Islamic Finance Essay Example | Topics and Well Written Essays - 2250 words

Islamic Finance - Essay Example The paper tells that despite the upheavals and mayhem that exists between the Islamic world and the United Kingdom, as peculiar as it may seem, it is wise to say that Islamic banking and finance has found its way in the United Kingdom. Islamic finance is the basis of Islamic banking system. Laying its foundation on the rules and principles of Sharia, commonly known as the Islamic law, this offers Islamic finance its very unique and competent features. As much as Islamic Banking has its challenge and opportunity, many western bankers have sort to involve themselves in this growing business. Their guiding principles and rules state that Allah owns everything in this world and that man has only been rendered permission to use it. In the United Kingdom, London has emerged itself to be the core ad centre of Islamic banking. In the United Kingdom, a decade ago, the business was perceived to be in its infancy this being the reason as to why its extent is limited. A decade later, Islamic ban king and finance has prevailed in the United Kingdom due to its unique characteristics. One of the most distinct characteristics that have made Islamic banking and finance business to grow is the fact that Islamic banking does not offer interests, which is commonly referred to as riba in the Islamic world. The reward for money deposited as perceived is done by not charging or paying interest. As a way of curbing the loss and profits occurred, Islamic banking use the technique of sharing both the profit and loss occurred. This is commonly known as mudarabhah, which in lay man’s term means profit sharing. In cases that involve mortgage buying, the bank itself buys the mortgage from the seller then giving it to the buyer making profits thus allowing the buyer to pay the money in installments. The mortgage is registered under the buyers name from the start to avoid any suspicions. This kind of arrangement is known as Murabah. The entrepreneur feature of the Islamic banking and f inance is another characteristic that has made this type of banking to stand out. Putting its focus not only on financial expansion but on also physical expansion of economic services and production, this has made many western bankers to use the Islamic banking and finance services. Trade financing and equity financing have led the way for the Islamic banks. No wonder the growing trend of people enjoying their banking services. The United Kingdom being one of the worlds’ most sophisticated and complicated banking and financial systems, this has helped the Islamic banking and finance to prevail. The main reason as to why Islamic banking and finance has prevailed more in London than in any other cities of the world is due to the fact that London is much closer to Middle East than any other cities. In fact, London is estimated to have hosted the world’s largest Islam’s in all the cities of the world (Anwar, 1995). In the center of London, the Arab community is rank ed among the most affluent Arabs in the world. To add on to that, Arabs restaurants and hotels exists in London center to cater for the Arabs that visit the city every now and then. There has been an increasing number of doctors, engineers, and students in the United Kingdom. London emerges to be the leading market in the world for foreign currency exchange, dollar being the popular currency trade. In the recent years, the retail level banking in the United Kingdom has gone down. This is due to the introduction of the Banking Act of 1987, which allowed external banking to exist. The big four banking players dominance namely Barclays, Lloyd, NatWest and the Midland bank, the latter being the only one that has managed to secure its market share. Evolving from a small niche bank in the Middle East in the last four decades, Islamic Banking and finance have grown in to a dynamic, profitable, and resilient competitor to all major banks in the United Kingdom. By the end of 2008, Islamic ba nks are estimated to be over $850 billion and

The Strengths and Weaknesses of Britain's 'Traditional Constitution' Essay

The Strengths and Weaknesses of Britain's 'Traditional Constitution' - Essay Example Any state whether large or small should have important and elemental values which enable efficient and effective governance. It is these rules that show a picture of the country’s values and nature. They bring out the character of the state as dictated by the understanding of the citizens of the laws based on whether they are laws or a formulation of how things should be done. As much as the state may formulate these laws independently and uniquely, some common characteristics can be identified in many states’ laws or in the general administration. For many nations and states, there are laws and rules that govern the conduct of people or provide guidance on the way of life. In Britain though, this is not the case. Unlike most states in the world, the country lacks the formal and legal documents that bring forth the procedures or arrangements by which the country is to be governed. It lacks the set of main values, norms and upholding by which the state is to be administe red. Types of constitutions A constitution is a set of rules that govern the administration in a state and the government on the mode of administration1.There are various methods that are used to classify types of constitutions. A constitution can be codified or not codified, federal or unitary and flexible or rigid. A codified constitution is usually based in one document and is more likely to be inflexible while a federal constitution divides power into two parts of the government2. Written and unwritten The words written and unwritten refer to the way in which the constitution is formulated and the main distinction is brought out by whether the constitution is brought out in a single or a set of documents or whether it is just an assembly of various sources. A written constitution is usually presented in a document or a series of documents and this is common in almost all the countries. An unwritten constitution is one that is not expressed in a document or even a set of document s. Britain is an example of country that lacks a written constitution though some of its parts may be in written form. Any written document provides a clear guideline and is more authentic thus is seen more legally and can be easily endorsed than the unwritten one3. Rigid and flexible A constitution contains the basic principles that govern the mode of administration of any state. Basically making these rules is based on the aspect of continuity and thus lack of alteration. In the event of alterations, there are specific channels that are followed. The ease with which a constitution can be altered to suit the changing times reflects its flexibility. If therefore a constitution follows a long channel and is basically subject to a process which is restrictive before the laws can be changed, it is referred to be rigid. In the case of Britain that lacks a written constitution; the case of rigidity is actually questionable and may be less. If a bill formulated and passed in the parliamen t receives the royal pass on, it becomes effective since there is no higher restrictive force or body to create difficulties4. Therefore, the laws are subject to changes since there is no procedure earlier formulated and put down to change particular laws. The flexibility of the constitution in unmentionable and the laws are made by the parliament with no higher body to make them. The parliament tends to receive less restriction and the constitution also contains the non- legal part which is

Strategic Management of International Enterprises Essay

Strategic Management of International Enterprises - Essay Example (Savitsky & Burky, 2004). Globalization continues to grow in its effort for a coherent global economy previously separated by culture, geography, or nationality. Global competition, entry strategies, strategic timing and positioning, the government rules and policies, the local culture, investments, and the target market are some of the issues that confront companies wanting to expand overseas. Due to globalization, situation has altered to keep pace with the changes. Nevertheless, challenges remain and this report presents how Motorola faced the challenges like ethical and corporate social responsibility, cultural diversity, and marketing strategies. Motorola is a global leader in wireless, automotive and broadband communications. Motorola possesses world class technologies in global procurement rules and channel which it applied globally. It has an excellent marketing strategy. Motorola has established themselves as quality leaders and were early winners of the Malcolm Baldrige National Quality Award in the USA. Motorola is admired as the role model for corporate excellence. According to the Fortune Magazine, Motorola is the titan of TQM, the epitome of empowerment, tribune of training, icon of innovation and prince of profits (Winston, 1996). Reconciling with the local government is an important factor for any MNC to enter a market. Motorola identified telecommunications as an important field which the government of any country is concerned about. Accordingly, they put the highest priority in reconciliation with the local government. It responded to China’s reform and liberalization policies and formulated strategies to target China’s domestic market. Before entering the market it determined certain investment fields and investment amounts with a clear vision from the beginning of the position it wanted to attain in China. Its clear-cut investment policy and insiderization efforts contributed to its success in China (Hara & Nakanishi, 2004). It

Psychology Essay Example | Topics and Well Written Essays - 500 words - 7

Psychology - Essay Example But when they look at themselves in the mirror, they see only the imperfections of which they are already well aware. The good news is that if we can’t depend on our own judgment and we’re mistrustful of the reassurances of our friends, it has been established that people have the inherent capability to alter how others perceive the way they look simply in the way they present themselves. â€Å"When you’re convinced you look good, others see you in a more favorable light† (Flora, 2006). People, mostly women, tend to feel more attractive around people who aren’t as appealing as they are and less attractive around people they perceive as having more appealing features. These social comparisons occur constantly and automatically, not only when strangers are deliberately scrutinized. Psychologists refer to this phenomenon as the ‘contrast effect.’ According to Richard Robins, professor of psychology at the University of California, Davis, women universally use a scale for beauty that is unreasonable. For example, in a study, neither gender used people such as Einstein as a comparison when appraising their own intelligence, but women compare a biased view of their own beauty to that of super models. Another study showed how self-awareness of appearance affects cognitive actions. When males and females were given a math test, both genders had similar results but when another test was given with the females dressed in swimsuits, they scored much lower than their male counterparts. When the men wore swimsuits, the difference was negligible. I am not surprised to find that studies show women to be more obsessed with their outward appearance than men. Society has long established the idea that a woman’s only value is reflected in the quality of the man she can attract. Since men tend to base their own preferences upon the outward appearance of women, it becomes necessary for women to be concerned with doing all she can to attract the

A phenomenological study of Chinese Buddhist temples Essay

A phenomenological study of Chinese Buddhist temples - Essay Example This paper is about Chinese Buddhist temples from an architectural perspective. The introduction in part A describes what these temples are and this is followed by a selection of some temples of architectural significance as examples. The introduction in part A describes what these temples are and this is followed by a selection of some temples of architectural significance as examples. This brief survey is then used to identify some typical architectural features in part B, a description of three distinct architectural styles, and a discussion of the impact of the introduction of Buddhism in China. The main part C then describes the phenomenological study of a particular temple, namely the Bao Shan Chan Si after first justifying the method and introducing the temple. Part A: Chinese Buddhist temples Introduction to Chinese Buddhist temples Buddhist temples are spiritual spaces designed for worship, devotion or offerings according to the Buddhist religion. Chinese Buddhist temples ha ve been known throughout history as Ci, Lanruo, Jlalan, Jingshe and Si. Temples are one of the most conspicuous and significant of buildings that exhibit Buddhist (xiu xing) architecture. Others are pagodas (religious towers), grottos (religious caves) and stupas (dome-shaped monuments). They display marvellous items with Buddhist symbolism, sculpture, painting and calligraphy. But they have more than these outward features alone. They are also places of serenity, tranquillity and holiness. They exude an atmosphere in which people can feel inner peace and spend time to purify their souls. A selection of some temples of architectural significance There are many Buddhist temples all over China, but three of these were selected to illustrate the significance of Chinese Buddhist temples from an architectural perspective. These are the JieTai temple, the Longhua temple, and Yo Fu Si. The construction of the JieTai Temple, which is outside Beijing, began during the Tan dynasty but was com pleted during the later Qing dynasty. The JieTai temple has a special ordination platform made of white marble containing beautifully carved figures and special rock formations and trees around its main courtyard. JieTai Temple (Source: http://www.buddhist-tourism.com/countries/china/temples/tanzhe-temple.html) The Longhua Temple is the largest in Shanghai. In its domed Grand Hall is a glided statue of the Buddha together with his disciples. There is also a special sculpture that shows how reincarnation happens. In another hall called the Three Sage Hall, there are three incarnations of the Buddha, and another room contains 500 golden small arhat statues. The temple complex also has a special pagoda constructed from wood and brick. It has an octagonal structure and seven stories, which is highly symbolic. The Grand Hall of the Longhua Temple (Source: http://www.sacred-destinations.com/china/shanghai-longhua-temple) Also in Shangai is a famous temple known as the Jade Buddha (Yu Fo S i) Temple. It is so called because it contains two Buddha statues made from white jade, which were brought over from Burma. From the perspective of architecture, the temple has a Song dynasty style so it is a fairly new temple and therefore distinct from traditional Chinese architecture. One of these distinct features is the use of circular doors as shown in the photo below. One of the circular doors of the Jade Buddha Temple (Source: http://www.sacred-destinations.com/china/shanghai-jade-buddha-temple) Part B: Typical architectural features of Chinese Buddhist temples The above survey of Buddhist temples in China has revealed typical architectural features listed below. Chinese Buddhist temples tend to have: Several large halls connected together Small courtyards separating its halls Statues of the Buddha and other ornamental sculptures Tiled roofs turned upward at the corners Common materials were wood, brick and stone Usually symmetrical

Socrates Political View Essay Example | Topics and Well Written Essays - 2000 words

Socrates Political View - Essay Example The Socratic philosophical approach posits that the central subject matter of philosophy is the human being and virtues are viewed as a form of knowledge. Additionally, the approach posits that people do not commit evil intentionally and that they can explain the different accounts that have transformed their lives. Socrates is considered as the most revolutionary political theorist in the history of politics. Socrates believed in the ability of a man being superego. Plato posits, â€Å"in [his] investigation of the service of the god†¦that those who had the highest reputation were nearly the most deficient, while those who were thought to be inferior were more knowledgeable†. Notable among his declarations is that the wisest man is the one that knows that he knows not. Socrates argued that human happiness is the product of the ethical knowledge on how people should live and not on the basis of material possession and wealth. His political theory argues that governments s hould not act as merely powerful organizational entities; rather they should adhere to the ethical principles that enhance the culture of moral uprightness. The government’s role, according to Socrates, should be to cater for the common benefit of all citizens rather than discriminating individuals over adherence to societal rules. His association with political change and activism is related to the fact his ideas attracted enthusiastic admiration from the youths who add participate in the political coup at Athens in the aftermath of the Peloponnesian war.

Project Assignment Example | Topics and Well Written Essays - 250 words - 1

Project - Assignment Example This is because 64.1% of the male population and 63.8% of the female population strongly believe that everyone at Indiana State University cheats at some point in their courses. 66.9% of these scholars are from the upper level while 60.9% are from the lover level. 60.2% of the scholars reside on campus while 66.8% reside off campus. In addition, 46.2% of the male population and 45% of the female population know of a student who has used their phone to take a picture of an exam. 48.0% of these scholars are from the upper level while 43.6% re from the lover level. 46.4% of the scholars reside on campus while 45.4% reside off campus. Finally, 79.3% of the male population and 76.3% of the female population believe technology advances have made it easier to cheat. 78.6% of these scholars are from the upper level while 77.0% are from the lover level. 79.6% of the scholars reside on campus while 76.4% reside off campus (Punch