39. Al-Zumar/The Companions
I/We begin by the Blessed Name of Allah
The Immensely Merciful to all, The Infinitely Compassionate to everyone.
39:01
a. The sending down of The Book - The Qur’an - with meticulous care has been arranged by Allah - The One and Only God.
b. The Almighty, The All-Wise.
39:02
a. Indeed, WE have sent down to you, O The Prophet, The Book with the purpose of making it a decisive authority.
b. So submit to Allah in awe and worship,
c. sincere in your Faith in HIM alone.
39:03
a. Indeed the True Faith is for Allah alone.
b. Yet those who take up other entities as their protectors instead of HIM, argue:
c. ‘We do not worship them except that they may bring us close to Allah.’
d. Allah will certainly judge between them concerning their differences.
e. For sure, Allah does not guide anyone who is a liar and is ungrateful/disbelieving.
39:04
a. If Allah had ever wanted to take a son to HIMSELF,
b. HE could have certainly chosen whoever HE Willed from those whom HE created.
c. Glory be to HIM!
d. HE is Allah, The One and Only, The Prevailing.
39:05
a. HE created the celestial realm and the terrestrial world for a purpose and without a precedent.
b. HE wraps the nighttime around the daytime, and
c. wraps the daytime around the nighttime.
d. HE made the sun and the moon subservient to HIS laws to serve you, each running on a
fixed course in their respective orbits for an appointed term set by HIM.
e. Indeed, HE is The Almighty, The Ever-Forgiving.
Abstract By preserving and narrating hadīth, a chain of narrators was started to maintain its authenticity. When the experts of hadīth realized that some unreliable transmitters might try to fabricate Hadīth, this work started more systematically. Even the chain gradually attained such importance that every Muhaddīth was concerned much about it. In the second century of Hijra, when the teaching and learning of hadīth became the standard of honor and great respect, some people devoted their lives to this work. They travelled to many countries of world and obtained the knowledge of Hadīth from prominent scholars of their time. Experts of Asmā-ul-Rijāl awarded them the certificate of holding the highest position of trust and credibility. The chains having such trustworthy transmitters are considered to be of higher rank than others. Among such traditions there is also one "Mālik-an-Nāfi'-an-Ibn-e-Umar". Due to the reliability of its narrators, Imām Bukhāri and many other Muhaddithīn considered it as "golden chain". When some of the Orientalists started raising objections to the Prophetic Hadīth, they criticized the narrators of the Hadīth as well. Especially the narrators who were declared trustworthy and reliable by Muslim scholars. For this, they especially criticized Abu Hūraira from among the companions and Imām Zuhri among the Successors. The chain of hadīth, (Mālik an-Nāfi' an-Ibn e Umar) “golden chain” was also seriously criticized by Joseph Schacht and Juynboll etc. In this article, a comparative study of the viewpoints of the Muhaddithīn and the Orientalists regarding the chain “Mālik an-Nāfi' an-Ibn eUmar” is presented.
he introduction of financial sector reforms in developing countries has captured great attention of the researchers. In an imperfect capital market, external funds are more costly than internal funds and firms face financial constraints. Financial liberalization adverts to a reduction of regulation on the financial industry and helps to relax financial constraints, reduce cost of debt, and thereby increase the firm level investment. Previous studies at macro level resultantly favor the financial liberalization and growth of a country. On the other side the studies conducted at the micro level show mixed results and there is a dearth of literature for accepting/rejecting the notion of financial liberalization at the micro level. This dissertation examines the Impact of Financial Sector Reforms on the Capital Structure, Investment and Cost of Debt of Large Scale Manufacturing Sector listed at Pakistan Stock Exchange. A unique index for measuring the Financial Liberalization is developed obtaining the data from Financial Sector Assessment Progress Review Report (1991-2004) and Economic Survey of Pakistan (2005-2014). Principal Component Method is employed for the development of Financial Liberalization Index for the period 1991-2014. The data for large scale manufacturing firms is extracted from Balance Sheet Analysis published by State Bank of Pakistan. The sample includes the companies that remained listed at Pakistan Stock Exchange from 1993 to 2014 but the firms that did not survive for the period or are new entrants were not included in sample. The study utilized descriptive analysis and fixed effect model on the panel data of two hundred and ninety four (294) firms in GRATEL. In order to capture the insight effect of financial liberalization reforms fixed effect models were applied by categorized the data on the basis of small and large size firms. Separate analyses were made on different manufacturing sectors that includes Textiles, Food, Chemicals, Other manufacturing, Motor Vehicle, Fuel & Energy, Communication, Refined Petroleum, Paperboard, and Electrical Machinery. To observe during which government structure financial liberalization paved benefits the data was further segregated on the basis of democratic and non democratic government structure in Pakistan. Utilizing fixed effect model the study concludes that financial liberalization has significant impact on the leverage, investment, and cost of debt of manufacturing firms. Results drawn from the interaction of firm specific factors and liberalization iv index reveal that financial liberalization improves the access of external funds for the financially constrained firms. The finding also concludes that firm level investment is also increased and financial reforms helped to reduce the cost of debt for the large scale manufacturing firms. Hence all the sectors did not gain benefit uniformly and it is also observed that small size firms gained the most from liberalization in terms of access to capital. Among different industries other manufacturing sector gained the most and textile sector did not gain much benefit from financial liberalization in terms of access to external funds. Research also unveils that reforms were beneficial during democratic government structure in Pakistan. Amongst different industries the investment level of textile sector is increased whereas, food and non metallic minerals did not improve much. It also concludes that investment level of firms is raised in democratic government structure. Furthermore, the cost of debt for the large size firm is improved as compared to the small size firms. The cost of debt for the manufacturing firms is favorable during the democratic government structure.