مولانا عنایت اﷲ فرنگی محلی
یہ خبر نہایت افسوس کے ساتھ سنی جائے گی کہ فرنگی محل کے ممتاز عالم مولانا عنایت اﷲ صاحب فرنگی محلی نے ۶؍ جولائی ۱۹۴۱ء کو دفعتہ وفات پائی، انا ﷲ و انا الیہ راجعون۔ مرحوم ابھی ۲۴، ۲۵، ۲۶ جون کو ہمارے ساتھ بھوپال میں عربی مدارس کی اصلاح کے کام میں شریک تھے، وہیں دردشکم میں مبتلا ہوئے جس کے باعث وہ کئی دن تک وہاں علیل رہے، سوء ہضم، تسلسل بول اور ضعف قلب کے عوارض ان کو پہلے سے لاحق تھے، بھوپال میں مرض کی تخفیف کے بعد وہ لکھنؤ روانہ ہوئے اور میں بھی ان ہی کی وجہ سے ان ہی کے ساتھ لکھنؤ تک آیا، لکھنؤ اسٹیشن پر پہنچ کر مرحوم نے مجھ سے کہا کہ میں آپ کی زحمتوں اور خدمتوں کا شکریہ اس لیے نہیں ادا کروں گا کہ میں آپ کو اپنے سے علیحدہ نہیں سمجھتا، یہ کہہ سن کر سلام کے بعد ہم دونوں الگ ہوگئے، یہ کون کہہ سکتا تھاکہ یہ سلام رخصت آخری سلام ہے۔
مرحوم فرنگی محل کے خانوادہ میں تنہا جامع علوم و فنون ہستی باقی رہ گئے تھے، معقولات اور منقولات پر ان کو یکساں دسترس حاصل تھی، مسائل پر وہ مبصرانہ اور ناقدانہ نظر رکھتے تھے، اردو میں تاریخ ، حدیث و رجال پر کئی رسالے لکھے تھے، مدرسہ نظامیہ کے صدر مدرس اور اچھے مدرس تھے، سیاسیات سے بھی دلچسپی رکھتے تھے، خلافت اور مسلم لیگ کے کاموں میں حصہ لیتے رہتے تھے، کل ۵۴ برس کی عمر پائی، اﷲ تعالیٰ مرحوم کو اپنی عنایتوں سے سرفراز فرمائے۔
(سید سلیمان ندوی، اگست ۱۹۴۱ء)
God has given us two kinds of commandments "al-awaamir wan-nawaahi" i.e. Biddings and forbiddings whose violation is called "sin”. Christianity and Islam both are divine religions and their teachings are God-gifted. Their followers are required to lead their lives according to the commandments of God in order to succeed. But with the passage of time, Christians started distortions within their law. They, therefore, promoted the belief that every man is a sinner by birth. Christians believe that Adam (PBUH) committed sin. Islam teaches that every child is innocent by birth. The holy Prophet (BPBUM) said: “Every child is born on Islamic nature and his parents cause him to be Christian, Jew or Magian". Despite being distorted, Christianity does possess yet such teachings that resemble Islamic teachings. If these teachings are followed the mankind can be reformed though these teachings have its limitations. Islam is a final and ultimate religion and its teachings are, valid up to the day of resurrection. Also, these teachings have not been distorted. Islam has described each and every sin in detail more than the Christianity. If one follows Islamic teachings be can achieve success and salvation.
This dissertation studies the impact of investor biases on investment decisions of Pakistani stock investors. Investors take many investment decisions in stock market on daily basis but could not avoid investor biases which they are facing during this decision-making process. For this researcher carried this study and had two primary aims; first to analyze the impact ofinvestor biases on investment decisions of Pakistan stock investors and second to find which of investor biases have high, moderate, low, positive or negative, statistically significant and insignificant impact on investment decision making .The study will use Kahneman & Tversky (1979) Prospect theory as the main theoretical framework, for analyzing impact of four investor biases such as : Overconfidence bias, conservatism bias, herding effect bias and availability bias on investment decisions of investors. The study applied a mixed method approach. Quantitative data was collected through a well-defined adopted questionnaire from the respondents selected through Stratified random sampling technique. In first stage, piloting was done on the sample of 50 respondents to shortlist best questions in the questionnaire who could answer all the research questions raised in the study. After piloting and refining of questionnaire a questionnaire survey was carried out by the researcher and administered to over 462 (77% response rate) stock investor of Pakistan stock exchange (PSX) branches such as : Karachi Stock Exchange(KSE), Lahore Stock Exchange(LSE) and Islamabad Stock Exchange(ISE) on the basis of Stratified random sampling technique. After that, quantitative data was analyzed by using IBM SPSS 21 statistical software. This data analysis was carried out in two sections namely; pre and post to find the impact of different investor biases on the investment decision of Pakistani stock investors. Both descriptive and exploratory analysis were done to determine the impact of these variables in pre and post analysis. The main variables were overconfidence bias, conservatism bias, herding effect bias and availability bias consisting of seven, six, seven and six sub variables respectively. After that, qualitative data analysis was carried out through interviews technique and then through thematic analysis technique. Findings of both quantitative and qualitative data analysis in this study revealed that investor biases have different level of impact on investment decisions of PSX investors and results shows that they have statistical significance and insignificant impact, positive and negative impact, high, moderate and low impact on investment decisions of PSX investors.