نکاح اور پاکستانی معاشرے میں شادی بیاہ کے مروجہ رسوم کا تحقیقی وتنقیدی جائزہ

The enlightened and moderated teachings of Islam empowered every one of the human society, specially the woman who used to be much oppressed in all civilizations of the world before emergence of Islam. Islam gave them an elevated status in all over the world in the status of mother, sisters, daughter and wife. It declared null and void the ignorance rules against them and, prohibited their sexual exploitation. Moreover, Islam gave a regular system of nikkah and marriages for women. The holy Prophet peace be upon him declared nikkah and marriage as his Sunnah and kept its procedure very simple. Furthermore,  he described marriage as a gigantic source of achieving chastity, but today in Pakistan the marriages have been made very complex and costly because of the   unIslamic customs and traditions. Those unIslamic customs became the part and parcel of the Pakistani marriages which not only made nikkah and marriage a difficult task but also devastated the economic, social and the religious life of Muslims. The Pakistani marriages are conducted with such customs of Mehndi, big congregations: Bharat, beating drums and singing songs. The article briefly discusses status of mirages in the pre Islamic era, Islamic concept and importance of nikkah and the new customs practiced in Pakistani marriages and their economic, social and religious impacts by best use of old and new resources.  

The Relationship Between Capital Structure, Free Cash Flow and Performance of Oil and Gas Companies Listed on Psx

The main objective of this study is to find the relationship between capital structure, free cash flow, and performance of oil and gas companies listed on PSX over the last eleven years (2005-2015). The study is quantitative in nature, follow positivistic paradigm and deductive approach. The study employ capital structure measure, total debt to total assets ratio, and free cash flow as the independent variables of the study, while firm?s performance measures, return on assets and Tobin?s Q are included as the dependent variables of the study. The study also employs firm size, assets growth, interest rate, inflation rate and world oil prices as the control variables. The population of the study consists of all oil and gas firms listed on PSX and financial period under consideration is from 2005 to 2015. The whole oil and gas sector consisting of twelve companies is under study but due to unavailability of financial data of two companies for full period under consideration, the final sample consist of ten oil and gas companies listed on PSX. Out of ten PSX listed oil and gas companies, four companies are involved in oil and gas exploration and production and the other six are involved in oil and gas marketing and distribution. Thus, to get better insight into the performance of both category of firms, overall PSX listed oil and gas firms were broadly categorized in two categories i.e. exploration and production companies and marketing and distribution companies. The required financial data is extracted from the annual reports of the sample companies and different statistical analysis is performed with the help of Stata version 13.0, to fulfill the objectives of the study. After assumption testing through Hausman Test, and BPLM Test, an OLS regression model is selected as the final model and interpretations are made accordingly. The study find a negative relationship between total debt to total assets ratio and firm?s performance measured through return on assets and Tobin?s Q for oil and gas exploration and production companies as well as for oil and gas marketing and distribution companies, suggesting that higher level of debt will decrease firm?s performance. The results also showed a significant positive relationship between free cash flow and both firm?s performance measures under study for oil and gas exploration and production companies as well as for oil and gas marketing and distribution companies, indicating a lack of evidence supporting the free cash flow hypothesis. The results also showed a significant positive relationship between assets growth and both firm?s performance measures under study for both categories of oil and gas companies, whereas, a significant negative relationship is observed between firm size, interest rate, inflation rate, world oil prices for both categories of oil and gas companies under study and both firm?s performance measures.