By
Aamir Abbas,
Govt College University Sargodha

Introduction

This paper is an attempt to highlight the practices of traditional banking system comparing it with Islamic one. This is an exploratory study of existing practices of banks in money, capital and credit markets where interest based borrowing and lending, though repugnant to Islamic injunctions, is supposed to be the blood vessels for economic survival of homo sapiens.

Comparative Economic Philosophies

The societal fabric of human being solicits different socio economic setups and consequently, each society envisions economic system different to other societies Economic system is an integrated way of production, consumption and distribution or how the state should allocate resources among different factors of production. This integrated system is guided by particular economic system, which a society prefers to practice. This trend resulted in three different economic systems, present in the world. These are capitalism, socialism and Islamic economic systems. Each has its own guidelines for production, consumption and distribution of resources.

In capitalism, ownership lies with the individual and individual has absolute power on his property. He may use his wealth in a way he likes irrespective of how it creates disorder. This nature of wealth is evident from saying of nation of Hazrat Shoaib (A.S)

“Does your way of prayer commands you that we should forsake what our forefathers worshipped or leave off doing what we want with our own property” (11:87)

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A TRIPPLE BOTTOM LINE

By:
ALI AZFAR TIRMIZI

By the end of the 19th century the forces of limited liability, state and national deregulation, immense industrialization and vastly increasing capital markets had come together to give birth to the corporation in its modern-day form. The 20th century saw a proliferation of enabling law across the world, which stimulated to drive economic booms in many countries. The hike in economic activity gave birth to an treacherous competition among the business community. The boundless profit orientation of business organizations resulted in the cruel exploitation of working class. However, the Soviet Revolution of 1917 proved hurdalious to the extensive growth of capitalism. Many countaries being inspired by the soviet experience admitted, the popular demands of workers, reduced working hours and gave social liberties to the labour. It was the era of nationalization and state controled economy which encampassed almost the whole 20th century. The ray of nationalization came to an end in 1980s and many countries with large state-owned corporations moved toward privatization, the selling of publicly owned services and enterprises to corporations. Deregulation (reducing the regulation of corporate activity) often accompanied privatization as part of a laissez-faire policy. Free market economy, the absencence of governmental check and huge multi-national business structures are supposed to devour all the resources of the planet. So the demand for more ethical business processes and actions (known as ethicism) is increasing. Simultaneously, pressure is brought to bear on industry to doctor up business ethics through new public initiatives and laws (e.g. higher UK road tax for higher-emission vehicles). Business ethics can be both a normative and a descriptive discipline. As a corporate practice and a career specialization, the field is primarily normative. In academia, descriptive approaches are also taken. The range and quantity of business ethical issues reflects the degree to which business is perceived to be at odds with non-economic social values. Historically, interest in business ethics accelerated dramatically during the 1980s and 1990s, both within major corporations and within academia. For example, today most major corporate websites lay emphasis on commitment to promoting non-economic social values under a variety of headings (e.g. ethics codes, social responsibility charters). In some cases, corporations have re-branded their core values in the light of business ethical considerations (e.g. BP’s “beyond petroleum” environmental tilt). The term Corporate social responsibility (CSR), also known as corporate responsibility, corporate citizenship, responsible business, sustainable responsible business (SRB), or corporate social performance came into common use in the early 1970s, after many multinational corporations formed CSR departments, although it was seldom abbreviated. It is a form of corporate self-regulation integrated into a business model. Ideally, CSR policy would function as a built-in, self-regulating mechanism whereby business would monitor and ensure its adherence to law, ethical standards, and international norms. Business would embrace responsibility for the impact of their activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere. Furthermore, business would proactively promote the public interest by encouraging community growth and development, and voluntarily eliminating practices that harm the public sphere, regardless of legality.

Essentially, CSR is the deliberate inclusion of public interest into corporate decision-making, and the honoring of a triple bottom line: People, Planet, Profit.

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By:
MUHAMMAD TAQI KHAN
Advocate Supreme Court of Pakistan

Circumstantial Evidence means a combination of fact creating a network from which, there is no escape for the accused, because a fact’s taken as a whole do not admit any influence, but the guilt of accused. In other words the circumstance as a whole must be thoroughly inconsistent with the hypothesis or the innocence of accused.

“Distinction between Direct and Circumstantial Evidence”

The destination between direct and circumstantial evidence which logically flows from a long catena of cases decided by the Supreme Court as well as the other High Courts can be summarized as under:–

1.     Direct evidence is that which goes to the very root of point, such as the evidence of witness who actually saw the commission of offence, whereas circumstantial evidence is evidence which without going directly to prove the existence of a fact, give rise to the logical inference that such fact does not exist.

2.     What is meant by direct evidence and by circumstantial evidence is that as proof one goes directly to establish the culpability of the accused person in the commission of offence, the other brings guilt home to him, by placing circumstances from which the inference is absolutely irristable that the accused has committed the offence.

3.     Circumstantial Evidence ordinarily means a fact from which some other fact is inferred, whereas, direct evidence means testimony given by a person as to what he has himself perceived by his own senses. Circumstantial Evidence means is the testimony of witness to other fact, the fact other than those in issues which are course relevant facts from the which the fact in issue may be inferred. As to admissibility both forms of evidence stand on the same footing, and the testimony whether the factum probandum’ or the ‘facts probatia’ is equally as original and direct.

Chief Justice Abbot observed! “In a great portion of trials as they occur in practice, no direct proof that the party accused actually committed the crime is or can be given; the man who is charged with the theft is rarely seen to break the house or take the goods: in case of murder, it rarely happens that the eye of any witness sees the fatal blow struck, or the poisonous ingredient pured into the cup.”

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Justice at the Grassroot Level

“The Meeting of the NJPMC has been convened at a critical moment of our national history. There has occurred a gradual deterioration in the law and order situation and parts of the country are experiencing militancy and violence, causing the displacement of hundreds of thousands of innocent people – men, women, children and elderly. These are difficult times. We face existential threats. But I do not think that the difficulties are insurmountable. We are a tenacious nation, have demonstrated, more than once, our strength and ability to face challenges. The lawyers’ movement for restoration of independent-minded judges and supremacy of law/Constitution is a case in point. The movement for a grand cause was thronged by enthusiastic groups including civil society organisations, professional groups, political parties and students, etc. In the evening of 15 March 2009, the movement transformed itself into a mini-revolution. It demonstrated the agility and determination of the masses to tand by the Constitution and dispensation of power under this supreme law. It emboldened me to say today, that together we could face challenges and convert them into opportunities. I have full faith in the ability of the people to rise to the occasion and chalk out a future course of action, based on democratic values and constitutional principles.

The restoration of 3 November (2007) judiciary has ushered in a new era: an era of hope that political dispensation in the country and governance shall be in accordance with the constitutional principles. The people of Pakistan have reposed great confidence in the ability of the judiciary to redress their grievances and grant them relief. They have very high expectations of the courts to settle their disputes, restore their rights/entitlements and maintain peace in society by sending the guilty behind bars. I thank the people for believing on us! We must strive to meet their expectations. This is time to repay our debt to the nation. We could do so by addressing the perennial twin-problems of “backlog” and “delays” in the system of administration of justice. To achieve the objective, we need to formulate new judicial policy. I had asked the Secretariat of the NJPMC to prepare a framework of action for clearing the backlog and expeditious disposal of cases. The draft is before you. Let us  examine it and evolve a strategy for the purpose. I want the active participation of all stakeholders of the justice sector, essentially the members of the bench and the bar and also related agencies viz police/prison department and prosecution branch. The Policy that we ultimately approve would be one that has broad ownership. That is why extensive consultations have been carried out to get the viewpoint of judges, lawyers, litigants and others.

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By
ZOHAIB IMRAN
Advocate High Court & Service Tribunals
(Zohaib_imran_elahi@hotmail.com)

This article solely based upon work done in order to reach a logical conclusion whether the functioning and administration of service tribunals in Pakistan can be brought within the ambit of Article 175 of the constitution of Pakistan 1973, which deals with the independence of judiciary and ousts executive from meddling into the affairs for judiciary and also whether service tribunals form part of the judiciary. Whether appointment of members from executive militates the concept of independence of judiciary in our country, if so what is the effect and consequences. This article also focus on the proposition whether mere performance of judicial functions by the service tribunals drag them within the strict definition and ambit of court or otherwise can be termed as court for the strict purposes of Article 175 of the constitution.

INTRODUCTION

“A court is permanently organized body with independent judicial powers defined by law, meeting at a time and place fixed by law for the judicial public administration of justice…………….” WILLIAM J, HUGHES

…………In a large number of cases decisions of administrative tribunals are judicial in nature, in the sense that the tribunals have to decide facts and apply rules to them impartially and without at times considering executive policy. Such tribunals are “in substance courts of law” ………….. (WADE H.W.R ADMINISTRATIVE LAW 3^RD EDITION)

DEFINITION OF COURT AND TRIBUNAL RESPECTIVELTY: BLACKS LAW DICTIONARY

“A governmental body consisting of one or more judges who sit to adjudicate disputes and administer justice”

“A court of other adjudicatory body”

EXPLANATION

THE QUESTION for determination as to which forum is a court and which is not a court requires prime consideration at this moment. Procedural law qua method of presentation of lis is attracted to ascertain the essential element and character of court as such. Tribunal is bound to follow a defined procedure and to settle the disputes thereby administering the law and justice and also on very occasions enforced the fundamental rights qua terms and conditions of civil servant and examined applicability of laws and rules to the facts and circumstances of each particular case. On one hand judgments and orders passed by the service tribunal embrace the essential characteristic and perform in the administration of justice, verdicts of the tribunals have been held to be of binding and enforcing nature. Even our supreme court is clear on this issue. Reference may be made to 2009 SCMR 1 says:-

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By :
HUMA ANBREEN
(Advocate High Court)

Twentieth century set down its last sun amidst lots of pains and pleasures. Advancement of technology, media, communication, space exploration for navigation of hidden mineral resources of Mother Planet all have extended and enhanced industrialization and merchandise of goods and services. Institutions like World Trade Organization, GATT, World Bank, IMF, have given boost to Multi-national commercial transactions and the projects, which earlier were not feasible with limited resources of a single country, were carried through amalgamation of multiple accounts of different countries. This all has given rise to multiple disputes between persons and persons, associations of persons forming into companies, between companies and companies and between companies and states. Since each country is run by its own constitution and Lex Fori for each state varies to a large extent, so global transactions found a way for settlement of mega companies, disputes and that was International Arbitration. Its expedient, and somewhat cheaper aspects have made it popular and now hardly there would be an arbitration clause.

Though it is open to consenting parties to appoint mutually any person or institution to receive their references for adjudication through arbitration, but eventually, such Awards have to earn seal of the Court for execution, as well to entertain and decide objections to such arbitral awards. Here come the state laws of country to handle such awards. So long the Awards are made for the natives and filed in Courts of the same country, there is no problem, but when the contracting parties belong to different states and continents, it becomes an issue as to where such awards would be filed for the assent of the Court. Majority of such awards are satisfied through the voluntary compliance of the parties, but on some occasions a party must invoke external authority to enforce a losing party’s obligation and to collect the damages awarded.

Effective international arbitration is dependent on the parties’ success in getting the arbitral awards enforced. Owing to lack of enforcing power with arbitrators, statutes and treaties are made available to successful parties. The Geneva Protocol on Arbitration Clauses 1923 was the first effort in this context. Then the Convention of 1927 supplemented the Protocol. The third convention is the New York Convention of 1958 which simplified the procedure for recognition and enforcement of foreign arbitral awards.

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GLOBALIZATION & COMPARATIVE LAW

By

INAAMUL HAQUE*

Shelley, the English poet had once, while commenting upon the pervasive influence of Greeks on the western thought and civilization, reportedly remarked: “We are all Greeks”.  One can today, justifiably paraphrase Shelley’s words by saying: “We are all globalizers”.  Globalization is indeed an all pervasive fact, a self evident reality.  The question today is not whether there should be globalization or not, but the issue is how do we manage globalization.  We cannot turn the wave of globalization.  The challenge for us is to make globalization a vehicle of opportunity and inclusion, not of fear and insecurity.

Globalization is the defining attribute of the present world. Societies and economies are becoming more and more integrated, as a “result of reduced costs of transport, lower trade barriers, faster communication of ideas, rising capital flows, and intensifying pressure for migration.” ¹ This integration is a highly complex process, affecting almost all aspects of our lives. The volume of cross border transactions is exponentially increasing and their scope and sweep are qualitatively changing. As the former World Bank President, James Wolfensohn, aptly described it:

“Globalization is about an increasingly interconnected and interdependent world; it is about international trade, investment, and finance that have been growing far faster than national incomes … It is about our global environment, communicable diseases, crime, violence, and terrorism… Globalization is about risks as well as about opportunities.” ²

Globalization is not a simple phenomenon but a multidimensional reality with a wide sweep. It is manifested in a variety of ways both positive and negative:

“The terrorist attacks on the United States on September 11 were one aspect of globalization. Rapid growth and poverty reduction in China, India and other countries that were poor 20 years ago is another. The development of the Internet and easier communication and transportation around the world is a third. The spread of AIDS is part of globalization as is the accelerated development of life-extending technologies.” ³

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ECONOMICS AND RULE OF LAW
By Shahid Javed Burki

[This article first appeared in Dawn on February 23, 2010.]

The main purpose of my latest visit to Pakistan this month was to chair the fourth meeting of the task force on private-sector development set up in November 2008 at the urging of President Asif Zardari.

As chairman, I was asked to present to the government ideas on how Pakistan’s private sector could be commissioned not only to revive the economy but to set it on the path of sustainable, high-level growth. It is the government’s hope that it can institute economic and social reforms to make it possible for Pakistan to attain the sort of GDP growth that has become common in Asia.

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Introduction

Mistakes at law may affect the validity of the formation of a contract. The effect of a mistake on the validity of a contract depends on the type and nature of the mistake made. The general rule is that where a mistake has been made by the parties, at common law the contract may be deemed void, as if the contract had never existed. Equity takes a more flexible approach in that contracts containing certain mistakes may be treated as voidable, where either party can terminate the contract. However, a fundamental mistake, often referred to as an ‘operative’ mistake, may render a contract void.

1. Common Mistakes

Where a common mistake occurs, the parties appear to be in agreement, but have entered into the contract under the same misapprehension. Where such a mistake is fundamental to the contract, it may be ‘void ab initio’ (void from the very beginning). In the case of Bell v Lever Bros (1932), it was held that for a common mistake to be operative the mistake ‘must go to the root of the contract’. Read More

What are these new attorney-client matching services? Who are the players? What do they cost? What is the risk to me? What is the return for me? What is the buzz on them? Are they ethical as marketing for law firms? Will they save me money and are they for me? Will they get me clients I would not have otherwise?

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