حضرت مولانا حماد اللہ ہالیجوی کی زندگی کا علمی جائزہ

Allah Almighty is the creator of the whole universe. He bestowed wisdom and intellect to humanbeings. He sent his prophets for their guidance. Prophets taught how to worship Almighty Allah by heart and serve humanity. After Prophets, it is the responsibility of religious scholars to guide people to the right way. Islam also explicitly encourages inward reform. Sub continent Indo-Pak has the privilege of being the gateway of Islam, as well as the benefit of great Islamists and brave people. The great scholars of Islam, Ulama, Hufaaz, Writers, Researchers, Intellectuals, Scientists and saints got birth on this pure land. These great personalities served their religion Islam with their self-determinations and eliminated the darkness of ignorance and eliminated the darkness of misguidance. Such great human lives and their educational, religious and literary activities have been documented, as the next generation could be aware of their great hostilities, writings and made their lives and their experiences as a model for themselves. Maulānā Ḥamadullah Ḥālajwī is one of them. He was a prominent pious Islamic scholar, researcher and a saint. He spent his whole life to follow the commands of Almighty Allah and the teachings of Holy Prophet (PBUH). He adapted his life according to the Sunnah. He used to do everything according to the Sunnah. He was a master of good personality and good character. His words were full of wisdom. During his meeting or statement, it seemed as if there was a sea of ​​knowledge, whose ripples were visible in his sermons. He used to make great arrangements for payment of religious duties. He was very pious and devout. His life is an ideal life and his religious and academic services are unpredictable. Practicing the Sunnah had become his mark and identity. He urged others to follow the commands of Allah and His Messenger (PBUH). Sitting in the company of such pious saints is also considered in worship. The bigger his personality, the more humble and controversial he was. This is actually the identity of a mediator and scholar. He was oceans of knowledge and action. The vacuum created by his death takes a long time to fill. Such individuals survive for centuries.

Downside Risk Applied to Bankruptcy Prediction Models

Being able to predict bankruptcy can be very valuable for debtors, creditors, shareholders and other stakeholders. Historically, different models that predict corporate bankruptcy have been constructed. Three bankruptcy predicting models are used in this thesis; the models of Altman (1968), Ohlson (1980) and Shumway (2001). The relatively old original models are applied to U.S. listed firms. It became clear that when the original models are applied to a more recent sample of 1999-2013, the predictive power of the models is very low, and bankruptcy is over predicted. In order to be able to use the relatively old models in more recent periods, the results show that the models have to be re-estimated. The original models with the original variables are used, only the coefficients and the interpretation of the outcome of the models change by downside risk. The downside risk models show that especially variables of short term liquidity are more important now a day in predicting bankruptcy than in the original models. After reestimated the models, the accuracy rates of all models increased. Especially applying the downside risk models of Altman (1968) and Ohlson (1980) to the sample of 1999- 2013 result in high percentages of correctly classified observations and high areas under Receiver Operating Curves. The research was carried out with an aim to contribute to the discussion regarding business failure prediction of Pakistani Firms using Altman (1968) Z-Score, Ohlson (1980) O-Score and Shumway (2001) hazard model, its applicability and validity in Pakistani scenario so that to provide an addition into the literature of drivers of the prediction of the business failure in Pakistan. The research was carried on three research questions; can Altman (1968), Ohlson (1980) and Shumway(2001) model correctly forecast the bankruptcy problems in Pakistani environment, if not, can only changes in coefficients of Altman(1968) Ohlson (1980) and Shumway (2001)model’s ratios are sufficient for this purpose, is there is a need of new bankruptcy model for Pakistani firms and if so which of the financial ratios and relationships between financial ratios are useful in forecasting Pakistani business financial failure. This study used data of Pakistani publicly listed companies for the period of January 1999-December 2013 to test the accuracy of Altman’s Z-score, O-score a Hazard model in predicting failure of Pakistani’s companies and for model development. Multiple discriminant analysis (MDA), Logit and Probit are chosen as the suitable statistical technique. Multiple discriminant analysis (MDA), Logit and Probit is a statistical technique that can be employed to classify firms into one or more mutually exclusive categories such as bankrupt and non-bankrupt firms. MDA approach has been the most popular technique for bankruptcy studies as shown in literature. Results show that Altman(1968) model does fairly well for predicting the bankruptcy of a firm, with accuracy ranging from 94.6% to 83.9% but the model tends to misclassify a non-failed firm in to the failed group with error ranging from 61.1% to 91.1%.The re-estimated model does fairly well for predicting the delisting of a firm, with accuracy more than 80% as well as to predict with 100% accuracy for successful firms into the stable group with no error in whole yearly sample which is a high achievement of this model. Proposed model predict failure with overall 80%accuracy. Study findings suggest that results of Altman (1968), OhlsonO-Score and Shumway (2001) hazard model to estimate financial distress of sample firms should be interpreted cautiously in Pakistan, due to its low predication in successful companies. The re-estimated and proposed models give better results.