http://rahatulquloob.com/index.php/rahat <p><iframe src="https://rahatulquloob.com/" width="100%" height="3050"> </iframe></p> en-US rahatulquloob@gmail.com (Prof. Dr. Abdul Ali Achakzai) Fri, 30 Jan 2026 00:00:00 +0000 OJS 3.1.2.4 http://blogs.law.harvard.edu/tech/rss 60 http://rahatulquloob.com/index.php/rahat/article/view/497 <p>Islamic finance has emerged as one of the fastest-growing segments of the global financial system, expanding from early experiments in Islamic banking during the 1960s to a multi-trillion-dollar industry today. Among its most dynamic components, the Islamic equity market provides investors with an avenue to participate in capital markets while adhering to Shariah principles. However, the challenge of defining which equities are permissible (halal) or impermissible (haram) has led to the creation of various Shariah-compliant equity screening indices. While qualitative filters, excluding prohibited industries such as alcohol, gambling, and conventional banking, remain relatively consistent, quantitative screening criteria vary widely across global and regional indices such as the Dow Jones Islamic Market Index (DJIMI), MSCI Islamic Indices, FTSE Shariah, AAOIFI, S&amp;P, ISRA-Bloomberg, ISSI (Indonesia), and Meezan Bank (Pakistan). These discrepancies result in situations where a stock may be considered compliant under one index but non-compliant under another, raising questions of credibility, investor confidence, and the legitimacy of Shariah governance. This paper undertakes a qualitative thematic analysis of predominant Shariah equity screening indices, with emphasis on the methodological divergences and their implications for global Islamic finance. Using secondary data from index methodologies, regulatory standards, and peer-reviewed academic literature, the study identifies three comprehensive themes: Uniformity in qualitative exclusions<u>,</u> Divergence in quantitative thresholds and Calls for a unified global screening standard.</p> Ameer Muhammad, Zahid Khan Copyright (c) 2026 http://rahatulquloob.com/index.php/rahat/article/view/497 Fri, 30 Jan 2026 00:00:00 +0000 http://rahatulquloob.com/index.php/rahat/article/view/510 <p>This research article presents a comparative and analytical review of the exegetical opinions regarding the Qur’anic verse: <strong>"‌لَا ‌تَبْدِيلَ لِخَلْقِ اللَّهِ"</strong> (There is no altering the creation of Allah), found in Surah Ar-Rum, Verse 30. The primary objective of this study is to elucidate the comprehensive meaning of this verse by analyzing the perspectives of early (Salaf) and later (Mutakharin) commentators, including Imam Mujahid, Al-Tabari, Al-Maturidi, Al-Razi, Ibn Kathir, and Rasheed Rizaرحمھم اللہ .The study employs a comparative and analytical exegetical methodology, systematically examining the interpretations across various major tafsir works. The opinions are contextualized based on the commentators' historical periods, theological schools of thought (Kalam), and legal leanings (Fiqh) to understand the diversity within the interpretation of ‘Khalq Allah’. This approach links the early interpretations (Divine Religion and physical alteration) with later theological analysis (Al-Razi's intellectual depth and Ibn Kathir's reliance on Prophetic traditionsﷺ).The analysis reveals two central interpretations of the verse. 1. Prohibition of Altering the Fitrah (Divine Disposition/Religion) - The Legislative Command: The consensus among the majority of commentators, supported by the Prophetic tradition regarding Fitrah and the context of the verse (ending with ذَلِكَ الدِّينُ الْقَيِّمُ - That is the correct religion), holds that the verse primarily forbids changing the innate monotheistic disposition (Fitrah) into polytheism or misguidance. 2. Prohibition of Altering Physical Creation - The Material Command: This applies to forbidden acts like Al-Ikhsa’ (castration) and Al-Washm (tattooing), which, as cited from Surah An-Nisa, are commands of Satan. Furthermore, some theological commentators (Kalam) interpreted the verse as asserting the immutability of Divine Decree (Qada’ wa Qadar) concerning the eternal state of happiness or wretchedness (Sa‘adah wa Shaqawah). In conclusion, the verse establishes a fundamental principle encompassing the protection of monotheism, adherence to the innate disposition, and avoiding both spiritual and unwarranted physical corruption of Allah’s creation.</p> Dr. Ilyas Ahmed, Dr. Zia ur Rehman, Dr. Atiq Ullah Copyright (c) http://rahatulquloob.com/index.php/rahat/article/view/510 Fri, 30 Jan 2026 00:00:00 +0000