اسلام میں سد ذرائع کی اہمیت

The Islamic laws prevent us from the evil deeds. As well as, according to Shariah, it is permissible and sometimes even compulsory to save the believers from the actions that may lead them towards the banned activities. Therefore, the ruling of prohibition from these types of activities is called Sadd-e-Zaree’a. This is the principle extracted from the Quran and Sunnah. As Almighty Allah forbade the believers to say ‘Ra’ina’ because this word was used by Jews knowingly in a wrong manner with evil intentions, whereas, Muslims presented their requests by this same word in the highest court of The Holy Prophet (peace and blessings be upon him) for seeking easiness and relaxation in their concerned matters. As in Quran: O People who Believe, do not say (to the Prophet Mohammed- peace and blessings be upon him), " Ra’ina (Be considerate towards us)" but say, " Unzurna (Look mercifully upon us)", and listen attentively in the first place. [Baqarah 2: 104]. (To disrespect the Holy Prophet – peace and blessings be upon him – is blasphemy.) Another example by Hadith, in this regard, it is also evidenced by the good character of The Holy Prophet (peace and blessings be upon him) that sometimes He stopped himself intentionally from the permissible activities lest the common masses may involve in undesired activities on the basis of The Holy Prophet’s act. Concisely, keen consideration is required on rational basis when explaining the Shariah rulings of any matter. Otherwise, the beauty andbenefits of the Shariah may be lost. Consequently, to prevent from the future turmoil is actually the spirit of Sadd-e-Zaree’ah. As this is the actually basic need and prerequisite of Shariah. It saves and prevents its believers form expected turmoil. Therefore, if the risk of turmoil would trigger with committing the permissible activity it must be abandoned due to the risk of turmoil.

The Impact of Audit Committee Attributes on Audit Report Lag and Financial Performance: Evidence from Pakistan Stock Exchange

During the last couple of decades, some serious scandals like Waste Management, Enron, WorldCom, Satyam, Swissair etc. were observed in corporate sector around the World. This loses confidence of stakeholders and due returns on their investment.The research proves that directors? standards, audit quality and audit report lag (ARL) play significant role in controlling corporate mishaps and consequently ensure due returns to firms and investors. In order to address this issue, the US Senate approved a framework on its Code of Corporate Governance (CCG) by the name of Sarbanes-Oxley Act 2002 which was amended in 2012. A lot of countries of the world also adopted this Act in year 2002. In order to be at par with international community, Pakistan introduced its own CCG in 2002 which was also amended in 2012. As per CCG, board of directors has to constitute various sub-committees to provide safeguards to the stakeholders? interest. One of the boards? subcommittees is an audit committee (AC) which is constituted to perform number of functions to ensure timely release of truly audited corporate financial statements, protect assets and monitor various accounts of company. The research has proved that mere existence of AC in a company is not much fruitful rather it has number of distinctive attributes that affect its working with respect to ARL and firms? financial performance. The most common attributes of an AC includes AC size, proportion of non-executive directors in AC, number of AC meetings per year, AC gender, AC members skill and experience and AC chair independence etc. This study is conducted to observe the impact of AC attributes on ARL and firms? financial performance as evidence from Pakistan Stock Exchange (PSX). A sample of 137 companies from 28 diversified non-financial sectors for years 2013, 2014 and 2015 is taken from PSX to observe the phenomenon. STATA software is used to measure descriptive and regression results of panel data based on fixed effect model. The results show that all sample firms used to comply CCG in respect of AC size and frequency of AC meetings while compliance in respect of non-executive directors in AC and independent AC chair in some companies has not been found.The overall ARL in non-financial sector firms has been found almost 83 days. AC meetings, AC gender diversity and AC chair independence have negative and significant impact on ARL while, AC size and existence of non-executive members in AC have insignificant impact on ARL. Financial performance of firms is measured via Tobin?s Q and return on equity (ROE). Tobin?s Q has been gradually increasing in this period. Positive and significant impact of AC size and AC meetings while insignificant impact of non-executive members in AC, AC diversity and independent AC chair has been found on Tobin?s Q. ROE has also increased over the period of three years. Negative and significant impact of non-executive directors in AC and AC meetings, while insignificant impact of AC size, AC chair independence and AC diversity has been found on ROE.