جناب محمد طفیل
ادھر گذشہ تین مہینے میں اس برصغیر میں چار موتیں ہوئیں جن سے علمی حلقے کو بڑا صدمہ پہنچا، ان کی یادیں برابر آتی رہیں گی۔جناب محمد طفیل اڈیٹر نقوش لاہور اپنے کسی کام سے اسلام آباد آئے، رات کو خوش خوش سوئے تو اپنی میٹھی نیند ہی میں ۵؍ جولائی ۱۹۸۶ء کو اﷲ کو پیارے ہوئے، اور اپنے بے شمار قدردانوں کو سوگوار چھوڑ گئے، انھوں نے نقوش کو اپنی ادارت میں ایک علمی فیکٹری بنا رکھا تھا، جس طرح کسی فیکٹری سے مشینیں ڈھل کر نکلتی ہیں، اسی طرح نقوش سے طرح طرح کے علمی و ادبی نمبر نکلتے رہے، غزل نمبر، افسانہ نمبر، مکاتیب نمبر، خطوط نمبر، شخصیات نمبر، طنز و مزاح نمبر، منٹو نمبر، بہ طرس نمبر، لاہور نمبر، آپ بیتی نمبر، ادب آلعالیہ نمبر، ادبی معرکہ نمبر، غالب نمبر، میرتقی میر نمبر، شوکت تھانوی نمبر، میر انیس نمبر اور اقبال نمبر کے علاوہ آخر میں تیرہ جلدوں میں رسول نمبر نکالا، اور قرآن نمبر نکالنے کی فکر میں تھے کہ خود وہاں پہنچ گئے جہاں سے یہ مقدس صحیفہ نازل ہوا تھا۔
یہ سارے نمبر علمی، ادبی اور تاریخی، انسائیکلوپیڈیا بن گئے ہیں، اس لحاظ سے وہ خوش نصیب تھے کہ ان کا خاتمہ بالخیر رسول نمبر پر ہوا، اس کی تیرہ (۱۳) جلدیں دینی فیوض اور ملی برکات کا سرچشمہ بنی رہیں گی، یہ بیسویں صدی میں اردو زبان کا ایسا شاندار کارنامہ ہے جو مدت مدید تک یاد رکھا جائے گا، وہ اپنی دنیاوی زندگی میں لوگوں کو علمی کوثر، ادبی تسنیم اور دینی سلسبیل کے جام پر جام پلاتے رہے، دعا ہے کہ اب جہاں وہ پہنچ گئے ہیں وہاں برکت اخروی کی کوثر، مغفرت الٰہی کی تسنیم اور رحمت ایزدی کے سلسبیل سے سیراب ہوتے رہیں، آمین، وہ اپنے پیچھے یہ درس چھوڑ گئے ہیں...
A review and comparative analysis of the intellectual pursuit, methods, approaches and publications of Imam Bukhari and Imam Muslim In his compilations of hadith, Imam Bukhari was considerate of the view point (or school of thought) of his prior narrators/authors of hadith collections and in doing so, he validated and embellished their (past narrators) publications. Similarly, narrators after Imam Bukhari benefited from his intellectual vigour, as evident in the work of Imam Muslim, who as Imam Bukhari’s student profited from his work, and compiled a treasure of validated hadiths. This body of work had deep influence on the contemporary and upcoming authors and collectors of hadith, as a source of religious knowledge. Since, Imam Muslim didn’t/couldn’t perform the compilation/ Codification / arrangement of his collected hadith, which was later on performed by Imam Novi, who was intellectually and academically influenced by the Imam Bukhari’s publications – hence, a great deal of semblance is evident in both the authors (Imam Bukhari and Muslim) publications. This is especially visible in certain aspects such as prescribing translation chapters (tarjumatul-baab) with the Quranic verses and hadith scripts. Similarly, Codification chapters for explanatory (questioning) notions is also common method practiced in both the author’s work. However, on the other hand, the publication of both the author’s differ in certain dimensions as well. For example, Imam Bukhari’s publications incorporates a complexity of thought, legalistic determination (Fiqh) and collective scholarly wisdom (ijtihad). Whereas, Imam Muslim’s work pursues a relatively simplistic and comprehensible format. In this article, we seek to review and present a comparative analysis of the intellectual pursuit, approach and publications of both the aforementioned authors.
This study makes comparison between an emerging economy (Pakistan) and a developed economy (USA) regarding effect of the foreign exchange exposure elasticity on financial distress, idiosyncratic risk, and foreign ownership of the firms. It also tests effect of the global financial crisis 2007-09 on the relationship between the foreign exchange exposure and financial distress of the firms. The study takes all non-financial firms of Pakistan Stock Exchange and all non-financial firms from S&P-500 index of US companies for a period of 2003 to 2015. It conducts a quantitative analysis of panel data of the sample firms followed by views of Chief Finance Officers of the companies. Asset pricing model and rolling regression technique are used for calculating foreign exchange exposure elasticity. It mainly uses multiple regression analysis using White’s Heteroskedasticity-consistent standard errors & covariance test, fixed effect, random effect and Logit model. The results show that the effect of foreign exchange exposure on the financial distress of Pak firms is positively significant at contemporaneous as well as lag level. The effect of the foreign exchange exposure of US manufacturing firms on their financial distress is also positively significant at contemporaneous and lagged level but a weak contemporaneous and lagged effect in case of US non-financial firms. The effect of the global financial crisis is significant during all the three years of the crisis (2007 09) in case of US firms but firms in Pakistan experienced this effect only during 2009. ix This study uses Fama–French three factor model and EGARCH for calculating idiosyncratic risk. The effect of the foreign exchange exposure elasticity on idiosyncratic risk of both the Pakistani and US firms is highly positively significant at contemporaneous as well as at lag level. We find a negative impact of the foreign exchange exposure elasticity on the foreign ownership in the Pakistani firms. In case of the US firms, the relation is insignificant. The study has a number of implications regarding financial stability of the firms, their idiosyncratic risks and of foreign equity. This study is unique on the relation between foreign exchange exposure and financial distress in Pakistan and adds in the literature on USA in this dimension. It also gives a good insight on valuation of firms taking foreign exchange exposure and idiosyncratic risk into consideration. The study makes number of valuable recommendations for carrying out future research on this domain.