Brunei is among the few countries vigorously pursuing interest-free banking. Looking at its status, there is no doubt that Islamic banking and finance remains a governmental project in Brunei. This paper examines the development and progress of this institution in Brunei highlighting the present experiences, future prospects, and imminent expectations. Islamic banking and finance has ushered in a new economic order in the country. Although the system is still in its primary stages of development, it has been successful. Indeed, it has good prospects due to political will and cooperation. Political will is fundamental to the fruitful implementation of a new economic order and efficient Islamization in Brunei has facilitated the establishment of sound socio-cultural and economic foundations vigorously promoting the essential values of Islam. Nonetheless, the ‗call' for economic diversification has some implications for interest-free banking institutions in the country because diversification invariably exposes an economy to international interests and more importantly, empowers the private sector. These bring forth the likelihood of promoting interest-based banking and financial practices. We, therefore, conclude that Islamic banking has been very successful in Brunei but it still remains vulnerable to non-political future challenges subject mainly to the economic fortunes and prospects of the petro-dollar.
The decision to work in the labor market commonly depends on a decision by the participants between two options: to work or not to work. However, the priorities are different. Some females prefer to involve themselves in some economic activities (paid work) at home and some market activities. This research investigates the factors that motivate males and females to engage in informal employment. The data has been used collected from a household survey. This survey is made from three divisions of Southern Punjab, where the majority of the population resides. The survey is premeditated to gather some information of the households regarding demographic, social, and economic factors. The present study investigates the factors of employment by using the logit model. Findings show that low educated, married and aged people are working in the informal sector. Formally trained workers and workers of highly educated parents are switching to the formal sector. Those having assets are working in the informal sector. Those female participants having adults are participating in the informal sector. Based on study results, it is suggested that government must provide more employment opportunities in urban areas of Southern Punjab.
This study highlights the obstacles which limit the penetration of the banking sector in the field of Islamic microfinance in Pakistan, keeping in view the practitioners' perspective as to how these obstacles can be overcome. In Pakistan, where approximately sixty percent (60%) of the population is living below the international poverty line, Islamic microfinance has the potential to play a vital role in alleviating poverty. Unfortunately, the banking sector of Pakistan is reluctant to contribute in Islamic microfinance due to some limitations from the bankers' perspective. Qualitative approach has been followed in this study in which semi-structured interviews were conducted with twenty-six participants from all over Pakistan, including five from Islamic, seven from conventional, thirteen from microfinance and one from an Islamic microfinance bank. Interviews were conducted with the board of directors, Sharīʿah board members, senior management, and microfinance heads. According to the experts, the mindset of bankers, lack of collateral, weak role of the State Bank of Pakistan (SBP) and the government of Pakistan in setting targets, limited availability of sector targeted products, lack of customer awareness, lack of initial capital, time consumption and documentation problems are among the issues faced by the banking sector. These experts emphasized the crucial role of the SBP and government support to promote Islamic microfinancing through banks. State Bank of Pakistan (SBP) as regulator and other commercial banks, Islamic microfinance banks and their boards of
Syed Abul A'la Mawdudi was a Muslim scholar, ideological thinker, philosopher, jurist and journalist. He worked for the revival of Islam and disseminated his understanding of ‘true Islam’. This paper is categorized into two sections. The first section of this paper aims to explore the concept of Mawlana Mawdudi regarding political Islam and his role as a 20th century Islamic revivalist. The second section deals with critique of Mawlana Wahiduddin Khan on Mawlana Mawdudi’s powerful Islamic ideology. Mawlana Mawdudi viewed Islam as the religion that is all-encompassing and Islamic state as universal that should not be limited to a particular geographical region and Muslims should strive for the establishment of Islamic state through Islamic revolution. In Mawlana Khan’s ‘The Political Interpretation of Islam’, he considered Mawlana Mawdudi’s distinctly political interpretation as problematic.
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