عقد نکاح میں کفاءت کی حقیقت

Kafa'at is a term used in the field of Islamic jurisprudence which means equivalence and closeness between the expected spouse i.e. Male and female in specific area. So it may be defined as the compatibility or equivalence between the expected husband and his expected wife which have to be adhered to in future. This compatibility standard suggested by Islam is highly effective, that include religion, profession, wealth, lineage, moral and social standard. The Hanafi, the Shaft’s and the Hanbali schools concur in requiring kafa'at in religion (Islam), freedom (i.e. In his not being a slave), profession and lineage. These schools differ regarding kafa'at in wealth. The Hanafi and the Hanbali schools recognize it, while the Shaft’s school does not. The Maliki School do not accept the notion of kafa'at except in religion. The emphases of this Kafa'at are to make the spouse relation pleasant, everlasting and coherences. The alikeness suggested by Islam between male and female is also traditional and logical value which Islam highly encouraged. The hidden philosophy of Kafa'at is to build the relation between the expected spouses more effective and pleasant.

Ceo and Executive Compensation, Ownership Concentration and its Effect on Firm Performance

The study aimed to explore the impact of executive compensation and ownership concentration on firm performance. For this purpose relevant part of 524 annual reports of companies listed on KSE 100 are examine during the period from 2008 to 2014. The regulatory framework (the Companies Ordinance 1984 and Code of Corporate Governance 2002) is very well articulated and covering all aspect of compensation and ownership concentration but the compliance of the law is not significant in Pakistan. Since many SROs are required to maintained functional website having information regarding company profile, Governance, investor relationship, media, election of directors, statement of compliance and financial statement. I am unable to access functional website of at least 15% of targeted sample (KSE 100 index). Since majority of the companies in Pakistan are family centered that lead to ownership centering and these family owned companies are performing well therefore the owners does not open the slot for individual/institutional investors to avoid hostile takeover. CEO dominance is high under such conditions since the probability is higher that CEO is the owner of the company and he/she has the major role in BOD selection. This dominating position empowers him/her to restrict the monitoring role of the BOD and directors forced to ratify management decisions. CEO uses the same influence for setting up the compensation of top executives. This study also confirms that compensation has the positive relationship with firm performance where majority shareholding is with institutional investor but the same relationship become negative if ownership changes to non-institutional investors. Companies having financial business are subject to multiple legal / regulatory reviews in Pakistan. Studyreveals that legal regulation has impact on this relationship since I have observe that top executive compensation relationship with the firm performance is insignificant in companies having financial business in the comparison to the companies involve in non-financial business where I found some relationship between top executive compensation and firm performance. Ownership structure in Pakistan also has the impact on relationship between ownership concentration and firm performance. Study observes the negative relationship between ownership concentration (represent by capital owned by top five shareholders) and firm performance. Market as whole observed an approximate reduction of .033% in AROA by Increase of 1% in ownership concentration. Institutional investors have external exposure and experience to manage companies therefore their ability to produce good results are higher. Study confirmed that ownership concentration have the positive relationship with firm performance where majority of the shareholding is with institutional investor but the same relationship become negative if ownership changes to non-institutional investors. It noted that results of above mention variables are varying in different sectors. Impact of executive compensation and ownership concentration on firm performance is high in sectors like Services, Cement, Chemical, Fertilizer, Oil and Gas and other industry while sectors like Banks, Food, Power Generation and Distribution have limited impact and no impact have been noted in Non-banking Finance Companies and Textile.