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مولانا حمید الدین فیض آبادی

مولانا حمید الدین فیض آبادی
سخت افسوس ہے ہمارے عزیز دوست اور فاضل رفیق مولانا سید حمید الدین صاحب فیض آبادی ۱۵؍اور ۱۶؍ نومبر کی درمیانی شب میں مظفر نگر کے قریب کارکے ایک نہایت شدید حادثہ کاشکار ہوکر ڈرائیور کے ساتھ خودبھی اسی وقت جان بحق ہوگئے۔ انا ﷲ واناالیہ راجعون۔ مولانا کے ساتھ کارمیں اہل خانہ بھی تھے ۔ان میں سے آٹھ نوبرس کاایک نواسہ اس درجہ شدید زخمی ہواکہ چارروز تک مسلسل بیہوش رہنے کے بعد آخروہ بھی جل بسا۔ اہلیہ اور صاحبزادی بھی شدید مجروح ہوگئی تھیں۔مولانا اسعد میاں کے خسرتھے۔اور جو بچہ زخموں کی تاب نہ لاکر دنیاسے رخصت ہوگیاوہ مولاناکاجگر گوشہ تھا اورمولانا مرحوم کی اہلیہ اورصاحبزادی علی الترتیب موصوف کی خوشدامن اوراہلیہ ہیں،اس بناپر مولانا اسعد کے لیے یہ حادثہ کس درجہ صبرآزما نااور جانگسل ہوگالیکن اس موقع پرانھوں نے جس غیر معمولی صبر واستقامت کامظاہرہ کیاہے۔دعا ہے کہ اﷲ تعالیٰ انہیں اس کا اجر عظیم عطا فرمائے۔
مولاناحمیدالدین صاحب کاوطن فیض آبادکے ضلع میں تھا۔ابتدائی تعلیم وہیں کہیں پانے کے بعد دیوبند آگئے تھے، علوم وفنون کی تکمیل یہیں کی تھی۔آخر میں دورۂ حدیث جامعہ اسلامیہ ڈابھیل ضلع سورت میں پڑھا۔ دارالعلوم دیوبند میں یہ مجھ سے جونیر تھے لیکن اپنی نیکی ،ذہانت،اوراستعداد علمی کے باعث مدرسہ کے ممتاز طلبا میں شمار ہوتے تھے ۔ان کوعربی زبان و ادب،منطق وفلسفہ اورفقہ و حدیث سب کے ساتھ یکساں مناسبت تھی لیکن فراغت کے بعد فقہ وحدیث کے ہی ہوکررہ گئے۔چنانچہ انہیں مضامین کادرس دیتے تھے۔اس سلسلہ میں کئی برس ندوۃ العلماء لکھنؤ میں شیخ الحدیث کے عہدہ پرفائز رہے۔پھر ۴۹ء میں میں مدرسۂ عالیہ کلکتہ کاپرنسپل مقرر ہواتو میں نے ان کو لکچرر فقہ وحدیث کی جگہ پر بلالیا۔چند سال یہاں کام کرنے کے بعد استعفادے کر دارالعلوم دیوبند پہنچ گئے۔لیکن ابھی ان کااستعفا منظور نہیں ہوا تھا کہ...

فقہ اسلامی اور مغربی قانون کی روشنی میں حقوق دانش کے قوانین کاتحقیقی مطالعہ

Islam always emphasizes to use legal ways and means of earning. In contrary the legal and illegal sources of income have been explained in detail. The “Right of invention” is one of the most discussed issues among the Islamic Jurists. This right is related to the intellectual skills and capabilities of people. However, internationally intellectual property is a known concept that associates with right of publication, right of trademark, patent and right of goodwill et cetera. However, research must be conducted on inquiring rights of intellectual property in Islamic Sharia and comparison of these rights with those in Western laws. In this paper the historical review of the intellectual properly has been presented. Similarly, those various types and concerned ruling have been discussed in contrast with the Islamic and western law on descriptive research methods.

Downside Risk Applied to Bankruptcy Prediction Models

Being able to predict bankruptcy can be very valuable for debtors, creditors, shareholders and other stakeholders. Historically, different models that predict corporate bankruptcy have been constructed. Three bankruptcy predicting models are used in this thesis; the models of Altman (1968), Ohlson (1980) and Shumway (2001). The relatively old original models are applied to U.S. listed firms. It became clear that when the original models are applied to a more recent sample of 1999-2013, the predictive power of the models is very low, and bankruptcy is over predicted. In order to be able to use the relatively old models in more recent periods, the results show that the models have to be re-estimated. The original models with the original variables are used, only the coefficients and the interpretation of the outcome of the models change by downside risk. The downside risk models show that especially variables of short term liquidity are more important now a day in predicting bankruptcy than in the original models. After reestimated the models, the accuracy rates of all models increased. Especially applying the downside risk models of Altman (1968) and Ohlson (1980) to the sample of 1999- 2013 result in high percentages of correctly classified observations and high areas under Receiver Operating Curves. The research was carried out with an aim to contribute to the discussion regarding business failure prediction of Pakistani Firms using Altman (1968) Z-Score, Ohlson (1980) O-Score and Shumway (2001) hazard model, its applicability and validity in Pakistani scenario so that to provide an addition into the literature of drivers of the prediction of the business failure in Pakistan. The research was carried on three research questions; can Altman (1968), Ohlson (1980) and Shumway(2001) model correctly forecast the bankruptcy problems in Pakistani environment, if not, can only changes in coefficients of Altman(1968) Ohlson (1980) and Shumway (2001)model’s ratios are sufficient for this purpose, is there is a need of new bankruptcy model for Pakistani firms and if so which of the financial ratios and relationships between financial ratios are useful in forecasting Pakistani business financial failure. This study used data of Pakistani publicly listed companies for the period of January 1999-December 2013 to test the accuracy of Altman’s Z-score, O-score a Hazard model in predicting failure of Pakistani’s companies and for model development. Multiple discriminant analysis (MDA), Logit and Probit are chosen as the suitable statistical technique. Multiple discriminant analysis (MDA), Logit and Probit is a statistical technique that can be employed to classify firms into one or more mutually exclusive categories such as bankrupt and non-bankrupt firms. MDA approach has been the most popular technique for bankruptcy studies as shown in literature. Results show that Altman(1968) model does fairly well for predicting the bankruptcy of a firm, with accuracy ranging from 94.6% to 83.9% but the model tends to misclassify a non-failed firm in to the failed group with error ranging from 61.1% to 91.1%.The re-estimated model does fairly well for predicting the delisting of a firm, with accuracy more than 80% as well as to predict with 100% accuracy for successful firms into the stable group with no error in whole yearly sample which is a high achievement of this model. Proposed model predict failure with overall 80%accuracy. Study findings suggest that results of Altman (1968), OhlsonO-Score and Shumway (2001) hazard model to estimate financial distress of sample firms should be interpreted cautiously in Pakistan, due to its low predication in successful companies. The re-estimated and proposed models give better results.
Asian Research Index Whatsapp Chanel
Asian Research Index Whatsapp Chanel

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