Islamic Banking Systems and Their Characteristics Directed by the Shariah Free Essay Example, 7250 words

In order to understand the theoretical background of Islamic banking, it is first necessary to define Islamic banking. To this end, Aburime and Alio (2009: 321) define Islamic banking as A system of banking or banking activity that is consistent with Islamic law Shariah principles and guided by Islamic economics. Broadly, Islamic law Shariah principles govern the daily lives and activities of Muslims and this includes financial transactions (Anas Mounira, 2009: 124). Under Islamic law Shariah principles, all behaviour and business or financial transactions must be conducted in accordance with what is fair to all parties involved and must be consistent with ethical and religious conduct as prescribed by the Qur an and Sunnah (teachings of Muhammad) (Ainley et al, 2007: 4). Informed by the Qur an and Sunnah, Islamic banks generally commit to a prohibition against interest also known as riba (Nejatullah, 2004: 36). It has been theorized that a lot of the problems such as inflation and unemployment, associated with capitalism are connected to the practice of lending on interest (Nejatallah, 2006: 4). Islamic banking theory, therefore, dictates that Islamic banks share profit and loss with its depositors and include an element of mutuality (Jaffar Manarvi, 2011: 61). We will write a custom essay sample on Islamic Banking Systems and Their Characteristics Directed by the Shariah or any topic specifically for you Only $17.96 $11.86/page With safety/risk management as a significant rationale for banking regulation, there are two relevant theories applicable to banking regulation: positive and normative.

The Importance Of House Hunting As More Of An Endurance...

In recent years, students have come to regard house hunting as more of an endurance task (telegraph). Therefore this paper will look into ways to improve student collaboration in terms of finding accommodation. Now a days it is becoming far more accessible for people to be able to go to university. In recent years there has been a rise in the number of both national and international students applying for and attending universities in London. This increase has led to universities only being able to offer limited on-campus living accommodation, which means students are now having to seek more private accommodation. Each year it has been reported that students face the same accommodation crisis as the market offers little information about†¦show more content†¦The two most common listings which have survived and still being used are Newspapers and printed listings. These only give a little organisation, as well as short of being sorted by one field, but are easy to use for the novice. Dynamic queries was designed, implemented and evaluated as a new concept for visualising and search databases utilising direct manipulation. These queries will allow users to formulate a query by having control over the adjustment of graphical widgets, for examples when the user have set their search queries into the sliders they will have the result of their search immediately. This way users will find it easy to find trends and exceptions as dynamic queries have provided them with a graphical visualising of their search result and database. Few decades ago, the main hypothesis was that the dynamic queries interface, provide a query which had both graphical input as well as graphical visualisation of the users search results. This would give the best user performance results and would berated highest in user satisfaction. Performance results were measured as the time until correct answer for each question. Interaction Design A dominant concern of interaction design is to develop interactive products that are functional and meets the needs of the target audience. This means that the design has to be easy to learn, effective to use, and to provide a pleasing user experience. To start you should start thinkingShow MoreRelatedStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesChange and Stress Management 577 Appendix A Research in Organizational Behavior Comprehensive Cases Indexes Glindex 637 663 616 623 Contents Preface xxii 1 1 Introduction What Is Organizational Behavior? 3 The Importance of Interpersonal Skills 4 What Managers Do 5 Management Functions 6 †¢ Management Roles 6 †¢ Management Skills 8 †¢ Effective versus Successful Managerial Activities 8 †¢ A Review of the Manager’s Job 9 Enter Organizational Behavior 10 ComplementingRead More_x000C_Introduction to Statistics and Data Analysis355457 Words   |  1422 Pagesincluding photocopying, recording, taping, Web distribution, information storage and retrieval systems, or in any other manner—without the written permission of the publisher. Thomson Higher Education 10 Davis Drive Belmont, CA 94002-3098 USA For more information about our products, contact us at: Thomson Learning Academic Resource Center 1-800-423-0563 For permission to use material from this text or product, submit a request online at http://www.thomsonrights.com. Any additional questions about

Esek vs Hopkins Essay Example For Students

Esek vs Hopkins Essay The birth of the United States Navy on 13 October 1775 formed a defensive measure in response to the growing need to protect the commerce of a developing nation from the then largest navy in the world, the British fleet. Esek Hopkins, the brother of a powerful Rhode Island politician found himself selected as the first Commander in Chief of the Continental Navy. During the French and Indian War, Hopkins quickly emerged as an experienced merchantman as well as a participant in the profitable privateering of British commerce vessels. On Hopkins first mission as Commander in Chief, he found himself in a bind and resorts to his skills as a privateer rather than a Continental naval officer. Years later the United States continued to have problems with commerce raiders, this time with the Barbary Pirates of the Mediterranean Sea. A young man, the son of a Revolutionary privateer, became the answer to this problem; he was known as Stephen Decatur. Decatur led many successful missions in the Mediterranean and became famous for his leadership and heroism. A comparison of the careers of Hopkins and Decatur proves that the success of naval leaders depends not only upon their skill as mariners, but also upon experience, judgment, and luck. Both Hopkins and Decatur came from seafaring families and were skilled sailors, but Decaturs experience as a naval officer gave him an advantage over Hopkins. After ten years as a shipmaster on the West Indies Route, Hopkins proved his naval prowess as a successful privateer during the French and Indian War, indicating that he was as good a warrior as a trader.However, his lack of experience showed in his battle with the Glasgow, where he exercised little control over the ships within his command, operating as privateers rather than as a fleet.While Decatur had fewer years at sea, he had more military skill than Hopkins primarily because he garnered his experience within an organized navy rather than as a privateer operating independently. As a result, one could expect Decatur to be more successful in organized naval battles than Hopkins. Decatur did not necessarily show better judgment than Hopkins, but his lapses of judgment seemed more popularly acceptable. Hopkins did not adequat ely consider political context in his decision-making. His actions in leaving the southern colonies unprotected in order to capture a fort in the Bahamas and his offering of the spoils to the northern colonies without consulting Congress showed his insensitivity to the need of the new nation to overcome separatism. Hopkins acted like a privateer, not like an American naval officer, by taking the more cautious action of sailing to the Bahamas instead of engaging the British Royal Navy. Hopkins made this decision to minimize danger and maximize profits and critics called him a coward for it. In contrast, Decatur seemed to almost seek out dangerous situations. Lord Nelson characterized Decaturs actions to destroy the captured Philadelphia in Tripoli Harbor as the most bold and daring act of the age.In 1816, a British squadron off the coast of the United States forced Decatur to surrender the frigate President. Decatur felt that command of a successful expedition to chastise the day of Algiers would give him an opportunity to defend his loss.Some naval historians have questioned some of his decisions-in particular his command of the President-but these same decisions were supported by his peers.Decaturs reputation was not harmed by the surrender of the President to the British squadron in 1816. The public perceived Decaturs adventurous behavior as heroic in part because those actions usually ended in success. The perception of Decatur as heroic and Hopkins as a coward derived largely from different situations in which they found themselves. Hopkins led the first American navy, which existed not as a true navy, but as a loose conglomeration of independent operators. Hopkins first mission in his new position involved proceeding south to the Chesapeake Bay and then on to the Carolinas to provide protection from the pirating of Lord Dunmore, although his orders also allowed him to use his best judgment to undertake actions useful to the American cause and which would cause distress to the enemy. Facing heavy ice, delays in