مری نظر میں محبت وہ کامیاب نہیں
اٹھایا جس نے کبھی ہجر کا عذاب نہیں
مری خطائوں کا رکھا تو ہے حساب اس نے
مری وفائوں کا رکھا مگر حساب نہیں
ہر ایک تیر نشانے پہ جا کے لگتا ہے
نگاہِ ناز کے تیروں کا تو جواب نہیں
وہ میرے پہلو میں آکر ہیں یوں دراز ہوئے
یقین ہی نہیں آتا یہ کوئی خوب نہیں
ہم ایسی بزم میں تائب جی کس لیے جائیں
جہاں شباب نہیں، شیشہ و کباب نہیں
Marriage is a preamble of human life. The human society builds its façade on the characteristics of this unit. Humanity has been granted with divine rules for a successful life. The latest version of divine rules are conveyed through Islam and presented by the Holy Prophet Muhammad of benefits everlasting and grand the declared Islam of history Early. (صلى الله عليه وسلم) these rules in all nooks and corners of life; as Qur’ān and Ḥadīth prominences the trend of in-time marriages to ensure the tangible merits of life. Qur’ān declares marriage as ‘God given relationship’, ‘order from God’, ‘A lawful manner’, ‘Firm covenant’, ‘Love and compassion’, ‘Chastity of life’, ‘Right of women and Sign of safety’ and along with it, as marriage emphasizes (صلى الله عليه وسلم) Muhammad Prophet the of traditions the depicting it a ‘Half of religion’, ‘Protection of eyes’, ‘Prevention of character from corruption’, ‘source of Devil’s desperation’ etc. Owing to this stress of in-time marriages, a Muslim society is not supposed to delay or ignore in time marriages. But in present era, the trend of delaying in making marriages or ignoring the importance of in-time marriages is observing everywhere. This delay in making in-time marriages of young generation shows the weaknesses of faith and confidence in life. It is also the cause of many physical diseases and mental disorders. It destroys the best capabilities and abilities of young force. This paper highlights the importance of timely marriages, strength of married-couple life and damages of late marriage so that the requisite of Islam to form the society on the desired shape may be fulfilled. Lastly, this article emphasizes the need to review/change the social behavior regarding late marriages it also emphasizes the need to review/change the social behavior regarding late marriages and a herald to initiate some sorts of laws for making in-time marriages in society so that prevailing damages due to late marriages can be curtailed.
The objective of the present study is to find the determinants of equity market development with a panel data of Developed, Emerging and Frontier Equity Markets. The determinants of equity market include both the quantitative and qualitative factors, whereas the former represents the macroeconomic variables, and the later embodies the governance variables. The study incorporates the panel data set of world stock markets of 70 countries, which are classified by international group of Financial Times Stock Exchanges (FTSE) in three main regions of the world as Developed (25), Emerging (21) and Frontier (24) Equity Markets and period of the study is 20 years starting from 1996 to 2015. Given the panel nature of the data, the econometric methodologies of dynamic Generalized Methods of Moments (GMM) has been incorporated to find the significant relationships on subject matter Moreover, the study has incorporated multifaceted statistical methodologies in all three regions of the world stock markets. Despite having different dynamics and resources, there are few similarities but there are some of the stark differences, which lead them to identify their uniqueness. The study finds that effects of economic and governance factors on stock market development are peculiar in nature and quite unique as per the dynamics of that particular region. For instance, the study finds that economic and governance factors are more influential in developed region as compared to emerging and frontier regions which is mainly due to strong institutional quality in the developed countries. The study has formed a composite index of Economic and Governance factors through Principal Component Analysis by using factors for each region of the world equity markets. Afterwards, cross-index of Economic and Governance Factors is formed for exploring the joint effects of these variables. The study reveals that there is strong correlation in these composite indices in the developed region, where as there is no clear pattern in the developing countries. Moreover, there is quite dispersion in the composite data of the developing countries. So, there is no direct correlation in the composite factors of economic and governance in the developing countries. The studies on exploring the direct effects are quite in abundance but the literature on indirect and cross effects of governance and economic factors on the development of stock market are quite scarce. The present study explores the comprehensive direct and indirect effects of governance factors as well as vice versa effects on the development of economy and equity market in all regions of the world equity markets. After the estimation, the study finds that effects of economic and governance factors on stock market development are not only unidirectional, but also bidirectional as well. Particularly, the emerging markets have dual effects on economic and governance factors. The indirect effects of governance through economic factors are significant in developed region and cross effects of governance and economic factors are significant in emerging markets. The vice versa effects of stock market development and economic growth suggests that economic growth is also affected by the development of stock market and governance factors particularly in frontier markets. The reverse impacts of stock market development on the economic growth are quite captivating in which development of stock market also affects the growth of economy in all three regions of the world. In the end, the study recommends that determinants of equity market may not solely based on economic factors rather the significance of governance factors may be taken into account while taking the complete picture of the subject. This study will append the knowledge of prevailing institutional works on equity markets and economy as well. Moreover, the formation of composite indices for governance and economic factors for all the regions of developed, emerging and frontier markets may append the existing knowledge database of financial markets.