International Journal of Economics, Management and Accounting
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Islamic Microfinance – an Inclusive Approach with Special Reference to Poverty Eradication in Pakistan
No full textThe paper attempts to highlight some issues of conventional microfinance leading to irrational results and suggests alternative mechanism of Islamic microfinance to alleviate poverty in more effective manner. The results of the research are based on extensive review of literature comparing both the systems and finding reasonable ground for Islamic microfinance to be more inclusive and viable. Owing to time constraint, data set of Pakistan Poverty Alleviation Fund was used to assess impact of conventional microfinance which suggested that change in poverty status of the poorest was not significant, rather the affluent poor benefitted the most. While making a case for Islamic microfinance, the paper suggests extending its scope through product diversification, innovation and downscaling operations of Islamic banks linking microfinance institutions, particularly for fund sourcing, Sharia’ advisory, and technology transfer. The question of inclusion therefore needs to be addressed through Islamic poverty alleviation process, building assets of the target segments which could bring socio-economic change in their lives. An outline of a few Islamic products has been recommended in view of specific features of microenterprises and risk management. JEL Classification: G21, P46, P51 Keywords: Microfinance, Islamic Microfinance, Product development, Paki-sta
AN INVESTIGATION OF THE CONTRIBUTION OF RENEWABLE AND NON-RENEWABLE ENERGY CONSUMPTION TO ECONOMIC GROWTH IN OIC COUNTRIES
Get PDFModeling the relationship between energy consumption and economic growth in developing economies has been a very active area of research. In recent years, renewable energy resources have increased their shares inelectricity generation in the majority of countries due to environmental andsecurity of supply concerns. This study considers the simultaneous use ofrenewable and non-renewable energy consumption to investigate the longrun relationship between two types of energy consumption and economic growth. It makes a comparison between renewable and non-renewable energy sources in order to determine which type of energy consumption is more important for economic growth processes in OIC countries within a multivariate panel data framework over the period 1990-2010. In addition to renewable and non-renewable energy consumption measures, the model includes the measures of the real gross capital formation and the labor force. The results of the unit root test indicate that all series are non-stationary in level and integrated of order one. Afterwards, the panel co-integration test results indicate that there are the co-integrating relationships between real GDP, renewable energy consumption, non-renewable energy consumption, real gross fixed capital formation, and the labor force. The results of the Dynamic OLS (DOLS) estimator indicate that renewable and nonrenewable energy consumption have a positive and significant effect on GDP but the impact of non-renewable energy is more than renewable energy. Also, the impact of real gross fixed capital and the labor force on economic growth is positive and statistically significant
Welfare Implication of Interest-free Bank Asset Management
No full textWelfare Implication of Interest-free Bank Asset Managemen
Potential Effects of Zakat on Government Budget
No full textPotential Effects of Zakat on Government Budge
Patterns and Variations in State Manufacturing Productivity
No full textPatterns and Variations in State Manufacturing Productivit
Bayesian Estimation of a Simple Simultaneous Equation Model Using Gibbs Sampling
No full textBayesian Estimation of a Simple Simultaneous Equation Model Using Gibbs Samplin
Macroeconomic Instability, Financial Repression and Islamic Banking in Sudan
No full textMacroeconomic Instability, Financial Repression and Islamic Banking in Suda
MONEY, INTEREST AND AN ALTERNATIVE MACROECONOMIC SYSTEM
Get PDFThis paper discusses the peculiar nature of money, and how the introduction of interest-based financing disturbs the essential function of money and causes economic instability. An alternative system based on profit-sharing is proposed. It is shown that the profit-sharing system may lead to a higher level of investment and consumption and thus provide for greater economic stability. The alternative banking system can extend zero-interest consumer loans that would lead to higher consumption levels and lower general price levels. A central bank shall auction money supply on the basis of profit-sharing with competing banks. The sovereign profit share replaces the discount rate in regulating money supply. Some alternative forms of "rediscounting" and open market operations are suggested. The nature and role of money is one of the most controversial subjects debated by economists. There is almost a unanimous agreement among economists about the monetary sources of economic instability, yet the differences of opinion are basically about the line of causality of such instability. For monetarists, the problem lies with the abrupt changes in the quantity of money, while for the Keynesians, it lies with instability of the money demand function itself. The purpose of this paper is to review the sources of instability and propose an alternative financial system to resolve it. The first section is "On Money and Interest," the second is about "The Modern Financial System and How it Relates to the Real sector," the third is about "The Alternative System" and the fourth is the Conclusion.JEL classification: E40, E50, Z12Key words: Money, Instability, Islamic economic
THE TRANSMISSION MECHANISM OF MONETARY POLICY IN MALAYSIA: THROUGH BANK LOANS OR DEPOSITS?
Get PDFWe investigate the link between banking activities and macroeconomic performance in Malaysia with respect to the money and credit channel by studying the causal influence of banks’ assets and liabilities. The Granger causality analyses that we performed support the importance of the credit channel within the Malaysian economy. Significant causations are traced running from changes in loans issued by banks to economic variables. Limited evidence is found for the deposits. Parallel to the working of the credit channel, a one-way causation pattern from deposits to loans is identified. Thus, the Central Bank’s policies with respect to the availability of reservable deposits are transmitted to the economy via bank lending activities, supporting the credit channel explanations.JEL classification: E5Key words: Transmission mechanism, Banking, Monetary polic