غیر سیاسی اسلامی تحریکیں (تعارف اور تجزیہ) ڈاکٹر غلام حید ر مگھرانہ کی تحقیقی کتاب ہے جسے ڈاکٹر مگھرا نہ نے نہایت محنت، ذہانت اور جذبے سے مرتب کیا ہے۔ یوں تو ملت ِ اسلامیہ کی تاریخ کے تمام ادوار کا مطالعہ مسلمانوں کے لیے عام طور پر اور اسلامی علوم کے طلبہ کے لیے خاص طور پر اہمیت کا حامل ہے۔ مگراہل علم کے لیے امت کا دور اول اور دور حاضر خصوصی اہمیت رکھتے ہیں۔ دورِ اول اس لیے کہ یہ امت کی تشکیل، تعمیر، عروج اورسطوت کا دور ہے۔ اس دور میں تشکیل و تعمیرامت کی رہنمائی کا سامان ہے۔
یہ عہد جناب رسالت مآب ﷺ اور آپ کے جانشین خلفاء راشدین کا عہد ہے۔ یہ عہد زمانے کے لحاظ سے ماضی کا حصہ ہے۔ مگر ہر دور کے مسلمانوں کے لیے ایسا ماضی جو حال سے جڑا ہوا اور مستقبل کی صورت گری کا ذریعہ۔ دور ِ حاضر میں ہم پھر تشکیل امت ا ور تعمیر ملت کے مرحلے سے دوچا ر ہیں۔ پھر سے تشکیل و تعمیر کا مرحلہ اس بات کو عیاں کر رہا ہے کہ امت پر تفرقہ اور تخریب کا دور بھی گزرا ہے اور اس کے اثرات اب بھی موجود ہیں، جن سے امت کو پاک کر کے تشکیل و تعمیر کے ر استے پر ڈالنا مقصود ہے۔ اس نیک مقصد کے لیے کوششیں ہر دور میں جاری رہیں۔ شاہ والی اﷲؒ کی شخصیت کو دور زوال اور دور عروج کے لیے آغاز کی شخصیت قرار دیا جا سکتاہے۔ سترویں صدی عیسوی کے اختتام تک ہمارا عروج رہا۔ اٹھارھویں صدی عیسوی کے آغاز میں زوال شروع ہوا۔ اس عہد میں شاہ ولی اﷲؒ نے علمی تحریک کے اسباب مہیا کیے۔
اسلام دین ہے۔ امت کے دور زوال میں دین اسلام کے ا...
As a result of the political crisis in Pakistan, the Martial Law regime of General Zia Al-Haq came into power on July 5, 1977. The process of Islamization was given a new boost during the period of Zia Al-Haq 1977- 1988. He launched a comprehensive scheme to eradicate non-Islamic practices in Pakistani state and society. His Islamization program contemplated significant reforms in the legal-constitutional, socioeconomic and educational institutions of Pakistan. The principles of Zakāt -‘Ushr ordinance, Islamic Ḥudūd and Penal code were introduced in the country. To Islamizing the economy Ribā abandoning and Profit and Loss sharing accounts in banks were initiated. Besides, he renamed parliament as Majlis Al-Shūrā; the Federal Sharī‘at Court, Sharī‘at Appellate Benches and Sharī‘ah Council were established in the country. Under the umbrella of Nizām-e-Muṣṭafā, social reforms were introduced, through the stressing of sanctity of the Holy month of Ramaḍān, enforcement of the bans on gambling and encouragement of chadar for women. Un-Islamic programs were banned on television and radio and news in Arabic was made compulsory. The stated objectives of President Zia’s Islamization policies were to lead Pakistan in the direction of truly Islamic state. However, the critics of his polices considered it a tool for legitimizing and enhancing his political powers in the country.
This study examines the determinants of corporate cash holdings and their implications for non-financial firms by pursuing three main objectives. The first objective examines firm-specific factors that determine the optimal level of corporate cash holdings. Empirical results are consistent with some of the theories such as information asymmetry theory, financial distress hypothesis and the transaction costs hypothesis that suggests that the higher fixed processing fee for obtaining external financing discourages smaller firms to go for external financing and hence prompting them to hold more liquid assets. Nevertheless, these results support the argument of Opler et al. (1995) that larger firms have more capacity to accumulate cash since they are presumably more profitable. The results also suggest that Pakistani companies are sensitive to the volatility of cash flow and that firm’s cash holdings are highly influenced by a precautionary need. Empirical evidence also lends credence to the argument that credit market frictions are responsible for high correlation between cash holdings and cash flow of the firm. Results also indicate that there are no differences in the patterns of cash holdings between the group-affiliated and the non-group businesses. Second objective of the study examines the effect of corporate governance on cash holdings. Results are line with the finance literature which suggests a role for effective corporate governance in disciplining managers and weak governance may lead to a tendency of the managers to hold excess cash holdings. Empirical results are also in line with the interest alignment hypothesis. Finally, third objective of our study examine cash holding behavior under macroeconomic uncertainty. Empirical results provide support to the hypothesis that uncertainty in macro-economic variables leads firms to similar cash holding behavior since uncertainty in the macroeconomic environment can affect the manager’s ability to predict their future cash flows.