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اسمِ اعظم کے وہ اسرار کو پالیتے ہیں

اسمِ اعظم کے وہ اسرار کو پا لیتے ہیں
’’عشقِ سرکاؐر جو سینے میں بسا لیتے ہیں‘‘

نعمتِ عُظمیٰ کا فیضان انہیں ملتا ہے
جو درِ قدس پہ دامن کو بچھا لیتے ہیں

اُن کو آتے ہیں نظر نورِ ہدیٰ کے جلوے
خاک طیبہ کی جو آنکھوں میں لگا لیتے ہیں

ہر صحابیؓ کا یہ مسلک ہے کہ رودادِ الم
جنؐ کی سُنتا ہے خدا اُنؐ کو سُنا لیتے ہیں

روزنِ چشمِ تصوّر سے اُنہیںؐ دیکھتے ہیں
دوریوں میں یوں حضوری کا مزا لیتے ہیں

شوقِ طیبہ کا شجر سوکھنے کب دیتے ہیں
اشکِ ہجراں کا اِسے پانی لگا لیتے ہیں

اُن کی سانسوں میں بسی خلدِ بریں کی خوشبو
شہرِ طیبہ کی جو عرفانؔ ہوا لیتے ہیں

The Holy Prophet (Saw) as an Embodiment of Peace: An Analysis of Extracts From the Text of Al-Quran and Sunnah

In view of the geo-politics of the twenty first century where despite the concerted efforts of the international community to maintain peace on the globe, the still is confronted with the wars and its worst consequences. One of the reasons for such unhappy developments is that religion is most of the time considered as war-mongering. This may be somewhat true in case of certain cases; however, the case of Islam is totally different. The very word Islam stands for peace. It was revealed on Prophet Muhammad (SAW) who remained an icon of peace and mercy for the whole Mankind. This paper was an attempt to highlight some of the guiding injunctions of Islam together with the peace-related overtures of the Last Prophet of Allah. The problem under study was to explore, “The Holy Prophet (SAW) as an embodiment of Peace—an analysis of extracts from the text of The Holy Quran and Sunnah”. The objectives were: 1, to highlight some of the commandments of Islam regarding peace; and 2, to pinpoint some of the peace-promoting instances from the life of the Holy Prophet (SAW). The methodology adopted was to highlight some of the peace-promoting text of the Holy Quran coupled with instances from the life of the Holy Prophet (SAW). It was found that Islam stands as religion for peace. The last messenger of Allah was a complete embodiment of peace in His disposition and practice. Hence the very text of the Holy Quran as ell as the life of Prophet Muhammad (SAW) provide some very cherished ideals and norms for the establishment of a peaceful global community.

Tracking the Dynamics of Interaction Between Fiscaland Monetary Policy in Pakistan

Politicians, policy makers and economic managers want to spur economic growth, bring economic stability and to create jobs. Economic growth is not only affected by macroeconomic policies but it is also prone to various types of shocks. Appropriate and timely policy response can at least minimize, if not completely escaped, the distortions and loses associated with shocks. Optimization of economic growth and its sustainability demands the execution of good macroeconomic policies in general and fiscal and monetary policy in particular. Some time fiscal policy seems to be more effective while the environment is more favorable for monetary policy in other times. We also know that both fiscal and monetary policy have different objective with different policy instruments. The macroeconomic situation of Pakistan’s is very depressing and the situation demands stark assessment of its macroeconomic policies particularly fiscal and monetary policy. The objective of this thesis is to investigate the interaction between fiscal and monetary policy using small scale open economy dynamic stochastic general equilibrium model. This thesis explores the responsiveness of monetary policy to fiscal policy vis-à-vis explore the fiscal implications of monetary policy. As we assume a small scale open economy, we also explore the responses of fiscal and monetary policy interaction to technology and foreign output shocks. We also countercheck few results using the techniques of autoregressive distributive lag model. Our findings reveal the existence of interaction between fiscal and monetary policy in Pakistan. The response of interest rate to fiscal policy, particularly to tax shock is positive. Fiscal and monetary policy behaves as a strategic complements. This is not a good sign for a crippling economy like Pakistan’s as two important macroeconomic policies are contractionary simultaneously. Similarly when it comes to spending component, interest rate negatively responds when government increases spending. Both fiscal and monetary authority adopts expansionary policies simultaneously. We also find that higher interest rate discourage government borrowing. Inflation responds negatively to interest rate in DSGE set up while the phenomenon of price puzzle exists in ARDL schemes of things. The response of inflation is positive to both higher taxes and government spending. Government spending reduces in response to a monetary policy shock. Tax revenue also reduces when interest rate shock occurs in the economy. Inflation also raises the revenue from taxes but is very short lived.
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