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انصاف کی فراہمی ترقی کا زینہ

انصاف کی فراہمی ترقی کازینہ
نحمدہ ونصلی علی رسولہ الکریم امّا بعد فاعوذ بااللہ من الشیطن الرجیم
بسم اللہ الرحمن الرحیم
معزز اسا تذہ کرام اور میرے ہم مکتب شاہینو!
آج مجھے جس موضوع پر لب کشائی کرنی ہے وہ ہے:’’انصاف کی فراہمی ترقی کازینہ‘‘
صدرِذی وقار!
اس دنیاو مافیہا میں انسان جہاں کہیں بھی آباد ہے وہ اس بات کا متمنی ہے کہ اسے اعلیٰ مقام مل جائے ، اس کو مقام ارفع پرمتمکن کر دیا جائے ، اسے زندگی کی جملہ راحتیں میسر آ جائیں ، اس کی زندگی کے اندھیرے اجالے میں بدل جائیں، اس کے گلشن ہستی میں بہار آجائے ، اس کے آنگن میں عروج وترقی کے گلہائے رنگارنگ کھل اٹھیں۔
جنابِ صدر!
اگر کوئی رشوت ستانی کے ذریعے، اقربا پروری کے ذریعے، کساد بازاری کے ذریعے، انارکی کے ذریعے، دھوکہ دہی کے ذریعے ، فریب کاری کے ذریعے، ڈاکہ زنی کے ذریعے، نمودونمائش کے ذریعے ، اور چرب زبانی کے ذریعے ترقی کی منازل طے کرناچاہتا ہے تو یہ اس کی خام خیالی ہے۔
صدرِمحترم!
عروج و ترقی کی منازل اگر طے کرنی ہیں تو اقلیم عقل وخرد کی فرمانروائی کو ترک کرنا ہوگا عقل کل کے تصور کی دلدل سے نکلنا ہو گا ، تساہل وغفلت کی عبا کو تار تار کرنا ہوگا، جہد مسلسل اور پیہم کد و کاوش کی خلعتِ فاخرہ کو زیب تن کرنا ہوگا مزید برآں عدل و انصاف کے دروازے پر دستک دینا ہوگی۔
جنابِ صدر!
قرآنِ مجید میں ارشادِ باری تعالیٰ ہے کہ ’’اعدلوھو اقرب للتقوی ‘‘ انصاف کرویہ تقو ی کے زیادہ قریب ہے، اورمتقی انسان دنیامیں مقامات رفیعہ کا وارث ہوتا ہے۔ اور آخرت میں بھی حور قصور کے وعدے اس کے لیے ہوتے ہیں ،متقی انسان کی عظمت کے ڈنکے دنیا اور آخرت میں بجائے جاتے ہیں۔...

روایتی بینکاری نظام کے ارتقائی مراحل کا تحقیقی جائزہ

The concept of keeping wealth in a safe place dates to centuries. Ancient civilizations had diverse means of storing wealth in the form of crops, cattle, precious metals etc. The evolution of modern banking practice began with the introduction of receipts which were exchanged against precious metals and coins deposited to goldsmiths for safe keeping. Whenever the need for payments and transactions arose the holder of the receipts used to utilize the receipts as guarantee. The society used to honor these receipts as they carried the same weight as other precious metals. Receipts were swapped in place of precious metals and thus for all practical purposes paper was introduced as currency in the society. With the advent of currency notes the system of traditional banking came into being. Since then the banking system has gone through continuous change. The present banking system is geared up to meet the present and the future requirements of modern age. In the contemporary world money is now being steadily replaced by banknotes, cheques, pay orders, bank draft, ATM cards, debit cards, credit cards, e-banking.

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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