اُس نے تو کیا چاہے وہ اقرار نہیں تھا
ایسا بھی نہیںمجھ سے اُسے پیار نہیں تھا
اب شکل مری مجھ سے بھی تو ملتی نہیں ہے
ایسا تو کبھی مَیں اے مرے یار نہیں تھا
Signaficance of the Understanding of Intra-faith Similerties: Analytical Study in the Context of Pakistan Muslims are commanded to foster unity as breaking into sects is forbidden by Allah. Islam teaches about broadness of vision and the emergence of different denominations in Islam is because of this broadness. There are different school of thoughts that emerged due to the broader perspective of Shar’ῑah rulings like Hanfῑ, Shᾱfῑ, Mᾱlikῑ and Hanblῑ, J'afrῑ etc despite that there is an essential unity in beliefs and practices among the Muslims. They all worship Allah, follow the last Messenger, Muhammad (ﷺ) and the last revelation Qur’an. They face the same Qibla while praying, prostrate to Allah five times a day, and believe in finality of prophet hood. Qur'an and Ahᾱdῑth are a source of jurisprudence for all Muslims. The difference between Muslims is in understanding and interpreting the Scripture and Ᾱhᾱdῑth of Prophet Muhammad (ﷺ) in the matters related with implementation of certain religious, social, political, and other duties. Islam rejects sectarianism, intolerance and extremism. Keeping in mind all of the above-mentioned points, in the article an attempt has been made to analyze the major challenges facing the intra-faith unity in Pakistan. The first is ignorance. Second is the role of media and scholars. Third is curriculum and fourth is intolerance. In the beginning the introduction of different schools of thought is given, and then forbearance demonstrated from the life of ‘Salaf Sᾱlihῑn’ has been described to establish an atmosphere of harmony in the present time, especially in Pakistan. The importance and significance of foundations of harmony is explained in such a manner that every Muslim should understand that the differences between the Muslims are very small, as they are only minor disagreements. Other than that, they are united in beliefs and practices. Finally, in the end, recommendations have been proposed.
The current study has its focus on investigating the relationship between working capital management and profitability of Pakistani and Indian firms. In order to measure the profitability, ROA and ROE has been chosen as proxies for dependent variable, while current ratio (Cr), quick ratio (Qr), accounts receivable turnover (ARCTR), inventory turnover in days (INVTR), accounts payable turnover (APTR), assets turnover (ATR) and cash conversion cycle (CCC) have been utilized as independent variables. The same set of dependent and independent variables are selected for Indian firms as well. The focus of the study is pharmaceutical and chemical sectors of both these countries. Forty-two companies each from India Pakistan are selected and the data from 2008 – 2012 has been collected. QR, ARCTR, INVTR and CCC are statistically, significant and positively related with ROA of the Pakistani firms while APTRD is statistically, significant and negatively related with ROA. In the same line, ATR is statistically, insignificant and inversely related with ROA. While, CR is statistically insignificant and positively related with ROA. It has been observed that ATR, CR, ARCTR, are statistically, insignificant and positively related with ROE, while, QR, INVTR and CCC are statistically significant and positively related with ROE of Pakistani firms. In Indian firms, Cr, Qr, CCC, INVTR, and ARCTR are statistically, significant and positively related with ROA, while APTR is statistically, insignificant and Inversely related with both ROA and ROE. The relationship with ROE is same except that of CCC and Cr are found to be insignificant. In addition, there is statistically significant mean difference between the working capital management in Pakistan and India. The outcome of the study can be deployed by policy makers, financial analysts and financial managers.