نبی کریم ﷺ کی خانگی و معاشرتی زندگی کے اہم پہلو

The Holy Quran Says: “Indeed in (the life of) the Messenger of Allah (Muhammad SAW) you have a good example to follow” (Al-Ahzab: 33/21). The present article shows that “the good example” of the Prophet (SAW) encompasses different aspects of human life including family and social one. The article brings to light that as a guardian of the household; the Prophet (SAW) sincerely looked after the daily needs of his family members and also took full care of guiding them in religious matters. He was habitual of doing his own works and sharing the burden of his family in domestic works. He gave preference to the needy among the companions (particularly Ashab-i- Suffah) over his family members in giving assistance for meeting the day-today requirements. With regard to the social life of the Prophet (SAW), the article discusses in detail that with multifarious duties, how he used to fulfill his social responsibilities regularly and faithfully. The author mainly emphasizes the active participation of the Prophet (SAW) in the collective works with his companions, strictly adhering to the principle of equality and desiring no distinction for himself while doing works. The article further takes into account the ideal practices of the Prophet (SAW) with regard to attending to the needs of poor, distressed and grieved persons without any discrimination between Muslims and non-Muslims. It also comes to light that the Prophet (SAW) was quite generous towards guests and sympathetic to patients including Muslims and non-Muslims. His mingling and associating with common people and attending to their problems of varied nature was also a striking feature of his social life. Moreover, it was also shown in the article with reference to the authentic sources, that the Prophet (SAW) was great helpful and cooperative particularly for the people of the weaker sections of society including slaves, servants, orphans, widows and disabled persons. In the light of the noble practices of the Prophet (SAW), this was highlighted by the contributor in the different parts of the article that he had left ideal examples of gentleness, justice, equality and transparency in dealing with people in social life and discharging his duties as the Prophet and head of the state. In fact, the total conformity (mutabaqat) between his sayings and practices was a shining example of his high character which had left a great and lasting impact on the society through ages and also contributed to make him the greatest personality of the world. It was observed by the author in the conclusion that the life of the Prophet (SAW) has been ideal from every aspect of human life. His Uswah-i- Mubarakah regarding social life has great importance from the point of view that it is mostly related to the fulfillment of human rights, particularly behaving and dealing with the people different shades. Of course, taking care and fulfillment of human rights is full of difficult trials and complicated problems especially in the present days. So, the Sirah of the Prophet (SAW) is quite relevant to tackle the problems of social life, as well as great useful for bringing reform in the decaying society of modern period.

Capital Structure and Firm Performance: Moderating Role of Business Strategy and Competitive Intensity

The optimal blend of debt and equity financing plays a vital role not only in reducing the overall cost of capital but also helps in enhancing the overall performance of the firms. The purpose of the present research was three folds. Firstly, this study investigated the relationship between capital structure and performance of non-financial firms of Pakistan. Secondly, the novel contribution of the current study was to examine the moderating role of business strategy between the relationship of capital structure and firm’s performance. Thirdly, the present study also contributed in the existing literature by exploring theextent to which firm’s competitive intensity moderated the leverage-performance relationship. The data of 333 listed non-financial firms of Pakistan over the period of eight years (2006-2013) was selected for the final analysis. Both book and market based measures were utilized to compute the performance of the selected firms whereas capital structure of the firms was measured through three different proxies. Business strategy was divided into four strategic categories and Herfindahl-Hirschman index was selected to compute the competitive intensity of the firms. The results of the study depicted that capital structure negatively and significantly influence the accounting measures ofperformance whereas the relationship between capital structure and market performance (Q ratio) was significantly positive. In addition, the results showed that 31% of theselected sample firms were inclined towards the cost leadership strategy to accomplish their business objectives. The results of moderating analysis showed that cost leadership strategy positively moderate the relationship between capital structure and firm performance. It implies that debt financing is financially viable for the cost leadership firms. In addition, the results specified that when the firms try to maintain high debt ratio while pursuing a product differentiation or hybrid strategy, incur a significantperformance penalty. Moreover, the results showed that debt financing is also harmful for the performance of “stuck in the middle” firms but the results were statistically insignificant in most cases. Furthermore, the results also revealed that product market competition can be used as a substitute for debt to limit the discretionary resources of the managers. Consequently, debt financing cannot create real financial benefits in thepresence of high product market competition. Finally, based on the findings of the research, the present study also suggested some policy implications for the regulators, policy makers and firm’s managers.