اب انہیں ڈھونڈ چراغِ رخِ زیبا لے کر
آغا شورش کا شمیری ایک دن بھٹو صاحب کے پاس گئے تو بھٹو مرحوم نے کہا :آکسفورڈ یونیورسٹی میں میری لڑکی اور لڑکا دو نوں پڑھتے تھے ۔آپ بھی اپنی لڑکی اور لڑکے کو بھیج دو ،حکومت وظیفہ دے گی ۔
شورش نے کہا میں مشرقی طرزکا آ دمی ہوں ۔مغربی تہذیب میں اولاد کو بھیج کر خراب نہیں کر نا چاہتا ۔
تو بھٹو مرحوم نے کہا کہ شادمان کا لونی ،لاہورمیں دو پلاٹ پڑے ہیں ،تم کم ریٹ پر حکومت سے خرید لو اور ایک کو بیچ کر اپنا پلاٹ بنا لو ۔تو شورش نے جواب دیا :جناب سر چھپانے کے لیے جگہ موجود ہے ۔میں کوٹھی نہیں بنا نا چاہتا ۔
شورش اپنے گھر واپس آئے اور سارا قصہ اپنی بیٹی کو سنا دیا ۔تو بیٹی نے کہا کہ :ابو بھٹو صاحب پلاٹ دے رہے تھے تو لے لیتے ،سرکاری زمین ہے ہم پیسے جمع کرا دیتے ہیں بات صرف اتنی ہے کہ وہ کوئی اور لے جائے گا ۔بس ہمیں رعایت ہی مل جاتی ۔آپ نے ہمارے مستقبل کے ساتھ زیادتی کی ہے ۔
تو جواب میں شورشؒ نے فرمایا کہ :دنیا یہیں رہ جائے گی ۔میں بھٹو صاحب سے ایک ایسا تحفہ لے کر آ یا ہوں جو قبر میں مجھے کام آئے گا بس یہ بات کہنی تھی ۔
تحریک ختم نبوت کے اکابرین بھٹو مرحوم اور شورش ؒ کے درمیان کی گفتگو سے بالکل ہی لا علم تھے ۔کچھ ہی دنوں بعد شورشؒ بیمار ہوئے اور انتقال فر ما گئے ۔جنازے میں حضرت مفتی محمود صاحب ؒ مولانا غلام غوث ہزاروی ؒ ،مصطفی کھر ،کوثر نیازی ،معراج خالد ،حفیظ پیرزادہ اور دیگر حضرات شریک...
Permissibility (al-Ibāḥah) is a kind of the Islamic law, which gives option to someone to do or not to do something. If something is done by someone under this order, no punishment or reward is liable. It nullifies the delinquency. This paper defines the lexical and technical meanings of permissibility as defined by different Islamic scholars like alShāṭibī, al-Āmidī and al-Ghazālī and the conventional law that how it removes responsibility of delinquency of an act and makes it permissible for person, who does it. Its different kinds and causes for permissibility have been discussed. It has general and particular kinds. It has also been differentiated from insanity: that when a person commits an offense under defective understanding such as childhood, mental illness and in sleeping. These conditions remove someone’s responsibility and one cannot be prosecuted by both the laws. Different rules regarding mistake and ignorance in the case of al-Ibāḥah (permissibility) has been discussed in detail. There are limitations of al-Ibāḥah and if the limits of alIbāḥah are transgressed, then, the act converts into criminality. The author, in this paper, presents a comparative study of the Islamic Law and Conventional Law on the issue of al-Ibāḥah.
Financial distress has been considered as an important area of research for academicians and managers. Despite this, the role of corporate governance in financial distress in Pakistan lacks empirical evidence yet. This research examines the role of corporate governance practices on financial performance and the likelihood of financial distress for a cross section of 146 companies listed at the Karachi Stock Exchange for the period of 2003-2012. The analytical framework is based on the agency and stewardship theories. Corporate governance variables are operationalized in terms of ownership structure, and board structure. Additionally, ownership structure is measured through institutional ownership, insider ownership, foreign ownership, and government ownership. Board independence, board size and CEO duality is used to measure board structure. For firm’s financial performance, accounting-based measures such as return on asset (ROA) and return on equity (ROE), and market-based performance measures such market to book ratio (MBR) and Tobin’s Q (TQ) are used. The Altman Z-score is used as a proxy for financial distress. The dynamic panel generalized method of moment (GMM) is applied to investigate the association between corporate governance practices and firm’s financial performance, while pool logistic regression is deployed to examine the role of corporate governance practices on the likelihood of corporate financial distress. The empirical results reveal positive and significant relationship between institutional ownership, insider ownership, government ownership and financial performance of the selected companies during the period 2003-2012. A positive relationship between the internal corporate governance practices (that is, Board independence and Board size) and corporate financial performance was also observed. The results further reveal that in the presence of board independence, CEO duality has a positive and significant impact on both the accounting-based and market-based financial performance of the sampled companies in Pakistan. Furthermore, we also observed a positive and significant relationship between insiders’ ownership and the likelihood of corporate financial distress. The findings also reveal significant negative impact of foreign ownership and board independence on the likelihood of financial failure. It is also observed that firm-specific variables such as profitability, liquidity and size have a decisive role in determining the likelihood of corporate financial distress. In overall term, this study provides useful information for corporate managers, policy makers and investors about the corporate governance practices, financial performance and the likelihood of financial distress in Pakistan.”