Challenges and Opportunities to Microfinance Institutions in Khyber Pakhtunkhwa Province, Pakistan

This study explored the challenges and opportunities faced by microfinance institutions in Khyber Pakhtunkhwa province of Pakistan. For a developing country like Pakistan, the development of its microfinance sector is a step towards its sustainable development. This study identified various challenges face by the microfinance sectors, which includes social challenges, political instability, terrorism, low literacy rate, procedures and documentations, terms and conditions etc. There are also potential growth opportunities for this sector which includes poverty alleviation, economic development, Islamic financing and entrepreneurship. The development of this sector will further stimulate the economic development of the economy. Keywords: Microfinance, Khyber Pakhtunkhwa, Pakistan, Challenges, Opportunities.

Use of Financial Instruments and Interaction with Islamic Financial Law

This research provide an analysis of how financial instruments are used in markets, and to what extent they are related to Islamic financial law. Islamic law prohibits usury, uncertainty, and those transactions that involve ambiguity. Conventional finance on the other hand is debt based and involves a lot of risk. We used structured interview questionnaire, and experts from the field of conventional and Islamic finance were interviewed. Results of structure interview reveal that many things are common between Islamic and conventional finance such as rent for services in case of both conventional and Islamic lease. The Murabaha is somewhat similar to asset backed risky loan. The features of Mudaraba are closer to European option such that profits from Mudarabah offset call price. In addition the deposits are collected under both systems. This research also found that best financial instrument for increasing value of a firm is equity financing, while debt financing is not a good choice, because the later increases risk and decreases value of a firm. Swaps and forwards are used for hedging risks and saving the future. It is concluded that most of the conventional instruments are not prohibited, and they intersect at various points with Islamic financial law. The gap of two systems can be reduced by taking number of steps such as transferring ownership of a leased asset after first installments. Furthermore the gap can also be reduced if shares are offered for purchase of an asset at beginning, and when that asset begins to produce cash flows, then distributing profits equally, but the bank or organization providing services will be provided service charges. Keywords: Islamic Financial Instruments, Conventional Instruments, Sukuk

Ex-situ Management Study of Some High Value Medicinal Plant Species in Swat, Pakistan

researchAn ex-situ experiment was conducted to evaluate the growth performance of six medicinal species (Aconitum laeve Royle, Bunium persicum B. Fedtsch., Saussurea costus (Falc.) Lipsch., Podophyllum hexandrum Royle, Delphinium roylei Munz and Hypericum perforatum L.) from upper Swat, Pakistan. Experiments were conducted at four different locations in the upper Swat valley at altitudes ranging from 1200 to 1900 m.a.s.l. The objectives were; 1) to determine the suitability of ex-situ cultivation of different medicinal species, and; 2) to assess the economic feasibility of growing medicinal plants in the area. A highest mean survival of 80.7% across all locations was observed for H. perforatum followed by 58.7% for B. persicum. The remaining four species exhibited very poor survival rates, although D. roylei, did show encouraging signs of growth and flowered, before experiencing high mortality rates late in the trial. Altitude generally seemed to enhance the degree of sprouting for all species except H. perforatum. However, the productive yield of H. perforatum was certainly not reduced, but rather slightly enhanced in the higher altitude sites. Overall, cultivation of only two of the investigated species, B. persicum and H. perforatum, appeared successful and potentially economically viable under farmland conditions at upper Swat

Food safety and biological control; genomic insights and antimicrobial potential of Bacillus velezensis FB2 against agricultural fungal pathogens

Development of natural, broad-spectrum, and eco-friendly bio-fungicides is of high interest in the agriculture and food industries. In this context, Bacillus genus has shown great potential for producing a wide range of antimicrobial metabolites against various pathogens. A Bacillus velezensis strain FB2 was isolated from an agricultural field of National Institute for Biotechnology and Genetic Engineering (NIBGE) Faisalabad, Pakistan, exhibiting good antifungal properties. The complete genome of this strain was sequenced, and its antifungal potential was assayed by dual culture method. Moreover, structural characterization of its antifungal metabolites, produced in vitro, were studied. Genome analysis and mining revealed the secondary metabolite gene clusters, encoding non-ribosomal peptides (NRPs) production (e.g., surfactin, iturin and fengycin) and polyketide (PK) synthesis (e.g., difficidin, bacillaene and macrolactin). Furthermore, the Bacillus velezensis FB2 strain was observed to possess in vitro antifungal activity; 41.64, 40.38 and 26% growth inhibition against major fungal pathogens i.e. Alternaria alternata, Fusarium oxysporum and Fusarium solani respectively. Its lipopeptide extract obtained by acid precipitation method was also found effective against the above-mentioned fungal pathogens. The ESI-MS/MS analysis indicated various homologs of surfactin and iturin-A, responsible for their antifungal activities. Overall, this study provides a better understanding of Bacillus velezensis FB2, as a promising candidate for biocontrol purposes, acting in a safe and sustainable way, to control plant pathogens.</p

Food safety and biological control; genomic insights and antimicrobial potential of Bacillus velezensis FB2 against agricultural fungal pathogens

Development of natural, broad-spectrum, and eco-friendly bio-fungicides is of high interest in the agriculture and food industries. In this context, Bacillus genus has shown great potential for producing a wide range of antimicrobial metabolites against various pathogens. A Bacillus velezensis strain FB2 was isolated from an agricultural field of National Institute for Biotechnology and Genetic Engineering (NIBGE) Faisalabad, Pakistan, exhibiting good antifungal properties. The complete genome of this strain was sequenced, and its antifungal potential was assayed by dual culture method. Moreover, structural characterization of its antifungal metabolites, produced in vitro, were studied. Genome analysis and mining revealed the secondary metabolite gene clusters, encoding non-ribosomal peptides (NRPs) production (e.g., surfactin, iturin and fengycin) and polyketide (PK) synthesis (e.g., difficidin, bacillaene and macrolactin). Furthermore, the Bacillus velezensis FB2 strain was observed to possess in vitro antifungal activity; 41.64, 40.38 and 26% growth inhibition against major fungal pathogens i.e. Alternaria alternata, Fusarium oxysporum and Fusarium solani respectively. Its lipopeptide extract obtained by acid precipitation method was also found effective against the above-mentioned fungal pathogens. The ESI-MS/MS analysis indicated various homologs of surfactin and iturin-A, responsible for their antifungal activities. Overall, this study provides a better understanding of Bacillus velezensis FB2, as a promising candidate for biocontrol purposes, acting in a safe and sustainable way, to control plant pathogens.</p

The Role of a Manager’s Intangible Capabilities in Resource Acquisition and Sustainable Competitive Performance

The answer to the challenging question, &ldquo;Should one either invest in tangible resources or intangible resources/capabilities?&rdquo; is still fragmented. In prior studies, more emphasis is given to tangible resources, while intangible resources have comparatively received minor attention, despite their significant role in the success of small and medium enterprises (SMEs). Particularly the role of the intangible skills; intellectual capital, financial literacy (FL), and business experience (BE) in resource acquisition and sustainable competitive performance has missed in prior studies. Grounded on the resource-based view and upper echelon theory, this study examines the role of intellectual capital in sustainable competitive performance with a mediating role of resource acquisition. This research also assesses the moderating role of financial literacy and business experience between intellectual capital and resource acquisition. Data are collected through structured questionnaires from 384 owners/managers of Pakistani SMEs. After analyzing the data through structural equation modeling (SEM), the results indicate that intellectual capital helps managers in acquiring valuable resources, which in turn enhance sustainable competitive performance. Resource acquisition partially mediates the relation between intellectual capital and sustainable competitive performance. Financial literacy is a significant predictor of resource acquisition, but it does not significantly moderate the relation between intellectual capital and sustainable competitive performance. Business experience significantly boosts the acquisition of resources and strengthens the path between intellectual capital and resource acquisition. SMEs should encourage their managers to acquire unique, rare, and immutable external resources in the turbulent markets

Factors that Sustain Health and Safety Management Practices in the Food Industry

Due to the significant change in business organizations, scholarly interest has diverted from studying the determinants of financial performance to understanding the environmental activities, sustainability practices, and health and safety management practices. Despite the extensive literature, it is yet to understand either internal or external factors that improve health and safety management practices in SMEs. This research examines the influence of the internal factors&mdash;intellectual capital, information technology capabilities (ITC), and entrepreneurial orientation, and the external capabilities&mdash;government financial support, institutional pressure, and managerial networking on six health and safety management practices: management commitment, staff training, worker involvement, safety communication and feedback, safety rules and procedures, and safety promotion policies. We researched 410 Pakistani SMEs from the food business industry. The results indicate that intellectual capital significantly improves management commitment, safety communication and feedback, and safety rules and produces; ITC significantly improves management commitment and safety communication and feedback; and entrepreneurial orientation significantly facilitates safety training and worker involvement only. In the external capabilities, government financial support has a significant influence on management commitment, worker involvement, safety rules and policies, and safety promotion policies. Institutional pressure has a significant influence on management commitment, safety training, safety communication, and feedback and safety promotion policies. Managerial networking significantly influences safety training, worker involvement, safety rules and procedures, and safety promotion policies of SMEs. Focusing only on the food industry is the major limitation of this research, this study recommends SMEs to give sufficient attention to their internal and external factors to enhance health and safety management practices. Further implications are discussed

Ethnobotanical and Economic Observations of Some Plant Resources from the Northern Parts of Pakistan

researchA study on the economic value of plants being extracted from a coniferous forest of the Miandam valley of District Swat was conducted during Spring and Summer 2008. The aim of the study was to identify non-timber forest product plants being used from the target area, to identify the trade network that they are sold into, and to evaluate their value as they move within that network in order to make recommendations for socio-economic development of the area. Information was learned through semi-structured questionnaires and participatory interviews with resource uses and traders. 214 species in 79 families were identified as being useful in traditional livelihood. Of these, 150 were herbs, 36 trees, 26 shrubs and 4 climbers. Plant species are locally used as medicinal (115), multipurpose (35), fodder (31), fuel (30), vegetables (12), tools (12), timber (9), poisons (7), roof thatch (7), wild fruits (6), fences/ hedges (5), veterinary (5), mud supporter (5), foods (4), spices/condiments (4), religious (4), honey bee (3), brooms (3), and evil repellent (1). Twenty out of 115 medicinal species are collected to sell. The gatherers have very little marketing skills and are often not aware of the high market value. As a result, most of collected materials are sold to local middlemen at low prices. The study revealed that the availability of important medicinal and aromatic plant species is decreasing and the number of rare and threatened species among the medicinal and aromatic plants is increasing. Further study is, therefore, required to quantify the availability of species and to suggest suitable method for their production and conservation. Recommendations are, therefore, given in the spheres of training in identification, sustainable collection, value addition, trade monitoring and cooperative system of marketing