مولانا عبدالسلام نیازی
افسوس ہے پچھلے دنوں دہلی میں اسّی (۸۰) نوے(۹۰) برس کی عمرمیں مولانا عبدالسلام نیازی کابھی انتقال ہوگیا۔مولانا عجیب وغریب خصوصیات کے بزرگ تھے اورکم ازکم راقم کی نظر سے آج تک کبھی کوئی شخص اس انداز اورادا کا نہیں گزرا۔ صورت شکل کے لحاظ سے ڈاڑھی مونچھ صاف، دراز قامت، کسرتی اور دُہرابدن۔مگر منطق وفلسفہ میں درک وبصیرت اس درجہ کہ صدرا اور شمس بازغہ، حمداﷲ اورقاضی ناخنوں میں پڑی ہوئی۔قرآن سے غیر معمولی شغف ،حضور پُرنورؐ کے ساتھ عشق کایہ عالم کہ نامِ نامی زبان پرآیا نہیں کہ جی بھر آیا اورآنکھیں نم ہو گئیں۔ زورِ تقریر وخطابت اس بلا کاکہ فقرہ فقرہ پرفصاحت وبلاغت صدقہ۔ عرفیؔ، جامیؔاورخاقانیؔ وغیرہم کے ہزاروں اشعار برنوکِ زبان، جھوم جھوم کر پڑھتے اوران کی تشریح کرتے تھے ۔اقلیدس سے حضورؐ کی ختمِ نبوت کے اثبات پر جب تقریر کرتے تھے تواﷲ اکبر! جوش وخروش اورزور وروانی کاکیا منظر ہوتاتھا! محسوس ہوتاتھا کہ ہر شے پر سکتہ طاری ہوگیااور دم بخود ہوکر رہ گئی ہے۔ خود داری اور استغنا اس درجہ کاکہ سراکبر حیدری ایسے لوگ آتے تھے اوریہ شخص تعظیم تک کے لیے کھڑا نہ ہوتا تھا۔ ہمیشہ مجرد رہے۔ عطربناکر گزربسر کرتے تھے۔تحفہ یا نذرانہ قلیل ہویاکثیر، امیر پیش کرے یاغریب کبھی ہرگز قبول نہیں کرتے تھے، اور اگر کبھی کوئی اصرار کرتاتھا توغصّہ میں بھبک کراُس کونہایت مغلظ گالیاں دینے لگتے تھے ۔نماز بے حد خشوع وخضوع سے پڑھتے اورتہجد تک کی پابندی کرتے تھے کبھی کسی کے مکان پرنہیں گئے، ہمیشہ خانہ نشین رہے۔ الھمّ اغفرلہ وارحمہ۔ [جولائی ۱۹۶۶ء]
Islamic law consists hundreds of rulings that encourages the trends and cultural norms of a society in one or other. Similarly, it also strongly confine such mannerisms and social traits, though considers righteous and good, which affect the order of society and may the cause of rights exploitation of any gender. Sharia’s Teachings counts it illegitimate & unlawful. “Honour Killing” is one of the prevailed custom across the nation with different local names, extremely brutal act, violating not only sharia’s law but also the reflection of mercilessness and inhumanity. Regrettably, in Pakistan this awful deed is measured as an act of appreciation and is not only regarded likeable and acceptable but also considered a thing to be proud of. This study mainly focus on highlighting the sharia’s rulings about the nature of Honour killings along with disclosing distractions extent of prevailed custom from the main stream of Islamic law coupled with emphasis on administrative loopholes of the conventional justice system of Government of Pakistan in this regard.
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.