Analysis Of The Significance Of Islamic Banking Finance Essay - Free Essay Example

Sample details Pages: 5 Words: 1645 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? 5.1 What is the significance of Islamic Banking in a post recession world? Islamic banking is gaining popularity in emerging markets after helping some financial institutions avoid the worst of the economic meltdown.  [1]  Islamic banks have been less affected than many conventional banks in the current global recession.  [2]  This is mainly because unlike conventional banks, the Islamic banks have not been exposed to losses from investment in toxic assets nor have they been dependent on wholesale funds since these practices are not in accordance with the principles set out in the Sharia Law. Moreover, recent years have already indicated that there is an interest in Islamic banking beyond Islamic investors. The UK is one of the leading centres for Islamic banking in the world, yet only 5% of its population is Muslim. And lastly, governments and regulators in a variety of countries have already recognized the importance of Islamic banking as a feasible a lternative to conventional banking.  [3] The global recession brought about by the collapse in credit supply saw many of the globally accepted models of investment disappeared almost overnight with the collapse of Lehman Brothers in September 2008. It is well accepted that the credit crunch was essentially caused by gambling and inadequate regulation.  [4] The radical change in the investment dynamics of the market and a clear question of the morality of the investment industry signify a clear turning point in the development of regional and global investment markets. That will provide new boost to the already burgeoning Islamic private equity and venture capital industries.  [5] Thus, surely a system in which gambling is banned, where everything must be backed by tangible assets should be significant in a post recession world. In this era of scarred savers and investors, everyone shall move their money over to this low-risk system.  [6] A post-crisis market is m ore realistic and searches for an ethically based approach to investment. The new investment markets, after the crash, will see a growing demand for a far more partnership approach to private equity and venture capital investment. In private equity, the investor shares both the risks and the rewards, which replicates the basic principles of Islamic investment. Even before the full attack of the global downturn, the characteristics of Islamic private equity and venture capital ensured the sectors enjoyed increasing attention from regional and global investors.  [7] The merger of companies, as a means of meeting the operational and strategic challenges of the economic downturn, will show a growing demand for a far more partnership approach to private equity and venture capital investment. Islamic investment should be made on the basis of partnership and investment also to be made in largely infrastructure-orientated projects, such as transport, energy, healthcare and education, a s these sectors not only offer asset backed investment but also long term investment into societies.  [8]  Thus, in the post recession world, where the market and society is demanding that the investment industry provide a responsible form of investment, Islamic private equity and venture capital are both ideally suited to meet this demand. 5.2 Impediments to the growth of Islamic Banking: Although the market has recognized the importance of Islamic Banking to the post recession world there are many obstacles to be overcome. The following are some of the impediments to the growth of Islamic Banking. An important deterrent to continued growth in the Islamic Banking sector is a shortage of investment outlets with acceptable risk/ reward trade-offs.  [9] The main obstacle to the growth of Islamic banking is that various Shariah boards give contradictory rulings on the permissibility of different types of products developed within different Islamic banks. .  [10]   This causes utter confusion and misunderstanding among individual customers as to the permissibility of various products. The unfamiliarity with the Islamic Banking system and the lack of knowledge among normal consumers is a great obstacle to be overcome by Islamic banking. The lack of adequate liquidity instruments is a major hindrance in Islamic banking. For instance, treasury bills and other marketable instruments.  [11] The lack of prescribed global standards for Islamic Finance Law is disabling the banking community to create a truly global product line.  [12]  The conventional banking system globally places huge importance on data protection and zero tolerance on money laundering. This is an example where a global standard can govern the smooth functioning of the conventional banking system. Islamic financial and banking system cannot be set up nor grown without government involvement. This is clearly evident even in predominantly Muslim countries where succ essive governments have a hostile attitude towards the growth of Islamic banking. The lack of awareness especially among Muslim people about the practicality and knowhow of Islamic banking is a widespread issue that needs to be addressed.  [13] As far as conventional banking system is concerned there are some international supervisory standards and practices but in Islamic Banking no such standards or practices exists.  [14] A major weakness in Islamic banking is that there is no lobby to persuade the regulators to make an environment suitable for the smooth functioning and development of Islamic banking.  [15] The lack of a uniform regulatory and legal framework globally is a major drawback within Islamic banking.  [16] The shortage of scholars and qualified managers locally and internationally shows a lack of adequate manpower to run the Islamic banking system.  [17] The absence of a strong Branch network even among countries that have adopted the Islam ic banking system shows the lack of growth and encouragement for Islamic banking.  [18] 5.3 Some suggestion for the growth of Islamic Banking: In order to operate and grow in the global market effectively, the following suggestions are desirable. The creation of a global association of Shariah boards is essential to equip various Shariah scholars with the knowledge and skills to develop new Islamic banking products and to ensure continued growth in the Islamic banking industry.  [19] It is vital that adequate promotion of the Islamic banking industry products takes place on a regular basis in order to generate interest and loyalty from Muslims and non Muslims. The promotion of various products can take place through advertisement, awareness, road shows, speeches, programmes and various print and visual media for targeting potential customer base.  [20]  This will help to spark awareness on Islamic banking among Non Muslims as well. Though it is hard and not pr acticable in the near future, the banking system in various Muslim countries should transfer to the Islamic Banking system.  [21]  Please read ITC, à ¢ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ÃƒÆ'†¦Ãƒ ¢Ã¢â€š ¬Ã…“Islamic Banking: A Guide for Small and Medium-sized Enterprisesà ¢ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬Ãƒâ€šÃ‚ , International Trade Corporation, Geneva, page no 46. Similar to the recent unrest in the Middle East, if one Muslim country adopts the Islamic banking industry then other countries can follow suit and reap the rewards of the Islamic banking industry. The proponents of Islamic banking must educate and negotiate with government regulators to clear some of the complexity regarding the operational viability of Islamic financial instruments in an economy and create a favourable environment for the smooth functioning of the Islamic financial system. It is essential that the latest technological developments are incorporated into Islamic banking so that Islam ic banking can also provide the convenience offered by conventional banking system. Example the development of telephone and internet banking has seen a dramatic shift in the way people conduct their banking needs in the conventional banking system. Thus Islamic banking must also incorporate these ideas into their product portfolio to attract additional interest in the system and to offer convenience to the various users.  [22] Sharing the knowledge on Islamic banking system within the countries that is working to develop the system.  [23] The research and development effort that develops new services that is compliant with Islamic teachings needs to be improved.  [24]  Currently the research and development effort in this area is inadequate and not in a position to develop innovative products necessary for the expansion of the Islamic banking industry. For the growth of Islamic banking in the near future it is important that the existing Islamic banks form mergers with each other and form strategic alliances with other major banks like HSBC to compete on the same level similar to a bank in the conventional banking system.  [25] 5.4 Conclusion: In a nutshell, this study makes it clear that Islamic banking is not a negligible or merely temporary phenomenon. Islamic banking is an area that has mushroomed to become an increasingly substantial segment within the global financial market. It has been recognised as a viable and competitive form of financial intermediation not only in Muslim countries but also outside the Muslim world and offering a wide range of financial products and services.  [26] Although the assets of the largest Islamic bank are equal to only 1 percent of the assets of the largest bank in the world, Islamic banking is one of the fastest growing industries, having posted double-digit annual growth rates for almost 30 years.  [27] From the ongoing recession, we have understood that the bankà ¢ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ¢s role is no longer to give and collect money but to be a true entrepreneur who engages in the effective management of a business and share in the risks associated with the business.  [28]  Thus, in this study we have seen that in a post recession world when it comes to financing the economy, the profit loss share contracts under Islamic banking are significant because they have strict regulations as to the conduct of business activities within the company. The author believes that Mudharabah under Islamic banking can aid in minimizing defaults within the banking system due to its unique feature of profit-sharing, and thus, assist in averting a severe banking crisis situation. It can be concluded that the market for Islamic banking shows rich potential and has reached its mature stage. But as discussed throughout this study, there are several problems and challenges within Islamic banking in relation to its operations, regulations , clarity of its concepts and the practicality. All these issues must be addressed and a viable solution must be found immediately to secure the future of Islamic banking. Don’t waste time! Our writers will create an original "Analysis Of The Significance Of Islamic Banking Finance Essay" essay for you Create order

Risk Management And Insurance Management - 2165 Words

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Crime, Detection and Conan Doyle in 19th Century England free essay sample

A discussion on the Industrial Revolution and the multitude of changes in civilization that arose as a result of it, with particular reference to Sir Arthur Conan Doyles creation of Sherlock Holmes. The following paper discusses how Doyle and Sherlock Holmes entertained generations of readers with the pure delight of escapist detective fiction, paired with the historical diaries and documents written by actual bobbies of the day. The writer examines how these famous detective stories give us a vivid picture of how both an author and his major character were shaped by the time, the conditions and the crime of their days. When people moved from farming to city and industrial jobs, change came in the ways workers were compensated, in their levels of independence from, or interdependence on, their neighbors, and, probably most noticeable of all, in the sheer amount of space each man could call his own or maybe more precisely, the lack of space. We will write a custom essay sample on Crime, Detection and Conan Doyle in 19th Century England or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Many of the teeming crowds in Londons streets in the nineteenth century were made up of people living in dire poverty. And all too many were far too familiar with the dark side to this new form of civilization: the rise of more, and different, forms of crime.

Othello Animal Imagery free essay sample

Othello, animal behavior is used a lot throughout the story. The characters often compare other people’s action or their actions with the similarities of animals. The use of this language causes some major problems. Characters lose their faith in innocent people, become uncontrolled and have no ability to judge, which bring up the themes. Shakespeare uses animal imagery on the characters to show anger, jealousy and persuasion throughout the play. Iago is the person that uses the most animal imagery. He uses it in the dirtiest way to make people angry and achieve his goal. In the beginning of the play, he needs Roderigo’s help to take down Cassio, so he does him a favor to make him on his side. They wake Brabantio up and Iago says Even now, now, very now, an old black ram / Is tupping your white ewe. (I. i, 89-90) and this shocking news makes him furious. 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Lodovico also said ‘’O Spartan dog’’ to Iago at the end after all the people die and everyone found out the dirty truth. Both Roderigo and Lodovico describe Iago as a dog. Dogs are one of humans’ favorite pets. They are somehow closest to human life, so it is not surprising that Shakespeare’s chose to use the word ‘’dog’’ in any of his plays. The more important part is that Shakespeare did not just use ‘‘dog’’; he also added adjectives in front to describe Iago. Jealousy is one of the most important themes of this play. Iago takes advantage of natural human jealousy to set up his scheme. After he triggers Othello’s jealousy, he keeps on telling him that ‘’It is impossible you should see this, / Were they as prime a goats, as hot as monkeys, / As salt as wolves in pride, and fools as gross / As ignorance made drunk. ’’ (III. iii, 403-406) Slowly, Othello becomes uncontrolled by his emotions in front of people. After a few acts when Lodovico came to deliver the mail, Othello said ‘‘you are welcome, sir, to Cyprus. Goats and monkeys! ’’ (VI. i, 261) At this point in the story, Iago had totally make Othello believe that Desdemona is not true to him anymore. Even the good Othello said ‘’Goats and monkeys! ’’ (VI. i, 261) just like Iago. The characters had used goats and monkeys to release their anger just like the swear word now, but why are two harmless animal describe as evil things? There is a myth about goats visiting the devil to have their beard combed, and the devil often appeared in the shape of a goat on account its horns and tails. According to the infinite monkey theorem that an infinite number of monkeys sitting at an infinite number of typewriters would eventually reproduce the works of Shakespeare by some chance. Persuasion is a huge part of Iago’s scheme. He persuaded almost everyone in some way in this play in order to make people trust him and believe in his words. The first person Iago persuaded was Roderigo. Roderigo was once thinking about drowning himself because he could not gain Desdemona’s love, but Iago stops him. He told him Ere I would say I would drown / myself for love of the guinea hen, I would change my / humanity with a baboon. (I. iii, 310-312). He is convincing Roderigo not to give up his life for a prostitute, which is inferring Desdemona. He continues to say ‘’Drown thyself? Drown cats and / blind puppies† (I. iii. 331–332) Iago stops Roderigo’s self-destructive talk not because he doesn’t want him to die, but because he is still useful so he wants to keep him alive. Another person Iago manipulated was Othello. He tried to persuade Othello that Desdemona is cheating on him, but Othello truly believes in his relationship so he said ‘’Exchange me for a goat / When I shall turn the business of my soul / To such exsufflicate and blowed surmises† (III. He knows that Desdemona is an honest person, so he won’t believe in Iago’s suspicions easily unless he has evidence. In the previous paragraph, we know that goats were an evil sign so that is why Othello states that he would rather go to the devil than to believe in his words. Shakespeare uses animal imagery to show anger, jealousy, and persuasion in the play, which help to give the play its lasting power. Metaphors and similes are often use by writers. They are more obvious and easier, so the  audience can understand right away what the writer is trying to imply. In Othello, Shakespeare uses a lot of animal imagery. Iago is the character that uses this the most. He often makes people angry at first and then persuades them a lie is the truth. At last, this lie is going to turn to jealousy. Shakespeare uses this concept a lot to show the theme. People already have some background ideas about animals, so it is even easier for the audience to make the connection in Shakespeare’s play.

Native Essays (804 words) - Ethics, Native Son, Behavior, Literature

Native Son By Right Bigger Thomas has been shaped by various forces. Forces that have changed the life completely for Bigger Thomas. In Native Son, Bigger Thomas seems to be composed of a mass of disruptive emotions rather than a rational mind joined by a soul. Bigger strives to find a place for himself, but the blindness he encounters in those around him and the bleak harshness of the Naturalistic society that Wright presents the reader with close him out as effectively as if they had shut a door in his face. In the first book, Wright tells the reader "these were the rhythms of his life: indifference and violence; periods of abstract brooding and periods of intense desire; moments of silence and moments of anger -- like water ebbing and flowing from the tug of a far-away, invisible force" (p.31). Bigger is controlled by forces that he cannot tangibly understand. Bigger's many acts of violence are, in effect, a quest for a soul. He desires an identity that is his alone. Both the white and the black communities have robbed him of dignity, identity, and individuality. The human side of the city is closed to him, and for the most part Bigger relates more to the faceless mass of the buildings and the mute body of the city than to another human being. His mother's philosophy of suffering to wait for a later reward is equally stagnating -- to Bigger it appears that she is weak and will not fight to live. Her religion is a blindness; but she needs to be blind in order to survive, to fit into a society that would drive a "seeing" person mad. All of the characters that Bigger says are blind are living in darkness because the light is too painful. Bigger wants to break through that blindness, to discover something of worth in himself, thinking that "all one had to do was be bold, do something nobody ever thought of. The whole things came to him in the form of a powerful and simple feeling; there was in everyone a great hunger to believe that made them blind, and if he could see while others were blind, then he could get what he wanted and never be caught at it" (p.102). Just as Bigger later hides himself amidst the catacombs of the old buildings, many people hide themselves deep within their minds in order to bear the ordeal of life and the oppression of an uncaring society. But their blindness allows them something that Bigger cannot achieve: it allows these people to meld into the society that is the city, while Bigger must stand at the outside of that community alternately marvelling and hating the compromises of those within. Bigger is alone; he is isolated from every facet of human affection. Max tells the court that Bigger cannot kill because he himself is dead, and a person without empathy or sympathy, without the deep, steadying love of family or faith in anything. When he lashes out in violence it is in a way a search for what hurt him; he hurts others because it is a way of hiding that he is hurt and afraid.). If one considers life to be a period of growth and learning, recognition of self-worth and of the worth of others, then Bigger has not been given the chance to live. Book Three is called "Fate", and indeed Bigger seems to be controlled his entire life by ambivalent outside forces who could care less about him. He has been lied to until he believes the lies he tells himself. He has no place in society. His own mother believes in him no more than the billboard reading "you can't win" that he sees each day outside his apartment. He has grown up in an environment where enormous rats fester in holes and water is a maybe situation, where meals are precarious and money is almost nonexistent, and where he is told time and time again that he has no worth, no dignity, no intelligence or creativity. Is it any wonder that Bigger is violent? It seems more fantastic that all of the people around him are not. When he says, upon reading the paper "No! Jan didn't help me! He didn't have a damned thing to do with it! I -- I did it!" (p.283) he is clinging to the act of violence he performed as an affirmation of self. He is isolated by a blind society, he is loved by no

Gregory Jarvis, Challenger Astronaut

Gregory Jarvis, Challenger Astronaut Gregory Bruce Jarvis was an American astronaut who brought an extensive background as an engineer to his work with NASA. He died in the Challenger disaster on January 28, 1986, on his first and only trip to space. Fast Facts: Gregory Jarvis Born: August 24, 1944 in Detroit, MichiganDied: January 28, 1986  in Cape Canaveral, FloridaParents: A. Bruce Jarvis and Lucille Ladd (divorced)Spouse: Marcia Jarboe Jarvis, married June 1968Education: B.S. degree from the State University of New York at Buffalo and M.S. degree from Northeastern University, both in electrical engineeringMilitary Career: United States Air Force 1969-73Work: Hughes Aircraft from 1973 to 1986, selected as an astronaut candidate in 1984 Early Life Gregory Bruce Jarvis was born in Detroit, Michigan, on August 24, 1944. Growing up, he was heavily involved with a variety of sports and was also a classical guitarist. His father, Greg Jarvis, and mother, Lucille Ladd, divorced when he was in college at the State University of New York. He studied electrical engineering and received his bachelors degree in 1967. He then pursued a Masters degree in Electrical Engineering at Northeastern. After graduation, he served in the Air Force for four years, attaining the rank of captain.   Work at Hughes Aircraft In 1973, Jarvis joined Hughes Aircraft Company, where he worked as an engineer on various satellite programs. Over the next few years, he served as an engineer for the MARISAT Program, which consisted of a set of maritime communications satellites. He then went on to work on communications systems for military use before joining the Advanced Program Laboratory to work on the LEASAT systems. The technology provided synchronous communications for a variety of applications. In 1984, Jarvis, along with 600 other Hughes engineers, applied to become payload specialists for NASA flights. Work With NASA Gregory Jarvis was accepted for training by NASA in 1984. He was listed as a payload specialist, a category including people trained by commercial or research institutions to do specific space shuttle flights. His main interest was the effect of weightlessness on fluids. Jarvis was put on flight status and slated to go into space in 1985. However, his place was taken by Jake Garn, a U.S. senator who wanted to fly into space. Another senator, Bill Nelson, stepped in and also wanted to fly, so Jarvis flight was postponed until 1986.   Jarvis was assigned as a payload specialist on STS-51L aboard the Challenger shuttle. It would be the 25th shuttle mission carried out by NASA and included the first teacher in space, Christa McAuliffe. Jarvis was tasked to study fluids in space, in particular, the effects on liquid-fueled rockets, as part of a fluid dynamics experiment. His specific duties were to test the reaction of satellite propellants to shuttle maneuvers. Gregory B. Jarvis during training for his shuttle mission. NASA   For 51L, Challenger carried a tracking and data relay satellite (TDRS), as well as the Spartan Halley shuttle-pointed tool for astronomy. Jarvis and the others would be responsible for their deployment, while colleague Christa McAuliffe would teach lessons from space and attend to a set of student experiments carried into space aboard the shuttle. Although not specifically in the mission plan, astronaut Ronald McNair had brought along his saxophone and had planned to play a short concert from space. The Challenger Disaster The space shuttle Challenger was destroyed in an explosion 73 seconds after launch on January 28, 1986. In addition to Gregory Jarvis, crew members Christa McAuliffe, Ron McNair, Ellison Onizuka, Judith A. Resnik, Dick Scobee, and Michael J. Smith were killed in the disaster. After Jarvis remains were recovered, he was cremated and scattered at sea by his widow, Marcia Jarboe Jarvis.  Ã‚   Personal Life Gregory Jarvis married Marcia Jarboe in 1968 after they had met in college. They were active in sports, particularly long-distance cycling. They had no children. Marcia worked as a dental assistant.   Honors and Awards Gregory Jarvis was awarded the Congressional Space Medal of Honor posthumously. There is an engineering building at the State University of New York, Buffalo, named for him, as well as a dam in New York state.   Jarvis, along with other crew members, was the subject of a film called Beyond the Stars and a documentary called For All  Mankind, dedicated to the sacrifice made by the Challenger crew. Sources â€Å"Gregory B. Jarvis.† The Astronauts Memorial Foundation, www.amfcse.org/gregory-b-jarvis.Jarvis, www.astronautix.com/j/jarvis.html.Knight, J.D. â€Å"Gregory Jarvis - Challenger Memorial on Sea and Sky.† Sea and Sky - Explore the Oceans Below and the Universe Above, www.seasky.org/space-exploration/challenger-gregory-jarvis.html.Nordheimer, Jon. â€Å"GREGORY JARVIS.† The New York Times, The New York Times, 10 Feb. 1986, www.nytimes.com/1986/02/10/us/2-space-novices-with-a-love-of-knowledge-gregory-jarvis.html.

International Business Essay Example | Topics and Well Written Essays - 3000 words - 24

International Business - Essay Example An international firm implements various strategies such as Geocentric, regiocentric and ethnocentric in addressing challenges faced by them in managing their diverse workforce. Many challenges are faced by MNCs in addressing global workforce management issues. These issues are found related to ethnocentrism, expatriation and poor knowledge transfer. MNCs are finding out ways to manage complex global structures in the context of international HRM and knowledge management. International human resource management (IHRM) wholly spotlights on controlling human resources in the global organizations. It is understood to be the process of performing HRM activities such as recruiting, compensating, organizational expansion, performance evaluation, employee motivation in the global context (Dowling, Festing and Engle Sr, 2008). IHRM is considered to be a complex procedure in many MNCs. The international operations of MNCs have many complexities which are often underestimated by the firms and hence it can be gathered that firms tend to overlook the relevance of IHRM. The failure of the business in global environment is a result of faulty human resource management practices. Increasing international competition among the organizations has led to the increasing importance of developing IHRM practices. There is a shortage of international managers which serves to be a problematic situation for the international firms (Quintanilla and Ferner, 2003). The MNCs fails to realise that the success and failure of the firm depends on how efficiently a firm applies its human resource management strategies. In order to achieve organizational goals, the MNCs need to fabricate integration among the human resource practices of its subsidiary firms located in different parts of the world (Tsai, 2001). The MNCs requires ensuring a considerable amount of flexibility in their IHRM