Trends and volume of successful application of Musharakah as a major mode of financing in Pakistan: A case study of Meezan bank limited
DOI:
https://doi.org/10.31580/jpvai.v5i2.2621Keywords:
Musharaka, Investment Portfolio, Meezan Bank, PakistanAbstract
The objective of this study is to examine the trends and volume of successful application of musharakah as Islamic modes of financing among Islamic financial institutions (IFI) and standalones Islamic branches (SAB) of conventional banks in Pakistan. This study has taken four full Islamic banks and four SAB banks, who provide their services for musharakah financing. The data set for all eight banks has been extracted from annual reports of these banks, started from 2011 to 2018 and used univariate analysis. The findings of this study indicate that Meezan bank leads in running musharakah investment portfolio from both Islamic banks and SAB of conventional banks with four hundreds and seventy two (472.45) billions rupees in total and (86.34%) percent growth in Running Musharakah portfolio annually. Whereas, bank Al-Falah leads in running musharakah investment from SAB with twenty five (25.353) billions rupees. Furthermore, Meezan bank limited (MBL) gains success in running musharakah investment as sixty seven (67.61) billions Pakistani rupees in one year among all banks operating running musharakah investment banks in Pakistan.
References
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Nawaz, S., Kiran, A., Koser, M., Shabbir, M. S., & Zamir, A. (2022). The role of safety management to analyze the current situation of honour killing in Pakistan. Journal of Public Value and Administrative Insight, 5(2), 424-439.
Nawaz, S., Kiran, A., Shabbir, M. S., Koser, M., & Zamir, A. (2022). Does domestic violence affect the freedom of women life in Pakistan. Journal of Public Value and Administrative Insight, 5(2), 440-454.
Nawaz, S., Shabbir, M. S., Bilal, K., Koser, M., & Latif, R. (2021). Does Literacy Rate Decrease the Sexual Harassment Cases in Pakistan?. PalArch's Journal of Archaeology of Egypt/Egyptology, 18(18), 559-573.
Nawaz, S., Shabbir, M. S., Shaheen, K., & Koser, M. (2021). The Role of Human Rights and Obligations toward Cross Gender Empowerment under the domain of Islamic Laws. iRASD Journal of Management, 3(3), 208-217.
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Shabbir, M. S., Kiyani, M., & Zeb, A. (2019). Impact of Terrorism on Exclusive Indian Economy. Journal of Indian Studies, 5(1), 29-45.
Shabbir, M. S., & Khalil ur Rehman, A. (2015). Are Islamic financial institutions become challenge or opportunity for Western Countries?. European Journal of Economics, Finance and Administrative Sciences, 4(84).
Shabbir, M. S. (2018). Classification and prioritization of waqf lands: a Selangor case. International Journal of Islamic and Middle Eastern Finance and Management, 11(1), 40-58.
Siddiqui, M.N. (1987). Partnership and Profit-Sharing In Islamic Law. Leicester, UK: The Islamic Foundation.
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Ahroum, R. and Achchab, B. (2017), “Pricing of Sukuk Musharakah with joint venture as underlying, beyond the use of PLS ratio”, Journal of Islamic Accounting and Business Research; Bingley, Vol. 8 No. 4, pp. 406-419, available at: ww.emeraldinsight.com/doi/pdfplus/10.1108/JIABR-03-2016-0036 (accessed 22 November 2017).
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Arif, A., Sadiq, M., Shabbir, M. S., Yahya, G., Zamir, A., & Bares Lopez, L. (2020). The role of globalization in financial development, trade openness and sustainable environmental-economic growth: evidence from selected South Asian economies. Journal of Sustainable Finance & Investment, 1-18.
Ariffin, N.M., Kassim, S. and Razan, D.A. (2015), “Exploring application of euity-based financing through Musharakah Mutanaqisah in Islamic Banks in Malaysia: perspective from the industry players”, International Journal of Economics, Management and Accounting, Vol. 23 No. 2, pp. 241-261, available at: http://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/338 (accessed 9 October 2017).
Bai, D., Jain, V., Tripathi, M., Ali, S. A., Shabbir, M. S., Mohamed, M. A., & Ramos-Meza, C. S. (2022). Performance of biogas plant analysis and policy implications: Evidence from the commercial sources. Energy Policy, 169, 113173.
Butt, M. A., Ayub, H., Latif, B., Asif, F., Shabbir, M. S., & Raja, A. A. (2022). Financial risks and performance of conventional and Islamic banks: Do reputational risk matters? Journal of Islamic Accounting and Business Research.
Chong, B.S. and Liu, M. (2009), “Islamic banking: Interest-free or interest-based?” Pacific-Basin Finance Journal, Vol. 17 No. 1, pp. 125-144, available at: ///C:/Users/Hatm/Downloads/1-s2.0-S0927 538X08000036-main.pdf
Dai, Z., Sadiq, M., Kannaiah, D., Khan, N., Shabbir, M. S., Bilal, K., & Tabash, M. I. (2022). Correction to: The dynamic impacts of Financial Investment on environmental-health and MDR-TB diseases and their influence on environmental sustainability at Chinese hospitals. Environmental Science and Pollution Research, 1-1.
Ehsan, S., Tariq, A., Nazir, M. S., Shabbir, M. S., Shabbir, R., Lopez, L. B., &Ullah, W. (2021) Nexus between corporate social responsibility and earnings management: Sustainable or opportunistic. Managerial and Decision Economics.
Gafoor, A.L.M. (1996). Interest-Free Commercial Banking. Malaysia: A.S.Noordeen.
Hassan, M K., Smolo, E. (2011), “The potentials of musharakah mutanaqisah for Islamic housing
finance”, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 4No. 3, pp. 237-258, available at: www.emeraldinsight.com/1753-8394.htm (accessed 30 September 2017).
Hassan, M.K. and Soumare, I. (2015), “Guarantees and Profit-Sharing Contracts in Project Financing”, Journal of Business Ethics, Vol. 130 No. 1, pp. 231-249, available at: https://link.springer.com/article/10.1007/s10551-014-2201-0 (accessed 22 September 2017).
Jun, W., Mughal, N., Zhao, J., Shabbir, M. S., Niedba?a, G., Jain, V., & Anwar, A. (2021). Does globalization matter for environmental degradation? Nexus among energy consumption, economic growth, and carbon dioxide emission. Energy Policy, 153, 112230.
Kashi, A. and Mohamad, A. (2017), “Does Musharakah Mutanaqisah converge with Bai BithaminAjiland conventional loans?” International Journal of Law and Management, Patrington, Vol. 59 No. 5, pp. 740-755, available at: www.emeraldinsight.com/doi/abs/10.1108/IJLMA-04-2016-0044.(acessed 7 September 2017).
Kumari, R., Shabbir, M. S., Saleem, S., Khan, G. Y., Abbasi, B. A., & Lopez, L. B. (2021). An empirical analysis among foreign direct investment, trade openness and economic growth: evidence from the Indian economy. South Asian Journal of Business Studies.
Khuong, N. V., Shabbir, M. S., Sial, M. S., & Khanh, T. H. T. (2021). Does informal economy impede economic growth? Evidence from an emerging economy. Journal of Sustainable Finance & Investment, 11(2), 103-122.
Lewis, M.K. &Algaoud, L.M. (2001). Islamic Banking. Cheltenham, UK: Edward Elgar. Malaysian Business. (2001). A Welcome Alternative. Dec 16
Liu, C., Ni, C., Sharma, P., Jain, V., Chawla, C., Shabbir, M. S., & Tabash, M. I. (2022). Does green environmental innovation really matter for carbon-free economy? Nexus among green technological innovation, green international trade, and green power generation. Environmental Science and Pollution Research, 1-9.
Liu, Y., Sharma, P., Jain, V., Shukla, A., Shabbir, M. S., Tabash, M. I., & Chawla, C. (2022). The relationship among oil prices volatility, inflation rate, and sustainable economic growth: Evidence from top oil importer and exporter countries. Resources Policy, 77, 102674.
Liu, J., Jain, V., Sharma, P., Ali, S. A., Shabbir, M. S., & Ramos-Meza, C. S. (2022). The role of Sustainable Development Goals to eradicate the multidimensional energy poverty and improve social Wellbeing's. Energy Strategy Reviews, 42, 100885.
Matloob, T., Shabbir, M. S., &Saher, N. (2020). Women’s political representation in the local governance of Azad Jammu and Kashmir, Pakistan. Review of Economics and Political Science.
Mughal, N., Arif, A., Jain, V., Chupradit, S., Shabbir, M. S., Ramos-Meza, C. S., & Zhanbayev, R. (2022). The role of technological innovation in environmental pollution, energy consumption and sustainable economic growth: Evidence from South Asian economies. Energy Strategy Reviews, 39, 100745.
Muhammad, I., Ozcan, R., Jain, V., Sharma, P., & Shabbir, M. S. (2022). Does environmental sustainability affect the renewable energy consumption? Nexus among trade openness, CO2 emissions, income inequality, renewable energy, and economic growth in OECD countries. Environmental Science and Pollution Research, 1-11.
Nawaz, S., Koser, M., & Shabbir, M. S. (2021). THE CONCEPTUAL FRAMEWORK OF STUDY TO ANALYZE THE STATUS OF WOMEN IN PAKISTANI FAMILY SYSTEM. Pakistan Journal of Educational Research, 4(4).
Nawaz, S., Koser, M., Bilal, K., Shabbir, M. S., & Latif, R. (2021). The Conceptual Framework of Early Child Marriage in Pakistani Society. PalArch's Journal of Archaeology of Egypt/Egyptology, 18(09), 1762-1776.
Nawaz, S., Kiran, A., Koser, M., Shabbir, M. S., & Zamir, A. (2022). The role of safety management to analyze the current situation of honour killing in Pakistan. Journal of Public Value and Administrative Insight, 5(2), 424-439.
Nawaz, S., Kiran, A., Shabbir, M. S., Koser, M., & Zamir, A. (2022). Does domestic violence affect the freedom of women life in Pakistan. Journal of Public Value and Administrative Insight, 5(2), 440-454.
Nawaz, S., Shabbir, M. S., Bilal, K., Koser, M., & Latif, R. (2021). Does Literacy Rate Decrease the Sexual Harassment Cases in Pakistan?. PalArch's Journal of Archaeology of Egypt/Egyptology, 18(18), 559-573.
Nawaz, S., Shabbir, M. S., Shaheen, K., & Koser, M. (2021). The Role of Human Rights and Obligations toward Cross Gender Empowerment under the domain of Islamic Laws. iRASD Journal of Management, 3(3), 208-217.
Nawaz, S., Koser, M., Boota, A., & Shabbir, M. S. (2021). The effects of Cultural Limitations, Constitution, Feminism, Sexual Orientation status among the Women in Pakistani Families. Pakistan Journal of Humanities and Social Sciences, 9(3), 526-534.
Ouidad, Y. (2014), “Does Profit Loss Sharing (PLS) solve moral hazard problems?”,Journal of Islamic Economics, Banking and Finance, Vol. 9 No. 3, available at: http://ibtra.com/pdf/journal/v9_n3_article1.pdf
Rahman, Y.A. (1994). Lariba Bank. Islamic Banking: Foundations for a United & Prosperous Community. Hiawatha, IA, USA: Cedar Graphics.
Ramos Meza, C. S., Bashir, S., Jain, V., Aziz, S., Raza Shah, S. A., Shabbir, M. S., & Agustin, D. W. I. (2021). The Economic Consequences of the Loan Guarantees and Firm’s Performance: A Moderate Role of Corporate Social Responsibility. Global Business Review, 09721509211039674.
Saher, N., Matloob, T., & Shabbir, M. S. (2020). Exploring the role of Biradari in career growth: Evidence from public sector organizations of Islamabad. Journal of Research in Emerging Markets, 2(3), 13-24
Said, L. R., Bilal, K., Aziz, S., Gul, A., Shabbir, M. S., Zamir, A., & Abro, H. (2021). A comparison of conventional versus Islamic banking customers attitudes and judgment. Journal of Financial Services Marketing, 1-15.
Sadiq, M., Usman, M., Zamir, A., Shabbir, M. S., & Arif, A. (2021). Nexus between economic growth and foreign private investment: evidence from Pakistan economy. Cogent Economics & Finance, 9(1), 1956067.
Saeed, A. (2001), "Muslim Community Cooperative of Australia as an Islamic Financial Service Provider" in Abdullah Saeed and ShahramAkbarzadeh (eds.), Muslim Communities in Australia. Sydney: UNSW Press, pp.188-205.
Selim, H.T. (2008), “An Islamic Capital Asset Pricing Model”, Emerald Publishing Limited, Vol. 24 No. 2.pp. 122-129, available at: www.emeraldinsight.com/doi/abs/10.1108/08288660810876831(accessed 30 November 2017).
Shabbir, M. S., & Wisdom, O. (2020). The relationship between corporate social responsibility, environmental investments and financial performance: evidence from manufacturing companies. Environmental Science and Pollution Research, 1-12. DOI: 10.1007/s11356-020-10217-0
Shabbir, M. S., Kiyani, M., & Zeb, A. (2019). Impact of Terrorism on Exclusive Indian Economy. Journal of Indian Studies, 5(1), 29-45.
Shabbir, M. S., & Khalil ur Rehman, A. (2015). Are Islamic financial institutions become challenge or opportunity for Western Countries?. European Journal of Economics, Finance and Administrative Sciences, 4(84).
Shabbir, M. S. (2018). Classification and prioritization of waqf lands: a Selangor case. International Journal of Islamic and Middle Eastern Finance and Management, 11(1), 40-58.
Siddiqui, M.N. (1987). Partnership and Profit-Sharing In Islamic Law. Leicester, UK: The Islamic Foundation.
Soumaré, I., & Hassan, K. (2014). Guarantees and profit-sharing contracts in project financing.
Usmani, M.I. (2002). Meezanbank’s Guide to Islamic Banking. Karachi, Pakistan: Darul- Ishaat.
Usmani, M.T. (1998). An Introduction to Islamic Finance. Karachi, Pakistan: IdaratulMa’arif. 7
Usmani, M.T. (2012). An Introduction to Islamic Finance, Kluwer Law International, The Hague.
Warde, I. (2000). Islamic Finance in the Global Economy. Edinburgh: Edinburgh University Press.
Wang, G., Sadiq, M., Bashir, T., Jain, V., Ali, S. A., & Shabbir, M. S. (2022). The dynamic association between different strategies of renewable energy sources and sustainable economic growth under SDGs. Energy Strategy Reviews, 42, 100886
Wen, Y., Shabbir, M. S., Haseeb, M., Kamal, M., Anwar, A., Khan, M. F., & Malik, S. (2022). The dynamic effect of information and communication technology and renewable energy on CO2 emission: Fresh evidence from panel quantile regression. Frontiers in Environmental Science, 1123.
Yaqoob, N., Ali, S. A., Kannaiah, D., Khan, N., Shabbir, M. S., Bilal, K., & Tabash, M. I. (2022). The effects of Agriculture Productivity, Land Intensification, on Sustainable Economic Growth: A panel analysis from Bangladesh, India, and Pakistan Economies. Environmental Science and Pollution Research, 1-9.
Yaqoob, N., Jain, V., Atiq, Z., Sharma, P., Ramos-Meza, C. S., Shabbir, M. S., & Tabash, M. I. (2022). The relationship between staple food crops consumption and its impact on total factor productivity: does green economy matter?. Environmental Science and Pollution Research, 1-10.
Zehra, N., Umair, H., Shabbir, M. S., & Mallouli, A. E. (2022). The Role of Islamic Banking Development and its impact on Financial Stability: Evidence from Morocco’s Financial Institutions. Pakistan Journal of Humanities and Social Sciences, 10(1), 354-365.
