خاندانی پس منظر
ناطق کا خاندان برصغیر ہند کی تقسیم کے وقت ہندوستان سے ہجرت کرکے پاکستان آگیا تھا۔ وہ اس ہجرت سے خائف تھے۔ ان کے والد محترم کا نام بشیر تھا۔ان کی عمر 12 سال تھی، جب وہ اپنے خاندان کے ساتھ ہجرت کر کے پاکستان آئے اور پھر یہیں مقیم ٹھہرے۔ انہوں نے تقسیم کے وقت کے مشکل حالات سے نبردآزما ہو کر پاکستان آنے والے اپنے خاندان کی تعداد 20 بتائی ہے جو کہ زندہ بچ گئے تھے لیکن جب وہ اپنے خاندان کے ساتھ ہجرت کر رہے تھے تب تقریبا70ً لوگ قافلے میں شریک تھے مگر جب ہیڈ سلیمانکی کے راستے وہ انڈیا سے پاکستان پہنچے تو تقریباً 50 لوگ شہید ہو گئے۔وہ بتاتے ہیں کہ مشکلات کا سلسلہ یہیں پر نہیں رکا بلکہ پاکستان آنے پر جب اوکاڑہ کے قریب ایک گاؤں میں بس گئے تو ان کے پاس جگہ کی دستاویزات موجود نہ ہونے کی وجہ سے بھی بے شمار پریشانیوں کا سامنا کرنا پڑا۔ہجرت کے دوران خاندان کے پاس تمام جمع پونجی بھی لوٹ لی گئی اس لیے انہیں شدید غربت و افلاس کے حالات سے گزرنا پڑا سادہ طبیعت انسان ہونے کی وجہ سے تمام معاملات سے لاعلم تھے ،نہ کوئی سہولت تھی نہ کوئی ذریعہ معاش تھا پھر وہ بتاتے ہیں کہ ان کے والد معمار بھی تھے اور معماری کو اپنا پیشہ بنایا اور یہی کام وہ کئی سال تک کرتے رہے۔ پھر یوں ہوا کہ والدہ ماجدہ بیمار پڑ گئیں تو موجود تمام جمع پونجی بھی ان پہ صرف ہو گئی تب ناطق کے ابا جان نے مڈل ایسٹ جانے کا فیصلہ کیا۔ معماری کا کام انھوں نے وہا ں بھی جاری رکھا اور تقریباً چار سال کا عرصہ وہاں گزارا۔ چار سال تک وہ ایران اور شام محنت مزدوری کرتے رہے...
“This Quran has been revealed in seven different ways; so, recite it in the way that is easier for you.” This hadith is Recurrent in meaning. The narrator Imam Abu Ubaid Qasim Bin Salam (R.A) has elucidated its recurrence. Imam Abn-e- Jouzi (R.A) has collected all its ways in a Journal. What is meant by “Seven Words” in this Hadith? It has been a controversial point among the ulemas and scholars. And no doubt, it has been regarded as the most difficult debate of Uloom-ul- Quran. There have been severe controversies in this regard, so far as Allama Ibn-e - Arabi has mentioned thirty-five sayings. Some of them are as following:
Some think these are the ways of recitations of seven famous Qaries.
Some think that it means all the ways of recitations. But “Seven” does not means the number 07, because in Arabic language, it is used to describe the plenty of something. Qazi Ayyaz from Earleir Ulemas had the same opinion, while in the later period; Shah Wali-Ullah also had the same views.
Some think that it means seven dialects of Arab Tribes. Imam Abu Hatim Sajestani (R.A) determined the name of these languages. They are Quraish, Hazial, Teem, Al-Rubab, Azd, Rabbia, Hawazan, and Saad bin Abi-Bakar. Hafiz Abn-e- Jareer Tibri (R.A) agreed to this school of thought. The fourth famous saying is that of Imam Tehavi (R.A.) he says that although he Holy Quran has been revealed in the dialect of Quraish. But it was difficult for the people of other tribes, which came of different areas of Arab. That is why, in the beginning, they were permitted to recite the Holy Quran in their local languages, and the words or ways were determined by the holy prophet (P.B.U.H) himself. Later, it was prohibited. There remained only the one way of recitation in which the holy Quran was revealed. HAzrat Sufian bin Aiena (R.A), Abn-e-Wahab (R.A) and Hafiz Ibn-e- Abdul Bar (R.A) agreed to this opinion.
Famous interpreter Allama Nizamul Din Nishapori (R.A) says that it means the following differences in the recitation.
Differences between Singular and Plurals
Differences between Muscular and Feminine
Differences of the causes of Araabs
Differences of Morphology (Formation of Words)
Differences of syntax (Sentence Structure)
Differences of the ways which changes words
Differences of dialects
Allama Abn-e- Qutaiba, (R.A), Imam Razi Qazi (R.A) and Abu Bakar(R.A) and Abn-e Aljuzri (R.A) also adopted this saying of Allama Nisahpuri.(R.A).
Generally, in most traditional markets one can observe a rapid escalation in the trading price of many IPOs on the first day. The closing price on the first day of trading is quite often much high then the offering price six hours earlier.It is a well established fact that initial public offerings of common stock (hereafter IPOs) are mostly underpriced, sometimes astronomically and subsequently underperformed in long-run period. There remains a question as to why this is such a common occurrence. However, virtually all the statistical studies draw their data from large highly liquid markets-traditional or main markets. To test these propositions, we selected various categories of IPOs i.e. local IPOs, cross-listed IPOs and demutualized firms’ offeringthat are listed on AIM during 2001 to 2017. Findings of the study depicts that on average, IPOs are underpriced by 2.48%, 2.62% and 2.16% on the first, fifteen and thirty day of trading respectively. We further identified that demutualized IPOs are less underpriced then local IPOs. In addition, cross-listed IPOs are more underpriced on the fifteenth and the thirtieth day of trading relative to local and demutualized IPOs. This study also reports that offer price is emerged as a robust determinant of short-run performance of unseasoned issues. In long-run price performance, it is found that investors in the AIM earn significant positive returns if the stock is hold for three years, and the price variation is dependent upon the firm size. As for as the spillover is concerned, the results show that only mean spillover effects from US and Australian market and volatility spillover effects from US, Canada, Australia and Irish market transmit to their respective cross-listed IPOs on an alternative markets. That finding implies that in short-run, a lower offer price leads to greater underpricing. In long-run, Investment in small firms seems more profitable compared to those of large firms in the AIM. These findings suggest that prospective investors can develop and diversify their portfolio in an alternative markets. The findings of the study have also a practical value for those investor who are especially interested in earning abnormal excess returns in an alternative market