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۳۸۔ عیدی

عیدی

جب لوگ آسمان کی وسعتوں میں

ایک خم دار دھندلی سی لکیر تلاش کر رہے تھے

جو سب کے لیے باعث ِ مسرت تھی

مگر کسے خبر تھی

وہ شام میرے لیے غموں کے طوفان لانے والی ہے

اس لکیر کو دیکھتے ہوئے

میرے تصور میں بھی ایک نقطہ سا پھیلنے لگا

جو ایک مانوس صورت کا روپ دھار رہا تھا

چند قیمتی اذیت دہ لمحات میں ڈھلتی صورت

الامام ضیاء المقدسی و منھجہ فی کتابہ الاحادیث المختارۃ

Different scholars have compiled the books which contain a large numbers of authentic Ahadith (Ahadith Sahiha), to achieve this purpose, they introduced different hadith sciences to distinguish between the true and the fabricated hadith. The authentic Sunnah is contained within the vast body of Hadith literature. One of them is Imam Zia ul Maqdasi. Imam Zia Uddin Muhammad bin Abdul Wahid Maqdasi’s book “Al Ahadith al Makhtara” is one of the best books of its kind. Many Islamic scholars have declared it better than Imam Hakim’s book Al Mustadrak. Allama Iraqi, one of his contemporaries said that the Ahadith given in his book Al Ahadith al Makhtara were not ascertained to be authentic before. Only those Ahadith have been given in this book whose asaneed are correct but they have not been reported by Imam Bukhari and Imam Muslim. Also, one of the strengths of this book is that it reflects the glimpses of Muajam. Imam Maqdasi wrote this book in the manner of Masaneed that is to say that he mentioned the name of the companion of the Holy Prophet (SAW) and then reported his traditions. Sometimes he also indicates the factors responsible for the interruption in the authenticity of Ahadith. But, sadly, Imam Maqdasi passed away and could not complete this great book. In this article I will discuss the Imam Zia ul Maqdasi approach towards “Ahadith Sahiha” in his book Al Ahadith ul Mukhtara.

Dynamics of Exchange Rate and Stock Prices: A Study on Emerging Asian Economies

The Purpose of this study is to explore the behavior of exchange rates in five Asian economies; namely Pakistan, India, Indonesia, Korea and Sri Lanka. The causality between capital and currency markets has been investigated in the first section of study. In second section, the link between exchange rate and economic variables has been scrutinized, while in the third section, forecasting performance of economic models has been compared with that of random walk and autoregressive integrated moving average model. Using Granger Causality test and Johansen Cointegration, the causality between stock and currency markets has been explored. Link between macro economic fundamentals and exchange rates has been investigated using ordinary least square method and Johansen’s cointegration, while forecasting performance of economic models has been compared with that of random walk and autoregressive integrated moving average model using one graphical and four statistical measures. These measures are Perfect Forecast Line (PFL), Root Mean Square Error (RMSE), Mean Absolute Error (MAE), Median of Absolute Deviation (MAD) and Success Ratio (SR). Nature of short run causality between stock and currency markets has been found different in different countries. In Pakistan and Sri Lanka, causality runs from stock market to currency market while feed back relationship has been found in case of Indonesia and Korea. In India, causality running from exchange rate to stock market has been found significant. However, no long run causality between stock and currency markets has been found in sample economies. Thus these two financial markets support asset market theory in the long run. However, regression analysis proves that economic variables are not senseless, whereas Johansen cointegration technique affirm the existence of long run relationship between exchange rate and macro economic variables. Johansen’s cointegration reports three cointegrating equations in Pakistan, India, Korea and Sri Lanka while two cointegration equations in case of Indonesia. Vector Error Correction Mechanism has been applied to gauge the speed of adjustment in relationship between exchange rate and macroeconomic fundamentals. Lastly predictive capacity of economic fundamentals based models namely Purchasing Power Parity, Interest Rate Parity and Adhoc model has been compared to that of Random Walk and Autoregressive Integrated Moving Average Model. In the sample forecasting has been used for comparison. Predictive capacity has been investigated using one graphical method called Perfect Forecast Line and four statistical methods. Statistical xiimethods include Root Mean Square Error, Mean Absolute Error, Median of Absolute Deviation and Success Ratio. All the four measures support fundamentals based approaches in all the sample economies except Indonesia where Random Walk Model has the power to beat fundamentals’ based approaches on the basis of all the four measures of statistical evaluation.
Asian Research Index Whatsapp Chanel
Asian Research Index Whatsapp Chanel

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