اسیران جنگ سے متعلق اسلام کے شرعى احکام کا علمى و تحقیقی جائزہ

The history of the prisoners of war is as old as the history of wars. The prisoners of war have been kept since old times. Before Islam there were only two kinds of treatment of prisoners of war. Either they were killed or made slaves. But Islam created many new ways for them which include: exchange of prisoners, ransom, gratuitous release and making them tax payers. And these options were used so as to allow them greater chance of winning freedom. All these options were being opted during the era of Holy Prophet SAW and later on carried out by Khulafa e Rashideen (RA) and other Muslim rulers. Whereas the killing of prisoners of war was limited to solid and irrefutable causes as exceptional cases. Furthermore the enslavement of prisoners was only opted as reciprocity. Both the above mentioned situations are not established rule in Islam. That's why there is no mention of these two options in Holy Quran. In this research paper all these options have been critically examined and researched. The arguments and references have been taken from Holy Quran and Hadith along with the sayings of Sahaba (RA), the practices of Muslim rulers and the judgments of Islamic jurists in this regard.

Impact of Financial Leverage on Financial Performance of Firms: A Study on Cement Sector in Pakistan

The purpose of this study is to investigate the effect of financial leverage on financial performance of cement sector in Pakistan. By selecting the appropriate panel econometric technique among ordinary least squares (OLS), fixed effects and random effects, the association between financial leverage and financial performance of all cement companies listed on the Karachi Stock Exchange during 2008-2012 has been analyzed. The number of cement companies listed on KSE is 19. The empirical results depict that financial leverage has positive and statistically significant association with both proxies of financial performance which are return on assets (ROA) and Tobin?s Q. It is evident from these results that cement companies of Pakistan can reap the benefits of leverage if they create an appropriate mix of equity and debt in their capital structure. Among the control variables, firm size is positively and significantly associated with return on assets and negatively and insignificantly related with Tobin?s Q. Asset tangibility and return on equity have negative and insignificant association while it has inverse and significant relationship with Tobin?s Q. The liquidity is found to have positive and significant association with both financial performance measures (i.e. return on assets and Tobin?s Q) of the cement companies which show that efficient working capital management leads to better firm performance. The findings of this study have practical implications for corporate financial planners of cement sector to include an appropriate proportion of debt in their capital structure. Moreover, this study is also helpful for the financial policy makers of government to establish a strong bond market in Pakistan to facilitate the corporate sector for raising loans to reap the benefits of financial leverage.