مولانا عبدالعزیز گوجرانوالہ
دو ماہ ہوئے کہ مولانا عبدالعزیز صاحب خطیب و امام جامع مسجد گوجرانوالہ نے جو دیوبند کے عالم اور وقت کے بڑے محدث تھے، وفات پائی، انہوں نے محاح و مسانید کی مختلف کتابوں کی فہرستیں بطور اطراف بڑی محنت سے لکھی تھیں، جن میں صرف بخاری کی فہرست نبراس الساری فی اطراف البخاری کے نام سے چھپی ہے، مرحوم نے مجھے لکھا تھا کہ مسند ابن حنبل کی بھی ایک فہرست بنائی ہے، اور وہ اس کے چھپوانے کی فکر میں تھے، کیا اچھا ہو اگر ان کی یادگار میں ان کی یہ کتاب گوجرانوالہ کے قدرداں چھپوا سکیں، یاوہ اس نسخہ کو کسی قدر شناس کے سپرد کریں، کہ وہ اس کو چھپوا کر اس فیض کو عام کرے۔ (سید سلیمان ندوی، دسمبر ۱۹۴۰ء)
Prison’s governance is gauged by safeguarding basic human rights in captivity and prisoners’ rights are detailed through rules, norms, and values. The present study assesses human rights paradigm enforced in Pakistan and evaluates the empirical situation in prisons in Khyber Pakhtunkhwa mirrored with the legal governance structure in vogue in the province. For assessment purpose primary data is collected through interviews from ex-prisoners, policemen on duty and some officials of prisons in the province. Documentary evidence is employed to ensure data accuracy before analysis. Secondary data has been utilized to form bases of recommendation in the light of empirics been evaluated. Khyber Pakhtunkhwa Prisons Rules 2018, Nelson Mandela Rules and United Nations Rules make the necessary legal paradigm to view the problems been faced by prisoners in the prisons. In the light of these legal instruments recommendations have been framed for betterment in the system of prisons’ governance.
The objective of this study is to investigate the volatility of Karachi Stock Exchange before and after incident of
9/11 by applying the RKSE=log (KSEt/KSEt-1) formula to calculate the change in daily return of Karachi Stock
Exchange. Three sample periods have been chosen to estimate the comparative volatility of stock market; first,
(31" August, 1996-1st September, 2001), second (31st August, 2001-1st September, 2006) and third (31st
August, 2006-1st September, 2011).
Purpose to choose these three samples is to estimate the volatility. First sample period refers to pre 9/11 period
and second sample period during 9/11 period and third sample period is after 9/11 incident. Further, purpose
to include the third sample period in this study is to investigate the volatility of KSE-100 index in longer time
period. GRACH (1,1) model is used to estimate the volatility, GARCH (2,0) to estimate the past information effect
on current volatility, EGARCH and TRACH model are applied to investigate the leverage effect on KSE-100 index.
Moreover, these models are applied separately on each sample periods.
From results it is concluded that after 9/11 period is more volatile than other because in GARCH model, both
ARCH term and GARCH term are significant and greater as compare to other sample periods. Similarly, GRACH
(2, 0) model shows that due to past information, volatility in after 9/11 period is greater. EGARCH and TARCH
model both estimate the leverage effect on stock exchange. Comparison confirms that EGARCH model is best
fit on data and estimated more significant results. Value of y is negative and significant in post 9/11 period that
indicates that leverage effect exists in post 9/11 period. Whereas, there is no leverage effect exists in pre 9 11
period that shows that bad news effects on volatility are more as compare to good news in market. From the
results it is also concluded that period after 9/11 (31st August, 2006 - September, 2011), volatility exist in the
Karachi Stock Exchange but of low magnitude.