مولوی قاضی ظہور الحق
اس سلسلہ میں ہمیں اپنے مخلص اورجواں مرگ دوست مولوی قاضی ظہور الحق صاحب کی یاد بھی آرہی ہے۔مرحوم نجیب آباد کے ایک قصبہ جلال آباد کے رئیس اعظم اوردارالعلوم دیوبند کے فارغ التحصیل تھے، خوب رواورخوش خو تھے۔ ندوۃ المصنفین سے دلی عقیدت وارادت رکھتے تھے۔رئیس ہونے کے باوجود احکام مذہبی کے سخت پابند گویا صحیح معنٰی میں جوان صالح تھے۔امور خیروصلاح میں ہمیشہ سابقون اولون کی صف میں رہتے تھے۔پورے خاندان کے واحدمربی اور سرپرست تھے۔تندرستی لائق رشک تھی، مگر چند ماہ سے پھیپھڑوں میں پانی اتر آیا تھا،اس کا آپریشن کرایا گیا جو آخرکار گزشتہ ماہ قید ہستی سے ہی نجات کاسبب بنا۔ عمر۳۴۔۳۵سال کے لگ بھگ تھی۔حق تعالیٰ مرحوم کواپنی رحمت ومغفرت کے دامن میں جگہ عطافرمائے۔آمین۔ [اپریل ۱۹۴۲ء]
Some things we can not drive and achieve ethics from wisdom and philosophical thought. Just as Jinnah (Jinn). Literary word Jinnah (jinn ) is derive from the Arabic alphabet means to hide or cancel. Thus as their description suggests that they are invisible physically. Different views has been recorded and reported that these are not a created being, just a doubt or (whim) but others believe them a creature not a result of any hidden feeling sense of thought but here sacred jurisprudence (shari’ah) states that they are created one like humans having proper way of youth and puberty, having domestic life and science suffered towards death lastly human eye can not see us bound to fulfill the requirement of shari’ah and observed to keep in different sects and tribes persuasion like us. Human and jinnat as power and authority. Quran proves courtery which we can not ignore. “ I did not create the jinns and human except to worship me”(51/56). Islamic jurisprudence is the best source to prove to existence of jinns with beliefs and thick proof as Rab e kareem say, s “ Indeed we created man from dried clay of black smooth mud and we created the jinn before that from the smokeless flame of fire”.(15: 26/27)
This study examines the insight dynamics of factors affecting dividend payout in the context of Non-Financial firms listed at Pakistan Stock Exchange (PSX) in KSE-100 Index. Through observation, 66 firms were identified from 18 sectors of Non-Financial firms that have been paying the regular dividend in the past 6 years (2009-2014). In this study, a complete business cycle has been encompassed for reader?s view. Key explanatory variables were identified on the basis of prior literature (Dividend Payout, Cash Flow on Total Assets, Debt to Equity, Profitability, and Liquidity) and one which has not been studied before and considered significant is Free Cash Flow to Capital Expenditure. For econometric analysis of the data, Multivariate Regression Analysis was considered as a most appropriate tool. Descriptive statistics of data under study described its normality. In empirical analysis, Housman and BPLM tests declared random effect exist in the panel data. Moreover, data was found free from contemporaneous correlation, multicollinearity issue, and autocorrelation but the issue of heteroscedasticity has been found. Results of the study revealed that free cash flow to capital expenditure, debt to equity, net profit margin and current ratio are significantly impacting the dividend payouts. However two measures are insignificant that are cash flow to total assets and absolute liquidity ratio. These results suggest that Managers of the listed firms in Pakistan Stock Exchange (PSX) should aim to increase the meaningful cash flows to capital expenditure for the profitable projects that would yield high profits to firms, this will lead to high dividend and improve the investors? confidence.