حضرت محمدﷺ کے معجزۂ معراج اور اسراء کے متعلق سرسید احمد خان کا تصور

Amongst other miracles of the Prophet Muhammad (PBUH), ISRAA and MAIRAAJ are one of the well-known miracles that have been discussed a lot in Sirat-ul-Nabi. This article, therefore, has brought under discussion the occur-rence of this miracle in the light of Qura’n and Ahadith in details.  Furthermore, it has also been discussed whether the occurrence of this miracle was physical or spiritual in its nature.  The concept of Sir Syed Ahmed Khan regarding this miracle has also been discussed; where he support his arguments with reference to some Ahadith, that the entire situation concerning the miracles was merely a dream and this miracle did not take place in physical form. According to him, this is against the law of nature. In this article the explicit concepts of Sir Syed Ahmed Khan have been rejected with the arguments given by the Majority of the Scholars and Muslim thinkers.

Corporate Governance, Product Market Competition, Corporate Diversification and Value of Cash Holding

The purpose of this research is to investigate effect of corporate governance on different facets of cash management i-e, level of cash holding, value of cash holding, utilization of excess cash and performance. Furthermore, the role of product market competition is checked in the relationship of corporate governance with different facets of cash management and to get more detail analysis role of family ownership and Shariah compliance is also checked. The research also investigated effect of corporate diversification on value of cash holding in strong governed firms and poorly governed firms; competitive and concentrated industries; family and non-family firms; Shariah and non-Shariah compliant firms. The study used unbalanced panel data of 196 companies from the years 2006 to 2014. All models generally include time dummies and industry fixed effect with standard error cluster to firm. The result shows that corporate governance has significant negative effect on corporate cash holding which supports flexibility hypothesis. Moreover, corporate governance has significant positive effect on value of cash holding and performance of firm through efficient utilization of excess cash due to corporate governance. The role of product market competition is explained in the context of substitution and complementary effect argument. The results generally support complementary effect of product market competition for corporate governance in all relationship with cash management and performance except with level of cash holding that support substitution effect. Substitution effect claim that external market discipline alone is enough mitigate agency problem. On the other hand, complementary hypothesis claim that external market discipline need efficient internal governance to mitigate agency problem. Family firms have high agency problem compared to non-family firms and corporate governance leads to proper utilization of excess cash that leads to high value of cash holding and performance in family firms. The dissertation also investigated effect of corporate governance on different facets of cash management in Shariah compliant firms and nonShariah compliant firms. The result portray that corporate governance has no significant effect on level of cash holding. The result postulates insignificant effect on value of cash holding and utilization of excess cash in Shariah compliant firms which support substitution effect of Shariah compliance for corporate governance. Excess cash under good governance has same effect on performance in Shariah and non-Shariah compliant firms and the result does not support agency theory. The result also indicates that corporate diversification decreases value of cash holding due to agency problem. However, it increases value of cash holding in good governed firms compared to poorly governed firms. Similarly, it increases value of cash holding in competitive industries compared to concentrated industries because external market discipline mitigate agency problem. On the other hand, corporate diversification decreases value of cash holding in family firms, while it has significant effect on value of cash holding in Shariah compliant firms.