The existing research aims to seek the herding effects on stock returns at the industry level in Pakistan Stock Exchange. Moreover, the relationship between stock returns and herding has been studied by taking some macroeconomic and fundamental control variables. Herding is actually imitating other’s behaviour. This phenomenon indicates a situation where the investors follow the crowed and ignores their personal information, despite knowing the correctness of their information. Herd behaviour may drive from fundamental factors leading to efficient markets. However, it (...) may not be associated with fundamental information causing unstable prices. The stock price data of PSX listed companies from 1999 to 2017 have been the point of focus. The underlying herding measure was the cross-sectional absolute deviation, proposed by Chang et al.. The significant analysis technique facilitating the current research is pooled mean group /panel autoregressive distributed lag approach. Findings revealed that some sectors are evident for positive effect of herding on stock returns, whereas some others are witnessed for its negative effects on stock returns, in both long run and short run. As far as the control variables are concerned, they demonstrated both significant and insignificant effects on stock returns in different sectors of PSX. The study has important implications for policymakers. (shrink)

In Turkish-Islamic literature, many copyright or translation nasihatnama with religious-mystical content have been written. In these works written in verse or prose form within the scope of Islamic culture and classical Turkish literature, information about the principles of Islamic belief and worship was given, and people were advised to be moral, faithful, observant of the orders and prohibitions of religion, prioritizing the hadiths of the Prophet, benevolent and tolerant. One of these nasihatnamas is Gencü’l-Esrâr, in which verses consisting of different (...) verse types and shapes are connected to each other with instrumental couplets. The author, Sayyid Muhammed Ali Riza from Gaziantep, who is a link of the Sufi tradition, tried to guide the disciples by addressing the concept of heaven from various aspects. Sometimes by quoting verses and hadiths, he used argument and proof to make his word trustworthy, and he tried to boost people's desire to attain Paradise by combining aspects of literature with the fantasy of individual paradise on occasion. In our study, in which goals and forms the notion of heaven is targeted in Gencü'l-Esrâr. For this purpose, first of all, data about the paradise in Gencü'l-Esrâr were determined by using the scanning model, which is one of the research methods. All kinds of information, comments, and narratives that can help us to make an inference about Sayyid Muhammed Ali Rıza’s vision and description of paradise has been studied under four headings: “Physical Description and Content of Paradise”, “Description of Names, Types, and Gates of Paradise”, “Description of the Inhabitants of Paradise” and “Mysterious Expression of His Desire to Reach Paradise”. In the article, it has also been tried to reveal the narrative techniques used by the author and the narrative style he exhibited in the sections where heaven is depicted and narrated. This study, which reveals that heaven is handled in detail and artistically in Gencü'l-Esrâr, which was written in 1923 by adhering to the tradition of divan literature, is important in terms of shedding light on the existence of Islamic literature in the 20th century. (shrink)

Jamal al-Din al-Afghani (1838-97) was a pan-Islamic thinker, political activist, and journalist, who sought to revive Islamic thought and liberate the Muslim world from Western influence. Many aspects of his life and his background remain unknown or controversial, including his birthplace, his religious affiliation, and the cause of his death. He was likely born in Asadabad, near present-day Hamadan, Iran. His better known history begins when he was 18, with a one-year stay in India that coincided with the Sepoy Mutiny (...) of 1857-59. In what would become a life of constant travel, he soon went to Mecca to perform Hajj, before returning to Afghanistan to join the service of the country's ruler, Dost Mohammad Khan (1793-1863). He later sided with Dost's son Mohammad Aʻzam, who ultimately lost in a power struggle with his British-supported brother Sher Ali. Al-Afghani's political activism eventually took him to Paris, London, Tehran, Saint Petersburg, and Constantinople. It was during his second stay in Egypt (1871-79) that he cemented his role as a reformer. He found in Cairo a class of young intellectuals who gathered around him, established newspapers, and used these papers to disseminate his ideas. Chief among al-Afghani's Egyptian disciples were scholar Muhammad ʻAbduh, journalist ʻAbd Allah al-Nadim, and nationalist politicians Mustafa Kamil and Saʻd Zaghlul. Al-Afghani's influence on both modernist and traditionalist Islamic thought continues to the present. An activist who sought to effect change through political journalism and public speaking, he did not write many books. This treatise, entitled al-Radd ʻalā al-dahrīyīn (Refutation of the materialists), was a rebuttal of the views of the pro-British Sir Sayyid Ahmad Khan, who had argued that science is more important than religion in the rise of civilizations. First written in Persian following al-Afghani's exile from Egypt to India, it was translated into Arabic by his student Muhammad ʻAbduh, with the help of al-Afghani's assistant Arif Efendi. (shrink)

The great majority of commentators have evaluated the splitting of the moon. The vast majority of them think that it occurred in the Prophet’s period basing their view on the clear statement of al-Qamar 54/1 verse and on related rumors. However, some commentators claim that the moon will split on the doomsday, by referring to the context of the same verse. The same names criticize the rumors claiming that they cannot constituteevidence for the splitting of the moon. To those who (...) think so, from the fact that the splitting of the moon was related by few companions and that it was not recorded in various geographies it is evident that the incident did not happen. It cannot be said that the commentators, who took that the view that the split of the moon were in the period of the Prophet, have similar views in this regard. They have different interpretations in matters such as the realization and the shape of the event. On the other hand, those who claim that the split of the moon is only an idiomatic statement and that the event is only a lunar eclipse, declare that the split of the moon never actually happened. In this study which deals with various interpretations of tafsirs of the splitting of the moon, it is aimed to criticize different opinions on this issue. Document analysis and comparison methods were applied in the article.Summary: The issue of the splitting of the moon has attracted many names from various disciplines, notably the commentators. In the verse of al-Qamar 54/1 mentioning the splitting of the moon has been an important factor for the commentators to evaluate this issue. The ḥadīth narratives regarding the cleavage of the moon are found in many ḥadīth sources, in particular, Ṣahīh al-Bukhārīand Ṣahīh al-Muslim. The rumors about the splitting of the moon, albeit with different forms, are attributed to Anas b. Mālik (d. 93/712), Jubayr b. Muṭ‘īm (d. 59/678-679), ʿAbdallāh b. ʿAbbās (d. 68/687-688), ʿAbdallāh b. ‘Omar (d. 73/692), and ʿAbdallāh b. Masʿūd (d. 32/652-653) One of the rumors about the splitting of the moon, although it is based on ʿAlī b. Abī Ṭālib (d. 40/661)is not found in the authentic ḥadīth sources. In some narrations, it is said that the miracle of the moon's splitting took place upon the request of the polytheists while the others are only mentioned how this miracle happened. On the other hand, it cannot be said that the commentators agree on the split of the moon. The main purpose of this study is to identify these opinions with its basis. Apart from those who do not accept the occurrence of the incident, there are differences of opinion among the commentators who see this event as a miracle of the Prophet Muḥammad. It is possible to classify the disagreements of the commentators in this subject in two headings as the time and manner of occurrence of this incident.Most of the classical commentators, on the basis of narrations, think that the splitting of the moon occurred during the period of Mecca. Among these commentators, al-Wāḥidī (d. 468/1076) and al-Qurṭubī (d. 671/1273), as well as the rumors of this evidence, offer as a proof the verse, "if they see a miracle, they turn away and say that this is a great magic." (al-Qamar 54/2). Some commentators, such as al-Qushayrī (d. 465/1072), accept that this phenomenon has taken place in the past by referring to the opinion of the commentators about the split of the moon. The views of many of the modern-day commentators such as Siddiq Ḥasan Khan (d. 1307/1890), Mawdūdī (d. 1399/1979) and Sābūnī, on this issue, apart from the narrations related to the subject have shaped the general opinion of the commentators. There are differences of opinions among some of the commentators, who accept that the splitting of the moon takes place during the time of the Prophet Muḥammad, as to the reasons and arbitrariness of the incident. According to classical period commentators such as al-Ṭabarī (d. 310/923), al-Samarqandī (d. 373/983), Fakhr al-Dīn al-Rāzī (d. 606/1210), al-Qurṭubī (d. 671/1273), and Shīʿī commentators al-Qummī (d. 329/941), this incident took place upon the Prophet Muḥammad asked for a miracle as evidence for his prophethood by Meccan polytheists. Therefore, these commentators establish a relationship between the splitting of the moon and the prophethood of the prophet Muḥammad. On the other hand, commentators like Sayyid Quṭb (d. 1385/1966) argue that the splitting of the moon cannot be regarded as evidence of the prophethood, citing the fact that the miracles of the Prophet Muḥammad except the Qurʾān were not reported. There is a disagreement about the validity of the narrations related to the events among the commentators, who see the splitting of the moon as a miracle of the Prophet Muḥammad. Ibn Kathīr (d. 774/1373) and Shawkanī (d. 1250/1834) commentators, such as the rumors about this issue as a precise; ibn ʿĀshūr (d. 1879/1973) does not accept the news on this issue as a precise. There are also some commentators who suggest that the splitting the moon will take place in the future. The commentators, who shared this view, especially Rashīd Riḍā (d. 1353/1935) argued that the splitting of the moon did not take place in the past, pointing out that the validity criteria of narrations related to the splitting of the moon, and contradictory issues in the content of the rumors, also most of the people narrated by him/her cannot witness the incident and that it is not possible for people in a certain geography to witness this incident.There are few classical period commentators who suggest that the moon will be split in the future during the apocalypse. The prominent names are al-Ḥasan al-Baṣrī, (d. 110/728), ʿAṭāʾ b. Abī Rabāḥ (d. 114/732) and Abū Bakr al- Aṣamm (d. 200/816). On the other hand, many names such as Rashīd al-Riḍā (d. 1353/1935), al-Marāghī (d. 1364/1945) and al-Shinqīṭī (d. 1394/1974) from the modern period declare that the moon will split during the apocalypse.According to these, in the verses of the al-Qamar 54/1 that apocalyptic scene is mentioned.In the verse, they try to justify the use of the verb meaning of a split in the past tense by introducing some evidence from other verses.According to them, in many verses that speak of apocalyptic scenes, events are expressed in the past tense. There are also commentators who have different evaluations on the way of the occurring event instead of the time concept. Al-Ghazālī (d. 505/1111), Muḥyiddīn Ibn al-ʿArabī (d. 638/1240) and Shāh Walī Allāh al-Dihlawī (d. 1052/1642) do not see the splitting of the moon as a real split mentioned in the verse of the al-Kamer 54/1. According to them, the event is an optical illusion. Muḥammad Asad (d. 1412/1992) connected this illusion to the lunar eclipse. Trying to explain the splitting of the moon by some commentators is one of the commentary differences in this issue. According to Mawdūdī, who did not see this event scientifically impossible, it is possible to reunite a fragmented star with gravity. Without a doubt, Ṭanṭawī al-Jawharī (d. 1940) is one of the names who make the most striking evaluations in this issue. According to him, the miracle of the moon's splitting has many aspects to shed light on scientific studies. Ṭanṭawī al-Jawharī sees the verse as the sign of the moon instead of any other celestial body, as a sign that the moon had long ago broken off from the world. Therefore, Ṭanṭawī al-Jawharī establishes a relationship between the splitting of the month mentioned in the verse and the theories about the separation of the moon in the modern period.One of the arguments about the splitting of the moon is related to the fineness of the language. Some commentators, who draw attention to the expression of the splitting of the moon, which is the expression in the Qurʾān, argue that the purpose of the separation of the moon is the occurrence of truth. According to the advocates of this view, the Arabs use such a statement to express that a work has come to light. According to this, the term "splitting the moon" as means that the Qurʾān expands the darkness in its period. In summary, the commentators make various comments on different grounds such as the narrative expression of the verse al-Qamar 54/1 regarding the splitting of the moon, the narrations about the event, and the language subtleties. (shrink)

al-kitāb 1. al-Nasq al-ʻilmī lil-manẓūr al-ẓāhirī lil-ʻulūm al-ijtimāʻīyah -- al-kitāb 2. [Taṭbīqāt al-nasq al-ʻilmī lil-manẓūr al-ẓāhirī fī majāl al-ʻulūm al-ijtimāʻīyah].

International Institute of Islamic Thought; Islam; essence, genius, nature; history.

This book defines, perhaps for the first time in the history of the intellectual and religious tradition of Islam, the meaning of worldview from the perspective of Islam. The definition is articulated in the gathering together of the fundamental elements in the vision of reality and truth that projects the worldview of Islam into a meaningful whole. This articulation of the definition involves also explanation and contradiction of the challenges to that vision encountered throughout the ages to the present time.

The Buyide wezir Abū I-Faḍl Ibn al-‘Amīd became famous as a poet and expert in epistolary literature, but also as a scholar and scientist. His letters, published here together with translation, commentary and complete glossary, inform us on questions of meteorology, physics, mechanics and psychology.

Hādī ilá al-ḥaqq, Yaḥyá ibn al-Ḥusayn, 859-910; view on Islamic philosophy; Islam; doctrines.

ʻAyyānī, Yaḥyá ibn Ḥumaydān, ca. 12th century; Muslim scholars; Yemen; views on Islamic philosophy.