آہ! مولانا عمادی
حیدرآباد دکن کے اخبار البلاغ سے یہ معلوم کرکے سخت صدمہ ہوا کہ ہمارے قدیم دوست مولانا عبداﷲ العمادی نے حیدرآباد میں جہاں انھوں نے سکونت اختیار کرلی تھی، ۱۱؍ شوال ۱۳۶۶ھ کو داعی اجل کولبیک کہا، ان کی عمراس وقت ستر برس کے قریب ہوگی، مرحوم اردو، فارسی اور عربی کے مستند ادیب اور مورخ تھے اور تقریباً ہر علم و فن سے آشنا تھے۔
مر حوم کا وطن ضلع جونپور میں امرتھوا نام ایک موضع تھا، اورعمادالدین نام کے کسی بزرگ کے خاندان سے نسبی نسبت رکھتے تھے اور اسی تعلق سے اپنے کو عمادی لکھتے تھے، اصلی نام عبداﷲ تھا اور کبھی کبھی اخفائے نام کے لیے عبداﷲ کا فارسی ترجمہ ’’خدا بندہ‘‘ بھی لکھا ہے، جو سب سے پہلے نو مسلم تا تاری سلطان کا نام تھا، مگر شہرت عام عبداﷲ عمادی کے نام سے تھی۔
غالباً ابتدائی تعلیم کے بعد ہی یہ لکھنؤ آگئے تھے، اور مولانا عبدالعلی آسی مدراسی کے دامن تربیت میں پرورش پائی، مولانا عبدالعلی کا اصل وطن گو مدراس تھا، مگرجب سے تعلیم کے لیے لکھنؤ آئے یہیں کے ہوکے رہ گئے، یہیں فرنگی محل میں مولانا عبدالحئی صاحب فرنگی محل سے تعلیم پائی، ادب، شعر اور تاریخ گوئی میں ملکہ رکھتے تھے، اکثر کتابوں کے آخر میں جو ان کے مطبع میں چھپیں ان کی تاریخیں آپ کو مل سکتی ہیں، ان کی صحبت میں مولاناعمادی صاحب کو بھی زیادہ تر شعر و سخن اور ادب و تاریخ کا فائدہ پہنچا، مولانا عبدالعلی ایک زمانہ میں رامپور میں مدرس تھے، وہاں بھی وہ ان کے ساتھ رہے، پھر جب وہ لکھنؤ آئے، تووہ بھی ان کے ساتھ یہاں آئے اور یہیں ان کے مرغ شہرت نے پروبال پیدا کئے۔
مولانا آسی نے لکھنؤ محمود نگر کے محلہ میں سکونت اختیار کی اور اصح...
Mufti Muhammad Taqi Usmani is one of the leading Deoband Hanafi Islamic Scholars living today from Pakistan. He is the son of late Molana Muhammad Shafi, the grand mufti of Pakistan. He is the brother of Islamic scholars Muhammad Rafi Usmani, Muhammad Wali Razi, Muhammad Razi Usmani as well as of Urdu poet Muhammad Zaki Kaifi. He is regarded as an expert in the fields of Hadith, Islamic Jurisprudence (Fiqh), Economics and Tasawwuf. He served as a judge on the Federal Shariat Court of Pakistan from 1980 to 1982 and the Shariat Appellate Bench of the Supreme Court of Pakistan between 1982 and 2002. He is generally known as one of the leading Shariah Scholars active in the field of Islamic finance. For more than a decade he has served as Chairman or Member of Shariah Supervisory boards of a dozen Islamic banks and prestigious financial institutions in various parts of the world. Allah Almighty has blessed him with the writing skill. He has written translations of the Holy Quran in both English and Urdu. He has been writing on various Islamic topics in Arabic, Urdu & English and is author of more than 70 books and numerous articles, published in a number of journals and magazines. In his books, Justice Taqi Usmani has discussed the solutions of individual, collective, social, political and economic problems in the light of Islamic principles. His books are very famous not only in Pakistan but also in India, Malaysia, Bangladesh and many other countries in the world. With this perspective, the present article deals with the introduction of important books of Mufti Muhammad Taqi Usmani.
Stock market performance is generally considered to be the reflector of financial and economic conditions of a country. There are number of macroeconomic and industry related factors that potentially can affect the stock returns of the companies. The primary purpose of this study is to examine the stock returns variation to specific macroeconomic and industry variables by applying multi-factor model. The model consists of macroeconomic and industry variables including market return, consumer price index, risk free rate of return, exchange rate, money supply and industrial production. The study attempts to determine which, if any, of the macroeconomic and industry variables are of use in explaining the variability of stock returns of Pakistani Industries. The firms relating to 09 different sectors are selected for this study on the basis of data availability, profitability and performance on the Karachi Stock Exchange 100 index. These sectors are Banking, Cement, Fertilizer, Automobile, Ghee, Pharmaceutical, Petroleum, Tobacco and Textile. The stock prices data for the selected firms and economic variables obtained for the maximum period of 10 years. Descriptive statistics performed for the temporal properties of the data and Augmented Dickey Fuller (ADF) test applied to find out the data stationarity. GARCH model used to analyze the risk and returns relationship. The tests applied on the stock returns of each firm of the industry and on the data set of the entire industry as well to generalize the results. An attempt was therefore made to ascertain whether a multi index model was better than a single index model in explaining the variation in stock returns of Pakistani Industries. The results reveal that market return is mainly responsible for the stock returns variation, however the inclusion of other macroeconomic and industry related variables has added additional explanatory power in - xii` describing the stock returns variation. It is evident from results that stock returns volatility depicts time varying characteristics across the industries and there is some statistical relationship between risk and return. It is found that industry stock returns are more responsive to changes in economic conditions than firm level stock returns. Results also indicate that stock returns of different industries behave differently in similar economic conditions that acquaint investors about the risk diversification opportunity in the stock market. The contribution of economic variables towards stock returns can help researchers/practitioners/investors to understand the risk return relationship and pricing of economic risk and for the legislators to undertake certain measures for the improvement of economic conditions and hence stability and growth of the stock market and economy.