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ڈاکٹر ابن فرید

ڈاکٹر ابن فرید
۸؍ مئی ۲۰۰۳؁ء گواردو کے ممتاز ادیب و نقاد اور اچھے افسانہ و ناول نگار ڈاکٹر ابن فرید کا انتقال ہوگیا۔ اناﷲ وانا الیہ راجعون۔
ڈاکٹر ابن فرید کا اصل نام محمود مصطفےٰ صدیقی تھا، وہ ضلع بارہ بنکی میں سترکھ کے قریب کے ایک گاؤں ظفر پور میں ۲۸؍ اکتوبر ۱۹۲۵؁ء کو پیدا ہوئے تھے لیکن ان کی زندگی کا زیادہ حصہ علی گڑھ میں گزرا، آخر میں رام پور میں متوطن ہوگئے تھے، بیمار ہونے پر علی گڑھ میڈیکل کالج میں داخل کیے گئے، یہیں پیامِ اجل آگیا، وہاں سے ان کا جسدخاکی ان کے وطن ظفرپور لایا گیا، ۹؍ مئی کو نماز فجر کے بعد اپنے آبائی قبرستان میں سپرد خاک کردیے گئے۔
ان کے گھر کے حالات بہتر نہیں تھے، ہائی اسکول کرنے کے بعد تعلیم چھوڑ کر رائل انڈین ایر فورس میں ملازمت کرلی، یہ سلسلہ ۱۹۴۴؁ء سے ۱۹۴۷؁ء تک جاری رہا، یافت کے لحاظ سے ملازمت اچھی تھی مگر ان کو پسند نہیں تھی، وہ اپنی تعلیم جاری رکھنا چاہتے تھے، ٹیوشن سے کام چلاتے، تعلیم کا شوق انہیں علی گڑھ لے گیا، نفسیات میں داخلہ لیا، اس میں، انگریزی اور عمرانیات میں ایم۔ اے کیا، ۱۹۷۶؁ء میں پی۔ایچ۔ڈی کی ڈگری لی۔
علمی ذوق کی وجہ سے معلمی کے پیشے سے وابستہ ہوئے، مرکزی درس گاہ اسلامی رام پور سے تدریس کا آغاز کیا، پھر علی گڑھ مسلم یونیورسٹی کے شعبہ تعلیمات و عمرانیات میں لکچرر ہوئے، ملک عبدالعزیز یونیورسٹی جدہ میں بھی درس و تدریس کی خدمت پر مامور رہے، ریٹائر ہونے کے بعد سکوتو یونیورسٹی نائجیریا اور بین الاقوامی یونیورسٹی ملیشیا نے ان کی خدمات حاصل کرنی چاہی مگر اپنی اور اہلیہ کی صحت کی خرابی کی وجہ سے معذرت کردی۔
مرحوم کا تعلق جماعت اسلامی ہند سے تھا، اس تحریک سے وابستگی کی وجہ سے ان...

السلام فی القرآن الكريم

It goes without saying that peace has been a hot issue in the past; it is, still, a vital topic of discussion today, and it seems to continue to draw the attention of people in the future. We witness wars and destructions in several parts of the world. This has led to killings of millions of people, left innumerable number of families broken and displaced millions of people. We need to address it earnestly. The author of this dissertation has specified this topic with reference to the Holy Qur’ān, because being the book of Allāh Almighty, it means to us as the final constitution, the ultimate torchlight for our guidance, and a great blessing to the whole world. Peace means to be free from the calamities in this world and in the hereafter. Usually, peace is used to imply an opposition to war and violence between the nations. Peace is a virtue and it means absence of evil, and, therefore, it is always praiseworthy. The author of this paper deals with this topic by dividing it into six sections. These are, ‘The Peace’ as one of the divine names of Allāh Almighty; Peace equals good; Peace is praiseworthy; Peace in the sense of conciliation and security; Peace in the sense of customary Islamic salutation; and Refutation of the objection that Islām was spread by sword.

Initial Public Offering Valuation Dynamics, Evidence from Pakistani Capital Market

The thesis examines the valuation dynamics of Pakistani Initial Public Offerings (IPOs): their practices, motivations and implications. This study examines the pre-IPO valuation dynamics and the post-IPO price performance paradigms using 88 IPOs floated from 2000 to 2016 on the Pakistan Stock Exchange. The main objectives of this study includes: (1) to provide insights of preferred valuation methods when valuing IPOs, (2) to compare the bias and accuracy attached to each valuation methods, (3) to provide the usefulness of prospectus information on the initial valuations, the underpricing and the long-run underperformance, and finally, (4) to validate the long-run underperformance using calendar-time approaches. The binary logit model, the signed predictcion errors (SPE) and the absolute prediction errors (APE) were used to explain the choice, bias and accuracy attached to each valuation methods respectively. The accounting-based valuation model was used to estimate the impact of fundamental, risk and signaling factors on the post-IPO performance. The capital asset pricing model (CAPM), Fama-French three- (FF3F) and five-factor (FF5F) models were used as robust measures to affirm the long-run underperformance anomaly. The findings document that the Pakistani underwriters repeatedly used dividend discount model (DDM), discounted cash flow (DCF) model and the comparable multiples valuation methods when valuing IPOs. The findings of SPE reveal that the DDM and DCF methods seem to be unbiased value estimators than the comparable multiples. The findings of APE document that the DCF produce more valuation accuracy than the other valuation methods. The average underpricing of 32.85% was observed in the Pakistani primary market. This research extends the underpricing analysis in various aspects such as: (1) the level of underpricing was negatively related to the firm size, (2) the underpricing of IPOs issued in the hot-issue market was significantly higher than the IPOs issued in the cold-issue market, (3) the underpricing of IPOs issued through bookbuilding was lower than the IPOs issued through the fixed price auction, (4) the underpricing of privatization IPOs was higher than the underpricing of non-privatization IPOs, (5) the underpricing of survivor IPOs was higher than the underpricing of non-survivor IPOs, XI (6) the IPOs offered in the Oil & Gas and Chemicals sectors produce more underpricing than the other sectors. The finding of initial excess returns (IER) regression analysis reveals that the earnings, financial leverage, efficiency risk, firm beta and the underwriter reputation were the key determinants to explain variation in the level of underpricing. In the long-run returns (LRR) analysis, the buy and hold abnormal returns (BHAR) produce negative returns of -23.52% and -65.22% in year 3 and year 5 respectively. On the similar pattern, the cumulative abnormal returns (CAR) produce negative returns of -24.62% and -29.37% in year 3 and year 5 respectively. This study extend the long-run performance analysis in various aspects such as: (1) the IPOs issued in hot-issue market produce more negative returns than the IPOs issued during coldissue market, (2) the Automobile & Electrical Goods sector IPOs produce worst negative returns, while the Modaraba & Foods sector IPOs outperform the market in the long run, (3) the privatization IPOs outperform the market in the long run than the non-privatization IPOs. The finding of LRR regression analysis reveals that the book value of shareholder’s equity, earnings, capital availability risk, firm beta, underwriter reputation, the percentage of shares offered and initial excess returns were the significant determinants that explain the variation in the long-run returns.In the Calendar-time approach, the negative values of intercepts of CAPM, FF3F & FF5F validate the negative performance in the long run. The market risk premium was the most significant determinant in all asset pricing models, while HML-value factor (in equally-weighted FF5F) and CMA-investment factor (in value-weighted FF5F) were also significant determinants in the Fama-French five-factor models. This study is one of the few studies in IPO valuation literature that is being accomplished in a growing and transforming from loose regulated capital market to synchronize the state of affairs and first in Pakistan to investigate the explanatory power of prospectus information on IPO valuation dynamics.
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