ضیاء محمد ضیاء(۱۹۲۸ء۔پ)کا اصل نام ضیا محمد اور تخلص ضیاؔ کرتے تھے۔ آپ کنجاہ سے متصل ایک بستی قاسم آباد ضلع گجرات میں پیدا ہوئے۔۔ ۱۹۵۳ء میں آپ نے سرکاری ملازمت اختیار کر لی اور گورنمنٹ ہائی سکول نمبرا پسرور میں بطور معلم السنہ شرقیہ تعینات ہوئے۔ اس کے بعد آپ مستقل طورپر پسرور میں اقامت پذیر ہو گئے۔(۷۶۲) آپ کے دوشعری مجموعے ’’نوائے شوق ‘‘اور ’’ارمغانِ عشق‘‘ شائع ہو چکے ہیں۔ ضیا اقبال کو روحانی مرشد اور فکری راہنما تسلیم کرتے ہیں۔انھیں غزل گوئی کے بجائے نظم نگاری پر زیادہ عبور حاصل ہے۔ قومی افکار، اخلاقی اقدار اور عشقِ حقیقی ان کی شاعری کا محور ہیں۔نمونہ کلام ملاحظہ ہو:
اے نقشِ گر ہستی ، اے صانع زیبائی
صنعت پہ تری حیراں ہے چشمِ تماشائی
خورشید و مہ و انجم آئینہ نما تیرے
مظہرِ تیری قدرت کا یہ گنبدِ مینائی
کثرت میں بھی دیکھا ہے جلوہ تری وحدت کا
ہے نقش دوئی باطل، حق ہے تری یکتائی
(۷۶۳)
۷۶۲۔ڈاکٹر سلطان محمود حسین، ’’تاریخ پسرور‘‘،ص:۲۵۴
۷۲۳۔ایضاً،ص:۲۵۵
In the present age, a great conflict has become the source of clash between Islām and the rest of the world, especially, the western world. The world of Islām is accused of having and breeding the fanatical elements, who help promote terrorism in the world. The Western world and the media leave no opportunity to malign the name of the most peaceful religion of the world. This article illumines that Islām is a peace loving religion and does not approve terrorism. Those elements, involved in disrupting peace are not the true representative of Islām. They make a very minor portion of the Islamic world. The majority of Muslims are peace loving people and they need to be given a due coverage by the media. This research article is an attempt to present a very soft, peaceful and noble image of Islām before the world, especially, the western world. The two main sources of Islām: al-Qur’ān and the sayings of the Prophet of Islām, the prophet Muḥammadﷺ, have been quoted extensively, to prove that the religion and the meanings of the world, ‘Islām’, all reflect peace, fraternity, friendship and altruism. The Western scholars have also been quoted appropriately to support the said premise.
Pakistan is a developing country and for the accelerated growth of its economy an effective route is through proliferation and growth of commercial firms by enhancing their profitability. However, this requires reduction in the marginal cost of output of these firms. Therefore, the most important consideration is to find ways and means of reducing cost in the components of working capital. This thesis aims to look into firm-specific internal micro level factors that may impact the working capital efficiency of large scale manufacturing firms in Pakistan. The study is empirical in nature and attempts to check working capital efficiency standards for firms of different sectors. In addition to this, economic effect of micro level factors on business performance is investigated. Working capital requirements, liquidity requirements, and working capital efficiency of business firms are examined on the basis of firm-specific internal micro level factors. All findings are based on an objective sample of 207 non-financial business firms listed on Karachi Stock Exchange from thirteen large scale manufacturing sectors of Pakistan. Reliable sources that are used for secondary data include State Bank of Pakistan, Ministry of Finance, Federal Bureau of Statistics, Business Recorder, websites of sampled firms, Trade Associations for some sectors etc. The thesis relies on using fixed effect method after controlling multicollinearity, autocorrelation, hetroskedasticity, and misspecification biases. Firms of different sectors are found more inclined towards improving their business performance through the use of current assets. Few firms in a sector are found improving their efficiency standards and are in status-quo with respect to their working capital strategies. Cash conversion cycle and size of the firm are identified as some main firm-specific internal micro level factors having significant influence on business performance of firms in most of the sectors. Leverage, cash flows, and growth of the firm are found to significantly influence the working capital requirements of firms. Liquidity needs of the firms are found to take significant influence of firms’ profitability, leverage, cash flows, and growth of the firm. It is observed that liquidity requirements and working capital requirements of business firms increase in poor economic conditions. A notable finding in the thesis is that receivables management, inventory management, cash conversion cycle, and firms’ growth have significant influence on the efficiency of working capital management in all economic sectors. This finding confirms that there exist internal micro level factors which impact the working capital efficiency of business firms.