http://hdl.handle.net/123456789/9400 2026-04-04T12:35:29Z 2026-04-04T12:35:29Z Muhammad Hilal, 01-393182-003 http://hdl.handle.net/123456789/11274 2021-11-25T11:04:56Z 2021-01-01T00:00:00Z

How Firms Finance their Investment Shariah Compliant vs Shariah non-Compliant Firms Muhammad Hilal, 01-393182-003 This study examines different sources of capital utilized by the investors according to their respective scenario. It helps the investors, managers and other stakeholders affirms to make accurate decision regarding their combination of different sources of capital. The firms chosen for the study are Shariah Compliant (SC) and Shariah Non-Complaint (SNC) pertains to Pakistan for the periodfi'om 2009to 2019 except financial institutions. In the starting year, number of firms pertains to Non-Compliant were more than Compliant firms. Later they were given almost equal contribution by the investors as they were shifting to Shariah Compliant firms or either new investors started their businesses on the principles of Shariah Compliant. There are two panels in this research study, Panel A represents Shariah Compliant Firms and Panel B represents Shariah noncompliant firms . Both the panels of firms have almost equal percentage of Market Capitalization i.e. 50% each. These firms have been further divided into 12 industries in order to know that which industry has more investments either by SC or SNC principles. Here we have seen that overall investors are investing more in these three induslly i.e. Consumer non-Durable, }.foney and Manufacturing as compared to other nine industries. Results of the study are generated by applying Seemingly unrelated Regression (SUR) Model and Quantile Regression (QR) Model. SUR Model is being applied by 3 Equation Model where Short Term Debts and Long Term Debts are treated as single source of capital i.e. Total Debts whereas in 4 Equation Model Short Term Debts and Long Term Debts are treated as separate sources of capital. For Shariah Compliant Firms, the results of both SUR 4 Equation Model and 3 Equation Model shows that only for Cashflow investment, Pecking Order Theory (POT) concept has been seen where first priority was given to Cash for fit/filling the investment whereas for the rest three investments POT concept was not utilized as external financing was availed by Investors for investments. For Shariah non-Compliant Firms, the results of SUR 4 Equation Model shows that for Cashflow and Dividends investment, Pecking Order Theory concept has been seen where first priority was given to Cash for fulfilling the investment whereas for the rest two investments POT concept was not utilized as external financing was availed for investments. Similarly the results of SUR 3 Equation Model shows that for all four investment, POT concept was not utilized as external financing was availed for investments. By applying QR Model for Shariah Compliant firms, the results shows that throughout Equity remains the lop source foam start to end whereas for Shariah noncompliant firms, the results shows that equity issuance is one of the important source of capital ji·om third group to end because at first 11-vo groups ST Debt was utilized as first priority by the investors. This shows that POT concept was not utilized as external financing was availed for investments. All the results of SUR Models & QR Model pertains to Shariah Compliant and Shariah non-Compliant firms shows that all the sources of capital are being utilized for the investments by Investors Supervised by Dr. Abdul Qayyum

2021-01-01T00:00:00Z Faizan Farooq, 01-393191-003 http://hdl.handle.net/123456789/11943 2022-02-17T10:38:46Z 2021-01-01T00:00:00Z

Determinants of Stock Market Participation under Islamic Perspective Faizan Farooq, 01-393191-003 It is considered that the concept of stock market was first introduced in France in the thirteenth century. The Islamic concept of mudrabahl, which in some way resembles with the modern stock market concept, on the other hand, can be dated back to the age of Prophet Muhammad (PBUH) in the sixth century (Al-Barware, 2002; cited by Osmani& Abdullah, 2009). Researchers also traced the origin of stocks to medieval Muslim traders (Robertson, 1933). Though Muslims are considered as the pioneer of profit and loss sharing investments in businesses through contractual agreements, which predate the concept of stock markets, the current form of stock market restricts the devout among them from seeking economic bounties from it due to unsatisfying several provisions from the Islamic law or shariah. As a consequence, in spite of religious encouragement for Muslims to seek economic opportunities, they cannot engage wholeheartedly in the trading of conventional stock markets.2 Moreover, stock markets that follow the Islamic principles are still in early stages of development, as observed by Naughton Tahir (1988). Tag El-Din (2002) further mentioned that most of the stock exchanges in Muslim countries are basically western-style markets which tolerate many practices that do not comply with Islamic principles. Hearn et al. (201 0) mentioned that due to limited focus on the Islamic finance, there are limited literatures available on the roles and principles of Islamic ally compliant stock markets. Moreover, only a handful of stock markets across the globe -- such as Khartoum Stock Exchange (KSE) in Sudan, Kuala Lumpur Stock Exchange (KLSE) in Malaysia and Tehran Stock Exchange (TSE) in Iran, for example -- accommodate for the Islamic Laws of trading in the stock market. Supervised by Dr.Samreen Fahim Babar

2021-01-01T00:00:00Z Ali Hussnain, 01-393191-002 http://hdl.handle.net/123456789/11270 2021-11-25T10:38:48Z 2020-01-01T00:00:00Z

Prudential Disclosure Regime in Islamic Banking: An Empirical Study from Pakistan Ali Hussnain, 01-393191-002 This research comprehensively review the level of selected risk disclosures practices of Islamic banking Institutions in Pakistan and empirically if there is any relationship between disclosure, risk and performance according to the standard-4 of the IFSB to promote transparency and market disciple for Islamic banks. This study’s nature is the quantitative. This research covers all the Islamic Banks which are operating under the jurisdiction of State Bank of Pakistan. The methodology which will be used in this research is to be based on the disclosure index, descriptive statistics, correlation analysis, Multicollinearity by Variance Inflation factor, unit root analysis and panel data regression analysis. Overall Disclosure level of the Islamic banks in Pakistan is very satisfactory as per the IFSB-4 in mitigating the risk. The average score obtained by the Islamic banks are 50 percent to the 68 percent. The Islamic banks are most efficient in managing and disclosing the Shariah Governance, General Governance, and Credit Risk. The average score obtained by the Meezan Bank is 68.96 percent, Alabaraka Bank 50.52 percent, Bank Islami 53.86 percent, MCB Islamic 57.18 percent and the Dubai Islamic Bank is 52.10 as per the Standard IFSB-4. There is a significant relationship between the Risk, Disclosure and Profitability. Findings show that Islamic banks of Pakistan are less disclosing the items included in the rate of return and contract specific risk disclosure. General disclosure level items are also less disclosed by the Islamic banks like restricted and unrestricted investment account holder funds. There is also gap in disclosing the assets pledged by the Islamic banks and third-party guarantee. These items did not disclose the Islamic banks. In shariah governance Islamic banks do not disclose the zakat related items as well as the number of violations by the Islamic bank in amounts and numbers. This research also has a great importance to the bankers, consumers, general public (customers), managers and policy makers in decision making to encourage market discipline for IBs as well as the transparency for Islamic banking industry functioning in Pakistan. This study also recommends that State Bank of Pakistan should fully implement the IFSB-22 for Islamic banks because for the IFSB-22 it is prerequisite condition that regulator implement the IFSB-4. This study has implications for the regulatory authority (State Bank of Pakistan) which recommends the regulator that financial reporting regulations can affect the harmonization of the Islamic banks Supervised by Dr. Samreen Fahim Babar

2020-01-01T00:00:00Z Muhammad Ishtiaq, 01-393191-005 http://hdl.handle.net/123456789/11269 2021-11-25T10:32:13Z 2020-01-01T00:00:00Z

The Factors Affecting Consumer Attitude and Purchase Intentions toward Islamic Mortgage Finance in Pakistan Muhammad Ishtiaq, 01-393191-005 From the very beginning in Islamic history, Muslims have been able to introduce an interest-free system that helps the producers to mobilize their resources to meet the needs of the consumers. Muslims scholars have expressed concern about interest-based activities and called for the development of alternative systems to relieve interest-based activities so that Muslims must act in accordance with their teachings in Islam. In this manner, the growing needs of Muslims traders, economist and banks have forced Muslims to develop an alternative system to meet the needs of these people. Therefore, this study has focused on determining the factors which affect the consumer attitude and purchase intention towards Islamic mortgage finance in Pakistan In this context, the researcher has also set three important inclusion criteria for the study population; first, respondents are the current clients of sharia’a complaint banks. Second, respondents have intent to buy houses in the future. Third, respondents are in the age of 25 years old and above to specify that they are legally able to enter into a contract with banks for mortgages. Total 450 questionnaires are circulated, in which only 300 managed to be gathered from the respondents. 49 questionnaires were incomplete, leaving 251 usable questionnaires for purpose of examination. The sample size of this study has been kept to 251. The analysis has been carried out by correlation matrix, regression analysis, CFA, path assessment and model for goodness. The results determined that there is a significant influence of consumer attitude towards the purchase intention while mediation was also found. Moreover, the service quality and compatibility also had a significant influence on consumer attitude but the product choice has no impact on the consumer attitude. However, the influence of service quality and compatibility has also been found significant on purchase intention through the intervention of consumer attitude. Furthermore this study also reveals that attitude does not mediate the relationship between the product choice and service quality. Supervised by Dr. Shahab Aziz

2020-01-01T00:00:00Z