جو اُجلا تن نہیں تو کیا میں اُجلا من تو رکھتا ہوں
میں تشنہ لب ہوں آنکھوں میں مگر ساون تو رکھتا ہوں
اگرچہ تیرگی ہی تیرگی ہے چار سُو میرے
میں ایسی تیرگی میں بھی دلِ روشن تو رکھتا ہوں
مرے دامن میں رنج و غم کی ہے اشکوں کی دولت ہے
مجھے مت جانیے مفلس کہ ایسا دھن تو رکھتا ہوں
میں بستا شہر میںہوں پھر بھی صحرا سے مجھے نسبت
نہیں میں قیس تو کیا ہے میں پاگل پن تو رکھتا ہوں
میں اُن کو دل میں رکھتا ہوں جو تائبؔ دور رہتے ہیں
اگرچہ بے ہنر ہوں پھر بھی اتنا فن تو رکھتا ہوں
Islamic history reveals that Muslim rulers had taken keen interest to establish educational institutions during their rule. To keep going on this legacy of the Muslim rulers, various governments in Pakistan, since its creation, has announced a number of educational policies. Besides suggestions for Islamic education, a concept of Model Madaris at federal level was introduced for the first time during Musharraf’s regime [1999-2008]. Ministry of Religious Affairs (MORA) was made responsible to develop the curriculum for these Madaris from middle to master levels; however, as per constitution the Education Act 1976, it is the responsibility of Curriculum Wing, Ministry of Education to develop the curriculum up to higher secondary level with pre-framed objectives. While at graduate and post graduate level, it is the responsibility of the universities to develop curriculum through their statutory bodies i.e. Board of Studies, Board of Faculty and Academic Council as per guide lines set by the Higher Education Commission of Pakistan. This study is an effort to explore the main objectives of Model Madaris curriculum. Moreover, it will be cross checked with course contents from middle to bachelor levels and policy suggestions will be directed that how these objectives and course contents can be amalgamated in one line.
Capital structure is the ratio of debt and equity. This study determines the key contributors of an optimal capital structure. To better analyze the capital structure, corporate governance (via the three categories of ownership structure, namely insider ownership, institution ownership and individual ownership) is included. This element helps understand the presence of agency costs and the role of management in deciding the capital structure of a firm. A panel data set since 2005-2014 of 249 non-financial companies listed on the Pakistan Stock Exchange has been used. To best handle the data set, Generalized Method of Moments (0MM) technique is used. The results suggest that the ownership categories of insider ownership, institution ownership and individual ownership when taken at lag (with market leverage being the dependent variable) are statistically significant and negative. Variables such as Return on Assets (ROA), Tobins Q, Tangibility and Product Market Share are statistically significant when book value of leverage is the dependent variable. Altman Z Score, which measures risk, is the only variable that is statistically significant and negative when the dependent variable (book or market value of Leverage) is used. In the case of speed of adjustment, the variables yield similar results in fixed and random effects. The ownership categories continue to be positively significant contributors to the adjustment.Moreover, the current liabilities variable is also a negative significant contributor to this adjustment variable. The stakeholders of this study are the firm owners and investors. The primary aim of this study is to provide valuable policy directives for all the concerned stakeholders. The presence of atzency costs and its resulting impact on the firms' capital structure would help the management to tackle their issues better