سائنس اور تہذیب و تمدن کے فروغ میں اسلام کا کردار

Islam is a complete code of life. It has complete instructions regarding all aspects of life. There is no moment in human life when the wisdom of Islam has not benefited humanity. Likewise there is no such area in the world where Islam has not put the light of guidance. Allah Almighty has systematically administered this world system.  Allah created the universe and set it disciplined, then created man and gave him every kind of physical, rational, logical and argumintive ability, so that humans can know the secrets of the universe by thinking and understanding it. The journey of research and discovery, which started long ago, is still continues today after passing through different stages of research. This journey of research resulted in evolution of philosophy, civilization, promotion of new scientific innovations and discoveries. The research and discovery resulted in the secrets of heaven and earth.  Today, man stands at the stage of science and technology, about which the human being in the older days even could not imagine of it. In this entire evolutionary journey, the religion of Islam is the only religion that not only stood firmly with humans, but guided him at every step during this evolutionary journey. In this context, the Quranic teachings are comprehensive matter. Allamah Sayyuti says "There is no knowledge and problem that is not discussed in the Qur'an. So Islam invites human to research in the system of the universe and presents the system of universe for its authenticity.

Relationship Between Investment and Cash Flow Under High and Low Investment Opportunities: Evidence From Pakistani Manufacturing Firms

This research is related to the examination of the relationship of cash flow and level of investment under high and low investment opportunities of 167 Pakistani non-financial manufacturing firms listed in the Karachi Stock Exchange (KSE) during the period 2004-2013. It includes two definite objectives 1) to investigate the relationship between investment and cash flow under high investment opportunities manufacturing firms listed on KSE for the period 2004 to 2013. 2) to investigate the relationship between investment and cash flow under low investment opportunities manufacturing firms listed on KSE for the period 2004 to 2013.Tobin's Q is employed to capture the investment opportunities and sales are taken as control variable. A panel data regression model is used to investigate the relationship of cash flow, Tobin's Q and sales on the level of investment. In case of high investment opportunities firms, the relationship of investment and cash flow is positive and significant while under low investment opportunities firms, this relationship is also positive but insignificant. These results indicate that the high opportunities firms rely mostly on internally generated cash flow where as the low investment opportunities firms prefer to distribute its earning as dividend.