Riba Free Loan in Islamic Finance: Key to Social Development and Welfare

Worldwide Islamic financial institutions (IFIs) do not offer loan for avoiding interest/usury, confine their Shariah interpretations to a particular school of thought and offer products for rich people only. Loans are however demanded by the underdeveloped social actors in economy for welfare and development. As per Islam usury (Riba) free loan (Qard – e – Hassan or Dain) is a key to social development. Modern implicit and explicit shapes of master-servant relation among individuals and institutions are legal phenomena with diversified standards and patterns. As per Jaferia school of thought, Islam allows presetting Hadya (gift) in loans among master-servant. These options were utilized by our study for proposing a Pro-Hadya Riba Free Loan among master-servant. Such model of loaning can help stakeholders of Islamic finance improving the existing landscape from pro-commercial creed to pro - social development approach. It is further a potential replacement of fixed rate of interest/usury with Hadya. Such loan can be utilized for turning pension, gratuity, provident fund and other investment schemes Shariah based easily by taking advantage of master-servant setup. Findings and recommendations of this study contributes novel and further invites future research on its engineered model of loaning

Personality Mediated Career Development under Islamic Work Ethics in Pakistani Religious Schools

Religious schools known as Madrassas in Pakistan contribute significant human resource development (HRD) to the society enabling career development (CD) of protégés under Islamic work ethics (IWE). Yet the impact of IWE on CD and protégés’ personalities in recognized and well reputed Madrassas need elaboration. This study hypothesized that personality mediates the relationship between IWE and CD. It collected data employing stratified random sampling for 280 final year protégés in the Madrassas from Lahore, Pakistan. Data was analyzed using Pearson’s correlation, linear regression and Baron and Kenny test. Results confirmed full mediation of personality among IWE and CD and also the direct correlation of IWE as a significant determinant of CD in the selected context. While results of this study remained akin to various studies describing CD for business organizations it contributed value adding role of IWE in CD of religious human resource

Effect of Ostracism and General Education on Career Development under Mediation of Personality: A Study of Religious Schools in Pakistan

How ostracism affects personality and career development of the students in recognized religious schools (Madrassas) in Pakistan? How general education averts ostracism and improves personality and career development in Madrassas? How all these variables are associated? It was significant finding answers to these questions as yet in literature the mentioned variables are considered separate constructs whereas this study observed them interplaying in 4 recognized Madrassas. The study collected data from a simple random sample of size 280 protégés using reliable and valid instrument. Data analyses were conducted using Pearson’s correlation, regression and mediation test. Ostracism played positive role both on personality and career development while general education was lagging behind against expectation. Study recommended rational improvements, direction for future research expressing its limitations

Riba Free Loan in Islamic Finance: Key to Social Development and Welfare

Worldwide Islamic financial institutions (IFIs) do not offer loan for avoiding interest/usury, confine their Shariah interpretations to a particular school of thought and offer products for rich people only. Loans are however demanded by the underdeveloped social actors in economy for welfare and development. As per Islam usury (Riba) free loan (Qard – e – Hassan or Dain) is a key to social development. Modern implicit and explicit shapes of master-servant relation among individuals and institutions are legal phenomena with diversified standards and patterns. As per Jaferia school of thought, Islam allows presetting Hadya (gift) in loans among master-servant. These options were utilized by our study for proposing a Pro-Hadya Riba Free Loan among master-servant. Such model of loaning can help stakeholders of Islamic finance improving the existing landscape from pro-commercial creed to pro - social development approach. It is further a potential replacement of fixed rate of interest/usury with Hadya. Such loan can be utilized for turning pension, gratuity, provident fund and other investment schemes Shariah based easily by taking advantage of master-servant setup. Findings and recommendations of this study contributes novel and further invites future research on its engineered model of loaning

Personality Mediated Career Development under Islamic Work Ethics in Pakistani Religious Schools

Religious schools known as Madrassas in Pakistan contribute significant human resource development (HRD) to the society enabling career development (CD) of protégés under Islamic work ethics (IWE). Yet the impact of IWE on CD and protégés’ personalities in recognized and well reputed Madrassas need elaboration. This study hypothesized that personality mediates the relationship between IWE and CD. It collected data employing stratified random sampling for 280 final year protégés in the Madrassas from Lahore, Pakistan. Data was analyzed using Pearson’s correlation, linear regression and Baron and Kenny test. Results confirmed full mediation of personality among IWE and CD and also the direct correlation of IWE as a significant determinant of CD in the selected context. While results of this study remained akin to various studies describing CD for business organizations it contributed value adding role of IWE in CD of religious human resource

Effect of Ostracism and General Education on Career Development under Mediation of Personality: A Study of Religious Schools in Pakistan

How ostracism affects personality and career development of the students in recognized religious schools (Madrassas) in Pakistan? How general education averts ostracism and improves personality and career development in Madrassas? How all these variables are associated? It was significant finding answers to these questions as yet in literature the mentioned variables are considered separate constructs whereas this study observed them interplaying in 4 recognized Madrassas. The study collected data from a simple random sample of size 280 protégés using reliable and valid instrument. Data analyses were conducted using Pearson’s correlation, regression and mediation test. Ostracism played positive role both on personality and career development while general education was lagging behind against expectation. Study recommended rational improvements, direction for future research expressing its limitations