مرزا نیاز احمد بیگ
افسوس ہے کہ ۷؍ فروری کو دارالمصنفین کے ایک قدیم رکن مرزا نیاز احمد بیگ بھی رحلت فرماگئے، وہ اعظم گڑھ کے ممتاز اور کامیاب وکیل اور شہر کے عمائد میں تھے، مولانا شبلیؒ اور ان سے نسبت رکھنے والے تمام اداروں سے ان کو بڑا تعلق تھا، شبلیؒ نیشنل پوسٹ گریجویٹ کالج کی مجلس انتظامیہ کے برسوں رکن اور نائب صدر رہے، اب ان کی تمام تر توجہ دارالمصنفین کی طرف مرکوز ہوگئی تھی جس کی مجلس انتظامیہ کے وہ آخر دم تک رکن رہے، دارالمصنفین کے نازک اور بحرانی دور میں ان کے مفید قانونی مشوروں سے اس کو بڑا فائدہ پہنچا، اب وہ اپنے ایک سچے بہی خیرخواہ اور مخلص ہمدرد سے محروم ہوگیا، وہ صوم و صلوٰۃ کے ہمیشہ سے پابند رہے، حج بیت اﷲ سے بھی مشرف ہوئے، آخر عمر میں ان کی دینداری زیادہ بڑھ گئی تھی، علماء و صلحاء سے بھی تعلق رکھتے تھے، حضرت مولانا سید ابوالحسن علی ندوی سے خاص عقیدت تھی، اﷲ تعالےٰ ان کی بشری لغزشوں سے درگذر فرمائے۔ اور انھیں اپنے جوار رحمت میں جگہ دے۔
(ضیاء الدین اصلاحی، فروری ۱۹۸۸ء)
‘Right to Privacy’ or the’ Privacy of an individual’ is considered as the most important and the most basic of all the fundamental rights and liberties. It is the concern of all legal systems, civilizations, cultures and religions. In the modern Western and legal perspectives, the right to privacy has emerged from the concept of right to life, which is considered as the basic right from which all the other rights are derived. Islam, on the other hand, considers as an independent and separate human right. The present study is an attempt to briefly reflect and accumulate all the aspects and dimensions of the Privacy right in Islam. It is mainly concerned with the privacy of one’s home, confidential correspondence investigating someone’s financial, private and family affairs, and other such violations, Its punishment prescribed by Islam and its implications on an human society, arising out of doubts, suspicions, accusations and mistrust, in the teachings of Quran and Sunnah of the Messenger ﷺ in particular and of the Islamic jurists in general.
Effect of Family Control on Firm Value and Financial Performance (Evidence From Non-Financial Sector of Pakistan) This study is conducted to analyze the relationship of Ownership Structure with Firm Performance in non-
financial companies listed at Karachi Stock Exchange during the period 2008 to 2013. The basic focus in this
study was related to the performance of family firms as compared to non-family firms. The distinction between
both types have been explained in literature review with the help of definitions given by different authors and
scholars. Keeping in view the research aims and objectives the researcher has taken non-financial sector of
Pakistan as population/ unit of analysis.
Afterward, the researcher has adopted simple random sampling technique in accordance to research
requirements and extracted a sample of 120 firms for analysis purpose. All these firms are listed on Karachi
Stock Exchange (KSE). Tobin's Q, ROA and ROE have been used as a proxy variable to explore the firm value and
firm's financial performance. The researcher has incorporated 8 independent variables i.e. firm type (family/
non-family), ownership concentration, founder/ descendent firm, age, size, growth, leverage, and interest
coverage ratio. Sophisticated data analysis techniques such as descriptive, correlational, panel data regression
analysis have been used. Panel Data technique has also been employed to identify the significant relationships
among the variables. Results showed that Family firms are negatively correlated and Non-Family firms gives
better performance. Whereas Concentrated Ownership has shown significant relationship but negative
correlation with proxy variables (ROA = -0.1627; ROE = -0.0381; Tobin's Q = -0.0938). On the basis of results
obtained through data analysis it is concluded that Firm Performance critically depends on Managerial
Ownership.
Panel data analysis has shown that firm leverage and size has no relationship with proxy variables while
remaining independent variables have significant relationship with performance variables. Agency problems
arise due to increase in Managerial Shareholdings in Pakistani context, which ultimately affects the
performance of the firms.