مفتی محمد انوار الحق
بھوپال سے مفتی محمد انوار الحق صاحب ایم اے سابق وزیر تعلیم و حال وزیر مالیات بھوپال کی وفات کی افسوس ناک خبر آئی ہے، موصوف صاحب علم اور محب دین تھے، ان کی قلمی خدمات اور تحریری مجاہدات بھی خاص ذکر کے قابل ہیں، تاریخ ابوالبشر، اثبات واجب الوجود اور دوسری مذہبی کتابیں جدیدتعلیم یافتہ طبقہ کے لیے بہت مفید ثابت ہوئیں، عمر بھی علمی و تعلیمی کاموں کی مشغولیت کے باوجود اخیر عمر میں سرکار بھوپال کے مالیات کے صیغہ کو جس خوبی سے سنبھالا، دوست و دشمن ہر ایک نے اس کی تحسین کی، اﷲ تعالیٰ اپنے خزانہ رحمت سے اس علم و عمل کے مجسمہ کو سرفراز فرمائے۔
(سید سلیمان ندوی، جولائی ۱۹۴۰ء)
Many people of literature deny the existenic of dramatic art in the classical poetry of Arabs. They provide proofs for their allegation. But the reality is contrary that for many reasons. In this we have provided the proof which will explore the fact that before the dawn of 20th century the Arabic poetry exists the dramatic art of literature
The purpose of this study is to investigate the effect of financial leverage on financial performance of cement sector in Pakistan. By selecting the appropriate panel econometric technique among ordinary least squares (OLS), fixed effects and random effects, the association between financial leverage and financial performance of all cement companies listed on the Karachi Stock Exchange during 2008-2012 has been analyzed. The number of cement companies listed on KSE is 19. The empirical results depict that financial leverage has positive and statistically significant association with both proxies of financial performance which are return on assets (ROA) and Tobin?s Q. It is evident from these results that cement companies of Pakistan can reap the benefits of leverage if they create an appropriate mix of equity and debt in their capital structure. Among the control variables, firm size is positively and significantly associated with return on assets and negatively and insignificantly related with Tobin?s Q. Asset tangibility and return on equity have negative and insignificant association while it has inverse and significant relationship with Tobin?s Q. The liquidity is found to have positive and significant association with both financial performance measures (i.e. return on assets and Tobin?s Q) of the cement companies which show that efficient working capital management leads to better firm performance. The findings of this study have practical implications for corporate financial planners of cement sector to include an appropriate proportion of debt in their capital structure. Moreover, this study is also helpful for the financial policy makers of government to establish a strong bond market in Pakistan to facilitate the corporate sector for raising loans to reap the benefits of financial leverage.