32. Al-Sajdah/The Prostration
I/We begin by the Blessed Name of Allah
The Immensely Merciful to all, The Infinitely Compassionate to everyone.
32:01
a. Alif. Lam. Mim.
32:02
a. There is absolutely no doubt that this Book - The Divine Qur’an - has been sent down from Rabb -The Lord of all existence.
32:03
a. Or do they still allege:
b. He – The Prophet – has forged it?
c. No!
d. In fact, it is The Truth from your Rabb - The Lord.
e. Its purpose is that you may warn a people to whom no Warner had been assigned before you from the time of Ishmael, the firstborn of Abraham,
f. so that they may reflect upon it and be guided aright.
32:04
a. It is Allah WHO created without a precedent the celestial realm and the terrestrial world, and whatever is between and beyond them, in six days/time span,
b. then, HE established HIMSELF upon The Throne of Almightiness.
c. You have no protector and no intercessor other than HIM.
d. So will you then not reflect and believe?
32:05
a. HE directs the affairs of the terrestrial world from the celestial realm, i.e., The Throne of Almightiness,
b. then the affairs will all ascend to HIM for resolution on a Day,
c. the extent of which is as long as it were equivalent to one thousand years which you count.
32:06
a. Such is HE - Allah!
b. The Knower of the ‘unknown’ - all that is beyond the reach of human perception, and the ‘known’ - all that can be apparently visualized by human senses.
c. HE is The...
Islam is a divine religion. It is based on divine revelation and Sunnah of the Holy prophet (SAW). Tolerance, patience, forbearing and broadmindedness are the hallmarks of the last divine religion, Islam. In the article the ideology of co-existence has been discussed. Verses of the Holy book indicate importance of the tolerance. Similarly some events out of the Seerah of the Holy prophet (SAW) have been mentioned as references. In these pages it is impossible to explain scope of the subject; however efforts have been made to elaborate the Islamic perspective of tolerance. May Allah Almighty enable all of us to follow teachings of Islam in true spirit.
The study aimed to explore the impact of executive compensation and ownership concentration on firm performance. For this purpose relevant part of 524 annual reports of companies listed on KSE 100 are examine during the period from 2008 to 2014.
The regulatory framework (the Companies Ordinance 1984 and Code of Corporate Governance 2002) is very well articulated and covering all aspect of compensation and ownership concentration but the compliance of the law is not significant in Pakistan. Since many SROs are required to maintained functional website having information regarding company profile, Governance, investor relationship, media, election of directors, statement of compliance and financial statement. I am unable to access functional website of at least 15% of targeted sample (KSE 100 index).
Since majority of the companies in Pakistan are family centered that lead to ownership centering and these family owned companies are performing well therefore the owners does not open the slot for individual/institutional investors to avoid hostile takeover. CEO dominance is high under such conditions since the probability is higher that CEO is the owner of the company and he/she has the major role in BOD selection. This dominating position empowers him/her to restrict the monitoring role of the BOD and directors forced to ratify management decisions. CEO uses the same influence for setting up the compensation of top executives. This study also confirms that compensation has the positive relationship with firm performance where majority shareholding is with institutional investor but the same relationship become negative if ownership changes to non-institutional investors. Companies having financial business are subject to multiple legal / regulatory reviews in Pakistan. Studyreveals that legal regulation has impact on this relationship since I have observe that top executive compensation relationship with the firm performance is insignificant in companies having financial business in the comparison to the companies involve in non-financial business where I found some relationship between top executive compensation and firm performance.
Ownership structure in Pakistan also has the impact on relationship between ownership concentration and firm performance. Study observes the negative relationship between ownership concentration (represent by capital owned by top five shareholders) and firm performance. Market as whole observed an approximate reduction of .033% in AROA by Increase of 1% in ownership concentration. Institutional investors have external exposure and experience to manage companies therefore their ability to produce good results are higher. Study confirmed that ownership concentration have the positive relationship with firm performance where majority of the shareholding is with institutional investor but the same relationship become negative if ownership changes to non-institutional investors.
It noted that results of above mention variables are varying in different sectors. Impact of executive compensation and ownership concentration on firm performance is high in sectors like Services, Cement, Chemical, Fertilizer, Oil and Gas and other industry while sectors like Banks, Food, Power Generation and Distribution have limited impact and no impact have been noted in Non-banking Finance Companies and Textile.