https://cusitjournals.com/index.php/CURJ <p>City University Research Journal (CURJ) is a bi-Annual management sciences journal published by City University of Science &amp; Information Technology, Peshawar, Pakistan. CURJ is a peer-reviewed open-access research journal recognized by the Higher Education Commission of Pakistan in the<strong> Y category</strong>. CURJ is indexed in Ebscohost, Proquest, GoogleScholar, and is in process with Scopus and DOAJ. CURJ invites contributions from researchers, scholars, and academicians in the area of business and management.</p> <p>ISSN (Online) 2409-0441</p> <p>ISSN (Print) 2220-9174 </p> <p> </p> City University of Science & Inormation Technology, Peshawar, Pakistan en-US CITY UNIVERSITY RESEARCH JOURNAL 2220-9174 https://cusitjournals.com/index.php/CURJ/article/view/931 <p>It is essential to use a profitability ratio and a solvency ratio to examine financial statements to ascertain a company's financial performance. The purpose of this study is to assess the financial performance of companies by analyzing key profitability and solvency ratios, specifically to understand their effects on stock return and liquidity. Utilizing secondary data from the financial statements of paper and board companies listed on the Pakistan Stock Exchange (PSX) 100 index between 2018 and 2022, the study employs multiple linear regression and mediation analysis conducted via IBM SPSS Statistic 25. Key variables include Return on Assets (ROA), Debt to Equity Ratio (DER), stock return, and stock liquidity. The findings reveal that while profitability has a significant negative impact on stock liquidity and return, solvency exhibits a positive and considerable influence. The study’s contributions are particularly relevant for investors and market participants seeking to understand stock behavior during periods impacted by the pandemic. The research provides valuable insights into the dynamics between financial ratios and stock performance, aiding in more informed decision-making and financial planning.</p> Wasim Shaheen Kiran Afzal Abdul Salam Copyright (c) 2024 Wasim Shaheen, Abdul Razzaq, Kiran Afzal, Abdul Salam https://creativecommons.org/licenses/by-nc/4.0 2025-04-09 2025-04-09 14 2 125 138 https://cusitjournals.com/index.php/CURJ/article/view/1004 <p>The rapid rise of cryptocurrencies presents challenges in reconciling their decentralized, speculative nature with the principles of Shari’ah prohibiting&nbsp;<em>Riba</em>&nbsp;(interest),&nbsp;<em>Gharar</em>&nbsp;(excessive uncertainty), and&nbsp;<em>Maisir</em>&nbsp;(gambling). Islamic finance, rooted in ethical and risk-sharing models, faces scrutiny over whether digital assets align with its foundational tenets. This paper examines the Shari’ah compliance of cryptocurrencies, blockchain, and decentralized finance (DeFi) within Islamic financial frameworks. Using qualitative analysis of scholarly opinions, fatwas, and regulatory stances, the study finds divergent views but identifies potential pathways for harmonization. It recommends standardized Islamic crypto regulations and state-issued digital currencies to balance innovation with Shari’ah adherence. The conclusion affirms that with structured oversight, cryptocurrencies can integrate into Islamic finance while upholding its ethical objectives.</p> A.A. Owoade D.A. Ariyoosu B.L. Ijaiya Copyright (c) 2025 A.A. Owoade, D.A. Ariyoosu, B.L. Ijaiya https://creativecommons.org/licenses/by-nc/4.0 2025-04-21 2025-04-21 14 2