Zakah on stocks: some unsettled issues

Issues relating to zakah on equity shares are far from being settled if one considers the available fatawa and observed practices in many Muslim countries. The most basic questions pertain to the correct method of valuation of equity shares for the purpose of estimation of zakah liability. This paper reviews alternative methods of valuation and argues in favour of marketbased valuation. It also raises serious questions on the permissibility of exemption of fixed assets from zakah liability in the accounting based framework, notwithstanding its actual use in some Muslim countries. A market-based valuation framework is rooted in the notion of market efficiency, which dominates modern finance theories for over a century. The paper seeks to push forward the concept of "average price" as the basis of valuation as also of estimating zakah liability. It argues that the concept not only follows logically from the efficient market theory, but also is backed by sound Shari'ah evidence

"Nara" knot for suturing of cleft lip in children to make removal easy

Cleft patients usually go through a lifetime of repeated hospital admissions and multiple procedures. Suture removal at a tender age and on a sensitive area like the lip becomes a challenge for the nursing staff. It is also emotionally demanding on the part of the parents. Hence, in most centres these patients are at least sedated if not anaesthetised. We have been using a simple knot and running prolene material so that undoing of the knot becomes easy and suture removal more or less atraumatic. We would like to share our experience with readers through this article. An analysis of 53 cleft lip repairs has shown that this knot is safe and easily removable

Non-genetic factors in the craniofacial region contribute to the incidence of non-syndromic CLEFS

In addition to genetic and environmental influences, clefts have a complex origin. Many research has studies tried out to determine the genetic basis of the aetiology of clefts and the effect of maternal folic acid intake on the incidence of clefts in children and adults. In addition to genetics, there has been little research done on the environmental factors that contribute to clefts. Non-genetic variables related to the development of nonsyndromic clefts are the subject of the current investigation. Mother's folic acid intake during pregnancy, family history, parental age, socioeconomic position (including alcoholism and smoking), and parent's occupational exposure are among the variables examined in the research. 200 participants from the South Indian population were included in the study, 100 of whom had nonsyndromic clefts and 200 who were healthy controls. In a detailed questionnaire administered via direct interview, the information was gathered, and the information was analyzed using GraphPad Prism 9. The odds ratio (OR) for the independent variables was calculated using a logistic regression model, and the significance of the results was determined using a Chi-square test.The study group included 6 craniofacial clefts, 5 facial clefts and 64 cases of cleft lip and palate. Clefts occurred at a rate of 12 per cent in the craniofacial region and 26percent in the lip region. The case group (24.6%) had a lower maternal age than the control group (12%), with a p-value of 0.001. Paternal ages more significant than 40 years were detected in 8.0 per cent of cases and 0.5% of controls. However, parental medicine and smoking were shown to be insignificant in terms of pesticide exposure, whereas parental occupational exposure in terms of pesticide exposure was found to be significant.There should be no doubt about the importance of maternal folic acid and multivitamin consumption throughout the periconceptional stage for the prevention of mouth clefts. Clefts are more likely to occur in families where there is a history of clefts, and the risk is higher when clefts are present in the parents or siblings. Furthermore, maternal age greater than 35 years is revealed to be more significant than paternal age. The presence of consanguinity was associated with a fourfold increase in clefts. Apart from the family's financial position, the maternal diet is an important component since it is directly tied to folic acid and vitamin supplements

Integration of waqf and islamic microfinance for poverty reduction: case of Pakistan

Pakistan has been facing a high incidence of poverty. Despite its persistent efforts to make a dent on poverty, the country never witnessed a systematic reduction in the same. The country has been spending a significant amount on safety nets and social protection programs. Some programs provide direct cash grants and other forms of indirect support to the poor, while microfinance programs provide microcredit, micro savings and micro insurance to the beneficiaries. The government extends full support to the microfinance industry and seeks to provide an enabling environment for its successful operation. As a result, the microfinance industry in Pakistan has been flourishing and steadily enhancing its outreach. However, despite all the efforts, it currently covers just about 10 percent of the market in 2013. In Pakistan, initiatives for Islamic microfinance have been undertaken by a few NGOs and financial institutions. Almost all IMIs function below operational self- sufficiency (OSS) and financial-selfsufficiency (FSS) levels. Most of IMIs are unable to increase their outreach due to the human and financial constraints. They face a constrained supply of funds as well as human resources. This paper posits that the constraints are more apparent than real. Islamic finance must include as part of the formal financial system, its time-tested institution of waqf involving endowment of both financial and real assets for community empowerment. The IMIs should be well aware of how to create and put to use such community assets for the economic and social betterment of the community. The paper sought the opinion of beneficiaries on waqf- Islamic microfinance integrated model and discussed the same with the professionals and practitioners. The beneficiaries were not aware of the main components of the waqf-microfinance integrated model, but professionals and practitioners, invariably supported the integrated model while voicing some concerns that should be considered while formulating policies for the secto