فرد قائم ربط ملت سے ہے تنہا کچھ نہیں
نحمدہ ونصلی علی رسولہ الکریم امّا بعد فاعوذ بااللہ من الشیطن الرجیم
بسم اللہ الرحمن الرحیم
معزز سامعین اور میرے ہم مکتب ساتھیو! آج مجھے جس موضوع پر لب کشائی کی سعادت حاصل ہورہی ہے وہ ہے:’’فرد قائم ربط ملت سے ہے تنہا کچھ نہیں ‘‘
صدرِذی وقار!
فرد ملت کی بنیادی اکائی ہے ،فرد ہے تو ملت ہے، فرد ہے تو قوم کا وجود ہے، فرد ہے تو اس کائنات کی رنگینیاں ہیں، فرد ہے تو اس کا ئنات کی رعنائیاں ہیں ، فرد ہے تواس گیتی کے گلشن میں بہار ہے، فرد ہے تو اس گلستانِ ہستی میں نکھارہے۔
جنابِ صدر!
یہ مصرع ہمیں اتحاد کا درس دے رہا ہے۔ہمیں اتحاد کی بابت آگاہ کر رہا ہے، فردکا وجود ہی اتحاد کی بدولت قائم ہے، اتحادکا لفظ ہے ہی بڑی جاذبیت کا حامل ، یہ جس فقرے میں آ جائے اس کے معنی میں حسن پیدا ہو جاتا ہے، چند اینٹیں متحد ہو جائیں تو مکان کی تعمیر ہو جاتی ہے، چند قطرے متحد ہو جائیں تو بحر بے کنار کی شکل اختیار کر لیتے ہیں۔
صدرِ ذی وقار!
اتحاد جس صورت میں بھی موجود ہو قابل تحسین تصور کیا جاتا ہے، جوقوم آپس میں مربوط ہوتی ہے وہ ہر لحاظ سے خوش و خرم ہوتی ہے، اس کی فضاؤں میں آلودگی کا زہر نہیں ہوتا، اس کے کھلیانوں میں غیر نافع بوٹیاں نہیں اگتیں، اس کے شجر سایہ دار خزاں آشنا نہیں ہوتے ، اس کے میدان ویران نہیں ہوتے ، اس کے ہسپتال آباد نہیں ہوتے۔
جنابِ صدر!
اسلام میں اتحادِ ملی پر بڑا زور دیا گیا ہے، حدیث پاک میں ہے کہ مسلمان مسلمان کا بھائی ہے، مسلمان مسلمان کوگالی نہیں دیتا، مسلمان مسلمان کو برا بھلا نہیں...
The personality of Allama Iqbal is the integral part of the religious and national thinking of the Muslims of subcontinent, and for Pakistanis along with a religious thinker he is also the person who gave the idea of Pakistan. Because of this legacy Iqbal is considered as the founder of a school of thought in Pakistan's academic atmosphere. The magnitude of this position and importance is evident from the fact that the people of different intellectual backgrounds and ideologies have been seeking evidence from Iqbal in support of their arguments. So even the proponents of socialist ideology or the holders of the thought of negating the legal status of Hadeeth have tried to prove Iqbal as a torch bearer of their stance and saw their struggle as a continuation of his (Iqbal’s) thinking. But it is a general rule that a person, especially the one who is a prominent figure and there are a lot of themes that are present in his thoughts, cannot be judged on the basis of only some of his works. So declaring Iqbal as the negator of legal status of the Hadeeth because of some of his writings is not a fair academic activity. This paper would study the actual view of Iqbal about the legal status of Sunnah as well the place of Prophethood in his thoughts and try to figure out whether his stand in this regard is in accordance with the traditional concept o1r it is different and if it is different then how much is it different?
The main objective of this study is to find the relationship between capital structure, free cash flow, and performance of oil and gas companies listed on PSX over the last eleven years (2005-2015). The study is quantitative in nature, follow positivistic paradigm and deductive approach. The study employ capital structure measure, total debt to total assets ratio, and free cash flow as the independent variables of the study, while firm?s performance measures, return on assets and Tobin?s Q are included as the dependent variables of the study. The study also employs firm size, assets growth, interest rate, inflation rate and world oil prices as the control variables.
The population of the study consists of all oil and gas firms listed on PSX and financial period under consideration is from 2005 to 2015. The whole oil and gas sector consisting of twelve companies is under study but due to unavailability of financial data of two companies for full period under consideration, the final sample consist of ten oil and gas companies listed on PSX. Out of ten PSX listed oil and gas companies, four companies are involved in oil and gas exploration and production and the other six are involved in oil and gas marketing and distribution. Thus, to get better insight into the performance of both category of firms, overall PSX listed oil and gas firms were broadly categorized in two categories i.e. exploration and production companies and marketing and distribution companies.
The required financial data is extracted from the annual reports of the sample companies and different statistical analysis is performed with the help of Stata version 13.0, to fulfill the objectives of the study. After assumption testing through Hausman Test, and BPLM Test, an OLS regression model is selected as the final model and interpretations are made accordingly.
The study find a negative relationship between total debt to total assets ratio and firm?s performance measured through return on assets and Tobin?s Q for oil and gas exploration and production companies as well as for oil and gas marketing and distribution companies, suggesting that higher level of debt will decrease firm?s performance. The results also showed a significant positive relationship between free cash flow and both firm?s performance measures under study for oil and gas exploration and production companies as well as for oil and gas marketing and distribution companies, indicating a lack of evidence supporting the free cash flow hypothesis. The results also showed a significant positive relationship between assets growth and both firm?s performance measures under study for both categories of oil and gas companies, whereas, a significant negative relationship is observed between firm size, interest rate, inflation rate, world oil prices for both categories of oil and gas companies under study and both firm?s performance measures.