خواجہ محمد علی شاہ رحمانی
افسوس ہے کہ گزشتہ جون میں’’برہان‘‘کے خاص مضمون نگار اوررفیق خواجہ محمد علی شاہ صاحب رحمانی کی سہارنپور میں وفات ہوگئی۔مرحوم کی صحت عرصے سے ٹھیک نہیں تھی اس کے باوجود علمی ریسرچ کے کاموں میں لگے رہتے تھے۔ دارالعلوم دیوبند اور مظاہرالعلوم سہارنپور کے ممتازفاضل تھے۔السنۂ مشرقیہ کی بھی بہت سی ڈگریاں ان کے پاس تھیں۔اکابر دیوبند خاص طورپر حضرت الاستاذ علامہ سید محمد انورشاہ صاحب کشمیریؒ اورحضرت مولانا شبیر احمد صاحب عثمانی مرحوم سے والہانہ تعلق رکھتے تھے اوران حضرات کی علمی خصوصیات پران کی گہری نظر تھی۔ پختہ استعداد، واضح العقیدہ مسلمان تھے۔طبیعت میں قناعت اور خودداری کاجوہر نمایاں تھا۔پوری زندگی گوشہ نشینی اور خدمت علم میں بسر کردی۔ جس روزان کی رحلت ہوئی اسی روز کچھ دیر کے بعد ان کے والد ماجد کاسانحہ ارتحال پیش آگیا۔ان کے والد صاحب خانقاہ رحمانی سہارنپور کے سجادہ نشین تھے اور عوام ان سے فیض حاصل کرتے تھے۔رحمھما اﷲ رحمۃ واسعۃ۔
[ستمبر۱۹۶۷ء]
The rise of Islam, which emerged as a panacea for the world problems is seen as a problem itself by the west today. The reason for this blame is the rise of extremism and Islam phobia in the western societies. This has serious implicat-ions for personal, communal, national and international security. The involve-ment of youth in extremist exertions is very high. They are being more action-oriented, easy to be influenced by radical ideologies and as an agent for thrus-ting social change. Keeping in consideration the role of youth in adopting to or combatting extremism, it is imperative to find the perception of this important population about the problem under investigation. The research study was conducted in six universities in the federal capital Islamabad to reach to the youth’s population. The research was guided by research questions that aimed at exploring students’ perception about extremism and its various dimensions. The researcher collected data through an open-ended questionnaire from 1840 students to seek an in-depth understanding of the problem. In order to increase credibility in the findings, the researcher conducted focused group interview with 12 young faculty members. The data from the questionnaires were conver-ted into percentages based on common themes. The interview data set were thematically analyzed to understand the causes of extremism and its suggested solutions. Recommendations were suggested to tackle the menace of extremism in Pakistan.
This study addresses the limitations of the previous studies and contributes to the literature through developing theoretical knowledge and examining the empirical framework on the consequences of the oil price uncertainty for the investment in financial and real assets. The study uses structural VAR to identify the oil supply, aggregate demand and oil specific demand shocks and to estimates, the impact of these identified shocks on the performance of stock market in Pakistan is analyzed. The results of impulse response functions and variance decomposition analysis confirm the significant role of oil supply shocks and aggregate demand shocks on the stock market whereas, oil specific demand shocks exert little influence on the changes in the stock market prices. Findings suggest that the impact of oil prices shocks is not the same; it differs and depends upon the underlying oil price shock. This study further investigates using System GMM model how the corporate in vestment decisions in Pakistans developing and in a regulated oil price environment respond to international oil price uncertainty. The findings of this study reveal that international oil price uncertainty significantly affects the corporate invest ment decisions and also finds evidence in favour of compound options theory appli cation in Pakistan. However, contrary to the existing studies, our findings imply that although the impacts of oil prices uncertainty in normal course are positive, corporate investment significantly decreases when the uncertainty increases at the exponential rate. These findings are in contrast with those found in US by (Hen rique & Sadorsky, 2011). This difference is due to different economic conditions and structures of Pakistani and US economy. In the decomposed oil price shocks and corporate investment phase, investigates the impacts of uncertainty of identified underlying oil price shocks on the corporate investment decisions by using GMM. Results show the positive effects of world oil supply uncertainty, whereas world oil demand and oil specific demand measures have significant negative effects on the corporate investment. These findings sug gest that the impact of oil prices shocks on the corporate investment decisions is x also not the same; it differs and depends upon the underlying oil price shock. Fur ther findings from the analysis confirm the presence of both waiting options and the growth options in line with the empirical findings by (Henrique & Sadorsky, 2011). Finally finding from the oil intensity analysis suggest that in Pakistan volatility of different underlying oil price shocks affect significantly the corporate investment decisions in Pakistan for both the oil intensive and less oil intensive industries and there is not much difference between them. Results regarding the factor of size suggest that small firms are better in coping with the world oil supply side shock of oil price uncertainty, whereas the large size firms are better able to handle with the oil specific demand side shock of oil prices. Therefore effects of oil price shocks on investment is not the same for the large and small size firms and differ depending upon the underlying shock of oil price uncertainty also. Findings imply that, the policy-making authorities, investors and managers must take care of the source of oil shocks, the difference, nature and intensity of effects according to their country environment before making the policies and decision about the investment plans.