آزاد
سکندر عباسی
لوگ اسے مینٹل کیس کہہ کر بلاتے تھے۔، کیونکہ اس کا مزاج کسی سے بھی نھیں ملتا تھا۔ وہ بھیڑ میں بھی تنھا رہتا تھا۔ اس کی عادتیں عجیب تھیں۔ اس کی سوچ سماجی سانچے میں ڈھل نھیں پاتی تھی۔ اس کے خیالات بنا پروں کے پرواز رکھتے تھے۔ اس کا طرز حیات عام دنیا سے ہٹ کے تھا۔ دنیا سے باغی دماغ میں وہ انیک سوالوں کے انبار لیٸے پھرتا تھا۔ اس کی سوچوں کے سمندر میں الجھے الجھے سوالات سیپیوں کی مانند چمکتے رہتے تھے جو اسے ہمہ وقت بے سکون رکھتے تھے۔ گھر والوں نے اس کا نام تو کچھ اور ہی رکھا تھا مگر وہ خود کو آزاد کہلواتا تھا۔ یہ ہی وجہ تھی کہ وہ آزاد کے نام سے بدنام تھا کیونکہ لوگ اس کا ذکر مضحکہ خیز انداز میں کرتے تھے۔
آزاد کو بے ترتیبی سے عشق تھا جسکو وہ اپنے لیٸے آ کسیجن گردانتا تھا۔ اس کو خوف تھا کہ اگر یہ بے ترتیبی اس کی زندگی سے بیدخل ہوٸی تو اس کا کی سانسوں کی ڈور ٹوٹ جاٸیگی۔ اسی باعث آزاد کی حیات کا ہر ایک صفحہ بے ترتیب اور بکھرا ہوا تھا۔ اس کے خواب بلکل ایسے معصوم تھے جیسے پرندوں کے خواب ہوتے ہیں۔ وہ قید سے کتراتا تھا، غلامی سے اسے سخت نفرت تھی ، پابندیاں اس کو پسند نھیں تھیں .
آزاد کبھی بھی استری کئے ہوئے کپڑے نھیں پہنتا تھا ، شکن آلود کپڑے اسے زندگی کی علامت محسوس ہوتے تھے۔ وہ کبھی بالوں کو کنگھی نھیں کرتا تھا اس کے خشک اور بکھرے ہوٸے بال اس کے خیالوں کی طرح ہر قید و بند آزاد تھے۔جدید زمانے میں بھی اس کے پاس موباٸیل فون نھیں...
The aim of this paper is to discuss some economic Islamic models given by some prestigious Islamic economists. The Islamic model is one of the examples for international economies in the starting of new millennium. It has its evaluation in the 1970s as an alternate to conventional banking system. The model is based on profit loss sharing and would not be based on interest. The study will focus on the proposed model and will discuss the issues that the model will be supposed to address. It was also address whether the model is applicable to Pakistan economy or not it will also be discussed. As we know that there is dual banking system in Pakistan. In order to make banking system to be truly Islam, there should be legal prohibition of riba. In other words, riba should be made unlawful and whoever deals with it can be prosecuted by law. By prohibiting riba, it will force the bank to be more creative in offering financing products rather than just loaning money. The study will attempt to show the comparison between conventional system and Islamic financial and discusses whether the Islamic system works smoothly on the economy of Pakistan. It also shows that Pakistan should change its dual banking system in Islamic banking system to change structure change. In addition, Islamic financing contract require real activities to be created. There will not be loans to finance extravagance lifestyle which is the source of bankruptcies among the younger generation. It is strongly recommended that Pakistan should enforce truly Islamic financial system to sustain its economy and avoid another economic crisis in the future.
Financial distress has been considered as an important area of research for academicians and managers. Despite this, the role of corporate governance in financial distress in Pakistan lacks empirical evidence yet. This research examines the role of corporate governance practices on financial performance and the likelihood of financial distress for a cross section of 146 companies listed at the Karachi Stock Exchange for the period of 2003-2012. The analytical framework is based on the agency and stewardship theories. Corporate governance variables are operationalized in terms of ownership structure, and board structure. Additionally, ownership structure is measured through institutional ownership, insider ownership, foreign ownership, and government ownership. Board independence, board size and CEO duality is used to measure board structure. For firm‟s financial performance, accounting-based measures such as return on asset (ROA) and return on equity (ROE), and market-based performance measures such market to book ratio (MBR) and Tobin‟s Q (TQ) are used. The Altman Z-score is used as a proxy for financial distress. The dynamic panel generalized method of moment (GMM) is applied to investigate the association between corporate governance practices and firm‟s financial performance, while pool logistic regression is deployed to examine the role of corporate governance practices on the likelihood of corporate financial distress. The empirical results reveal positive and significant relationship between institutional ownership, insider ownership, government ownership and financial performance of the selected companies during the period 2003-2012. A positive relationship between the internal corporate governance practices (that is, Board independence and Board size) and corporate financial performance was also observed. The results further reveal that in the presence of board independence, CEO duality has a positive and significant impact on both the accounting-based and market-based financial performance of the sampled companies in Pakistan. Furthermore, we also observed a positive and significant relationship between insiders‟ ownership and the likelihood of corporate financial distress. The findings also reveal significant negative impact of foreign ownership and board independence on the likelihood of financial failure. It is also observed that firmspecific variables such as profitability, liquidity and size have a decisive role in determining the likelihood of corporate financial distress. In overall term, this study provides useful information for corporate managers, policy makers and investors about the corporate governance practices, financial performance and the likelihood of financial distress in Pakistan.