تعلیم کی اہمیت
جہاں تک دیکھیے تعلیم کی فرمانروائی ہے
جو سچ پوچھو تو نیچے علم ہے اوپر خدائی ہے
تاریخ کی ورق گردانی کریں تو یہ بات اظہر من الشمس ہے کہ اس دنیا کے اندر جو بھی کارہائے نمایاں سر انجام دیے گئے وہ صرف اور صرف تعلیم ہی کی بدولت تھے ۔تعلیم ایک فرد میں جرأت مندی حوصلہ، دلیری، ثابت قدمی، قناعت پسندی ، صداقت، لیاقت، امانت اور دیانت جیسی عظیم صفات کی موجودگی کا سبب بنتی ہے۔
قرآنِ پاک کا مطالعہ کریں تو پتہ چلتا ہے کہ تعلیم کی کتنی اہمیت ہے۔ حضرت آدم ںمسجودِ ملائکہ بنے تو تعلیم ہی کے ذریعے یعنی اللہ تعالیٰ نے آپؐ کو اشیاء کاعلم سکھا دیا۔ طالوت کو بادشاہت ملی تو سبب علم ہی کو بتایا گیا۔ اگر حضرت یوسف کو سیاہ و سفید کا مالک بنایا گیا اور مصر کی بادشاہت ملی تو اس کا سبب بھی تعلیم ہی بنی۔ آپؐ نے فرمایا کہ اِنّی حَفِیْظ عَلم علا وہ از یں متعدد مقامات پرتعلیم ہی کا ذکر ہے کہ اس کے ذریعے کا ئنات میں مختلف امور سرانجام دیے گئے۔ اللہ تعالیٰ نے حضرت محمد صلی اللہ علیہ و آلہٖ وسلم کو ہر اس شے کا علم عطا فرمایا جو آپ صلی اللہ علیہ و آلہٖ وسلم نہیں جانتے تھے۔ ارشادِ باری تعالیٰ ہے کہ’’ اور سکھادیاتمہیں جو تو نہیں جانتا تھا‘‘(القرآن) اللہ تعالیٰ کی ذات کے بعد اگر کسی ہستی کا مرتبہ علیٰ و اَرفع ہے تو رسول اللہ صلی اللہ علیہ و آلہٖ وسلم کی ذات ہے لیکن اس کے باوجود بھی وہ یوں دعا کرتے ہیں کہ ’’یارب العالمین میرے علم میں اضافہ فرما‘‘تعلیم کی اہمیت ہر دور میں مسلمہ رہی ہے۔
حدیث نبوی میں ہے کہ:
’’ علم حاصل کرو گود سے لے کر گورتک‘‘ (الحدیث)
’’علم حاصل کرنا ہر مرد...
This article describes the social problems face by the Egyptian people in the late nineteenth and beginning of twentieth century which are tackled by the writer Mu╖═afā Lu═fī Manfalū═ī in his articles and parables. In the mentioned period the Egyptian society was prone to immoralities carved by the English regime. Bad governance, deprivation of the Egyptian society from their basic rights, and negligence towards Islam were the major shortcomings on the part of the ruling elite. While poverty, problems of women, immorality, offence and other social evils were the main troubles on the part of Egyptian society. This article deals with the way the writer tackled those problems in his writings.
The capital markets witness phenomenal shifts of corporate control. With the shift of world economy into a global one, there has been a rapid increase in the volume of acquisitions. The previous studies shed light on the motives behinds acquisition and its impact on both bidding and target firm. Less effort has been placed to check the ability of a firm dealing in market of corporate control. This study is bridging in the gap in literature by exploring the factors affecting the acquisition ability of the firm. The study has analysed the role of financial strength, corporate governance related variables and regulatory influence on acquisition ability of acquiring firm. Later on, impact of such acquisition ability has been tested on various firm characteristics like cost efficiency, returns and operational hedging of acquirer firms. Data has been analysed with respect to Pakistan stock Exchange for a period of 2004 to 2012. Empirical analysis indicates that firm specific variables are important determinants in firm’s decision to acquire. Chief Executive Officer duality and institutional shareholders presence on the board contributes to this important phenomenon in the life of the acquiring firms. Bidding firm’s financial strength is also another important considerations. The empirical results indicate the better acquisition ability for firms characterized by minimum capacity utilization, lower level of intangible assets, lower debt levels and lower advertising expenses. Acquisition announcement is an important event in the capital markets. The event study technique indicates the significant abnormal returns after 3 days of acquisition announcement. Cost efficiency has been analysed for bidding firms three years prior to the acquisition and three years post acquisition. Overall results suggest an improvement in the efficiency of financial firms after acquisition. Non-financial sector is indicating opposite results where most of the firms are showing declining trend in efficiency. The percentage change in operational volatility is accounted for as operational hedging. The empirical results show a large level decrease in the operational income volatility after the takeover deal. It shows that combined firm after acquisition bring the benefit of diversification thus reducing volatility and increasing operational hedging which may ultimately reduce financial hedging. So acquiring firms should analyse their strength before going for acquisition deal as acquisition impact their short term and long term performance. Key Words: Corporate Control, Acquisitions, Event Study, Data Envelopment analysis, Operational Hedging, Cost Efficiency, Abnormal Returns