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دولت و مال و زر کا کیا کرنا

دولت و مال و زر کا کیا کرنا
ہم فقیروں نے گھر کا کیا کرنا

عمر کی قید جس پرندے کو
اُس نے پھر بال و پر کا کیا کرنا

ہم کو تم بے خبر ہی رہنے دو
ہم نے پا کر خبر کا کیا کرنا

جب مرض لا دوا ہی ہو جائے
پھر کسی چارہ گر کا کیا کرنا

جو درِ یار پہ نہ جھکتے ہوں
اُس جبیں اور سر کا کیا کرنا

جس سے تائبؔ نہ فیض حاصل ہو
ایسی چوکھٹ کا، در کا، کیا کرنا

صرف میں غیروں کی پیروی کے نقصانات اور عمر فاروق رضی اللہ عنہ کی تعلیمات کی روشنی میں تدارک کے جہات

Islam is a religion of Nature that covers all aspects of life and guides human being to right path amid ups and downs in one’s life. But Human intellect and comprehension have limited capacities which can understand conditions or benefits of any situation or commodity for the time being. On the other hand, teachings of the Qurʻan and Sunnah are framed in accordance with the nature of human being and since Allah Almighty is the Creator of the entire Universe including the Nature so Allah had commanded to lead life in light of the His divinely inspired principles to get real success. Concept of Halal and Haram plays central role in evolving or driving attitude of a consumer with Islamic ideology. In the prevalent worldly economic system which mainly focuses on means as to how quickly satisfy desires and demands of a consumer irrespective of concept of Halal and Haram. In this context, if a consumer finds more satisfaction in having one glass of wine than milk, the consumer in question would opt for wine and would consider him or herself as successful after having his desires met within his available resources. Moreover, this particular attitude of the same consumer would be called rational act and logical because he or she gets more satisfaction, he or she was struggling or longing for. While Islam focuses on real welfare and success of an Islamic principles-inspired consumer. The consumer with Islamic belief would prefer to get real success here and hereafter by following teachings of Islam which provide for carrying out commandments of Allah

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.
Asian Research Index Whatsapp Chanel
Asian Research Index Whatsapp Chanel

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