Illustrate the Fundamentals of Islamic Banking Essay

Introduction: This report seeks to give an analysis of Islamic Banking and an organisational comparison to a corporate Global banking system/western one whilst identifying key issues and challenges that may arise for the use of such Islamic banking in the United Kingdom. â€Å"Islamic banking is a growing sector with its diversity in different segments and spectrum. It Caters to religious Muslims in Muslim’s societies as well as in countries where Muslims are in a minority. In addition, it is a broad standard: non-Muslim individuals and communities that seek ethical financial solutions have also been attracted to Islamic banking. It is clear from banking practice that Islamic banking is equally popular in all communities†. (www.islamic-bank.com). The first Islamic bank was set up in the late 1960’s in Egypt to fulfil the needs of Muslims who wanted to bank but still live by Sharia law. An Islamic bank is not a religious institution but caters for the needs of the Muslim and is also appealing to non-Muslims who perceive Islamic banking as an alternative to commercial banking successful Islamic banks such as the Dubai Islamic Bank also known as (DIB) who opened in 1975 have set out a good public image for such choice of banking. Over recent years especially in the last decade Islamic banking has seen a rise in popularity and global development in western countries. Upon focusing on the UK The Islamic bank of Britain is United Kingdom’s mainly recognised sh’aria compliant organisation, Usmani, (2005) defines sha’ria compliance as ‘An act or activity that complies with the requirements of sha’riah Islamic law’. Islamic banking As already stated Islamic banking is based on Islamic Sha’riah Law which sets out the principles of all banking activities for such Islamic banks this means all banking activity must be sha’riah compliant, a significant characteristic of this means interest is prohibited not only is this mentioned in the holy Quran as having bad affects on society but the main concept of Islamic banking is set upon the foundations of profit-sharing instead of being ‘interest based’ which is referred to as (Riba in Islam) which is highly known in conventional western banks in the UK such as NatWest, Lloyds tsb, HSBC etc. In a western bank system money will be lent/loaned to a customer with no real interest shown or involved in the outcome or business of the customer obviously some risk assessment would be considered but not to the extent of which risk would be shared, Ridzwa, (2004) states the difference within Islamic banking is that â€Å"cash/loans will not be given to the customer, first of all they purchase the commodity and transfer to client then all profit and loss will be distributed between parties according to agreed terms and conditions†. As Islamic banking is based strictly on Islamic ethics and Quran practices Bown, (2005) states this also means loans/investing in projects or businesses that have ‘haram’ significance which means forbidden activity in the holy Quran will not be invested upon for instance places that plan on serving alcohol or promote gambling and sexual influences like nightclubs will not be agreed to investments. Upon analysing the financial side of Islamic banking the clear principle it is financially based on for its trading activity is ‘the risk/gain is shared upon the provider of the loan (bank) and the expertise of business idea (customer)’ IBB, (2010) by this both parties have a mutual agreement for the bank the money they are providing is being lent with a risk but also an agreement with the customer to share of any profits. The commercial law side of Islamic banking is actually based on four basic principles (Bellalah and Ellouz, 2004) claim â€Å"the fundamental of first Islamic business principle is profit and loss sharing and the second is based on fixed service fees and charges and third is based on free of cost and no charges. T e other principles are changing with the situation of the business and its operation.† Methods of Islamic banking Islamic banking has many different methods and Islamic approaches to what a conventional/western bank would give out a mortgage/loan. Dar and Presley, (2000) state that the key banking methods Islamic banks use are Ijara, Mudarabah, Murabahah and Musharakah. Ijara: Is a form of rental contracts mainly for goods/property mortgaging it involves the sale and the transfer of assets title to the customer lending at the end of Ijara. In a banking scenario the Islamic bank would buy a property lease it to a customer for a fixed price till the agreed price has been met through lease/ijara then the customer will become owner of such asset’s a rent contract by which the owner of the good rents it to another party can also be part of this. According to the (IBB) Nowadays the Home Finance and Islamic mortgage are based on the concept of Ijara and it is very successful tool in Islamic financial system and popular amongst non Muslims too who are ever increasingly using this type of finance. Mudarabah: khan, (1993) states this form of finance is mainly known as profit sharing and involves a type of partnership agreement between two sides in this scenario the bank and the person lending the money (customer) the bank will provide the funds and the customer will provide the business venture and idea however all profits will be shared amongst both parties with an agreed fee. It can also be said some characteristics of western banking are still slightly involved with this type of financing as the entrepreneur must guarantee full refund in case of contract breaching and negligence. Murabahah: This type of banking is referred to as cost plus/mark-up sale this involves a sale of which he buyer (customer) offers to purchase a commodity at a price equal to its cost to the seller plus an agreed profit margin. â€Å"It is a trust or a transparent sale in which the cost of acquiring the goods by the seller must be disclosed. The cost to the seller includes the price he had paid plus all other expenses. Payment of price can be made against the delivery of the goods sold or deferred as lump-sum or instalments† Islamic bank of Britain, (2010). Murabahah usually starts with the buyer signing a promise to purchase. The seller then acquires the goods and takes their possession. Finally, the buyer signs the Murabahah sale contract and receives the good in return for payment or an obligation to pay later. It is one of the most popular modes used in Islamic banking system in different countries to promote interest-free transactions. Musharakah: this method of banking is mainly for mortgages similar to the ijara method with slight differentiations both have forms of agreements from both parties but difference in this method rather than rent instalments covering the cost to have full ownership of a property or goods instalment payments will be for shares of the product/property which once fully covered will fulfil full ownership to the customer giving them 100% ownership. Comparison of Islamic banking to western/conventional banking It can be said that Islamic and conventional/western banking Islamic and traditional banking actually are not different in what they supply but to how they supply such services Shahin, Z, (2004). Islamic banking has the same features as western/conventional banking and provides the same services as conventional banking for example current accounts, saving accounts, insurances, mortgages and investment opportunities in the society. Upon comparing Islamic banking and conventional/western banking for example like the Islamic bank of Britain compared to Barclays bank there some evident differences not only is the main one being that of the sha’riah law principles that are followed by the Islamic banks which therefore means business approaches in forms of investments, responsibility and product features will all be based upon the Islamic faith and must stay within the limits of Islamic Law or the Sha’riah. However other key significant differences in the two types of banking are factors such as interest, taxation, risk/profit sharing and the restriction of investments. Comparison towards the use of interest within Islamic banks and western/conventional banks: Lending money and getting it back with compounding interest is the main fundamental function for a western/conventional bank it is a main source of profit making for major high street banks in the United Kingdom almost sometimes criticised for their high rates of such interest. However this is in contrast to Islamic banking where interest is forbidden and deemed as Riba’ but a more partnership approach is given to the customer and agreed payments with profit sharing agreements set upon the provider and lender. When comparing the two methods the main difference here is that western/conventional banks follow the principle that interest is the price of credit, therefore reflecting the opportunity cost of loaning the money. Whereas in Islamic banking the creditor (bank) should not take advantage of the person lending the money as this in Islam is perceived as injustice where the first Islamic principle underlying for such kind of transactions is â€Å"deal not unjustly, and ye shall not be dealt with unjustly† [2:279], Holy Quran. Comparison of taxation and additional charges for Islamic banks and western/conventional banks: In the United Kingdom all organisations/businesses must pay tax commodities including Islamic banks and non Islamic banks however in Islamic banking such additional charges are approached with caution and compliance to sharia law and have no provision to charge any extra money from the defaulters. Only small amount of compensation and these proceeds is given to charity which is known as ‘zakat’ claims often enough is welcomed by the Muslim population of customers as it is the Islamic term of charity. When comparing this type of additional zakat charge many western/conventional banks state this as normal VAT and APR charges which vary in price and cost from bank to bank it can be said for Islamic banking this type of charge still exists but named and dealt with differently in the form of zakat. Comparison of Risk sharing in Islamic banking and money loaning in a western/conventional bank: Islamic banking involves risk and profit sharing with the person lending the banks somewhat ‘forming a partnership feel with the customer’ Bhatti, I.M, (2008) which means Islamic banks are more involved with customer projects and pay greater attention in developing and appraising certain enterprises/projects where in comparison to western banks like Lloyds tsb where in a case study on Islamic and high street banks some customers who transferred from their branch over to Islamic bank of Britain branch stated â€Å"they felt the bank was only interested as seeing the customer as a debtor and themselves as the creditors†. When comparing the Western banks method of loaning/lending money such banks will often enough place a fixed rate of interest as part of the charge and will not really be as closely involved in the participation of the business venture as Islamic banks wou ld be due to the risk/profit sharing factor. Comparison on the restriction of investments for Islamic banking and western/conventional banking: as stated many of times throughout this report Islamic banking is strictly sha’riah compliant meaning all activities are in conjunction with Islam and the teachings of the Quran and the prophet Mohammed PBUH therefore all business investments/ventures must be deemed as ‘pure’ and accepted in the eyes of Islam for an Islamic bank to invest in Dixon, R. (1992) therefore any business proposals that are brought forward to an Islamic bank that consists of serving alcohol, promoting gambling and sexually influence will be strictly turned down. Where as in comparison to a western conventional bank plans will be accepted on the basis of good credit, business venture and the ability to pay back such fees. Challenges that Islamic banking may face within the United Kingdom: Islamic banking is becoming ever more popular in the United Kingdom with many non-Muslims also interested and joining the Islamic bank of Britain as customers but upon research and case study readings many people in Britain feel they don’t fully understand the concept of Islamic banking and that it should be made more user friendly for society. There is need to make a clear and transparent system of general as Islamic banking is in a transition development stage a key issue in Britain according to Khalaf (2007) Islamic banking industries have a barrier to overcome with the whole sha’riah law compliance being appealing to non-Muslims as many non Muslims can perceive this as influencing a ‘different law for a different country with a different religious view point’. Also opinions of Islamic scholars, suppose a product or practice may be accepted to one scholar, could be considered un-Islamic by another scholar. Malaysia has established a standard sha’riah board which is supported by government which in the united kingdom is not applicable and that the banks set these out themselves according to basic sha’riah compliance. (Khalaf, 2007) claims it is evident in Britain that Islamic banking faces many challenges with society and keeping up with such growth of western conventional banks due to its new growth in the UK market however with strong middle eastern financial backers such as Qatari national bank the Islamic bank of Britain is financially stable in this sense and that it is gaining more recognition amongst the Muslim popularity of Britain with many Muslim customers holding accounts with them but it can be stated a key challenge is the ‘Different beliefs in society make that some Islamic banking activity acceptable to one part of community and to others it is not’ . Conclusion Islamic banking in Britain now has great opportunity for growth as it offer certain benefits that conventional western banks do not put in place many Muslims feel this type of banking is relevant for their practice of religion whilst some may argue that costs such as interest also known as ‘Riba’ are still put in place just named and charged differently and then opt to carry on using such ‘western banks’ however it can be said great ethical value is taken into consideration in contrast to western banks and vulnerability and risk of business venture is shared and discussed which if western banks applied could see a great rise in popularity and custom however in the united kingdom the regulatory authority and structure of Islamic sha’ria practice can sometimes have setbacks for such Islamic banking activity as society may not accept this. Overall Islamic banking has great opportunity to grow because many numbers of muslims are residing in the united kingdom and there is a steady growth for such market, however it can be said if such rise of awareness and identity was put in place to market Islamic banking this could possibly promote it further and on the scale of such western banks. References: Bellalah, M. and Ellouz, S. (2004) Islamic Finance, Interest Rates and Islamic Banking Bokhari, F. (2007) Lloyds TSB spots growing appetite. Financial Times Bown, J. (2005) Islamic banking set to boom. Sunday Times Belder, R.T. and Khan, M.H. (1993) the changing faces of Islamic banking. International Financial Law Review Chris, Cook. (2006) is Islamic banking religiously sound? Financial Times Dixon, R. (1992) Islamic banking. The International Journal of Bank Marketing, Hassan, M.K. (1999). Islamic banking in theory and practice: Haron, Sudin (1995) The Framework and concept of Islamic interest-free banking

As Fashion Merchandiser

How to Draw Strategy from a Comparison Shopping Report Milliard's Mini-Case As an FM student you have already done lots of shopping reports. This exercise is intended to show you how to use this information as an analytical tool. Comparative shopping Is done In the Industry constantly. But the point of the task Is to Identify strengths and weaknesses of your stores merchandise mix In comparison to the competitors'. Are you offering the customer something unique in one segment of your business, but not in others? Are you Just a poor second in comparison too throng competitor?Are you under- or over-developed in certain classifications? Are your prices in line with the rest of your store? In relation to your competition? Are there business opportunities that no one has addressed yet (market voids)? In this exercise, you are the buyer for Milliard's Department Stores Men's Sport Shirt Department. Your boss has asked you to do a comparison shopping analysis in order to determine ways to a djust your assortments to improve sales and profits. Milliard's Is a mostly moderate department store with some business done at better price points as well.Women's, Men's, and Kids' are all carried, along with all the usual Home Store categories. Within Women's, both Misses and ‘Women's† (Plus size) are carried. The store is predominantly branded, but there is some private label merchandise carried within the departments. For 201 3 Private label has not been as profitable as Branded merchandise and the buyer of Men's sport shirts is seeing a trend toward â€Å"labels† Note: This Is a self-contained case study. â€Å"Mallards† Is a fictitious store. Therefore, you must Limit yourself to Information In this write-up only. Work on the skill of writing with specificity.Don't answer competitor-by- competitor; give one assessment that takes all competitors into consideration) b. Why are these segments at a competitive advantage? C. Which components are not at a competitive advantage? D. Why not? Third Step After finishing your study, you read in the paper that Thomas & Blake is going out of business! Even though they continued to have decent revenues, their debt load finally did them in. They could no longer afford to keep the stores open. 3. A. Does this change provide an â€Å"environmental opportunity' for you? . Does the issue of branded vs.. Private label enter into this consideration? Why or why not? C. How might you adjust the assortments in your department to â€Å"pounce† on the misfortunes at Thomas & Blake? Be very specific. A. Yes, When Thomas & Blake goes out of business, that gives you an opportunity to take over Thomas & Flake's market share with the right merchandising strategy. B. Maybe , because Thomas & Blake is a typical department store that doesn't have over Thomas & Flake's customer. They might want to consider private label. C.Compare to Thomas & Flake's shopping analysis. Milliard's needs make the price ran ge of the better regular classification a bit higher from $80 to $120. Also, the price range of the better big/Tall classification need to be adjusted higher from $50 to $90 in order to meet the need of the customers who used to shop at Thomas & Blake. D. Fourth Step Of course, nothing stands still in the world of retailing. Just as you start to celebrate the loss of a key competitor, another news item hits the local paper: Wall-Mart is coming to town!! Ouch!

Self Definition - 2643 Words

Self-definition Throughout history black women have been stereotyped and put into many different roles in society. Black women, it seems, have become the scapegoat for many issues and problems and have been misrepresented usually by men, mostly by white men. Through the creation of the mammy, the sapphire, the Jezebel, the strong black woman and more, black women have been misrepresented and portrayed in negative ways in society. In a response to this labeling, black women have begun to tell their own stories and speak out for themselves. Through their writings, black women writers have been able to dispel the stereotypes of black women by showing the truth, the true story of the women, told by the woman. Doing this, they have been†¦show more content†¦I m thinking bout telling Bovanne what a lovely dress Nisi got onÂ…instead I just haul the man on out of thereÂ…(Bambara 9). She decides to define herself. Toni Morrison uses situational irony in a different manne r, instead of using the women s thoughts she uses their actions. The expectations of the reader are because of the upbringing and personal connection of Sula and Nel. The reader experiences situational irony in upbringing through Nel and irony in the women s personal connection through Sula. It may seem as if Nel will not become like her mother, leave the town, travel, become chaotic and take chances. For days afterward she imagined other trips she would takeÂ…Leaving Medallion would be her goal(Morrison 29). Nel does none of this and settles into the life of the Bottom and contrary to what the reader expects, she grows up to be almost exactly like her mother. Yet it is not expected that Nel would do this and it is surprising when it happens. 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Nuclear Energy A Reliable Economical Energy Source

Nuclear energy a reliable economical energy source or a primed radiation storm waiting to rain havoc down on the surroundings below. When you mention nuclear power people s minds go to Chernobyl,Fukushima, and Three Mile Island meltdown catastrophes. A survey conduct of 27 college aged students shows people continue to believe nuclear energy brings safety concerns to the US due to some risk of danger (see Appendix A.) With nuclear energy comes risks for locals who live near a nuclear power plant, people who live in a country with a nuclear power plant, as well as risk for the entire plant. Nuclear energy can be defined as a dread risk, a uncontrollable and inequitable risk, which may have catastrophic consequences. Even without living near a nuclear power plant does not mean your safe, an accident at a nuclear power plant would not only stay in the area of the accident. The effects would spread for miles through air, water, food etc. and the effects would be felt for hundreds of years to come (Chowdhury, 2011) Radiation exposure is the most prevalent effect of a nuclear power plant accident that people will experience. According to Chowdhury (2011) there are three ways radiation can affect the people, total or partial body exposure from living close to a reactor site, external and internal contamination can also occur. People who have been effected with total or partial body exposure but no contamination are not radioactive and will not affect their caregivers (Chowdhury,Show MoreRelatedThe New Developments Of Nuclear Reactor Technology And Their Importance As A Safe And Base Load Energy Alternative821 Words   |  4 PagesUnquestionably, the energy security is of great importance in order to maintain and sustain the development of any growing economy. 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Nuclear cleaning, while using an MED system, is 37% more efficient than any technology that uses any form of fossil fuel [3]. Of technologies that are applicable to large-scale distillation, as is needed by a country with little fresh water, none, save for nuclear cleaning

Empire free essay sample

There is a plague. It has struck many rock bands and musicians Rush, Pink Floyd and Don Henley to name a few. And the latest victim of this plague is Queensryche. The plague is commercialization. Its a tragic pattern. Band Xs first few albums are classic. By the time they get up to their fifth or so album, they are still strong, but you can see signs of commercialization. Two or three years ago, they were starting to sound more and more like Motley Crue and Bon Jovi and less and less like they were supposed to sound. And in 1990, Band X sounds more like the New Kids than anything else. Success has gone to their heads. Take Pink Floyd. Their early albums Meddle, Dark Side of the Moon, Umma Gumma and Obscured by Clouds to name a few are classics. I dont worship every single cut on each of these albums. We will write a custom essay sample on Empire or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page But to me, Floyds early (pre-Wish You Were Here) material embodies what the band is supposed to be: eerie, progressive rock with lyrics of psychedelic imagery. After the success of Dark Side came Wish You Were Here and Animals, a combined waste of almost two hours and a lot of virgin vinyl. These albums preached to the commercial world, not to Floyds fans. And their 88 album, Momentary Lapse, is inexcusable. No originality, no classic cuts, no Floyd characteristicsPink Floyd has become Britains self-contained answer to the New Kids. Rush has many classic albums under its belt; 2112, Hemi-spheres, Exit Stage Left and Signals are classics no matter who you ask. But as soon as Rush became popular, Presto! Presto came along and rendered Rush beyond hope. Don Henley was the drummer for the Eagles, one of my favorite bands, whose Hotel California, Heartache Tonight, James Dean, One Of These Nights and Life In The Fast Lane have become definitions of classic rock and roll. Kind of makes you want to cry when you consider the fifty minutes of wasted vinyl he released last year and called The End of the Innocence. I could go on, but I think Ill talk about Queensryche. Queensryche likes to make a point of making each album different from the last, so I wasnt expecting another Mindcrime when I spent ten dollars for the Empire CD. I was expecting to hear at least one or two really good songs (like Revolution Calling) and I also hoped to see some organization and originality. I wasnt expecting the album to have as much of a story line as Operation: Mindcrime did, but the order of the songs made me wonder if Queensryche had sat down at a roulette wheel to decide on it. So Queensryche is now a nameless heavy metal band. Their thanks to the true fans who made Mindcrime so popular is an album that just appeals to some. As a very angry fan of Celtic Frost once said when the band turned into another Bon Jovi clone, when a band switches styles in the middle of its career, they say to all their old fans, AScrew you, were going where the money is!' n

Patriotism Essays (383 words) - Patriotism, Communism,

Where would our country be without patriotism? Where would we be without patriotism? Would we be living in a Communist county? Would we have freedom, rights and security? Those are questions you should think about. Patriotism was in the brave Patriots and our founding fathers who came together and built our nation. Patriotism still matters to this day because we?re all still patriots at heart. We still fight to support our freedom and security. How would you like to live in a nation that picks who you marry, chooses where to live, makes you work a job that you might not want to, and does not allow you the freedom to speak your mind? If the people who founded our country did not have patriotism in mind, that is how we would be living. Even in present time, if our soldiers do not have patriotism, we would have lost our freedom. The American Government and Armed Forces do their best to prevent the spread of Communism and replace Communist Governments with Democracy. Or how about 9/11/01, after the terrorists attacked, our country did not sit around and moan, we stood up and fought back and took charge to show that we will do something about it. Without patriotism, we would be ruled by Great Britain because we wouldn?t have successfully revolted against Great Britain?s government. Great Britain is allies with us, but with all due respect, we wouldn?t be free. Our government is divided into three branches. Not one branch has more or less power that the other. Our system of government is headed by a President rather than a King. I?m not too sure about Britain?s government but to my knowledge, I believe they are still ruled by a King. Again, with all due respect, I believe America is a more free, a safer, and stronger country than Great Britain. Patriotism just doesn?t still matter, it is essential to our country. Patriotism was present on the day our county was born, and will still be here until the end of the world. Patriotism is like water to a plant. When a plant is given water, it grows stronger. The same applies to patriotism. When patriotism remains present in our country, our country grows stronger.