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نیند آنکھوں میں نہیں خواب کہاں سے آئیں

نیند آنکھوں میں نہیں خواب کہاں سے آئیں
ہم سے دیوانوں کو کیا سنگ جہاں سے آئیں

تیرگی بخت کی یک لخت کہاں بدلے گی
پھول جب تک نہ ترے لفظ و بیاں سے آئیں

میں ترے عشق میں کچھ ایسے فنا ہو جائوں
لینے رضوان مجھے خلدِ جناں سے آئیں

مجھ سزاوار کی ہے تیرے لبوں سے امید
یہ نہ ہو آنکھیں نکل اشکِ رواں سے آئیں

ایک شوریدہ سری ہے جو فضاؔ پر طاری
پھول آئیں یا بھلے سنگ، بتاں سے آئیں

Islam and Forced Conversion: A Misunderstood Concept

Religion and marriage are two vital components of an individual’s life. Major world religions have guided human beings not only in theology but also in the matter related to marriage. Islam recognizes the need of its adherents for having matrimonial relationship with the women of the people of scripture in a pluralistic society. It has permitted its males followers for getting married with Christian females and vice versa is not permitted. In history, Muslims have been practicing such interfaith marriages and some of Muslim rulers also availed this relaxation. This paper discusses the marriages of Muslim rulers with Christian ladies enumerating various married couples. Among such rulers are included Umayyads caliphs, Spainish amirs, Ottoman sultans, Mughal emperor and some contemporary rulers. The effects of these interfaith marriages have also been analyzed.

The Relationship Between Capital Structure, Free Cash Flow and Performance of Oil and Gas Companies Listed on Psx

The main objective of this study is to find the relationship between capital structure, free cash flow, and performance of oil and gas companies listed on PSX over the last eleven years (2005-2015). The study is quantitative in nature, follow positivistic paradigm and deductive approach. The study employ capital structure measure, total debt to total assets ratio, and free cash flow as the independent variables of the study, while firm?s performance measures, return on assets and Tobin?s Q are included as the dependent variables of the study. The study also employs firm size, assets growth, interest rate, inflation rate and world oil prices as the control variables. The population of the study consists of all oil and gas firms listed on PSX and financial period under consideration is from 2005 to 2015. The whole oil and gas sector consisting of twelve companies is under study but due to unavailability of financial data of two companies for full period under consideration, the final sample consist of ten oil and gas companies listed on PSX. Out of ten PSX listed oil and gas companies, four companies are involved in oil and gas exploration and production and the other six are involved in oil and gas marketing and distribution. Thus, to get better insight into the performance of both category of firms, overall PSX listed oil and gas firms were broadly categorized in two categories i.e. exploration and production companies and marketing and distribution companies. The required financial data is extracted from the annual reports of the sample companies and different statistical analysis is performed with the help of Stata version 13.0, to fulfill the objectives of the study. After assumption testing through Hausman Test, and BPLM Test, an OLS regression model is selected as the final model and interpretations are made accordingly. The study find a negative relationship between total debt to total assets ratio and firm?s performance measured through return on assets and Tobin?s Q for oil and gas exploration and production companies as well as for oil and gas marketing and distribution companies, suggesting that higher level of debt will decrease firm?s performance. The results also showed a significant positive relationship between free cash flow and both firm?s performance measures under study for oil and gas exploration and production companies as well as for oil and gas marketing and distribution companies, indicating a lack of evidence supporting the free cash flow hypothesis. The results also showed a significant positive relationship between assets growth and both firm?s performance measures under study for both categories of oil and gas companies, whereas, a significant negative relationship is observed between firm size, interest rate, inflation rate, world oil prices for both categories of oil and gas companies under study and both firm?s performance measures.
Asian Research Index Whatsapp Chanel
Asian Research Index Whatsapp Chanel

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