موت العالمِ موت العالَم
وادریغا!دودمان قاسمی کالعل شب چراغ گم ہوگیا۔چمن زار دارالعلوم دیوبند کا گل سرسبد مرگ کی باد صرصر سے نذرخزاں ہوگیا،بزم علم وعرفان کی شمع فروزاں بجھ گئی،حسن بیان وخطابت کے ایوان میں زلزلہ آگیا،مسند وعظ ومصطبۂ ارشاد وہدایت بے رونق ہوگئے، یعنی ۱۷/جولائی کوحضرت مولانا قاری محمد طیب صاحب کم وبیش۸۸برس کی عمر میں عالم آب وگل کوخیرآباد کہہ کر عالم آخرت کی طرف منتقل ہوگئے۔اناﷲ واناالیہ راجعون۔ شب میں عشاء کی نمازکے بعد ہزاروں ماتم گساروں کے مجمع میں نمازجنازہ دارالعلوم کے احاطۂ مولسری میں ادا کی گئی اورپھرتدفین جدامجد نوراﷲ مرقدہ کے پہلو میں ہوئی، اس طرح گویا:
پہنچی وہیں پہ خاک کہ جس کاخمیر تھی
کل من علیہا فانoویبقیٰ وجہ ربک ذوالجلال والاکرام۔
حضرت مرحوم جب پیداہوئے، یہ دارالعلوم دیوبند کے اوج شباب کا زمانہ تھا۔ اساتذہ کرام اپنے اپنے فن میں یگانۂ روزگار تھے جن کے علم وفضل اور مہارت فن کا آوازہ ممالک غیر میں بھی دور دور تک پہنچا ہواتھا۔پھر اس دور کی ایک بڑی اوراہم خصوصیت یہ تھی کہ اصحاب درس وتدریس خود بھی روحانی اور باطنی کمالات کے حامل اورجامع ہوتے تھے، اوران کے علاوہ تھانہ بھون، سہارنپور اور دیوبند میں مستقل طورپرطریقت ومعرفت کی درس گاہیں قائم تھیں اور دارالعلوم جس کانام تھا وہ درحقیقت انہی دونوں قسم کے علوم وفنون کی تعلیم وتربیت گاہ تھا، غرض کہ ایک طرف یہ سرچشمہ ہائے فیض تھے جوپوری آب وتاب کے ساتھ رواں دواں تھے اوردوسری جانب حضرت مرحوم خانوادۂ قاسمی کے چشم و چراغ ہونے کے باعث ہرایک کے نور نظر اورلخت جگر تھے اورخود بھی ذاتی طورپر نہایت ذہین اور طباع، روشن ضمیر و نکتہ رس تھے اورطلب علم کاجوہر فطری رکھتے تھے، پھر کسر کس بات کی تھی، جوان ہوئے توحافظ قرآن اورقاری خوش الحان ہونے کے ساتھ ایک پختہ استعداد کے بالغ...
Literature, among almost all nations, has always been a source of cultural unity & identity. It’s a deep rooted tree quenching the intellectual and cultural thirstiness. Arabic Language, of course deserves to be called a nourishing language-bringing up- for centuries- the nations came up under Islamic caliphate. Almost all world literature is a molded shape of Arabic key sources. Moreover, Arabic language bestowed to look into latent works of Roman. Thus Arabs are the pioneers of presenting quality works-believing in the utilitarian aspect to the world. This language has benignity to collect the then world literature for the purpose of universal awareness. So much more literary works were translated into Arabic with a view to ponder, to discourse and finally to infer. I have presented in this article a glimpse of how the word literature in its pure Arabic context denoted certain contextual definitions since the origin (pre-Islamic period) till the late 4th century A.H.
During the times of financial crisis, losses tend to spread across financial institutions, threatening the overall stability of the financial system. The spreading of financial distress to various financial institutions gives birth to systemic risk. The intermediary role of the financial system is damaged, with adverse consequences for the supply of credit to the real economy. Therefore, the management of systemic risk becomes an important goal for the whole society. However, financial institutions do not contribute equally to the generation of systemic risk. Therefore, the main aim of this thesis is to assess separately how financial sectors and individual financial institutions inject systemic risk into the respective financial systems of Pakistan and BRICS during times of distress. During the last couple of decades, concentrations and control of global markets have been changed on a massive scale. Countries now are more focusing on regional and economic co-operations to achieve higher value-added production, to face regional challenges, and to cater to the monopolistic power of developed countries firms. BRICS is one of such economic cooperation. The establishment of China Pakistan Economic Corridor (CPEC) and increasing collaboration with Russia make Pakistan a potential candidate to enter this alliance. The more regional cooperation between these member countries calls for a major investigation about the spillover effect of systemically important financial sectors and institutions of BRICS and Pakistan. It is equally important to investigate the determinants of systemic risk in an economy. Delta Conditional Value at Risk (∆CoVaR) is one of the pioneer measures of assessing the systemic risk of financial institutions proposed by Brunnermeier (2016). It is based on another important financial risk measure named as Value at Risk (VaR). The panel regressions analysis is used to inspect the important determinants of the systemic risk within an economy. The results reveal that the banking sector is the highest contributor of systemic risk. The second high contributor to systemic risk is the insurance sector. The financial services sector contributes least in the generation of systemic risk of BRICS and Pakistan. Furthermore, the study also ranks top most systemically important financial institutions as well. The financial characteristics employed in the study include the size of the financial institution, the loan ratio, the leverage ratio, the tier1 ratio, and other financial characteristics. However, the findings reveal that the size of the financial institutions, the tier1 ratio, the market to book value ratio, and the operating profit margin ratio are significantly related to the systemic risk. Further, empirical analysis is carried out on 334 financial institutions of Pakistan and BRICS for the time period starting from January 2000 till December 2015. The data related to the closing prices and financial statements are taken from the Thomson Reuters Financial DataStream. The state variables data are obtained from World Development Indicators (WDI). The results have direct implications for the regulators and policymakers. Regulations that attempts to diminish the systemic risk in the financial system may take into account both systemic risk and individual risk faced by financial institutions and sectors. Furthermore, the regulatory framework might consider significant determinants while devising new strategies for financial institutions. This investigation may help to identify the most vulnerable financial institutions as well as financial characteristics helpful in reducing the systemic risk within an economy.