قرآنی طرز زندگی کے مطابق قیادت و رہبریت کی شرائط

Islam teach us complete way of life. It guides human to face any circumstance from birth to death such as clothing and appearance etc, Beard on male face is one of those guidance, through which male can be differentiated from female. Quran and Sunnah, Ijma and Qiyas (four principles of sharia) has made beard a part of human and Islamic nature. Due to this beard is obligatory and not having beard on face and large mustaches on face is the appearance of non-Muslims. And we are ordered to oppose that appearance. And by leaving beard less than one hand is forbidden, and group of many sins. And Hazrath Muhammad (SAW) also hate them. And according to sharia having beard on face have a lot of benefits for health and not having beard on face is much harmful for health. And cutting beard more than one hand is allowed and as well evident that it is Sunnah and Mustahib, because it is the original quantity of beard. And also it is based on the principles of nature and common sense instead of copying.

Efficiency of Karachi Stock Exchange 2000-2012

The present study is conducted to investigate Weak Form Efficiency (WFE) of KSE-100 Index by using the daily data set from January 3, 2000 to November 30, 2012. This study estimated three unit root tests namely Augmented Dickey and Fuller (1979), Phillip-Perron (1988) and Kwiatkowski, Phillips, Schmidt and Shin (1992). Weak Form Efficiency was also investigated by applying autocorrelation test with the help of Q- statistics. From the statistical results mixed findings are concluded about the efficiency of KSE-100 index. The presence of unit root indicates that a time series is non-stationary or random walk or in other words Weak Form Efficient. Meanwhile, estimated statistical results of Ljung-Box Q-Statistic of autocorrelation concluded that KSE-100 index is not Weak Form Efficient. However, the main reason of difference in results is because of the low power of process of unit root tests if the process is stationary. The implication of these findings can play pivot role in case of investment decisions made in stock markets in Pakistan. Investment managers, investors, multinaltional and even policy makers of developing countries with prior knowledge about Weak Form Efficiency of stock markets of the Pakistan can make smart investment decisions with better risk management.