SMEDA SME Policy paper 2007- A Critical Review (An analytical commentary upon SME policy proposed by SMEDA Pakistan)

SMEs and sound financing of SMEs are latest trends in Pakistani educational and banking scenario. Although, the concept got importance during Bhutto regime of 70s, but never gained much strength especially to financial sector, until SMEDA and SME bank had not emerged during last decade. Pakistan, as we know it today, is a developing country with a GDP per capita ranking, recently shifted from Low income countries to Middle income countries, contains a lot to SMEs. Furthermore, SMEs existing in Pakistan are contributing a 30% of national GDP, 25% in export earnings, & employing about 78% of non-agricultural labor force. So, it is right time to develop and implement a sound, comprehensive, and coherent policy for all SMEs working in the country. While also right time for government, to develop a practical solution to problems and difficulties of this important, but neglected sector of the past. I want to tell you when I started analyzing this policy; I worked on following main lines, to have a critical analysis for this policy paper of SMEDA, given below: 1. I made a basic research, & studied some basic theories about global emergence/background of SMEs. 2. Then, I moved to discuss the basic introduction of SMEDA policy, my analysis of Pakistani SME sector and need for this policy, in form of quick review. 3. Then I made a critical analysis of policy objectives/scope/ principles, recommendations, implementation, & monitoring mechanisms. 4. Finally, I made a final conclusion of all above mentioned working of mine with some additional informative links, as well for my report's reader. Conclusion: After analyzing this policy paper, I think that this policy paper is not sufficient towards very complex needs and changing requirements of Pakistani SMEs, especially in its implementation part. Recently, in Pakistan we heard that hundreds of businesses have been closed due to shortage of Electricity, water, Sui gas (natural gas), or due to law and order situation (like assassination of Ex-Prime Minister of Pakistan Benazir Bhutto in Rawalpindi). It is also heard that every day million of assets are being transferred to Gulf countries by existing business community, in such a scenario no SME can prevail and grow with reasonable level of certainty. Moreover, economically, this policy is viable but not focused for some excellence sectors in future, like a widely acclaimed adopted one village, one product model for microfinance and SMEs, this policy shall be focused on some specific businesses and product lines, instead of forming a mass of unplanned and less cost-effective SMEs, in today world of globalization and specialization.

International Islamic Banking

The purpose of this exploratory and to some extent descriptive analysis is to highlight the Islamic banking & finance theory, and to explain the practical disparity all over the Muslim Umma along with commonalities of Islamic banking in them. Islamic banking has been now become a value proposition which transcends cultures and will do speedily in next decades despite of cutting throat competition expected in global banking scenario. The size of Islamic Financial Industry has now reached size of US$ 250 Billion and its growing annually @ 15% per annum. Institutions like Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Islamic Finance Services Board (IFSB) have been formed. Due to these collective efforts, Islamic banking is now recognized by IMF,World Bank and Basel Committee. While, 27 Muslim countries including Bahrain, UAE, Saudi Arabia, Malaysia, Brunei and Pakistan 15 non-Muslim countries including USA, UK, Canada, Switzerland, South Africa and Australia has already adopted it, but in all these countries a lot of diversities lie over theory “ Shariah Principles” and their implementation as bank products/services. In such context our effort is expected to be fruitful for not only local but international policymakers and scholars to overcome these disparities and to really make it a value proposition which transcends cultures………

SMEDA SME Policy paper 2007- A Critical Review (An analytical commentary upon SME policy proposed by SMEDA Pakistan)

SMEs and sound financing of SMEs are latest trends in Pakistani educational and banking scenario. Although, the concept got importance during Bhutto regime of 70s, but never gained much strength especially to financial sector, until SMEDA and SME bank had not emerged during last decade. Pakistan, as we know it today, is a developing country with a GDP per capita ranking, recently shifted from Low income countries to Middle income countries, contains a lot to SMEs. Furthermore, SMEs existing in Pakistan are contributing a 30% of national GDP, 25% in export earnings, & employing about 78% of non-agricultural labor force. So, it is right time to develop and implement a sound, comprehensive, and coherent policy for all SMEs working in the country. While also right time for government, to develop a practical solution to problems and difficulties of this important, but neglected sector of the past. I want to tell you when I started analyzing this policy; I worked on following main lines, to have a critical analysis for this policy paper of SMEDA, given below: 1. I made a basic research, & studied some basic theories about global emergence/background of SMEs. 2. Then, I moved to discuss the basic introduction of SMEDA policy, my analysis of Pakistani SME sector and need for this policy, in form of quick review. 3. Then I made a critical analysis of policy objectives/scope/ principles, recommendations, implementation, & monitoring mechanisms. 4. Finally, I made a final conclusion of all above mentioned working of mine with some additional informative links, as well for my report's reader. Conclusion: After analyzing this policy paper, I think that this policy paper is not sufficient towards very complex needs and changing requirements of Pakistani SMEs, especially in its implementation part. Recently, in Pakistan we heard that hundreds of businesses have been closed due to shortage of Electricity, water, Sui gas (natural gas), or due to law and order situation (like assassination of Ex-Prime Minister of Pakistan Benazir Bhutto in Rawalpindi). It is also heard that every day million of assets are being transferred to Gulf countries by existing business community, in such a scenario no SME can prevail and grow with reasonable level of certainty. Moreover, economically, this policy is viable but not focused for some excellence sectors in future, like a widely acclaimed adopted one village, one product model for microfinance and SMEs, this policy shall be focused on some specific businesses and product lines, instead of forming a mass of unplanned and less cost-effective SMEs, in today world of globalization and specialization

SMEDA SME Policy paper 2007- A Critical Review (An analytical commentary upon SME policy proposed by SMEDA Pakistan)

SMEs and sound financing of SMEs are latest trends in Pakistani educational and banking scenario. Although, the concept got importance during Bhutto regime of 70s, but never gained much strength especially to financial sector, until SMEDA and SME bank had not emerged during last decade. Pakistan, as we know it today, is a developing country with a GDP per capita ranking, recently shifted from Low income countries to Middle income countries, contains a lot to SMEs. Furthermore, SMEs existing in Pakistan are contributing a 30% of national GDP, 25% in export earnings, & employing about 78% of non-agricultural labor force. So, it is right time to develop and implement a sound, comprehensive, and coherent policy for all SMEs working in the country. While also right time for government, to develop a practical solution to problems and difficulties of this important, but neglected sector of the past. I want to tell you when I started analyzing this policy; I worked on following main lines, to have a critical analysis for this policy paper of SMEDA, given below: 1. I made a basic research, & studied some basic theories about global emergence/background of SMEs. 2. Then, I moved to discuss the basic introduction of SMEDA policy, my analysis of Pakistani SME sector and need for this policy, in form of quick review. 3. Then I made a critical analysis of policy objectives/scope/ principles, recommendations, implementation, & monitoring mechanisms. 4. Finally, I made a final conclusion of all above mentioned working of mine with some additional informative links, as well for my report's reader. Conclusion: After analyzing this policy paper, I think that this policy paper is not sufficient towards very complex needs and changing requirements of Pakistani SMEs, especially in its implementation part. Recently, in Pakistan we heard that hundreds of businesses have been closed due to shortage of Electricity, water, Sui gas (natural gas), or due to law and order situation (like assassination of Ex-Prime Minister of Pakistan Benazir Bhutto in Rawalpindi). It is also heard that every day million of assets are being transferred to Gulf countries by existing business community, in such a scenario no SME can prevail and grow with reasonable level of certainty. Moreover, economically, this policy is viable but not focused for some excellence sectors in future, like a widely acclaimed adopted one village, one product model for microfinance and SMEs, this policy shall be focused on some specific businesses and product lines, instead of forming a mass of unplanned and less cost-effective SMEs, in today world of globalization and specialization

Role of Islamic banks in economic development

The purpose of this working paper is to give the real meaning of DEVELOPMENT from Islamic perspective. Most of Muslim countries are LDCs and using the religious and social ideology of Islam is very useful to establish institutions and to bring moral and ethical change for development in these countries. Islam appears to be the only dynamic religion and tells us about prevention of interest, similar to Christian and Jewish theologies. But at the same time gives a comprehensive setoff trade and financing modes, not easily and completely described in any other religion or social order. Even TFP, a modern concept for collective efficiency has been advised in Islam, shunning to self interest and individualism of materialistic economics. Some scholars of WEST consider use of Islamic banking more suitable for economic development, while others consider Islam as obstacle & threat to development of Muslim countries. I hope that the paper will be useful in this regard to provide another valuable theoretical dimension to this field of study……

Role of Islamic banks in economic development

The purpose of this working paper is to give the real meaning of DEVELOPMENT from Islamic perspective. Most of Muslim countries are LDCs and using the religious and social ideology of Islam is very useful to establish institutions and to bring moral and ethical change for development in these countries. Islam appears to be the only dynamic religion and tells us about prevention of interest, similar to Christian and Jewish theologies. But at the same time gives a comprehensive setoff trade and financing modes, not easily and completely described in any other religion or social order. Even TFP, a modern concept for collective efficiency has been advised in Islam, shunning to self interest and individualism of materialistic economics. Some scholars of WEST consider use of Islamic banking more suitable for economic development, while others consider Islam as obstacle & threat to development of Muslim countries. I hope that the paper will be useful in this regard to provide another valuable theoretical dimension to this field of study……

‘Violating my home boundaries makes me dislike my job’: a multiple mediation model

The purpose of this study is to understand negative outcomes of boundary violation events or interruptions at home in which the work life crosses the home boundaries. In the line of boundary theory and affective events theory, the aim of this study is to analyze the effect of daily events of boundary violations at home on work interference with family (WIF). Moreover, incorporating the ego depletion theory, we study the impact of WIF on an individual’s emotional state (i.e., emotional exhaustion), and the impact of emotional exhaustion on job satisfaction. The data were collected through questionnaires (daily diary method for boundary violations and at one point in time for other variables) from the manufacturing (textile) sector of Pakistan. The results indicate a direct negative effect of average boundary violations at home on job satisfaction and an indirect negative impact through the sequential mediation of WIF and emotional exhaustion. Theoretical and managerial implications are also discussed

Lack of Association of LPA Gene Polymorphisms with Coronary Artery Disease in Pakistani Subjects

Coronary artery disease (CAD) is the leading cause of death worldwide. Pakistan faces a high epidemic of CAD, and the disease burden is increasing with the passage of time. Several genetic markers have been reported to be significantly associated with CAD; one of them is the lipoprotein A gene. The aim of the current investigation was to genotype the LPA gene SNPs, rs3798220 and rs10455872, in Pakistani subjects with CAD in a case control study design. The genotyping was done by TaqMan allelic discrimination assay. The results showed that the cases had significantly higher prevalence of diabetes (64.6%), hypertension (62.1%), and smoking habits (29.5%). The level of cholesterol in cases was higher than in controls (208.25±54.11 vs. 175.34±43.51, p≤0.0001). The LDL-C was higher in cases than in controls (104.62±37.94 vs. 77.05±21.17, p≤0.0001). Similarly, triglycerides were also higher in cases than in controls (214.51±74.60 vs. 190.54±70.26, p≤0.0001), whereas HDL-C was lower in cases than in controls (45.13±11.63 vs. 67.9±17.57, p≤0.0001). For rs3798220, the risk allele (C) frequency was 0.005 in cases and 0.002 in controls. For rs10455872, the risk allele (G) frequency was 0.017 in cases and 0.014 in controls. The risk allele frequencies were not significantly different between cases and controls (p>0.05). In conclusion, these two LPA SNPs do not contribute significantly to CAD progression and cannot be used as independent risk factors for CAD in Pakistani population

The SNP rs10911021 is associated with oxidative stress in coronary heart disease patients from Pakistan

BACKGROUND: rs10911021 (a single nucleotide polymorphism present upstream of the GLUL gene) affects glutamic acid metabolism, and was shown to be associated with coronary heart disease (CHD) in patients with T2DM but a definite mechanism is unknown. It may affect glutathione cycle, an important effector in the antioxidant defense mechanism, in the cells. We checked the association of this SNP with CHD and oxidative stress biomarkers, malondialdeheyde (MDA), GSH and GSSG in Pakistani patients. METHODS: A total of 650 subjects (425 CHD cases and 225 controls) were genotyped by TaqMan allelic discrimination technique. The levels of MDA, GSH and GSSG were measured by standard protocols. RESULTS: The risk allele frequency was higher in cases than controls, but the difference was insignificant (p = 0.55). The SNP was not associated with CHD (p = 0.053) but when the analysis was limited to CHD patients having DM, a significant association (p = 0.03) was observed. The blood levels of MDA and GSSG were higher while that of GSH was significantly lower in the cases than the controls (p < 0.05). Each risk allele increased MDA and GSSG by 0.29 (0.036) mmol/l and 0.4 (0.04) mmol/l, respectively, while decreased GSH by -0.36 (0.03) mmol/l. The SNP was not associated with any of the tested blood lipids. CONCLUSION: The SNP rs10911021 was associated with CHD only in patients having diabetes, but the SNP was associated with total oxidative stress biomarkers MDA and GSH and GSSG levels. As the SNP rs10911021 showed significant association with oxidative stress parameters and these parameters should an increased oxidative stress in the CHD subjects, it can be concluded that the SNP may have contributed to increase the risk of heart diseases in the diabetic subjects by increasing the oxidative stress