Underground economy has serious implications for economic performance and public policy of a country. The purpose of this paper is to estimate the size of underground economy and tax evasion in Pakistan for the period 1973-2016. This study uses monetary approach for estimation of size of the underground economy and tax evasion in Pakistan. The results indicated that increase in taxes, intensity of regulation, and inflation were the driving force of underground economy. The estimates show that the size of underground economy in Pakistan showed an increasing trend from 1974 onward and attained its maximum value in 1998. Thereafter, its size exhibited decreasing trend with small fluctuations. Interestingly, the impact of taxation reforms introduced in 1997 was not considerable. Results indicated that the tax burden is the driving force for the existence of underground economy which need to be appropriately set and enforced. This may discourage people from indulging in underground economies. The results from this study can be used for effective policy formulations with respect to underground economy.

This paper is an attempt to analyze the practices of Mudarabah and Musharakah been held by the existing Islamic banking. This paper aims to explore the different aspects where Islamic banks were found to be violating the basic rules in these two primary modes of Islamic finance. This paper denies the current practices of Mudarabah and Musharakah at many grounds, like its existence with the concept of limited liability, absentee as a partner, supervisory role of the state bank, and its role as sleeping Mudarib. Similarly, the expense and profit estimation techniques and the acquired procedure to maintain the minimum account balance requirement were also inappropriate with the basic tenets of Shari’ah Principles. This article argues that the structure of overall Islamic banking is purely based on interest bearing investment and financing. It further argues that they deal only in money; they are not involved in any kind of business or trade. According to the authors, the contemporary Islamic banks are inconsistent with Shari'ah in their practices

This Paper Aims to examine a figure of Imam Shamsi Ali who comes from Bulukumba, South Sulawesi. He is being an outstanding Da’i in New York in promoting Islam by his identity as a Muslim and Indonesian. This writing using qualitative approach and the data from relevant literature studies such as books, journals, thesis, and websites. This research shows that Imam Shamsi Ali getting his successful in Promoting the Image of Islam and Indonesia rely on the way He identify Islam by Tolerance in form of interfaith dialogue regardless of ethnicity, religion, race and groups, and remains keeping his identity as a Muslims as well as Indonesians. throughout His integrity brings a significant change of Islam and Indonesia in United state particularly in New York.   Keywords: Imam Shamsi Ali, Tolerance, Islam, Indonesia, United State   Abstrak   Tulisan ini mencoba menganalisa sepak terjang seorang Imam Shamsi Ali sebagai individu yang berasal dari salah satu kota kecil Bulukumba, Sulawesi Selatan, yang kemudian menjadi Da’i di New York dengan mengedepankan identitasnya sebagai seorang Muslim sekaligus sebagai orang Indonesia yang mampu mengubah citra Islam dan Indonesia dalam pandangan masyarakat Amerika Serikat yang sudah terlanjur phobia. Penulis menggunakan metodologi penelitian kualitatif dan data yang digunakan berasal dari studi literatur yang relevan seperti buku, jurnal, karya tulis skripsi dan tesis serta website berita yang dapat dipertanggungjawabkan kebenaran datanya. Penelitian ini menunjukkan bahwa keberhasilan Imam Shamsi Ali dalam merekonstruksi citra Islam dan Indonesia terletak pada keteguhannya mengedepankan toleransi dalam wujud dialog antar agama (interfaith dialogue) tanpa memandang suku, agama, ras dan antar golongan (SARA), namun tetap tidak meninggalkan Identitasnya baik sebagai seorang Muslim maupun sebagai orang Indonesia. Integritas yang dimiliki oleh Imam Shamsi Ali membawa perubahan yang signifikan bagi citra Islam dan Indonesia di Amerika Serikat khususnya di New York.   Kata Kunci: Imam Shamsi Ali, Toleransi, Islam; Indonesia, Amerika Serikat

This paper studies the legitimacy of existing Islamic banking as an artificial person with the element of limited liability. This paper aims to analyze those arguments which are presented in favor of Islamic banking in the aforesaid ground. It examines these arguments to see whether the role of Islamic banks as an artificial person with the element of limited liability is consistent with the laid down principles of Shariah or not. This paper denies those argument sand declares the present Islamic banking UN-Islamic. The prospectus of the bank was also found inconsistent with the basic rules of Mudarabah. The transactions of Islamic banks with their clients were also found contradictory with the basic conditions of a valid contract. The role of the director as a paid shareholder was also found contravening the injunctions of Islam. According to the author, the presence of an Islamic bank-as an artificial person with tag of limited liability on its brow has no evidence in the literature of Islamic Jurisprudence.

he public concern over the environmental degradation has received an increasing interest of the researchers in the last few decades. This paper intends to scrutinize the EKC hypothesis within the framework of the ARDL model over the period of 1976-2020. Along with ECM, different types of appropriate tests are also carried for the purpose of diagnosing the data and recognizing the pattern of causality. Findings reveal that growth in GDP per capita deteriorates the carbon emission at the initial stages of development but as economy grows it then helps in improving the quality of the environment. For environmental sustainability, the required level of growth threshold is calculated to be 4.61 Percent. This study also finds one-way causality running from GDP and energy consumption to CO2. Findings suggest that policymakers should concentrate on enhancing the consumption of renewable energies, implementing carbon-cutting policies in industries, and boosting the level of per capita income.