سیرت طیبہ پر استشراقی فکر کے اعتراضات کے اسباب و عوامل کا تاریخی و ارتقائی جائزہ

Over the course of time and with the rapid increase in human population need for mutual relations become crucial. Resultantly on behalf of this closeness, separation, anti-standpoints and comparisons also emerged. As the time passed by hatred and hypocrisy and other social vices spread on large scale. Thus human society was waiting for such liberator who may lead and work for the betterment of this society. With the dawn of Islamic civilization all such issues were not only resolved but also provided with a model for containing the difference of opinion and multiple traditions under its unique worldview. Islamic History presents itself as a model where the minorities were provided with the opportunities of participating in political, social, educational and collective affairs. Thus in a society where tyranny, injustice, un-forbearance, religious intensity, terrorism and the activities of violating the human rights were very common, were substituted by the Islamic ideal  of forbearance. It is argued here that the solution of all these issues was only in religion contrary to what is being claimed about an idea of social harmony where religion is not given its due position. Today its our dire need to develop a sense of harmony, modesty, affection and peacefulness among the masses of various religions of Pakistani society. It is further argued that for this very noble cause all the religious scholars and their followers can come forward playing their pertinent role.  

Relationship of Capital Structure and Financial Sustainability of Microfinance Banks of Pakistan

This study examines the relationship of capital structure and financial sustainability of Microfinance Banks of Pakistan by using the panel data of 9 years from 2009 to 2014. The long-term stability and survival of an institution with its own financial resources, without donations and grants, depends on several factors. The capital structure is an important determinant of the financial sustainability of institutions. Moreover, microfinance characteristics such as management inefficiency, loan intensity, portfolio at risk, size of company, breadth of outreach and deposit mobilization also have a vital effect on financial sustainability. This study also focuses on these important characteristics of MFBs as a determinant of financial sustainability. Due to the availability of limited literature of financial sustainability and capital structure of microfinance institutions particularly as in case of Pakistan, this study has been conducted as an effort to find an empirical investigation about this relationship. Pooled Ordinary least squares (OLX) method for regression is applied after using the Hausman test and Breusch and Pagan Lagrangian test. Auto correlation, Multi co-linearity and Heteroscedasticity of panel data have been also checked. The study found a significant negative relation between borrowing of assets and financial sustainability. However, deposits which are used as a short term debt in the capital structure of MFBs and leverage have no significant effect on financial sustainability. Moreover, size of company, loan intensity and breadth of outreach has a positive significant effect on financial sustainability. However, management inefficiency has negatively affected financial sustainability. Moreover, deposit mobilization and Portfolio at risk have not found any significant effect on financial sustainability.