اور جہاز پھٹ گیا
پہلی اورآخری بار غلام اسحاق خان اچھا لگا اور جہاز پھٹ گیا کی وجہ سے میری رہائی جو 2009ء میں 25سال بعد ہو نی تھی ۔1988میں ہو گئی ۔
17August1988
ہم لوگ اڈیالہ جیل راولپنڈی میںتھے جیل کی گنتی بند ہو چکی تھی کہ اچانک جیل کے اندر عام قیدیوں کے نعروں کی آواز گو نجنے لگی ۔میں جیل کی ڈیوٹی پر موجود سپاہی سے پوچھا کہ کیا ہوا ہے ۔ اس نے کہا اڑتی اڑتی خبر آئی ہے کہ جنرل ضیاء الحق کا جہاز کریش ہو گیا ہے پاکستانی خبریں تو ہم کم ہی سنتے تھے اس دن ریڈیو لگایا تو جنرل ضیاء الحق کے مرنے کی خبر تھی ۔کانوںکو یقین نہیں آ رہا تھا ۔ مجھے اپنی ماںیاد آ گئی جب میری سزائے موت عمر قید میں تبدیل ہو ئی تو وہ مٹھائی لے کر آئیں میںنے کہا مجھے 25سال سزا ہو ئی ہے وہ بولیں کہ زندگی بچ گئی اب مجھے پتہ ہے کہ جب تک جنرل ضیاہے تم جیل میں ہو ۔ہزاروں مائوں کی سنی گئی ۔دسمبر 88میں محترمہ بے نظیر بھٹو شہید کی حکومت بننے کے بعد پاکستان بھر کی جیلوں میں موجود ہزاروں سیاسی قیدی رہا ہوئے وگرنہ میری رہائی مارچ 2009ء میں 25سال بعد ہو نی تھی ۔
The issue of the sacrifice of Abrahim’s son remain an important bone of contention among the followers of Abrahamic religions. The Jews and Christians believe that it is Ishaq while among the Muslims some opine in favour of Ismail while favours Ishaq. To a common man it seems to be not an important issue whether it is Ismail or Ishaq but when its implications are taken into account then it is of great value to Muslims, Jews and Christians that who was sacrificed? Ismail or Ishaq. In the following pages an effort is made to look the issue in the light of some contemporary researches conducted in the Indo-Pak Subcontinent in the first half of the 20th century. Different positions on the issue are evaluated with the Quran and other holy scriptures and in the contemporary western scholarships.
The current study has its focus on investigating the relationship between working capital management and profitability of Pakistani and Indian firms. In order to measure the profitability, ROA and ROE has been chosen as proxies for dependent variable, while current ratio (Cr), quick ratio (Qr), accounts receivable turnover (ARCTR), inventory turnover in days (INVTR), accounts payable turnover (APTR), assets turnover (ATR) and cash conversion cycle (CCC) have been utilized as independent variables. The same set of dependent and independent variables are selected for Indian firms as well. The focus of the study is pharmaceutical and chemical sectors of both these countries. Forty-two companies each from India Pakistan are selected and the data from 2008 – 2012 has been collected. QR, ARCTR, INVTR and CCC are statistically, significant and positively related with ROA of the Pakistani firms while APTRD is statistically, significant and negatively related with ROA. In the same line, ATR is statistically, insignificant and inversely related with ROA. While, CR is statistically insignificant and positively related with ROA. It has been observed that ATR, CR, ARCTR, are statistically, insignificant and positively related with ROE, while, QR, INVTR and CCC are statistically significant and positively related with ROE of Pakistani firms. In Indian firms, Cr, Qr, CCC, INVTR, and ARCTR are statistically, significant and positively related with ROA, while APTR is statistically, insignificant and Inversely related with both ROA and ROE. The relationship with ROE is same except that of CCC and Cr are found to be insignificant. In addition, there is statistically significant mean difference between the working capital management in Pakistan and India. The outcome of the study can be deployed by policy makers, financial analysts and financial managers.