جناب شیخ احمد علی شوقؔ
نہایت افسوس ہے کہ کہنہ ادیب و شاعر شیخ احمد علی صاحب متخلص بہ شوق نے ۲۷؍ اپریل کو گونڈہ میں انتقال کیا، مرحوم ۱۸۸۲ء اور ۱۸۹۰ء کے درمیان لکھنؤ سے ’’آزاد‘‘ نام کا اخبارنکالتے تھے، جو اس عہد کے معزز و مشہور اخباروں میں تھا اور اس زمانہ کے ادباء کا مظہر خیال تھا اور سرسید کی تحریکات سے کافی ہمدردی رکھتا تھا، کئی چھوٹی چھوٹی مثنویوں کے بھی وہ مصنف تھے، اسیرؔ مرحوم کے وہ شاگرد تھے اور غالباً وہ اس خانوادۂ تربیت کی آخری یادگار باقی تھے، انہیں کے عہد میں اردو کی نئی شاعری کا آغاز ہوا، مرحوم ان قدیم شعراء میں تھے، جنہوں نے اس نئے رنگ کے قبول کرنے میں جھجک نہیں کی۔
ترانۂ شوق کے علاوہ ان کی غالباً آخری مطبوعہ مثنوی عالم خیال کے چار رخ اردو شاعری میں ایک نئی چیز ہے، کاش ان کے احباب و اعزہ ان کے کلام کا مجموعہ شائع کرکے انکی روحانی یادگاروں کو زندہ رکھ سکیں۔ (سید سليمان ندوی، اپریل ۱۹۲۵ء)
Early in 2018, Punjab Assembly passed a law in order to regulate welfare organizations and institutions. All welfare institutions were made bound to a complex official procedure. Violation of this procedure was regarded as a punishable crime. This law was widely discussed in think tanks and was strongly criticized. This research paper deals with understanding of this law, basic sections and their Islamic prespective is analysed according to Sharia. It has been proved in the light of Quran and Sunnah that Islam doesn't permit making non-obligatory charities system so complex and regarding it a crime. Hence, Government should make appropriate reforms in this law while reviewing it.
The Purpose of this study is to explore the behavior of exchange rates in five Asian economies; namely Pakistan, India, Indonesia, Korea and Sri Lanka. The causality between capital and currency markets has been investigated in the first section of study. In second section, the link between exchange rate and economic variables has been scrutinized, while in the third section, forecasting performance of economic models has been compared with that of random walk and autoregressive integrated moving average model. Using Granger Causality test and Johansen Cointegration, the causality between stock and currency markets has been explored. Link between macro economic fundamentals and exchange rates has been investigated using ordinary least square method and Johansen’s cointegration, while forecasting performance of economic models has been compared with that of random walk and autoregressive integrated moving average model using one graphical and four statistical measures. These measures are Perfect Forecast Line (PFL), Root Mean Square Error (RMSE), Mean Absolute Error (MAE), Median of Absolute Deviation (MAD) and Success Ratio (SR). Nature of short run causality between stock and currency markets has been found different in different countries. In Pakistan and Sri Lanka, causality runs from stock market to currency market while feed back relationship has been found in case of Indonesia and Korea. In India, causality running from exchange rate to stock market has been found significant. However, no long run causality between stock and currency markets has been found in sample economies. Thus these two financial markets support asset market theory in the long run. However, regression analysis proves that economic variables are not senseless, whereas Johansen cointegration technique affirm the existence of long run relationship between exchange rate and macro economic variables. Johansen’s cointegration reports three cointegrating equations in Pakistan, India, Korea and Sri Lanka while two cointegration equations in case of Indonesia. Vector Error Correction Mechanism has been applied to gauge the speed of adjustment in relationship between exchange rate and macroeconomic fundamentals. Lastly predictive capacity of economic fundamentals based models namely Purchasing Power Parity, Interest Rate Parity and Adhoc model has been compared to that of Random Walk and Autoregressive Integrated Moving Average Model. In the sample forecasting has been used for comparison. Predictive capacity has been investigated using one graphical method called Perfect Forecast Line and four statistical methods. Statistical xiimethods include Root Mean Square Error, Mean Absolute Error, Median of Absolute Deviation and Success Ratio. All the four measures support fundamentals based approaches in all the sample economies except Indonesia where Random Walk Model has the power to beat fundamentals’ based approaches on the basis of all the four measures of statistical evaluation.