المبحث الخامس: الراقصة السيئة
قصيدة (الراقصة المذبوحة) ([1]) لنازك الملائكة
ارقصي مذبوحةَ القلب وغنّيا
واضحكي فالجرح رقص وابتسام
إسألي الموتى الضحايا أن يناموا
وارقصي أنت وغنّي واطمئني
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أدموعٌ ؟ أسكتي الدمع السخينا([2])
واعصري من صرخة الجرح ابتساما
أانفجارٌ ؟ هدأ الجرح وناما
فاتركيه واعبدي القيد المهينا([3])
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ثورةٌ ؟ لا تبغضي السوطَ([4]) المُلحّا([5])
أيّ معنى لاختلاجات([6]) الضحايا ؟
بعض أحزان ستنسى , ورزايا([7])
وقتيل أو قتيلان , وجرحى
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إقبسي من جرحك المحرق لحنا
رنّميه([8]) بالشّفاهِ الظامئات([9])
لم تزل فيها بقايا من حياة
لنشٍيد لم يفض بؤسا وحزنا
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صرخةٌ ؟ أيّ جحودٍ وجنون !
أتركي قتلاك صرعى دون دفن
واحدٌ مات ... فلاصرخةَ حزنِ !
أيّ معنىً لانتفاضات([10]) السجين ؟
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إنتفاضاتٌ ؟ وفي الشعب بقايا
من عروق لم تسل نبع دماء ؟
إنفجاراتٌ ؟ وبعض الأبرياء
بعضهم لم يسقطوا بعد ضحايا ؟
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لم يكن جرحك بدعاً في الجروح
فارقصي في سكرة الحزن المميت
الأرقّاء الحيارى للسكوت
إحتجاجاتٌ ؟ لماذا ؟ إستريحي !
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إضحكي للمدية الحمراء حبّا
واسقطي فوق الثرى دون اختلاج
منّةٌ أن تذبحي ذبح النعاج
منّةٌ أن تطعني روحا وقلبا
* * *
وجنون يا ضحايا أن تثوري([11])
وجنون غضبة الأسرى العبيد
أرقصي رقصة ممتنّ سعيد
وابسمي في غبطة([12]) العبدِ الأجيرِ
*...
Religion and marriage are two vital components of an individual’s life. Major world religions have guided human beings not only in theology but also in the matter related to marriage. Islam recognizes the need of its adherents for having matrimonial relationship with the women of the people of scripture in a pluralistic society. It has permitted its males followers for getting married with Christian females and vice versa is not permitted. In history, Muslims have been practicing such interfaith marriages and some of Muslim rulers also availed this relaxation. This paper discusses the marriages of Muslim rulers with Christian ladies enumerating various married couples. Among such rulers are included Umayyads caliphs, Spainish amirs, Ottoman sultans, Mughal emperor and some contemporary rulers. The effects of these interfaith marriages have also been analyzed.
There are two main streams to deal with traditional asset allocation strategies i.e. theoretical approach and implementation approach. These approaches are the prime focus of this study. Portfolio optimization is based upon two fundamental ingredients i.e. estimation of return vector and covariance matrix. This study compares the 12 covariance matrix under four categories i.e conventional methods, factor models, portfolio of estimators and shrinkage approach. This study also compares the performance of 7 alternative ways for estimation of return vector. Study also develops portfolios based on mean-variance optimization, minimum variance portfolios, constraints portfolios and naïve diversification. This study first time introduces the ‘country risk’ as unprice risk factor in the Black-Litterman model and uses this augmented Black-Litterman formula (BL-CR) for the estimation of expected return vector. The comparison of asset allocation strategies are base upon the financial efficiency and diversification dimensions using 10 asset classes from 5 emerging Asian countries i.e. India, Indonesia, Pakistan, Philippines & Thailand, 4 asset classes from global environment and 22 asset classes from Pakistan. Study reveals that factor models as a group outperform the competing covariance estimators in all the emerging countries. From the number of positive and negative weights to asset classes, maximum and minimum value of weights, other diversification measures of the mean-variance framework, it is reveal that mean variance portfolios are concentrated, mostly counterintuitive, results more short positions and highly sensitive to the choice of input. Similarly the financial efficiency of these portfolios is also highly sensitive to the input estimates. Results of asset allocation strategies suggest that, on an average, equally weighted portfolios result a competitive strategy in Pakistan and in global environment. Therefore study also recommends that investment managers and academia should at least consider the naïve diversification as a first obvious benchmark in comparison with other asset allocation strategies. The BL-CR model outperform the original model as it has relatively less short positions, more number of positive weight, less variance, low value of Herfindahl index and high value of excess sharp ratio. Therefore BL-CR model is more appropriate on mathematical and empirical ground in asset allocation than original model to disperse country risk. This study also recommends that investment managers and academia should consider the Black-Litterman model under country risk for tactical asset allocation decisions in emerging Asian countries.