in their products. People have several misconceptions about Muḍārabah for lack of knowledge about it and its the procedures. This article is an effort to explain the legitimacy of Muḍārabah and its method according to al-Sharī‘ah in the context of the modern Muḍārabah banking.

Personality, Financial Self-Efficacy and Investment Decisions: the Role of Need for Cognition and Individual Moods

Using theories from personality psychology and the theory of planned behavior, this study investigated those personality variables and psychological mechanisms through which individual investor intends to make investment decisions. The main purpose of this study was to examine the relationship between big five personality traits (Extroversion, Neuroticism, Conscientiousness, Openness to Experience and Agreeableness) and Investment decisions (Short term and long term). This study also examined the moderating effects of need for cognition, individual mood and mediating effects of financial self efficacy between the study variables. Data was collected from 506 individual investors by using a questionnaire. Investors were selected from Pakistan Stock Exchange. Mediation analysis was performed using Hayes (2013) PROCESS macro in SPSS. Results of the study supported a positive relationship between openness to experience, extraversion and short term investment decision. Similarly a positive relationship existed between neuroticism, conscientiousness and long term investment decisions. The results from bootstrapping supported the mediation hypothesis and financial self-efficacy mediated the relationship between agreeableness, openness to experience and short term investment decision. Further the results also supported the mediating effect of financial self-efficacy between neuroticism, conscientiousness and long term investment decision. To test the moderation hypotheses step-wise regression analysis techniques were used. The results confirmed the moderating effect of need for cognition for extrovert & neurotic investors on financial-self efficacy. The result of the study also supported the modrating role of mood on short term investment decisions. In conclusion this study has made an integrated attempt to examine the combined effect of personality, cognition and mood on an individual’s short and long term investment decisions. Drawing on the findings we discussed some implications for the policy makers including investment marketers, investment advisors and offered an advice to investors in addition to discussing some limitations and future directions