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ذکر میرا وہ کریں منظور کیوں

ذکر میرا وہ کریں منظور کیوں
جانے وہ الفت سے ہیں معذور کیوں

پوچھتی ہے تم سے یہ میری وفا
جان کر مجھ سے ہوئے رنجور کیوں

آن بیٹھے وہ نظر کے سامنے
قبلہ و کعبہ ہو اب منظور کیوں

ہیں میسر ان کی مست آنکھیں جنھیں
وہ اٹھائیں بادہ و انگور کیوں

تم فضاؔ جب ہو مری محبوب تو
پھر میں دیکھوں حسن کیا اور حور کیوں

عناية المحدِّثين بالجامع الصَّحيح للبخاري في شبه القارة الهنديَّة

This study deals with a historical overview of the entry of Islam to the Indian subcontinent and the contribution of the companions, successor, and their followers in spreading the Prophetic Sunnah in it. Moreover, It contains a brief historical overview of the emergence of hadīth science، its weakness, renaissance, development, and flourishing, and a study of the attention of Muhaddithūn to the Sahih al-Bukhārī by writing its Shuruh, Taliqāt، Hawāshī, and Tarājim in the Indian subcontinent. It has been proven from the study of the history of hadīth science that after the entry of the Ghaznavids and the Ghurids to this region, the science of hadīth weakened due to the interest of the locals in rational sciences until Sultān Ala’ud-Dīn al-Khiljī (d. 716/1316) period. The scholars began to pay attention to the compilations of hadīth in general and Sahih al-Bukhārī in particular, and the first Sharh of Sahih al-Bukhārī appeared by Sheikh al-Hassan b. Muhammad al-Saghānī al-Lāhourī (d. 1252/650). It was revealed from a historical study of Sahih al-Bukhārī’s related studies in the Indian subcontinent that all were written in three stages. The first stage was the era of the renaissance of hadīth science and the emergence of Sahih al-Bukhari’s Shuruh and Hawāshī in the Arabic language. The second stage was the era of the development of hadīth sciences and the emergence of Sahih al-Bukhari’s Shuruh and Tarājim in the Arabic and Persian languages. Besides, the study proved that it was the era of translation and authorship in the Persian language, which was one of the most widespread languages، understanding, and delivered in the scientific community of the Indian subcontinent. As for the third stage, it is the flourishing of hadīth science and the emergence of a diversity of books about the Sahih al-Bukhārī in Arabic, Urdu, and Pashto. It was discovered from the study that the Urdu language took the place of Persian in the dissemination of legal sciences and the authorship of Sahih al-Bukhārī.

Monetary Policy Transmission Mechanism: Exploring the Role of Islamic Versus Conventional Banks

The transmission of monetary policy has recently received increased attention, especially with respect to the efficiency of banks’ credit channel. Yet, we know less about the relative role of Islamic banking in monetary policy transmission mechanism. This study therefore empirically examines the impact of monetary policy on the credit supply of Islamic versus conventional banks using an unbalanced panel dataset over the period 2005-2016 for Pakistan and Malaysia. To mitigate the problem of endogeneity, the robust two-step system-Generalize Method of Moments (GMM) estimator is applied. While estimating the effects of three alternative measures of monetary policy on banks’ credit supply, several bank-specific variables are included in the specification as control variables. By estimating the baseline models for each country, we provide strong evidence on the existence of credit cannel of monetary policy in Pakistan and Malaysia. The results from the extended model indicate that Islamic banks respond less to monetary policy as compared to their conventional counterparts.Further, the baseline models are extended on basis of size and liquidity to investigate the credit channel of monetary policy transmission mechanism. We have examined that the monetary policy indicators affected the small-sized banks more as compared to the large-sized banks in Pakistan and Malaysia. The same empirical evidence is found consistent in examining the interacted dummies of the small-sized Islamic banks versus the large-sized Islamic banks and the small-sized conventional banks versus the large-sized conventional banks. Furthermore, we have examined that the credit supply of the less-liquid banks is more respondent to monetary policy measure as compared to the more-liquid banks in Pakistan and Malaysia. The same empirical evidence is found consistent in examining the interacted dummies of the less-liquid Islamic banks versus the more-liquid Islamic banks and the less-liquid conventional banks versus the more-liquid conventional banks. At last, we have compared the effectiveness of credit channel between Pakistan and Malaysia. We analysed the coefficient values ofinteracted terms with monetary policy measure of all estimated models and found that credit channel through all types of banks is more respondent in Malaysian market as compared to that of Pakistan. x The relatively less response of Islamic banks to monetary policy may make it difficult for the central bank to achieve the desired objectives of the monetary policy. Our findings suggest that for an effective monetary policy, there is a vital need to consider the nature of Islamic banking while devising the monetary policy instruments to manage credit supply in the economy. Further, the results imply that the central banks; SBP and BNM need to revisit the monetary policy transmission through credit channel for Islamic banks, especially in economies with a dual (Islamic and conventional) banking system. Otherwise, there will appear monetary policy puzzles nullifying the objectives of policy. Similarly, the unique contractual and motivational features of Islamic financial institutions (IFIs) provide a justification to devise a set of Islamic financial instruments to absorb and inject the money through open market operations and other instruments in same industry. We are afraid that lack of adequate monetary instruments will lead to high intermediation cost and persistent inflationary pressures. Similarly, this study has drawn the intention of future researchers to know about theoretical background of Islamic versus conventional baking models and contractual obligations in legal matrix. Overall, Pakistan needs to get benefit from successful experience of Malaysia, especially in developing Islamic financial market and improving institutions quality that will make it able to transmit the monetary policy through credit channel efficiently.
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