عبدالحمید سعید
افسوس ہے کہ مصر کی ایک بہت بڑی ہستی سے دنیا خالی ہوگئی، عبدالحمید سعیدبے مصر کے ان جواں مردوں میں تھے جو مصر چھوڑ کر یورپ میں رہ پڑے تھے اور یہ عہد کرلیا تھا کہ جب تک مصر آزاد نہ ہولے گا وہ مصر کی زمین میں قدم نہیں رکھیں گے، مصر اور انگلستان کے گزشتہ معاہدہ کے بعد وہ مصر واپس آئے تھے، میری ان کی ملاقات ۱۹۲۰ء میں وفد خلافت کے دوسرے ارکان کے ساتھ اٹلی کے پایۂ تخت رومہ میں ہوئی تھی، وہ اپنے قدوقامت اور ڈیل ڈول کے لحاظ سے شوکت علی مرحوم سے ملتے جلتے تھے اور انہی کی طرح قومی و مذہبی جوش و خروش سے بھرے ہوئے تھے ایک بہت موٹا ڈنڈا جس کے موٹھ میں اہرام مصری کی شکل بنی ہوئی تھی، اپنے ہاتھ میں رکھتے تھے، انہوں نے اس وقت تک شادی نہیں کی تھی، کہتے تھے کہ غلاموں کی تعداد بڑھانے سے فائدہ کیا۔
وہ پہلے بالکل وطن پرور یا نیشنلسٹ تھے، مگر مصر آنے کے بعد ان کے حالات میں ایک نیا تغیر ہوا، انہوں نے عالمگیر اسلامی برادری (پین اسلامزم) کی تحریک مصر کے نوجوانوں میں شروع کی، انجمن شبان المسلمین کی بنیاد ڈالی، اس کی شاخیں مصر کے اطراف میں پھیلائیں اور اس کی کوشش کی کہ دنیائے اسلام کے دوسرے حصوں میں اس کی شاخیں قائم ہوں چنانچہ بمبئی میں اس کی ایک شاخ قائم ہے۔ چند سال ہوئے کہ انہوں نے اپنی محبت سے مصر کی شبان المسلمین کا ممبر خاکسار کو بھی بنایا جامع ازہر کی طرف سے جو وفد ہندوستان آیا تھا اس کے ایک رکن انجمن شبان المسلمین کے بھی نمائندہ تھے اور مقصد یہ تھا کہ مصر و ہندوستان کی اسلامی برادریوں میں تعلقات مضبوط کئے جائیں۔
ان کی اس تحریک...
The authors approach towards the text of some narrators is neither absolute acceptance nor absolute refusal to their texts regardless of whether they are authentic or unauthentic. Hence, it should be noted that even the authentic narrator’s text can be rejected on the basis of the context in which the text is narrated. Likewise, the unauthentic narrator’s text should not be rejected in context where the narrator is assumed to be authentic. The narrator might have been of weak memorisation, but his text may be accepted because of his long companionship to that particular Sheikh whereby he acquires strength. This research is limited to the unauthentic narrators whose text about a particular Bukhari, Muslim and Nisei. The objective is to extract these unauthentic narrators out of the men of Bukhari, Muslim and Nisei depending on the judgments of the critics that are related to the documentation of the unauthentic narrator and the acceptance of his text reported about a particular Sheikh, through the reviewing of reliable references. The study also aims to the extraction of the narrations of those narrators in Bukhari, Muslim and Nisei and its study in terms of text in order to know how the classifier quotes those narrators.
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 firmspecific 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.