Presently, the Takaful industry has boosted considerably as a viable Islamic alternative to conventional insurance. Though the worldwide Takaful industry has registered healthy growth, the progress of related regulatory and supervisory frameworks has not kept pace and varies significantly between main Takaful markets. In several main states, the Takaful market is becoming increasingly over-crowded with a number of local and foreign firms competing for a small pool of risks …

  A $2 trillion plus industry, Islamic finance is said to have progressed in leaps and bounds – a staggering average growth of 17.6% during 2009-13 and a further growth forecast at an augmented rate of 19.7% through 2018. While 80% of the finance remains deployed in non-interest-based, conventional banking transactions carried out through Islamic banks or Islamic windows of traditional banking units, 15% is taken up by Islamic bond …

  A truly Shariah-compliant product is a must for the Islamic banking model to be sustainable While the Islamic Banking industry in Pakistan has been growing at a fast pace ever since its re-launch in 2002, the government is making all out efforts to develop an alternate system for all segments of the banking industry. Official sources claimed that a plan of Islamic products for National Saving Scheme (NSS) is …

  Presently, the Government of Pakistan has proclaimed an ambitious yearly plan for alleviating poverty and producing more career opportunities, involving levels that may have a far touching impact on the lives of citizens. REGIONAL& GLOBAL POVERTY DESCRIPTION NUMBER OF POOR (MILLIONS) POVERTY RATE (% POPULATION) 2005 2010 2015 2005 2010 2015 East Asia 304.5 140.4 53.4 16.8 7.4 2.7 Europe and Central Asia 16.0 8.4 4.3 3.4 1.8 0.9 …

  It is mandatory, to survive under capitalistic system, to record economic growth every year. This growth is predominantly expressed by a single macro indicator – GDP. The prevailing prices of the factors of production and market prices of goods and services consumed during the year form the basis of GDP calculation. Controlled increase in prices on a sustained basis is the key to the survival off the system. Situations …

  Punjab government set to launch different schemes to provide conditional / unconditional cash subsidy to destitute and poor people While fasting is the hallmark of the holy month of Ramazan, the month long Muslim observance that begins with first Ramazan is also grounded in a heightened awareness of charity. Ramazan is a month of blessings and people become more spiritually aware in this holy month and are more likely …

  Chhipa Welfare Association is purely a non-profit, non-government organization registered with Government of Pakistan and Government of Sindh, which under the guidance of Dr Muhammad Ramzan Chhipa (Sitara-e Imtiaz), is having a mission and motto called “loved human, respect humanity”. It is providing comfort and mental solace to the poor, worried and wretched persons through all possible means. The Association used to provide help and succor to the suffering …

  Abdul Sattar Edhi established his first welfare centre and then the Edhi Trust with a mere Rs5,000. What started as a one-man show operating from a single room in Karachi is now a reputable Edhi Foundation, the largest welfare organization in Pakistan. Edhi is like Mother Teresa who devoted her life to the poor of Kolkata while he (Abdul Sattar Edhi) leads the way of helping the Karachiites and …

  Muslims give more money to charity than people of other religions. More than three in 10 Muslims, Catholics and Jews donated money during 2012, ICM Research found. Followers of Islam gave an average of $567 compared to Jewish givers who donated around $412; according to the survey of just over 4,000 people in the UK Christians gave considerably less. Protestants donated an average of $308, while Roman Catholics gave …

  The Chicago-School Economists’ guru Milton Friedman and his disciples started to storm the White House in Reagan era. They brought with them the recipe to counter stagflation – a situation when the US economy remained stagnant in spite of rising prices. The recipe for the government was: increase money stock, cut interest rate, and make credit as easy and abundant as possible. For American people the message was: go …