استنباط احکام میں حضرت عائشہ کا منہج قرآن کریم کی روشنی میں

In this article an effort has been made to describe Hazrat ‘฀ishah (R. A) ’s methodology of derivation of Ahk฀m from Holy Quran. Holy Quran and Sunnah of Holy Prophet (S. A. W) is basic source of Islamic Shar฀‘ah. Hazrat ‘฀ishah Sidd฀qah (R. A) was the wife of the Holy Prophet (S. A. W), and the daughter of Hazrat Ab฀ Bakr (R. A). She spent her time in learning and acquiring knowledge of the two most important sources of Islam, the Qur'an and the Sunnah of His Prophet (S. A. W). Hazrat ‘฀ishah (R. A) narrated 2210 Ah฀d฀th out of which 174 Ah฀d฀th are commonly agreed upon by Bukh฀ri and Muslim. She was an ardent and zealous student of Islamic jurisprudence. She has not only described Ah฀d฀th and reported her observations of events, but interpreted them for derivation of Ahk฀m. Umm Al-Mu’min฀n Hazrat ‘฀ishah (R. A) is a great scholar and interpreter of Islam, providing guidance to even the greatest of the Companions (R. A) of the Holy Prophet Muhammad (S. A. W). She has not only described Ah฀d฀th and reported her observations of events, but interpreted them for derivation of Ahk฀m. Whenever necessary, she corrected the views of the greatest of the Companions of the Holy Prophet (S. A. W). It is thus recognized, from the earliest times in Islam, that about one-fourth of Islamic Shar฀‘ah is based on reports and interpretations that have come from Hazrat ‘฀ishah (R. A). As a teacher she had a clear and persuasive manner of speech. Hazrat ‘฀ishah (R. A) is a role model for women. She taught Islam many people. She was an authority on many matters of Islamic Law, especially those concerning women.

A Comparative Study on Risk Adjusted Determinants of Working Capital Management and its Practices Across Food and Manufacturing Sector of Saarc Countries

Working capital management plays a vital role for business growth and progress. The objective of present study is to analyze the risk adjusted determinants of working capital management (RADWCM) across selected South Asian Association of Regional Co-operation (SAARC) countries. This study further investigates the working capital management practices in manufacturing firms listed on the Pakistan Stock Exchange. Furthermore, this study investigates the applications the RADWCM in different sectors of selected SAARC countries. The study used 17 years from 2000-2016 for manufacturing firms listed at Pakistan Stock Exchange (Pakistan), Bombay Stock Exchange (India), Colombo Stock Exchange (Sri-Lanka) and Dhaka Stock Exchange (Bangladesh). Data was extracted from DataStream of 141 firms belonging to six manufacturing sectors of Pakistan, 109 firms belonging to four manufacturing sectors of Sri-Lanka, 261 firms belonging to eight manufacturing sectors of India, 32 firms belonging to three manufacturing sectors of Bangladesh and total sample cover the 543 manufacturing firms on the basis of 75% market capitalization. Generalized Method of Moments (GMM) approach is used to analyze the results. This technique deals with the problem of heterogeneity. The RADWCM analysis is found divergence among countries and sectors over the study period. Present study found that market risk and operational risk of the firm are key part of risk adjusted determinants of working capital management in selected SAARC countries. It is found that current ratio is a basic ingredient of risk adjusted determinants of working capital management across selected SAARC countries. The study found that size, leverage, operating cash flow, sales growth, profitability, and gross working turnover ratio have strong relationships with determinants of working capital management in selected SAARC countries. The researcher concluded that the economic condition of the country has significant relationship with working capital management. To analyze the working capital practices across manufacturing sector of Pakistan through a questionnaire by using the leopard courier service, personal references and direct contact to relevant employees across the manufacturing sector of Pakistan. In this regard, it is found that most firms use informal working capital policy with firms making their budget ad-hoc basis. In this context, mostly firm’s owners have a conservative attitude towards managing working capital and they focus on keeping cash in a locker or happy to keep it in a financial institution. Most of the respondents reply that firms are not considering the loss the opportunity cost of working capital and they are not comfortable to invest the excess cash in market or expansion their own business. Respondents indicate that an inventory management system is better as compared to account receivable and payable management. Firms are not using any statistical tool or technique to manage their receivable management and payable management. Present study suggests that finance manager, accounts manager, inventory manager, and owner of the firms should consider the highlighted RADWCM while making working capital management decisions. The researcher recommends that to overcome the obstacle of working capital management, the managers and other relevant authorities should keep these factors in mind to maintain efficient working capital management. In this regard, firms can make an optimal level of working capital and enhance their value.