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The study is an attempt to explore the transmission channel through which development in Islamic banking could lead to economic growth. In order to determinethis transmission mechanism, the estimation based Vector Error Correction model (VECM) is used. This study has tested Murabaha, Ijarah and Diminishing Musharaka as proposed Islamic financial products because of their majority share in Islamic financing. This study has tested two co-integrated systems in the VECM model. The first system tests the effect of an increase in financing in Islamic banking products on the net financing of Islamic banks and the second system tests the effect of net financing of Islamic banks on economic growth. The results indicate that the financing done by Islamic banking products positively affects economic growth in Pakistan. Also, the net financing of Islamic banks is significantly based on financing in Ijarah and Murabaha. Hence, this study highlights the growth potential of Islamic banking which is gaining shares in the overall banking system of Pakistan.

The present study is an effort to gather research aspects for religious education in Pakistan. Religious education, most commonly known as madrasa education, has a profound history titled as Nizamiyah. Historical changes in the Muslim regions have influenced this mode of education as well. It has been argued by some researchers that positivity of faith based education has diminished due to the changes in international political and economical scenario. Terrorism was found to be a strongly associated variable with madrasa education and researchers have reasoned it with poverty, strong mentoring system and misconceptualizations of some religious beliefs. This study has found that while madrasas are perceived very negatively, research shows that there are positive influences regarding availability of education and women empowerment. The negativity is attributed largely to media misrepresentation and political interests.

Income smoothing refers to the use of accounting techniques to level out net income fluctuations from one period to the next. Companies indulge in this practice to manipulate the earnings over the period in order to lower the level of uncertainty. The companies with constant earnings attract more investors as they are willing to pay more prices for company's stock. This study examine the presence of artificial income smoothing in 64 Shari'ah compliant companies listed in the financial market of Pakistan for the period 2008-2015. The study also takes into consideration the concept of income smoothing from an Islamic perspective. To achieve the study's objectives, Eckel's index model is used. The study found that 34 percent of the companies are non-smoothers and 66 percent of the companies are smoothers in pooled sample. Among high market capitalized 32 companies, 37.5 percent of the companies are non-smoothers and 62.5 percent are smoothing companies. In 32 low market capitalized companies, 31 percent companies are non-smoothing and 69 percent companies are practicing income smoothing.