Is there a way of the ad showing to people who like your competitor's Facebook page?

You can definitely target people who have liked your competitors! Use the power editor, and when you get to the demographic targeting portion, there should be an area where you can type in "interests"–which are things a Facebook user has liked or put in their list of interests on their page. Just type in your competitors' pages (of course this only works if your competitors are active on Facebook). 

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    is_Rahman_sheikh

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