تمام انسانیت کے محسنؐ ، سلام اُنؐ پر درود اُنؐ پر
سماں ہو راتوں کا یا کہ ہو دن، سلام اُن ؐ پر درود اُن ؐ پر
یہ بوندا باندی جو ہو رہی ہے ، ہمارے اشکوں کو دھو رہی ہے
اُنہی کی رحمت کی ہے یہ کِن مِن، سلام اُنؐ پر درود اُنؐ پر
پہنچ رہی ہے حضورؐ ڈالی ، سلام والی ، درود والی
نہیں ہے شک اِ س میں کوئی ممکن ، سلام اُن ؐ پر درود اُن ؐ پر
جو اُن ؐ کی رحمت کی حد نہیں ہے ، تمیزِ نیک اور بد نہیں ہے
تو لوگ کیوں بھیجتے ہیں گِن گِن ، سلام اُن ؐ پر درود اُن ؐ پر
کوئی حسد سے جو جل رہا ہے ، زباں سے آتش اُگل رہا ہے
ہمارا اُس کو جواب لیکن، سلام اُنؐ پر درود اُنؐ پر
درود حالِ نبی ؐ پہ بھیجو ، سلام آلِ نبی ؐ پہ بھیجو
کبیر سن ہوں کہ یاہوں کم سن ، سلام اُن ؐ پر دروراُن ؐ پر
ہزار اپنی ریاضتیں ہوں ، ہزار عابدؔ عبادتیں ہوں
ہمارا کوئی نہیں ہے اُن ؐ بِن، سلام اُن ؐ پر درود اُن ؐ پر
Allam Muhammad Taseen and Syed Abul-ala-Maudoodi were two great scholars and thinkers of 20th century. They not only considered the economic problems but also suggested their solutions. Their view are held in high esteem by the scholarly community. In the following article, a comparative study of their views related to economy are being presented so that the world may get rid of the pros and cons of communism and capitalism. The Islamic economic system thus rises as the best and the most practical system in the world. Hereby the Muzaraat related reforms are our main focus
The purpose of this research is to investigate effect of corporate governance on different facets of cash management i-e, level of cash holding, value of cash holding, utilization of excess cash and performance. Furthermore, the role of product market competition is checked in the relationship of corporate governance with different facets of cash management and to get more detail analysis role of family ownership and Shariah compliance is also checked. The research also investigated effect of corporate diversification on value of cash holding in strong governed firms and poorly governed firms; competitive and concentrated industries; family and non-family firms; Shariah and non-Shariah compliant firms. The study used unbalanced panel data of 196 companies from the years 2006 to 2014. All models generally include time dummies and industry fixed effect with standard error cluster to firm. The result shows that corporate governance has significant negative effect on corporate cash holding which supports flexibility hypothesis. Moreover, corporate governance has significant positive effect on value of cash holding and performance of firm through efficient utilization of excess cash due to corporate governance. The role of product market competition is explained in the context of substitution and complementary effect argument. The results generally support complementary effect of product market competition for corporate governance in all relationship with cash management and performance except with level of cash holding that support substitution effect. Substitution effect claim that external market discipline alone is enough mitigate agency problem. On the other hand, complementary hypothesis claim that external market discipline need efficient internal governance to mitigate agency problem. Family firms have high agency problem compared to non-family firms and corporate governance leads to proper utilization of excess cash that leads to high value of cash holding and performance in family firms. The dissertation also investigated effect of corporate governance on different facets of cash management in Shariah compliant firms and nonShariah compliant firms. The result portray that corporate governance has no significant effect on level of cash holding. The result postulates insignificant effect on value of cash holding and utilization of excess cash in Shariah compliant firms which support substitution effect of Shariah compliance for corporate governance. Excess cash under good governance has same effect on performance in Shariah and non-Shariah compliant firms and the result does not support agency theory. The result also indicates that corporate diversification decreases value of cash holding due to agency problem. However, it increases value of cash holding in good governed firms compared to poorly governed firms. Similarly, it increases value of cash holding in competitive industries compared to concentrated industries because external market discipline mitigate agency problem. On the other hand, corporate diversification decreases value of cash holding in family firms, while it has significant effect on value of cash holding in Shariah compliant firms.