’’قطعہ در تحدیثِ نعمت‘‘
ایک نگاہِ خاص نبیؐ کی اور خدا کی شان
کیا بتلائوں کیسے اترا نعت کا یہ دیوان
کیا معلوم یہ محشر میں بھی میرے ہاتھ میں ہو
شاید ہو جائے یہ میری بخشش کا سامان
Islam lays great emphasis on security and the sanctity of human life. The holy Quran terms killing of an innocent person as killing of the whole humanity. It prohibits unjust killing of human being in unequivocal terms. The holy Qur’an and Sunnah terms killing of an innocent person as one of the greatest sins. An eternal torment is the destiny of a killer who takes life of a person unjustly. However, it is also a bitter fact that hardly a crime free society could be found anywhere in the world. Peace prevails only in those societies where culprits are brought to justice. This is why Islamic penal code has prescribed punishments for all kinds of crimes. It has prescribed punishment of Qisâs in case of intentional murder and Diyat (blood money in case of killing of a person by mistake, it is also due in case if remission is made by the heirs in intentional murder case). To prove the crime of murder, testimony of two reliable witnesses or confession of the killer is required before the court. However, if a corpse is found in a place where killer is unknown and witnesses are unavailable, then Islam enjoins the process of Qasâmah to safeguard rights of the heirs of the deceased. Qasâmah is a process of taking oath by fifty persons selected by the heirs of the slain. In this article the concept of Qasâmah has been elaborated. It has three parts , in the first part conditions for the validity of Qasâmah has been elaborated, while in the second part its process has been discussed with elaborate opinions of jurists regarding taking of oath, as some of them opine that the heirs of the slain have to take oath, mentioning name of the killer, while others say oath will be taken by the defendants that they didn’t kill him, Both these opinions have been discussed by producing arguments of the both sides. While in the third part the issue of Qisâs and Diyat has been discussed as according to some jurists the Qasâmah entails Qisâs while other say that it entails Diyat only; arguments of both sides have been discussed in detail.
After more than four decades of research in monetary economics, it was argued that an overall consensus had been achieved on how monetary policy should be conducted. The global financial crisis of 2008 has, not only shaken the so-called consensus on monetary policy but also made economists and policy makers realize that instability in financial markets has the potential to endanger the entire economic system. The concern towards financial stability raised the question, whether the monetary authorities should explicitly consider financial market dynamics in devising a monetary policy stance. This dissertation aims at investigating the impact of monetary policy stance on macroeconomic stability and financial market stability in Pakistan, during the years 1991 to 2010. The impact of monetary policy stance on macroeconomic stability has been investigated by estimating a monetary policy reaction function and then simulating a New Keynesian macro- economic model. In addition, to investigate that how monetary policy stance impacts financial markets stability, structural VAR model in levels has been estimated. This study concludes that in Pre 1999 era, monetary policy stance was more counter-inflationary whereas in post 1999 era, the monetary policy stance was relatively accommodative. The simulation results suggest that accommodative monetary policy lead to higher and more unpredictable inflation. The conclusion is drawn that the latter policy regime caused inflationary expectations to build up starting from the year 2005, and the inflation eventually spiraled sharply out of control to almost 20% in year 2008, before being brought down by aggressive monetary tightening by State Bank of Pakistan. In addition, this study concludes that the monetary policy significantly influenced financial market stability in Pakistan. However, the structural VAR analysis suggests that the monetary authorities in Pakistan do not consider the financial (market) stability while setting the interest rates.