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مولانامفتی محمود احمد نانوتوی

مولانا مفتی محمود احمد نانوتوی
افسوس! گزشتہ مہینہ ہمارے شبستان دارالعلوم دیوبند کے دو اور روشن چراغ بجھ گئے۔ مولانا مفتی محمود احمد صاحب نانوتوی ناتوتہ کے ایک اعلیٰ اور شریف خاندان کے فردِ فرید تھے۔ تعلیم دیوبند میں پائی تھی، اولاً حضرت شیخ الہند اور پھر حضرت الاستاذ مولانا محمد انورشاہ الکشمیری سے خاص استفادہ کیااوران سے تلمذ خصوصی کاتعلق رکھتے تھے ۔علم وفن کی پختہ استعداد وزہد وورع اوراخلاق فاضلہ، یہ تینوں اوصاف بزرگان دیوبند کے امتیازی کمالات تھے۔ مفتی صاحب بھی ان کے جامع تھے ۔لیکن انھوں نے فقہ اورحدیث کواپنا خاص فن بنالیا تھااور ان میں ان کی نظر بڑی دقیق اور غامض تھی۔ایک عرصہ سے اجین میں قیام پذیر تھے۔وہاں کی مسلم اورغیرمسلم آبادی کوانھوں نے اپنے علم وفضل اور کردار سے کس درجہ عقیدت مند بنالیا تھااس کااندازہ اس سے ہوگا کہ جب ان کا جنازہ اٹھاہے تو تنگیِ وقت کے باوجود کم وبیش پندرہ ہزار آدمی اس کے جلوس میں تھے اور ان میں جن سنگھی بھی تھے ۔ دارالعلوم کی مجلس شوریٰ کے دیرینہ رکن تھے اور اس کی ہر ممکن خدمت کواپنا فرض سمجھتے تھے۔ حضرت شاہ صاحب سے عقیدت کیا ان کے نام کے عاشق تھے۔مجلس میں جب کبھی حضرت الاستاذ کاذکر چھڑ جاتا تو دوسروں کی باتیں بڑی توجہ اوردل چسپی سے سنتے اور پھر جب خود بولنا شروع کرتے توعالم ہی عجیب ہوتا جس کو سن کردل ودماغ دونوں روشن ہوجاتے تھے۔ رحمہ اﷲ رحمۃً واسعۃ۔
[فروری ۱۹۶۹ء]

الترجمة والعولمة: دراسة تحليلية

The purpose of this research paper is to identify the relationship between Globalization and Translation, and to discuss the impact of Globalization on Translation. Globalization has different meanings to different scholars but the common theme that may be derived from different definitions is to make global or worldwide in scope or application. Keeping in view the context of Translation Studies (TS) it is mentioned that Globalization means “to make source texts global or worldwide in understanding or application, where application refers to the teaching and/ learning about different cultures” This paper also indicates to various kinds of globalization. However the impact of Globalization on Translation was highlighted to make the point that globalization does not only impact on translation, but it has impact on the lives of translators and their jobs in addition to language translation services in various fields of translation including media, medical and legal field. It formulates an attempt to understand the significance of translation in a global context. The conclusion answered the question: Is globalization has positive and negative impact on translation?

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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