Islamic Banking Essay Example for Free

Islamic Banking Essay Islamic Banking is interest free banking, in which there is no fixed rate of return. Islamic banking is the banking system which is run in accordance with the Islamic laws and the Shari a’ board; that guides the institutions. This Shari a’ board authorizes the products that whether these are Shari a’ compliant or not. Islamic banking is the banking that is guided by Islamic law (Shari a’) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called Riba in Islamic discourse†. Islamic banking also finds its roots in Islamic finance and all type of transactions are interest free of risk sharing. The interest is probihited in Islamic ways of banking as it is also obvious from Quran. In Quran, in Sura Al-Iman, Allah said that; â€Å"O you who believe! Do not devour Riba multiplying it over and keep your duty to Allah that you may prosper† (3:130). Same kind of prohibition regard fixed interest is also lead in sura Al-Rum(39), Al-Nisa (160-161) and Al-Baqarah (275-281) of Quran. Riba and Gharar are illegal under Islamic law. Riba refers to fixed rate of interest. Gharar refers to fixed rate of interest. Gharar refers to speculation. Islamic banking shows dramatic improvements and developments in Pakistan. Islamic banking is taken as national policy and it is supported but there exist dual banking structure in the Muslim countries. Mostly the banks of conventional system are also opening their separate Islamic banking divisions and branches. The expectation of increase in growth of networking of Islamic banking system is increasing. The Islamic banking has increased in terms of branches, deposits, capital funds, sources. The ratio of income to expenses is high which indicates increasing profitability of the sector. Riba in Hadith â€Å"Every loan that derives a benefit (to the creditor) is riba†. (Hazrat Ali Radi-AllahuAnhu). Abu said al Khudri Radi-AllahuAnhu narrated that Holy Prophet ( peace be upon him) said: â€Å"Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, and salt for salt, like for like, payment made hand by hand. If anyone gives more or asks for more, he has dealt in Riba. The receiver and giver are equally guilty. If the creditor received a goat as mortgage from the debtor, the creditor may use its milk to the extent he has spent in providing fodder to the goat. However, if the milk is more than the price of the fodder, the excess is riba. â€Å"Usmani, para 99). For Usamah ibn Zayd : â€Å"There is no riba except in nasi’ah (waiting). â€Å"Bukhari, Kitab al-Buyu, Bab Bay al-dinari bi al-dinar nasa’an, ( : 386); also Muslim and Musnad Ahmad). There is no riba in hand-to-hand (spot) transactions. † (Muslim, Kitab al-Musaqat, Bab bay’I al-ta’ami mithlan bi mithin; also in Nasa’i). 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. Islamic banks have been less affected than many conventional banks in the current global recession. 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 alternative to conventional banking. 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. 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. 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. A post-crisis market is more 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. 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, as these sectors not only offer asset backed investment but also long term investment into societies. 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.

The Alamo Essay -- History Historical Mexican Essays

The Alamo The events that began on February 23, 1836 have roots that span as far back as 1808. This exploration into the events and carnage that took place before, during and after the Alamo will only go back to the events immediately leading up to the Alamo. Mainly the frame of mind the Mexican government had regarding the Texas settlers and the reasons leading to the confrontation at the Alamo.   Ã‚  Ã‚  Ã‚  Ã‚  In times before the confrontation at the Alamo, the Mexican government welcomed settlers into Texas. The motive behind Mexico’s act was to create a buffer zone between Mexican settlements and the Indians. Settlers were able to come to Texas as long as they promised to convert to Catholicism and become Mexican citizens among other stipulations. Moreover, Mexico had further problems, the most noticeable was Mexico’ s financial standing. The independence movement that freed Mexico from Spain also left Mexico â€Å"dead broke;† furthermore, they had no real way of watching or parenting the fledgling Texas. Hence, Texas became accustom to doing things without Mexico interfering. Soon after Mexico opened the door to Texas the population of settlers grew to make up 75 per cent of the whole population. This could be seen as a bad thing to the Mexican government because if Texas became entirely made up of settlers what was to stop Texas from breaking a way from Mexico for good. To add to the pressure pot the settlers were illegally trading, and engaging in illegal slavery, among other illegal acts. According to Walter Lord the American Settlers refused to pay any form of tax, in fact according to Lord’s figures only 1,665 pesos where collected from Texas in Two years.   Ã‚  Ã‚  Ã‚  Ã‚  These factors and many more including America herself showing interest in Texas, led Mexico to institute a restriction of the number of settlers allowed into Texas. In addition, â€Å"Mexico suspended all unfilled colonization contracts, and required passports issued by Mexican Consulate at their place of residence,† these policies alone angered the settlers who have been accustomed to a lazie fair approach. In addition troops were now being used to see that the laws were enforced and obeyed. As Myers points out: The North Americans had reason to protest. They had gone through the bad years when fields had to be chopped out of the woods and when an Indian raid was commoner that a square meal. An... ...nd bloody tiger to name a few. Many Americans had been opposed to the Texas cause, but no longer were they thinking about that, now they were thinking about revenge. Mexicans had slain American citizens and this had to be avenged in the mind of most Americans. The call to arms had now been rung, â€Å"Remember the Alamo.† The Alamo had been a total loss on the field of physical war fair, but on the playing ground of the mind the Alamo had seized the minds and hearts of every American and sympathizer alike, to rally to its call. So in the end I believe the Alamo was a total victory for the settlers cause. Works Cited General Antonio Lopez De Santa-Anna, D. Ramon Martinez Caro, General Vicente Filisola,   Ã‚  Ã‚  Ã‚  Ã‚  General Jose Urrea, and General Jose Maria Tornel; Translated by Carlos Castaneda.   Ã‚  Ã‚  Ã‚  Ã‚  The Mexican Side of the Texas Revolution. Dallas.: P.L. Turner Company,1956 General Miguel Sanchez Lamego; Translated by Consuelo Velasco. The Siege and Taking of The   Ã‚  Ã‚  Ã‚  Ã‚  Alamo. New Mexico.: Sunstone Press, 1968. Lord, Walter. A Time to Stand. Lincolon.: University of Nebraska Press.: 1978. Matovina, Timothy. The Alamo Remembered. Austin.: University of Texas Press.: 1995.

Antislavery Movement Before 1830 and the Abolitionist Movement After 1830 Essay

The status of women, African Americans, and Native Americans did not change after winning the American Revolution. Although after the American Revolution winning the status of women didn’t change, because of what they had stood up for. The status of women did not change, because of what each Americans group had done to make it not change after the winning of the American Revolution. The African American women had been slaves during the American Revolution until then but the African American women had traded, provided things for families, and worked together during the American Revolution. They also showed what women can do just like the men can. The Native Americans which were Indians did not change, because of their tribute, trading, providing materials, and that some of their husbands had to fight in the American Revolution war. They wanted to things that every woman has to do, so that the people could know their status of American women. The African American women did not change, because of the things they did to make their status different from the other American women. The African American women were slaves during the American Revolution it was just a few of them. The African American women didn’t change anything about their status or anything before or after the winning of the American Revolution when they found out about it. The African American had been through a lot to tell their status of women and why they were a part of the women status. The Native American did not change after the winning of the American Revolution, because they didn’t really have anything to do besides protect their tribes and be a family since some of their husbands had to go and fight in American Revolution. The Native American women protected their tribes and families, so that it wasn’t gone get damaged during the Revolution. They didn’t want them to get hurt and lose them. The Native American also stood up for what they had to do as a status of a women which was a good thing that they decided to do to become a status of a women before and after the winning of the American Revolution. The Status of women was important and did not change, because of what the different races of women did. The status of women had their reasons which were right to not change after the winning of the American Revolution. I would have loved to be a part of the status of women back during the American Revolution.

Kant s Philosophy On Moral Philosophy - 1991 Words

Kant really focuses his arguments regarding to moral rules that are necessary and universal, such as moral law that would hold up to all rational beings. In Kantian ethics, Kant offers two different explanations of moral law, the formula of the universal law of nature and the formula of humanity as an end in itself. In this paper, I am going to focus on explaining, reconstruct, and analyze on the first topic which is the formula of the universal law of nature regarding to the lying promise. Kant believes that our moral judgment is right, just with the wrong reasons. Kant’s account of moral judgment is purely from reason. In the preface of â€Å"Groundwork for the Metaphysics of Morals† by Kant, Kant mentioned that â€Å"my aim here is directed†¦show more content†¦In this quote, Kant is expressing that a good will has to be the influence to human’s mind in order to do something good and morally worthy. Moderation, which Kant also explained in this chapter, would have a negative effect to one’s judgment about moral. He believes that it would have a negative effect because it would not be an action form one’s rationality. To be a purely good action, and morally worth, Kant says that â€Å"A good will is not good because of its effects or accomplishments, and not because of its adequacy to achieve any proposed end: it is good only by virtue of its willing – that is, it is good in itself†¦Ã¢â‚¬  (317). So, one’s action must be good in itself because of the will of that person doing the action, which later on Kant would say that the person must act from duty. For example is our intelligence, intelligence is a good thing as long as we use it for good reasons. Same kind with wealth, power, and health. Kant also says that happy people need good will. Moral worth is a good will as long as it is according to the duty. The will is good because it allows to pursue some kind of happiness, which is not right. Kant says that it is good only if it is according to the moral law. Kant is making a separation between inclinations, sentiments, desires, and so on because they are not related to the g ood will, although they are not universal.