International Islamic University, Islamabad, Pakistan

An attempt has been made to quantify the targeting of the microfinance and its economic impact on the borrowers. The study has employed the Difference of the Difference Approach to find the net effect of microfinance by employing data collected by Pakistan Poverty Alleviation Fund. The study found that about 30 percent of the borrowers were poor, while 70 percent of the borrowers were non-poor. The impact on the poverty status was found to be marginal. The income of the poor borrowers hardly could grow by 2 percent during the study period.

There is substantial evidence that the development of the discipline of Islamic economics is currently in crisis. In this article we argue that the main reason for this is that most

In this paper, the author discusses the position of the Shari’ah on the creation and transfer of financial instruments, examines the role of financial instruments that are used in mobilizing financial resources for investment and describes the rules and regulations governing the different contracts of investment, as well as their returns from the Shari’ah perspective.