Islamic Banking Essays - Credit, Islamic Banking And Finance

Islamic Banking INTRODUCTION The basic concept of Islamic banking which is also known as 'interest-free banking' is based on basic ethical standards with just one main difference- Muslims are not allowed to pay or receive interest. This does not mean that business activities or making a profit are not encouraged, they are but as long as they dont involve interest in any form. To fulfil this purpose, financial instruments have been introduced by the Islamic financial institutions to satisfy these requirements. An example that can be seen is that equity financing is used instead of debt financing. Furthermore, instead of giving a fixed interest rate on the savings account, Islamic banks offer a share of the bank's profit, as a return on deposits and this is around 5% annually. HISTORY The modern banking system was introduced into the Muslim countries in the late 19th century when most of these countries were performing that well economically as well as politically. These banks founded branches in the capital cities of major Muslim countries to cater their business needs. However, the branches were limited to the capital cities and the other surrounding cities were totally ignored by the banking system. Nevertheless, most local businesses still refrained from engaging with these commercial banks, mainly for religious reasons. The reason behind this is that banks operate on the basis of charging interest, a concept totally forbidden by Islam. As time went by however, it became challenging to avoid commercial banks. They were more efficient in certain banking aspects such as money transfers and current accounts, but borrowing loans and opening saving deposits were still avoided due to the prohibited interest issue. As the second half of the 20th century has witnessed, any business-related transaction almost always involves a bank and hence, avoiding the modern banking system has become virtually impossible. Banks extended into local communities and thus, forced themselves into almost every kind of business and their related transactions. This is when many Muslim intellectuals recognized the need for an Islamic banking system that will serve the needs of Muslims from the business point of view and at the same time respecting the codes of Islam. Islamic banking as an institution has been around for 25 years but interest-free banks have also been tried before. There was one such bank in Malaysia in the mid-forties and one in Pakistan in the late fifties. Neither of them survived. The early seventies saw the institutional involvement. The Islamic Development Bank, an inter-governmental bank was established in 1975. The first private interest-free bank, the Dubai Islamic Bank was also setup in 1975 by a group of businessmen from several countries. Two more private banks were founded in 1977 under the name of Faisal Islamic Bank in Egypt and Sudan. Twenty-five years since the establishment of the first Islamic bank, more than 150 Islamic institutions have come into existence. Though most of these are in Muslim countries, there are some in Western Europe as well as in North America and Asia. PRINCIPLES OF ISLAMIC BANKING The Islamic banking system follows certain, yet simple, rules set by the Quran and the Shariah (Islamic law), which if deviated from the system becomes un-Islamic. These are summarized as follows: 1. Any predetermined payment or benefit over and above the actual amount of principal is prohibited: Islam allows only the type of loan in which interest of any form is not charged. Interest in this case is in either monetary form or other beneficiary forms such as using the borrowers property, etc. in return for the lent money. In other words, any type of benefit received by the lender from the borrower in return for lending the money is prohibited. This is different however from the concept of profit-sharing which will be explained next. This is different from the typical loan types of commercial banks which impose interest on loans in some form or the other. 2. The lender must share in the profits or losses arising out of the enterprise for which the money was lent: One of the basic concepts of Islamic banking is to share profits as well as losses. In this way, the lender and borrower become partners rather than creditor and debtor. The incentive behind this is to make both parties

High Commitment Organizations

High Commitment Organizations Enterprise Rent a Car and The Cheesecake Factory both rely on customer service to build and maintain their reputation. Their employees must know the product, have customer focus, and be a willing player in the company vision. Although these companies are from different industries, they have common human resource philosophies. The human resource department is much more than a function based entity, it is a strategic partner.Enterprise Rent-A- Car uses its recruiting department as its strategic partner in obtaining and retaining talented people to work as managers. The recruiters report directly to the Vice President of their region so that they can work together to overcome the obstacles to fueling the companies growth. They realized that to fuel their planned growth, they needed to find and train qualified workers and their target audience was the recent college graduates. Enterprise is the largest employers of recent college graduates, many with little or no work experience.English: The Cheesecake Factory seen at the Palisa...The jobs are not high paying jobs, starting pay of $20,000 to $30,000 but the experience that the new graduate obtains by working in this capacity is immeasurable. During a recent MTV interview, Debbie Brill, a recruiter for Enterprise dubbed the job as "an MBA without the IOU". 1 Graduates will become managers of their own small business. They will be responsible for budgeting, customer service, product, and innovative ideas to help sell the product. The idea of picking up the customer rather than the customer coming to Enterprise was an idea of local manager in Florida. It worked out and was used across the company.Enterprise used the human resource department, particularly the recruiting department to develop "My Personal Enterprise", an employment brand. "In our employment brand, we needed to counter the perception of what our competitors generally are: rental-car companies, where you stand...

Great Examples of Quantity Surveying Dissertation Topics

Great Examples of Quantity Surveying Dissertation Topics Great Examples of Quantity Surveying Dissertation Topics Quantity surveying is a field that mainly deals with specific aspects involving measurement and estimation of costs in the building and construction industry.   Due to the recent increase in the number of houses needed to be constructed, the quantity surveying field has experienced an evolution in its trends and methods. Today, many colleges and universities are offering regular degree programs for quantity surveyors-to-be. According to Prospects website, an increasing number of UK and international construction projects leads to the ever-increasing number of employment opportunities, with most graduates (90%) working in building and engineering. The quantity surveyors’ tasks and responsibilities are similar to those of cost managers/financial managers in the business field. They estimate the costs that will be enough to build and sustain a construction project. Further, they also come up with the feasibility and the design of a specified building. A quantity surveyor can demolish, refurbish and maintain part or whole of the building. He or she can work in several fields ranging from construction to infrastructure development such as railways and tarmac roads. The following are some of the best topics in quantity survey for students conducting Quantity Surveying course. With these topics, you are a just one step away from graduating and starting your career. A Review of the Building Code of Collapsed Buildings. An Overview of Techniques Used to Control Cost for Building and Construction Projects. The Nature of Risk in the Building and Construction Industry and How to Manage It. The Tasks and Functions of Informational Builders in the Construction Industry. Cost Control Techniques used in Construction Sites. Obtaining Construction Licenses: Procedures and Challenges faced by Contractors. Designing and Using the Electronic Bill of Quantity System in the Building and Construction Industry. How to Choose a Topic for a Quantity Surveying Dissertation A topic should be selected after closely reviewing it with your colleagues, supervisor, librarian and at times, with your parents. You should always choose a topic that interests you on a deeper level. Writing a dissertation requires a lot of time, effort, and commitment. Therefore, it is fair for you to choose for yourself a topic that makes you happy. After selecting a subject, the actual work begins. Writing a dissertation carefully is the real task in your research. Through proper planning and managing your work strategically, this can be done quickly. When writing your quantity survey dissertation, the most recent methods and techniques developed in the construction industry should be used. Deeply research the topic you chose. Search for books in the library or the internet. Highlight the main points that you want to include in your research report. Every step in your research should be planned for and attended to with the highest degree of focus. Otherwise, at you can get high-quality custom dissertation writing provided by real academic experts.

How the technology affects our life Essay Example | Topics and Well Written Essays - 1250 words

How the technology affects our life - Essay Example dents, it was later expanded to include anyone in the world (Lauria 1).This network has revolutionized the way people interact online, making access to any of the Facebook users easily available to those who wish to interact with them. Facebook has become a useful tool through which people not only interact, but also conduct business. This network is relatively easy to use, and it is for this reason that it has more users than any other social networking site online. However, it has proven to be a little hard to use especially for the older generation, most of whom prefer maintaining their privacy, unlike the younger people. From its beginnings, Facebook has been considered a tool through which friends can interact with each other. People post pictures of themselves in this place, and their friends can send private or public messages to each other, and most of all, they can get news about what is happening in the world. Just like email, this social network has made communication between people in different parts of the world easier. In fact, it can be considered a much more effective means of communications between friends than email. While in the beginning Facebook was only meant for interactions between friends, this network has grown to become a place where people meet others from different countries and cultures (Daly). Therefore, it can be said that this network has made the world an even smaller place. It has created a forum through which people from different cultures are able to share their views and make friends with those people who they have only met online. Facebook is one of the most easily accessible websites on the internet today; it can be accessed not only from computers, but also from any device that can access the internet. This has ensured that the majority of its users are always available at whatever time they are needed. The easy accessibility of this network has also enabled people to conduct business through it. Facebook allows for

Methodology and procedures Research Proposal Example | Topics and Well Written Essays - 2500 words

Methodology and procedures - Research Proposal Example The survey used deductive, primary and secondary research, carried out by a combination of quantitative and qualitative data collection (Bryman & Bell, 2003). The main aim of the research was to investigate marketing strategies for low cost airlines. Apart from that, the study also investigated low cost airline customer behavior in different demographic aspects With the use of quota sampling and random sampling this research also included the collection of primary data. Quota sampling was chosen because it facilitates the choice of the group of participants which can be interviewed, for example: 60 males and 60 females between the age of 19-25, 25-45 and 45-65. In contrast random sampling helped to select participants based on pure chance. Simple random sampling was chosen because it removes the bias that may occur in the selection of the sample. It was helpful in making sure that the data was accurate and portrayed the aspirations of the whole population. The investigation of the ra ndom sampling showed that some students did not have enough experience to answer the questionnaire and it took the surveyor some time to guide them filling the questionnaires. Some students held discussions on their own project papers and therefore did not have enough time to answer the low cost airline questionnaire. The nature of this research mainly consists of qualitative questions. These questions assisted the researcher to study the marketing strategies of low cost carriers in Europe.... More questionnaires were collected from College Lane than De Havilland because De Havilland students spent more time on the discussion of their assignments and therefore did not have much time to answer the questionnaires. The primary research included both male and female students. Specific responses about travel offers will be supported with opinions and thoughts from electronic journals and websites. The questionnaire comprised of seventeen questions. There were 13 close-ended and 3 open-ended questions. Close-ended questions limit the responder's choices and specify certain options which the responders have to choose. It is also considered useful because if responders see too many questions in which they have write their opinion they feel like not filling the questionnaire. This was the reason why the majority of the questions in our survey were close ended. However, since these questions do not answer the problem and does not ask for opinion they are not very helpful in reaching the conclusions. As a result, we opted for four open ended-questions. Open-ended questions are those questions which normally ask for the responder's opinion rather than giving them choices to choose from. The greatest advantage of these questions is that it removes the bias that may occur due to limited choice and it gives greater freedom of expression. However, the reasons why the less open ended questions were asked than the close-ended questions were because they are time consuming and the survey may mi sinterpret the response. A subtle mix or balance of open-ended and close ended questions is necessary when designing a questionnaire for primary research. As a result, a lot of time was given to designing the questionnaire and

Still No Equality for Women in Sports Essays -- Argumentative Persuasi

Still No Equality for Women in Sports Throughout the history of women in sports, women had to ?merge? then ?submerge? with male dominated sports organizations and structures in order to participate. The Olympic Games is a key example of women have to merge and submerge with a male dominated organization. The first modern Olympics, held in 1896, did not allow women participants. And when women were allowed to participate, in 1900, it was in only three sports and out of the 1,225 athletes, only nineteen were women. The Olympics have allowed women to ?merge?, thus enabling women to participate in the games and rise to the level that they compete at today, however women are still ?submerged? within the dominant male sport structure, as can be seen with the present imbalance of men?s and women?s events and the significantly higher number of male athletes than females. Though equal participation of male and female athletes needs to be further developed, the mere idea of female participation in organized ?male? sports is social ly and culturally significant by empowering women and breaking barriers that hinder women in all aspects of life. Women have always been regarded as the "weaker" sex and the role of the woman was always to be submissive, passive and obedient to men. With sports, women hardly had a role at all until the twentieth century. Using the Olympics as an example, female athletes were not even considered at the onset of the modern games, and when they were allowed to compete in the second games in the 1900s, their presence was not taken seriously, only nineteen women competed, and only in three sporting events: golf, archery, and tennis. However, the "merging" of women into the Olympic games has come a long way, as can... .... This problem is not one that can easily be solved. Until everyone, including women, unlearns the stereotypes, which hinder women all around the world, something as simple as women playing sports will not fully be embraced or accepted. The merging of female athletes into male sporting arenas has been a milestone in illustrating women's capabilities, but we are still only partway there. As is illustrated through the submerging of women in the Olympics, women are still not social equals to men. Countries that restrict women to the extreme still thrive and refuse to allow women to pursue sports because of the cultural beliefs, and even in democratic societies women are still not regarded as equal to men. Until the idea of equality is truly accepted by society, women's sports will always be submerged, not only on the playing field, but in the entire realm of life. Still No Equality for Women in Sports Essays -- Argumentative Persuasi Still No Equality for Women in Sports Throughout the history of women in sports, women had to ?merge? then ?submerge? with male dominated sports organizations and structures in order to participate. The Olympic Games is a key example of women have to merge and submerge with a male dominated organization. The first modern Olympics, held in 1896, did not allow women participants. And when women were allowed to participate, in 1900, it was in only three sports and out of the 1,225 athletes, only nineteen were women. The Olympics have allowed women to ?merge?, thus enabling women to participate in the games and rise to the level that they compete at today, however women are still ?submerged? within the dominant male sport structure, as can be seen with the present imbalance of men?s and women?s events and the significantly higher number of male athletes than females. Though equal participation of male and female athletes needs to be further developed, the mere idea of female participation in organized ?male? sports is social ly and culturally significant by empowering women and breaking barriers that hinder women in all aspects of life. Women have always been regarded as the "weaker" sex and the role of the woman was always to be submissive, passive and obedient to men. With sports, women hardly had a role at all until the twentieth century. Using the Olympics as an example, female athletes were not even considered at the onset of the modern games, and when they were allowed to compete in the second games in the 1900s, their presence was not taken seriously, only nineteen women competed, and only in three sporting events: golf, archery, and tennis. However, the "merging" of women into the Olympic games has come a long way, as can... .... This problem is not one that can easily be solved. Until everyone, including women, unlearns the stereotypes, which hinder women all around the world, something as simple as women playing sports will not fully be embraced or accepted. The merging of female athletes into male sporting arenas has been a milestone in illustrating women's capabilities, but we are still only partway there. As is illustrated through the submerging of women in the Olympics, women are still not social equals to men. Countries that restrict women to the extreme still thrive and refuse to allow women to pursue sports because of the cultural beliefs, and even in democratic societies women are still not regarded as equal to men. Until the idea of equality is truly accepted by society, women's sports will always be submerged, not only on the playing field, but in the entire realm of life.

Victimology: Crime and Criminal Victimization

Society's Response to Criminal Victimization Although crime and victimization rates have steadily declined since the early 1990s, society’s perception and fear of crime is still very high. Greater participation between community members and local law enforcement is needed to help ensure that crime and victimization rates continue to decline. Crime prevention is a concept that can help reduce crime and public fear perception. Combating victimization requires a concerted effort between the public and private sectors. The United States is responding to violent crime in various proactive and reactive ways.Proactive measures are designed to prevent violence; they include community-family action programs, personal protection measures, lifestyle changes, and other crime prevention and security measures designed to divert opportunistic offenders at one’s home, business, or other institutional setting. Victimization cannot be totally prevented; even the best crime prevention eff orts are not guarantees against crime. Reactive responses to victimization include community programs and laws implemented in response to a crime problem.The reactive responses are restorative approaches such as victim compensation and support programs, legislation, and civil justice responses. The restorative programs deal directly with victim assistance, although civil justice is designed to punish those responsible or associated with the victimization. The increase in the purchase in weapons reminds us of the fear many have. Community crime planning and increased security measures are a vital part of any crime prevention effort. The 1994 Federal Crime Bill was a significant step in addressing victimization and crime.The best way to curtail victimization is to address the sources of crime. Reducing victimization also includes awareness of personal risks or avoidance of life styles conductive to crime and victimization. Current victimology studies are performed by the World Society of Victimology. This organization does not focus on assigning responsibility to victims. The organization mentions the additional concept of secondary victimization by the criminal justice system; for example, a victim of a rape may be forced to recollect the act on the witness stand in front of the judge and jury so that the rape suspect can be convicted.The World Society of Victimology also mentions the role of the victim in the reform and restitution of a convicted criminal. Criminal victimization is a frightening and unsettling experience for many Americans. It is unpredictable, largely unpreventable, and often unexpected. Unlike normal life experiences, victimization is not sought out and is never welcomed; it is debilitating and demoralizing, and its efforts can often be long-term and difficult to overcome. Victims may be confused, fearful, frustrated, and angry. Becoming a victim of crime is an unpleasant and unwanted life experience at best.The impact of criminal victimizat ion is serious, throwing victims into a state of shock, fear, anxiety, and anger. The emotional, physical, psychological, and financial ramifications of crime can be devastating to victims. Coping with and recovering from victimization are complex processes. Sadly, some victims are never able to do so. Crime victimization can impact an individual’s ability to perform across a variety of roles, including those related to parenting, intimate relationships, occupational, and social functioning.Much of the available research focuses on changes in functioning among victims of intimate partner violence, with less research devoted to examining the consequences of other crime types on role functioning. I believe that society has responded very well to criminal victimization. They have created programs to help people who have gone through things in life other people don’t go through. Society is also improving their programs to help patients forget what happened to them. They ar e finding ways to help prevent victimization.If I were a victim, the programs available would seem a very encouraging opportunity to begin my road to recovery. If the society doesn’t do anything to help to respond to criminal victimization, there would be a lot more victims in need of help that can’t get it because the society doesn’t seem to care what happens to their people. I believe that the United States has done everything they can to help either prevent victimization or come up with different programs to help those in need.Not all societies have responded the same to victimization though; for example, Russia responds to victimization quite differently than the U. S. Some people may or may not choose to accept these programs that the society has come up with to help people in need. In my opinion, the society has responded very well to criminal victimization. The sources I used were: www. icpsr. umich. edu/icpsrweb/NACJD/NCV, www. ncjrs. gov/criminal_justic e2000/vol_4/04c. pdf, and www. ojp. usdoj. gov/ovc/publications/†¦ /FirstResponseGuidebook.