Management Assignment Example | Topics and Well Written Essays - 500 words - 9

The board - Assignment Example 2. I concur that potentially dishonest conduct in organizations isn't basically for individual addition in light of the fact that there are situations where organizations tried to secure or support its representatives, customers, or network. Song Dweck’s research does impacts significantly the purpose of exploitative conduct for individual increase by organizations (Gladwell, 2013). On the off chance that an organization considered corporate and social capable gets itself into trouble, unscrupulous conduct might be among its alternatives to make sure about its representatives or network. Be that as it may, such organizations regularly carry on unscrupulously to make sure about their monetary or individual interests, which Gladwell can consider â€Å"human and corporate nature† (Gladwell, 2013). 3. Money related influence is the level an association applies fixed-pay premiums like obligation and perfect value (Monczka, Handfield, Giunipero, and Patterson 2011). Advantages of budgetary influence incorporate the intensification of investor returns, more progressions of fluid resources, held onto economies of scale, and improving FICO score. The dangers of money related influence incorporate the instability of any business venture helpless against purchaser inclination towards its products or administrations and the prerequisite of sufficient returns that compensate for the additional hazard included when the organization acquire accounts that eventually ought to be taken care of (Monczka et al., 2011). 4. Banks have a low ROA since it is a general guideline for adventure specialists to see non-money related institutions’ ROA be beneath 5%, which the exemption of monetary or credit foundations. Banks consistently battle for a ROA of 1.5% or more since their key resources are credits to organizations or people (Monczka et al., 2011). To give out these credits, banks should have enormous pools of fluid resources that additionally fill in as the bank’s wellspring of income. Banks are profoundly advantaged with obtained accounts with a little value base, which enhances their ROE (Monczka et al., 2011). 1. The primary conditions I would consider single-sourcing an

Personal Learning Journal Essay Example | Topics and Well Written Essays - 1000 words

Individual Learning Journal - Essay Example ce, for the errands appointed to our gathering, we originally decided all the practical targets to be accomplished as suggested by Hammond, Keenye and Raiffa (2006). Through our pioneer, we distinguished the qualities and shortcomings of each colleague which guided in the distribution of undertakings dependent on the abilities of every person. This caused the group progressively powerful as well as made everybody to make the most of their undertakings. This experience gave a chance to me to apply the Rational Model. Objective Decision-Making Model includes a subjective procedure where each progression follows a legitimate request from the progression previously. Being a subjective procedure implied that we needed to thoroughly consider and weigh up and to contrast all together with get the most ideal outcomes. The six stages in this model beginning with characterizing the issue, at that point distinguishing the choice measures, assigning loads to the standards, building up the other options, assessing the other options lastly, choosing the best other option (Eisenhardt, 1989). In any case, the Rational Model expect that the chief has a reliable arrangement of inclinations and knows about all other options. The result will be totally sound and there will be no time limitations. This model unmistakably investigates the experience of circulation of errands inside a gathering. However much as could be expected, our pioneer was all around educated pretty much all the colleagues as a result of the interviews that made him mindful of the qualities and shortcomings of every part, consequently helping in the simple and sensible appropriation of undertakings. Another experience includes the forks challenge embraced during address time. The game expected us to demonstrate up a tall structure utilizing forks. With a period range of 15 minutes, it was a troublesome assignment. We clashed on whether to construct a square or triangle structure making us sub-separate into two littler gatherings. In any case, after at some point, we understood that we were unable to think of the tallest model without being joined together. In the end, our gathering won, having concurred in

SIPA Faculty Member and Students Return from Haiti COLUMBIA UNIVERSITY - SIPA Admissions Blog

SIPA Faculty Member and Students Return from Haiti COLUMBIA UNIVERSITY - SIPA Admissions Blog One key part of the education SIPA students get is professional experience.   SIPA students travel all over the world during the summer, winter, and spring breaks and are often in the middle of where news is happening.   This was the case with Haiti as well. Six SIPA students and SIPA faculty member Elisabeth Lindenmayer are safe after becoming trapped in Port-au-Prince, Haiti during the devastating earthquake that struck that country on January 12.   Lindenmayer, director of SIPAs United Nations Studies Program, and the six students were in Haiti on a UN study trip. After evacuating by helicopter to the Dominican Republic, all returned home on Friday, January 15. Everyone at SIPA is greatly relieved to hear that all involved in the development exercise are home safe.   For a more detailed article please visit the Columbia Spectator site.

How Media Has Changed My Own Style And Culture - 1178 Words

Media has left an indelible mark on the lives of many generations before me, which is something I already knew. I’ve seen black-and-white clips of CBS anchorman Walter Cronkite as he heartbreakingly informed America on the assassinations of prominent figures like John F. Kennedy and Martin Luther King, Jr., as well as breaking the Watergate scandal. I’ve seen syndicated Sanford and Son reruns, and I’ve listened to music from 70s and 80s artists like Blondie, The Mamas and Jim Croce. However, despite all of that, there is a difference that I’ve found from looking back on the media of the past, and actually hearing about how the media of a specific time period influenced style and a culture, not unlike the media that I’m surrounded by†¦show more content†¦He negotiated with Iran, but he couldn’t get them released. They were freed right after Ronald Reagan became president. Q: Did media help to define your generation by giving you any fashion trends? A: In 1979, women’s overalls were pretty popular. They were curvy and accentuated the waist. Also, women’s pantsuits were really in style around that time. The Jheri curl was big back then, but I never got it or cared for the look. It always looked too oily and drippy for me. Q: What programs on television did you like to watch? A: I liked Three’s Company, The Waltons, 60 Minutes, and Good Times. The Jeffersons was on during that time, the whole family used to watch that whenever it showed. Sanford Son was another show that we all would watch. It still makes me laugh even though I’ve seen every episode more than once. Q: Did you ever want a job in media? Why? A: Yes, actually. One of my dream jobs was to work in the newsroom as a reporter. I had always been fascinated with television news and reporting. Growing up, we saw newscasters like Walter Cronkite deliver the news to the whole country. It always seemed interesting working in a field where you give information that is sometimes powerful to a group of people, to keep them informed. Q: Who were some of you favorite musical artists? A: There was Prince, Michael Jackson, Blondie. That’s around the time when Michael Jackson’s Off The Wall album came out. ThatShow MoreRelatedBarbie Will Forever Be Changed From The Classic Tall, Thin, And Blond Girl936 Words   |  4 PagesA few days ago I was sitting at my desk waiting for one of my classes to start. I was casually scrolling through Facebook when an article caught my eye. I stopped and clicked the picture to read more. I read about the release of the newest line of Barbie. Barbie will forever be changed from the classic tall, thin, and blond girl she was to a unique doll with a variety of body shapes and sizes. When I read this article I was filled with mixed feelings. How could they change Barbie? To me the wholeRead MoreCulture : Culture And Culture852 Words   |  4 PagesCulture has many definitions, but is mostly defined as a set of beliefs, behaviors, customs, and ways of life that are shared and accepted by people in a society, moreover, cu lture is learned. Culture has an impact on how we communicate, therefore, the way we interact and communicate with others is influenced by our particular culture in which we live. My culture affects the way in which I communicate with people that I come in contact with, on a daily basis. I, like most people, live within manyRead MoreHow Fashion Has Changed Over Time Essay924 Words   |  4 PagesAspect of Pop Culture has Change over Time Fashion is the habitual practice of style with which a person dresses. Fashion is the aspect of Pop culture. Fashion is not just cloths, it is also shoes, jewelry and hair styles. As the thoughts of people changes, so as the trend of fashion changes over time. 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The Balance Of Power And The Security Dilemma Essay

War seems to many to be an irrational act of passion....Yet for all the emotion of the battlefield, the premeditation of war is a rational process consisting of careful and deliberate calculations. (Bueno de Mesquita, 1981, 19) War choice is rational when the benefits exceed the costs and rational war choice should always be determined by the calculations of expected benefits versus the costs. Traces can be found from the complexities of international relationships that the choice of peace or war follows several basic rules, among which are the theories of the balance of power and the security dilemma. The balance of power is one key concept to understand about the rational choice of war. In any given system, which is comprised of several neighboring nations, major or minor according to the distinctive scale of influences it could have to the system, any change of power in one nation applies to the system as a whole. The major powers refer to the ones that are capable of influencing the system greatly and initiating a war that goes to the whole system; while the minor powers have the only limited strength and can only start wars in a smaller region rather than the whole system. Thus, major powers play the key role in a system and determines the balance of power (Lecture, August 3, 2016). The balance of power shifts from two states: stable or unstable. The stable balance of power refers to the state that the relative powers of nations or alliances areShow MoreRelatedThe Theory Of The International System1741 Words   |  7 Pagesanarchy is the dominant structural condition (Class Notes, August 31). Other theories such as liberalism or idealism refute these ideas. These theorists embody a more optimistic approach in which cooperation is key and the individual is given more power than realists believe. 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Food Inflations-the Real Problem of Common Man in India Free Essays

string(34) " than doubled across the country\." In simple terms inflation, or price rise is caused by too much money chasing too few goods, or, demand being more than supply. The free play of the twin market forces of demand and supply determine the price of any commodity or service. In a mixed economy like India, Government is also an important player in the market. We will write a custom essay sample on Food Inflations-the Real Problem of Common Man in India or any similar topic only for you Order Now Hence to search for the causes of inflation, becomes somewhat complex. The last couple of months witnessed a sudden and almost a run-away type of food inflation. The way the price of vegetables and other food items soared, it created doubts in the minds of the common people and the economists alike. Winter is generally the time when fruits vegetables are at the lowest prices. This was not so this year. The prices were way above the expected normal. This happened in spite of the normal monsoon and average inflation in other sectors. It was the other way round this time. Inflation in the food sector spilled to other sectors causing the rise in overall inflation. The government and RBI are working on the lines of monetary regulations like change in the interest rates, CRR etc. But looking at the way the food prices are stuck at the higher side, don’t these monetary measures appear just temporary remedies? There are certain deeper, grass root causes which have to be actually tackled. India has come a long way in case of food grain productivity. There was a time when our Balance of payments, account was always weighed down by food grain imports and the debts incurred for these essential imports. It is not so anymore. We are self reliant now. In case of sugar, global prices are determined by the amount of India’s sugar production! States like Punjab, Haryana and Gujarat are doing well in the field of agriculture. Production may be slightly short of demand considering the huge population. Such inflation can be checked by importing. But our problem is actually the middlemen. There is a huge difference between the cost of production and the price the final consumer pays. The farmer gets a very small amount of this profit/difference of cost and final price. For example – If we are buying a vegetable for Rs. 40 per kg. , the dealer at the wholesale market gets Rs. 10 per Kg. , and the poor farmer gets a meager Rs. 3. Again this Rs. 40 too will differ depending on the locality it is being sold. Then there is always the problem of black marketing illegal stocking of goods to get a higher price. So we actually need checks on the middlemen and the retailers. Secondly, the system of direct farm to shops has to be developed, so that the farmers are the real beneficiaries. This will also motivate the farmers to increase production. Wastage is another important avoidable problem, leading to shortage. Production we have raised. But so much is wasted because we still are a laggard when it comes to state of the art storage facilities. Even the government’s huge food buffer stock lies unused till it gets finally rotten. Why doesn’t the government release its buffer stock on time to check shortage and food inflation? Is the buffer stock merely for psychological security? The government has raised the support prices of some food items. This along with the rural employment schemes and high urban salaries has also infused excess money in the market causing the inflation. Lastly, does the government know or sincerely follow, what is happening to the prices which are subsidized or fixed by the government? There are cases where the inflation will not show in the Government statistics, but will certainly affect our household budget. As usual when the Union Budget is presented, all eyes will be on the Finance Minister and his speech will be thoroughly scanned for all the implications on the economy. But this time, there is one particular reason why ordinary citizens will be specially focused on the Budget: the hope that the Government is finally going to act decisively to contain food price inflation. It is not surprising that questions of food security and the right to food have become such urgent political and social issues in India today. Rapid aggregate income growth over the past two decades has not addressed the basic issue of ensuring the food security of the population. Instead, nutrition indicators have stagnated and per capita calorie consumption has actually declined, suggesting that the problem of hunger may have got worse rather than better. So, despite apparent material progress in the last decade, India is one of the worst countries in the world in terms of hunger among the population, and the number of hungry people in India is reported by the UN to have increased between the early 1990s and the mid-2000s. These very depressing indicators were calculated even before the recent rise in food prices in India, which is likely to have made matters much worse. Indeed, the rise in food prices in the past two years has been higher than any period since the mid-1970s, when such inflation sparked widespread social unrest and political instability. What is especially remarkable is that food prices have been rising even when the general price index (for wholesale prices) has been almost flat; thus, when the overall inflation rate was only 1-2 per cent in the past year, food prices increased by nearly 20 per cent. Sharp rise in prices It is evident that the price increase has been so rapid as to be alarming especially over the past two years, with rice prices increasing by nearly half in Northern cities and more than half in Southern cities. Atta prices have on average increased by around one-fifth from their level of two years ago. The most shocking increase has been in sugar prices, which have more than doubled across the country. You read "Food Inflations-the Real Problem of Common Man in India" in category "Essay examples" Other food items, ranging from pulses and dal to milk and vegetables, have also shown dramatic increase especially in the past year. There are many reasons why food prices have risen at such a rapid rate, and all of them point to major failures of state policy. Domestic food production has been adversely affected by neoliberal economic policies that have opened up trade and exposed farmers to volatile international prices even as internal support systems have been dismantled and input prices have been rising continuously. Inadequate agricultural research, poor extension services, overuse of groundwater, and incentives for unsuitable cropping patterns have caused degeneration of soil quality and reduced the productivity of land and other inputs. Women farmers, who constitute a large (and growing) proportion of those tilling the land, have been deprived of many of the rights of cultivators, ranging from land titles to access to institutional credit, knowledge and inputs, and this too has affected the productivity and viability of cultivation. Poor distribution But in addition to production, poor distribution, growing concentration in the market and inadequate public involvement, have all been crucial in allowing food prices to rise in this appalling manner. Successive governments at the Centre have been reducing the scope of the public food distribution system, and even now, in the face of the massive increase in prices, the Central Government is delaying the allocation of food grains for the Above Poverty Line population to the States. This has prevented the public system from becoming a viable alternative for consumers and preventing private speculation and hoarding. In addition, allowing corporates (both domestic and foreign companies) to enter the market for grains and other food items has led to some increase in concentration of distribution. This has not been adequately studied, but it has many adverse implications, including the fact that farmers will benefit less from period of high prices even as consumers suffer, because the benefit will be garnered by middlemen. Sugar is slightly more complicated, as marketing margins appear to show different trends in different regions and also tend to be significantly lower than the other major crops. The dramatic increase in sugar prices is more a reflection of massive policy errors over the past two years, in terms of supply and domestic price management and exports and imports. Marketing margins So what exactly is happening? It appears that there are forces that are allowing marketing margins — at both wholesale and retail levels — to increase. This means that the direct producers, the farmers, do not get the benefit of the rising prices which consumers in both rural and urban areas are forced to pay. The factors behind these increasing retail margins need to be studied in much more detail. In addition to this, there is also initial evidence that there has been a process of concentration of crop distribution, as more and more corporate entities get involved in this activity. Such companies are both national and multinational. On the basis of international experience, their involvement in food distribution initially tends to bring down marketing margins and then leads to their increase as concentration grows. This may have been the case in certain Indian markets, but this is an area that clearly merits further examination. Many people have argued, convincingly, that increased and more stable food production is the key to food security in the country. This is certainly true, and it calls for concerted public action for agriculture, on the basis of many recommendations that have already been made by the Farmers’ Commission and others. But another very important element cannot be ignored: food distribution. Here too, the recent trends make it evident that an efficiently functioning and widespread public system for distributing essential food items is important to prevent retail margins from rising. Food security A universal system of public food distribution provides economies of scale; it reduces the transaction costs and administrative hassles involved in ascertaining the target group and making sure it reaches them; it allows for better public provision because even the better-off groups with more political voice have a stake in making sure it works well; it generates greater stability in government plans for ensuring food production and procurement. It is clear that emergency measures are required to strengthen public food distribution, in addition to medium-term policies to improve domestic food supply. A properly funded, efficiently functioning and accountable system of public delivery of food items through a network of fair price shops and co-operatives is the best and most cost-effective way of limiting increases in food prices and ensuring that every citizen has access to enough food. In a context in which the inflation is concentrated on food prices, measures such as raising the interest rate are counterproductive because they affect all producers without striking at the heart of the problem. Instead, if he is serious about curtailing food inflation, the Finance Minister must provide substantially more funds to enable a proper and effect to public food distribution system. Inflation Statistics. Snapping the five week rising trend, food inflation softened to 16. 91 per cent for the week ended January 1, 2011, although vegetables, onions and protein-based items continued to remained costly. Food inflation fell by 1. 41 percentage points from 18. 32 per cent recorded in the previous reporting week. Even as the index of food inflation showed a meagre decline, vegetable prices soared by 70. 3 per cent on an annual basis in the wholesale market, official data showed. Also onions continued to pinch the pocket of the common man as the prices went up by 70. 70 per cent on a year on year basis. Among the individual items in the food inflation index, egg, meat and fish became costly by 16. 70 per cent, milk by 13. 20 per cent and fruits by 17. 71 per cent annually. However, prices of pulses declined by 14. 84 per cent, wheat by 4. 87 per cent, potatoes by 1. 67 per cent and cereals by 0. 12 per cent on an annual basis. Meanwhile, in the non-food category, the prices of fibers and minerals have climbed up by 36. 1 per cent and 16. 70 per cent, respectively. India’s food inflation rose marginally to 15. 57 percent for the week ended January 15 from previous week’s 15. 52 percent. According to official figures from country’s Commerce ministry, the primary articles price index was up 17. 26 per cent in the latest week, compared with an annual rise of 17. 03 per cent a week earlier. India has the highest food inflation of any major Asian economy, but other emerging markets such as China and Brazil are also battling double-digit food price rises. How to cite Food Inflations-the Real Problem of Common Man in India, Essay examples

Dishonesty and Manipulation in Othello free essay sample

This initiates the primary plot of the play which follows the development in Othello’s character, his growing rage and disbelief in his wife, fuelled by the ironic dishonesty, and hence manipulation of the repetitively titled â€Å"honest Iago†. Critic Norrie Eystein, author of The Friendly Shakespeare, notes that he is referred to as â€Å"honest Iago† â€Å"fifteen times, by every character including himself†. Iago’s dishonesty is contrasted in his soliloquies, where he approaches pure honesty, and when he is silent during the play’s end. It is this contrast which shapes the play itself. Iago personifies this theme of honesty and manipulation that is expressed in Othello, The play follows Iago in his ambition to destroy Othello, by means of manipulation, and his success in doing so. Iago is consistently dishonest with Othello, lying both about Desdemona’s apparent adultery and his motivation for saying so. In contrast, Iago has moments of absolute honesty in his soliloquies. Yale critic Harold Bloom would suggest that he does not speak to complete truth as he contradicts himself and searches for justification – â€Å"And what’s he then that says I play the villain, / When this advice is free†¦and honest†. Nevertheless, through Iago’s soliloquies, the audience or reader gains considerable insight in to what is really happening in the play. Here, Shakespeare’s use of dramatic irony perpetuates the centrality of the theme of honesty and manipulation as the audience/readers are the only ones who know the truth. In contrast to the Christian God, the honest, just, rock solid â€Å"I am†, Iago confesses his duplicitous nature â€Å"I am not what I am† at the start of the play. Use of such biblical allusion and imagery contrasts the manipulation and betrayal that Iago personifies. This idea of manipulation is developed in his second speech, â€Å"in following him, I follow but myself† and â€Å"I follow him to serve my own turn upon him†. Iago’s plans of manipulation for not only Othello, but also Roderigo, are foreshadowed by the cliche â€Å"I will wear my heart upon my sleeve for daws to peck at†. This imagery of birds pecking at Iago’s heart intensifies his sinister qualities. Fittingly, in Act One Scene Two, Iago is heard to swear by the Roman two-faced god Janus. Othello begins the play as an honourable and respected general – for Bloom â€Å"there is authenticity to his soul†. Despite common racial prejudice, senators and the like greet him as â€Å"valiant Othello† and â€Å"the noble Moor† as signs of respect. Othello is able to maintain a calm attitude in his powerful position by his mutual trust in his fellow Venetians, especially the likes of his right-hand men, including Iago. Trust and honesty come hand-in-hand, and so it is no surprise that Othello believes Iago to be an honest man, â€Å"And, for I know thou art full of love and honesty†. Iago (being anything but honest) plays on Othello’s ignorance, manipulating him to believe that his wife, Desdemona, is dishonest. Again, we can see how the use of manipulation is cause and effect of action in the play. These two principle characters are by no means the only souls in Othello who struggle in the conflict between honesty and dishonesty, yet any motivation for dishonesty can appear to differ. Whist generally appearing honest, Desdemona has deceived her father over her marriage to Othello. However, her motivation in doing so was to prevent, not cause, pain, â€Å"Such news would pain him severely, and I do not wish to bring such news unto him until I feel it would be right to do so. Skilfully, Iago manipulates Desdemona’s acknowledged deception, reminding Othello that â€Å"she did deceive her father, marrying you†, and planting the seed of doubt about her fidelity in Othello’s mind. Once convinced of her supposed affairs, Othello turns on Desdemona – â€Å"heaven knows thou art false as hell† – conjuring diabolical imagery that underscores her believed dis honesty, reversing the imagery that has so far been associated with Othello and Desdemona – him as the â€Å"blacker devil† and her as the â€Å"fair angel†. In contrast to Iago, whose dishonesty is motivated by malice, Desdemona’s ishonesty is more ‘innocent’. When Othello asks Desdemona for the for the whereabouts of the handkerchief he had given her as a gift long ago, Desdemona lies and says she knows where it is but doesn’t have it readily available, in order to cover up the fact that she has lost it – â€Å"I say, it is not lost†. The handkerchief symbolises the glue that holds their relationship together. Once this ‘glue’ has been removed there is no longer anything to keep the two from splitting and hence a sense of dishonesty and mistrust becomes apparent between them. Othello is soon to find that Desdemona has indeed lost the handkerchief, meaning he succumbs further to Iago’s poison of manipulation. Thus causation occurs, courtesy of this central theme of honesty and manipulation. In truth, Emilia, Iago’s wife and Desdemona’s trusted maidservant, has stolen the handkerchief. Emilia has been manipulated into taking the handkerchief by her husband, who ostensibly wanted to copy the handkerchief’s motif. Iago uses Emilia for his scheme and abuses her trusted relationship with Desdemona. Iago takes the handkerchief and plants it in Cassio’s bed. I know not that, but such a handkerchief I am sure it was your wife’s – Did I today see Cassio wipe his beard with†. Convinced that his wife has been unfaithful to him, Othello’s ignorance of the manipulative â€Å"demi-devil† in Iago and the good in his wife drives him to near madness. Shakespeare depicts this through the deterioration in O thello’s language – from poetic verse to prose to muddled and nonsensical singular words, â€Å"pish, lips, handkerchief†. Anguished, Othello’s mind is finally devastated as he confides in Iago’s conspiracy of doubt and he smothers Desdemona. Moments later he learns his drastic act of jealous aggression is actually the result of his trusted subordinate’s dishonest and manipulative plan. Distraught at the loss of her beloved mistress, Emilia reveals the truth to Othello about her husband’s deceitful conspiracy. Her truthful confession means the end of her own life as she is immediately slain by Iago. Yet again, Shakespeare indicates the centrality of honesty and manipulation in the play as it is the direct cause of actions undertaken by his characters. In our humanness, we are both intentionally honest and dishonest (perhaps manipulative) to some measure on the continuum. Othello, while dark of skin, is â€Å"far more fair than black† in contrast to Iago’s dark nature. Acknowledging his mistake of murdering his wife, Othello plays judge and jury on himself, passing a death sentence and executing suicide; this contrast to Iago’s silence. Iago neither justifies his actions nor admits his guilt, perhaps suggesting he does not feel any. This contrast highlights Iago as the â€Å"motiveless malignancy† and helps Shakespeare to conclude the play separating good (honesty and truth) and evil (dishonesty and manipulation). By acknowledging what he has done, Othello is able to maintain â€Å"authenticity to his soul† and regain his honour in the eyes of the audience. In contrast, Iago by his duplicity and then silence is dammed in literature for his dishonesty and manipulation. Honesty is a key theme in Othello which is directly related to the centrality of manipulation in the play. Shakespeare clarifies its centrality by the use of dramatic irony, soliloquy and symbolism in the play. Characters’ dishonesty and manipulation is clearly seen to be the cause of what is The Tragedy of Othello.

The Progressive Eras influence on the New Deal Essay Example For Students

The Progressive Era?s influence on the New Deal Essay The accomplishments taken place upon the onset of the many New Deal legislations owe much to the seeds implanted and unknowingly disseminated by the pre-WWI Progressive movement. Sparked by the new image as a world power, industrialization, and immigration at the dawn of the new century, a new found reform movement gripped the nation. With the new found image of the nation and world as a whole, the reforms advanced the position of the previously ignored people of the nation, as did its reincarnation and rebirth apparent in the New Deal. Although the first signs of this pristine Progressive movement shone since the mid-1800s, no one had cleared the way for its momentous effect upon the nation in the same degree as Theodore Roosevelt. Although at times hot-tempered and brash, his charismatic attitude pushed forward many of the original progressive legislations. We will write a custom essay on The Progressive Era?s influence on the New Deal specifically for you for only $16.38 $13.9/page Order now For example, his Sherman Anti-Trust Act proposed the life of a trust should be based on its history and actions, since he believed good trusts existed along with bad ones. Next, the Elkins Act proposed railroads and shippers to offer rebates illegal. They also had to have fixed rates, and couldnt change without notice. Also, the Hepburn Act gave ICC the power to set maximum railroad rates. Next, of course because of the impetus for reform provided by the many socialist writers, such as Upton Sinclair, was the landmark Pure Food and Drug Act and the Meat Inspection Act, protecting the health and safety of consumable products and establishing the Food and Drug Administration. He also wished to preserve the untainted countryside, and established the National Forest Service and also strengthened the Forest Bureau. He also passed the Newlands Act which helped to create subsidies for irrigation in 16 western states. The actions taken by Theodore Roosevelt proved to throw the Progressive movement into the mainstream of the nation, showing its true, ingenuous face. When Theodore Roosevelts successor, William Howard Taft, failed to continue Roosevelts ongoing charismatic progressivism, both were bested by the newcomer, Woodrow Wilson. Although not receiving a majority in the vote, he, nonetheless, knew the country still ached for the progressivism it jubilantly basked in for so many years, which he called his ;New Freedom.; Immediately, Wilson went to work on what the countrys sworn enemy, thus his enemy, the triple wall of privilege, consisting of the tariffs, the banks, and the trusts. A true idealist, his crusades against these evils were truly heartfelt and in his mind, the best action to take for the nation. Beginning with the Underwood Tariff of 1913, it was the first lowering of taxes since the Civil War and stood against the protectionist lobbying. Next, he introduced the Federal Trade Act, which set up the Federal Trade Commission to investigate and halt unfair and illegal business practices. Also, the Clayton Anti-Trust Act deemed certain businesses illegal (trusts and horizontal mergers), declared unions legal, and also strikes, boycotts, picketing and the collection of strike benefit funds were ruled legal. The, a landmark legislation, the Federal Reserve Act in 12 districts would print and coin money as well as set interest rates. In this way the Fed, as it was called, could control the money supply and effect the value of currency. The more money in circulation, the lower the value and inflation went up. In effect, the less money in circulation, the greater the value and this would lower inflation. Theodores true successor, Wilson finished Roosevelts job on the trusts and branched out towards the other deleterious aspects of the nation as well. He gave the surging mainstream progressive movement an innocent morality he naturally possessed. While many of the Progressive accomplishments are attributed to these two leaders of the movement, many major events stand alone as Progressive milestones. The long-awaited 19th amendment was finally passed, granting women their right to vote. The role of women in our society was gradually coming into the social world. .ude429f0e65d50146d393bf90fda5cf7a , .ude429f0e65d50146d393bf90fda5cf7a .postImageUrl , .ude429f0e65d50146d393bf90fda5cf7a .centered-text-area { min-height: 80px; position: relative; } .ude429f0e65d50146d393bf90fda5cf7a , .ude429f0e65d50146d393bf90fda5cf7a:hover , .ude429f0e65d50146d393bf90fda5cf7a:visited , .ude429f0e65d50146d393bf90fda5cf7a:active { border:0!important; } .ude429f0e65d50146d393bf90fda5cf7a .clearfix:after { content: ""; display: table; clear: both; } .ude429f0e65d50146d393bf90fda5cf7a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ude429f0e65d50146d393bf90fda5cf7a:active , .ude429f0e65d50146d393bf90fda5cf7a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ude429f0e65d50146d393bf90fda5cf7a .centered-text-area { width: 100%; position: relative ; } .ude429f0e65d50146d393bf90fda5cf7a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ude429f0e65d50146d393bf90fda5cf7a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ude429f0e65d50146d393bf90fda5cf7a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ude429f0e65d50146d393bf90fda5cf7a:hover .ctaButton { background-color: #34495E!important; } .ude429f0e65d50146d393bf90fda5cf7a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ude429f0e65d50146d393bf90fda5cf7a .ude429f0e65d50146d393bf90fda5cf7a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ude429f0e65d50146d393bf90fda5cf7a:after { content: ""; display: block; clear: both; } READ: Social Darwinism Essay Starters In effect, years later during the Depression, the changing roles of women into heads of families and laborers blew away the stereotypical woman. More independent than ever, independent women pushed to obtain challenging jobs and experiences never fathomed before. Also, as women .

About Vipers, Family Viperidae

About Vipers, Family Viperidae Vipers (Viperidae) are a group of snakes known for their long fangs and venomous bite. Vipers include true vipers, bush vipers, rattlesnakes, pit vipers, adders and night adders. Venomous Fangs The fangs of vipers are long and hollow and enable the snake to inject venom into animals that it bites. Venom is produced by and stored in glands located at the back of the snakes upper jaw. When the snakes mouth is closed, the fangs recede into a thin membrane and fold against the roof of the snakes mouth. When a viper bites its victim, the bones of the jaw rotate and flex so that the mouth opens at a wide gape angle and the fangs unfold at the last moment. When the snake bites down, muscles that encase the venom glands contract, squeezing venom out through ducts in the fangs and into their prey. Types of Venom Several different types of venom are produced by the various species of vipers. Proteases consist of enzymes that break down proteins. These enzymes cause a variety of effects in bite victims including pain, swelling, bleeding, necrosis, and disruption of the clotting system. Elapid venoms contain neurotoxins. These substances disable prey by disabling muscle control and causing paralysis. Proteolytic venoms contain neurotoxins to immobilize prey as well as enzymes that break down molecules in the victims body. Head Shape Vipers have a triangular-shaped head. This shape accommodates the venom glands at the back of the jaw. Most vipers are slender to stout-bodied snakes with a short tail. Most species have eyes with elliptical pupils that can open wide or close down very narrowly. This enables the snakes to see in a wide range of light conditions. Some vipers have keeled scales- scales with a ridge in their center- while others have smooth scales. 26 Types There are currently about 26 species of vipers that are considered vulnerable, endangered or critically endangered. Some of the rarest vipers include the golden lancehead and the Mt. Bulgar viper. Like most snakes, vipers appear not to care for young after hatching. Most species of vipers give birth to live young but there are a few species that lay eggs. Vipers occur in terrestrial habitats throughout North, Central and South America as well as in Africa, Europe, and Asia. There are no vipers native to Madagascar or Australia. They prefer terrestrial and arboreal habitats. The range of vipers extends further north and further south than any other group of snakes. Vipers feed on a variety of small animal prey including small mammals and birds. Classification Vipers belong to the snake family. Snakes are among the most recently evolved of the main reptile lineages alive today. Their evolutionary history remains somewhat murky, though- their delicate skeletons do not preserve well and as a result, few fossil remains of ancient snakes have been recovered. The earliest known snake is Lapparentophis defense which is estimated to have lived about 130 million years ago, during the early Cretaceous. The viper family includes about 265 species. Vipers are classified into one of four groups: Azemiopinae: Feas viperCausinae: night addersCrotalinae: pit vipersViperinae: true vipers The Viperinae, also known as the Old World vipers, are short and stocky snakes. They have a wide, triangular head and rough, keeled scales. Their coloration is dull or cryptic providing them with good camouflage. Most members of this group give birth to live young. Pit vipers are distinct from other vipers due to a pair of heat-sensitive pits located on either side their face between the eyes and nostrils. Pit vipers include the worlds largest viper, the bushmaster, a snake native to Central and South American rainforests. The bushmaster can grow as long as 10 feet. Of all vipers, the rattlesnakes are among the most easily recognized. Rattlesnakes have a rattle-like structure at the end of their tail formed out of old layers of the terminal scale that do not fall off when the snake molts. When shaken, the rattle serves as a warning signal to other animals.

The difference between how we viewed war movies in 60's and war movies Term Paper - 1

The difference between how we viewed war movies in 60's and war movies in 70's - Term Paper Example War movies were critical reflections of the logic of the cold war, and in the 1960s, they were something that the society demanded1. In the 1970s, war movies were a nuisance, and considered the government’s propaganda to justify the nation’s stay in Vietnam. The negative attitude towards war movies during this period was due to the actions of American soldiers in Vietnam as aired by television networks2. The change of attitude altered the production structure of American wars, and this formed the basic difference between war movies of the 1960s, and of the 1970s. This paper is a discussion about the difference in the perception of war movies between 1960 and 1980. War movies during this era had action oriented plots and were characterized by historical recreations of war related events, or major battles, and POW camp escapes and experiences. They also included espionage or spy tales, biopics of important war figures, submarine warfare, personal heroism, air dogfights, resistance movements, brutalities showing war as hell, tough trench experiences, veterans returning home, and pre-war intrigue. The films explored themes such as the effects war on the society, combat, studies of inhumanity and futility of battle, escape and survivor stories, intelligent explorations of human issues and morality, and stories of courageous sacrifice and fight back3. 1960s war movies were stories about the cold war. They were stories of American power, pride, and might. The movies represented Americans’ will to fight for what they believe was right. Reading through the perceptions that American people had about war movies at the time shows that the movies were also their source of information about their leaders’ potential4. To Americans, the movies told the truth about the cold war and the communists intentions. Americans were believed that communists wanted to destroy socialism. The movies acted as the real stories about what was going on in the battle

Nursing Dissertation to strengthen the Scientific Foundation

Nursing to strengthen the Scientific Foundation - Dissertation Example 4.2.1 Applications of Complexity Theory to Health Care Delivery 76 4.2.2 Advantages of Complexity Theory Conceptualization of Nursing Best Practice 77 4.2.3 Significance of Complexity Theory Conceptualization of Nursing Best Practice 79 4.2.4 Implications of Complexity Theory Conceptualization of Nursing Best Practice 79 4.3 Complexity Science as the Guiding Framework 81 4.4 Descriptive Overview of Conceptual Model of Nursing Best Practice 82 4.5 Proposed Definition of Key Concepts 82 4.6 Summary 88 Chapter V: Conclusion 89 5.1 Introduction 89 5.2 Findings of the Study 89 5.3 Implications for Nursing 92 5.4 Conclusion 92 Chapter I: Introduction to the Study 1.1 Introduction This introductory chapter provides a description of the research problem, as well as the rationale, purpose, framework, and the research questions that guided the study. 1.2 The Problem One of the goals of the discipline of nursing is to increase and strengthen the scientific foundation upon which to base clinical practice. The use of research evidence in practice is an accepted way to achieve this goal and in turn can improve nursing care, optimise patient outcomes, and decrease costs (Higgs, Bum, & Jones, 2001; Titler et al., 1994). However, while the requirement to remain current in knowledge and deliver efficient quality patient care has led to an enthusiastic interest in using research evidence in nursing, as a strategy for the fortification of the basis of the science of nursing, little is known about how evidence is actually translated into nursing practice. One strategy that has been suggested for increasing awareness and the use of evidence in nursing practice is revising and updating organisational policy and procedure manuals based on the... The results of this inquiry provide a new theoretical foundation for nursing practice that is qualitatively different from medicine. This research explains how nurses in practice help patients make transitions and move toward future possibilities by merging the art of nursing with the science of nursing. It further makes visible the experience of nurses and reflects on and claims this work as an essential part of professional practice. The study has the potential to challenge the assumptions that underlie nursing's approach to practice, education, theory and research in its challenge to the dominance of scientific over artistic approaches in the practice of nursing. In particular, this work challenges the analytical, problem focused basis of the nursing process and suggests instead that nurses promote transitions in a process akin to narrative structure in the way that assumes standpoints, makes interpretive leaps, brings events to a climax and recognizes closure. In conclusion, science has approached a better understanding of the universe by reducing phenomena into manageable component parts, and the hallmark of research rigor has been the degree to which confounding influences are isolated or controlled. Management strategies have been focused on finding the best way to achieve desirable performance and then exerting control over process and structure in order to maintain the desired organizational or system performance level. The conceptualization of nursing best practice as an emergent property of a complex adaptive healthcare system.

Impact of Islamic Banking on Consumer Financing Sector

Impact of Islamic Banking on Consumer Financing Sector Abstract This study finds out the realistic or any factual impact caused by the introduction of Islamic Banking on the consumer financing sector generally, while keeping its main focus explicitly on House Financing and Car Financing through banks in Pakistan. The total banks involved in consumer financing whether Islamic or Conventional where included in this research, keeping 2003 as the base year of data initiation. Since 53% of Consumer financing was being defined by House and Car financing so they were kept in focus. Independent T-Tests were run on the investments as well as the growth of both the sectors that is Islamic and Conventional banking sectors. The data was collected from the Statistical Data Ware House Department of State Bank of Pakistan. The results show that the variances in the investment sectors of both Islamic and Conventional differed from each other where H0 was rejected on the basis of value of t stats where as in the growth comparison the variances were said to be sa me at 10% significant level but the means of growth stood at 29% and 9% in cases of Islamic and Conventional banking respectively proving the positive impact of Islamic Banking on Consumer Financings bulky sector of House and Car Financing in Pakistan . In case of any incongruity to State Bank of Pakistan or the AAOFI standards, the latter shall prevail. Chapter one: Introduction The intent to write this research was to undermine the factual understanding as well as affect caused due to the introduction of Islamic Banking in Pakistan. It was acclaimed by the people related to the industry that Islamic Banking had positively affected the banking sector here and across the globe. The numbers were quoted and percentages claimed but no real research supported the declarations. So the author thought of doing a research to dwell on the issue and conduct a research with respect to Pakistan hence, configure the true standings of the conterparts known commonly as Islamic Banking and Conventional Banking. Islamic Banking though has a mere institutionalised history of 35 years across the globe but has gained tremendous recognition in this short tenure which shall be wittnessed in the literature review ahead in this paper. The evolution of Islamic Banking in Pakistan started as late as 2000 01 after the historical judgement of the Supreme Court of Pakistan in1999 against the prevailing interest based banking system. The Islamic banking emerged, though after a valiant effort which continued over two decades prior to its surfacing. Different reports, articles, awareness sessions, books and other relative material endowed to this very existence of Islamic Banks in Pakistan. Though the clouds of uncertainity have lingered on this newly instigated initiative ever since its emergence, but then again that has always remained a norm for innovative things in Pakistan. Though Islamic Banking has come a long way after its start almost a decade ago but it still has a lot to prove to its spectators with respect to shariah compliance and market effectiveness in the Pakistans lucrative but stingent souk. Consumer Financing is a sector which has its part of exuberance attached to it in the banking and financial sector. When ever the financial markets are flooded with accessive liquidity the first thing that magnetizes the banker is the consumer financing sector specially in Pakistan where the yeilds were as high as 15% on proceeds. The magnitude of House and Car finance together tend to weigh around at almost 53% of this sector so the proceedings in this neighborhood can be established by analysing these mentioned sectors. In view of the fact that the House Car financing sector provide a level playing field for the conterparts that is Islamic and Conventional players, was another reason for this assortment. In the paper further the comparative analysis is conducted as well as the background of both Islamic Banking and Finance with Consumer Financing has been discussed in comprehensive detail. Statement of the Problem Islamic Banking ever since its emergence in Pakistan has raised eyebrows of related and non related players. Is there a difference? Which banking system shall prevail? Does Islamic Banking have enough weight to outset its conterpart? Can Islamic Banking loose the tag of being a parellel banking system and become the prefered banking operation in Pakistan? The researcher answers to these questions in the light of the literature review as well as by testing the viability of Islamic Banking sector to its conterpart Conventional Banking in the asset backed sectors of House and Car finance (through banks) in Pakistan. Objective Basic purpose of this research is to determine the differential impact of Islamic Banking in contrast to Conventional Banking on House Car Financing through Banks in Pakistan. Research Model Hypotheses H0: Islamic Banking does not impact House Car Financing through Banks In Pakistan. H1: Islamic Banking directly impacts House Car Financing through Banks In Pakistan. Chapter Two: Literature Review This segment will appraise the comprehesive literature review with respect to Islamic Banking globally while Consumer Banking Sector in Pakistan. Islam as a Code of Life Islam acclaims its self to be a Deen which provides a complete code of life to its practitioners. According to its claim Islam not only helps its followers rather also those who seek for help without believing in its core essence for day to day hinderances. May it be a name for a believers child or be it the purpose of life, Islam alone tends to answer to all the versatile queries of its disciple. This is the beauty of Islam but it can only lead to enlightenment only if all the resources of Islam are kept in view or an adherent may astray from the righteous path. The main resources of Islam can be categorized as follows: Quran e Karim The Holy Book sent upon Hazarat Muhammad Ahadith e Mubarakah (Sayings of Hazarat Muhammad) Shariah (Implementation of Islam) Lives of Hazrat Muhammad and the Sahaba (Companions of Hazarat Muhammad) Hence the Deen, Islam, can be categorized into three main branches: Beliefs (Aqaaid) Reformation and Rectification (Tassawuf) Islamic Laws and Principles (Fiqha). Since my paper would be coming under the third bough of a healthy hierarchy, that is, Islamic laws and Principle Jurisprudence (Fiqh). Further elaborating this division known as Fiqh (Islamic Laws and Principles) can be further sub-divided into the following sections: Prayers (Forms of submissions to Allah Tallah, Ibadaat) Societal or Civil Laws (Maamlaat) Criminal Laws Constitutional laws Since my paper discusses the Societal or Civil laws (Maamlaat) or rather absolutely specifying it would be dealing with financial aspects of this vast sub branch of Fiqh. Coming to the financial aspects of a Muslim or even an Oriental who believes in the fairness of Islamic laws, the main concern of this individual is to abide by Islamic law and principles while earning bread and butter for himself and his family. The things permissible by Islamic Jurisprudence are referred to as Halal while the things that are prohibited in Islamic Fiqh are known as Haram. It is by obligation that a Muslim or even an Oriental who believes in Islamic laws can earn his living only through Halal ways. One way of distinguishing Halal is by identifying the prohibitions while the rest remains permissible. Prohibitions in Islam for Financial Procedures The two of the main ills identified by Islam in financial procedures are: Riba (Interest) Gharar. Riba (Interest) In perspectives of Shariah money is considered to be a assessing means for value or worth rather than an asset within itself, it necessitates that an investor should not be able to obtain income from capital (or everything that is treated as a kind of money) alone. This production of money from money (commonly known as interest) is Riba, which is prohibited in Islam. Prohibation of Interest (Riba) in Quran Following are the verses where Quran has out rightly identified interest as a prohibition. In the following verse our Creator nullifies the visual increase of wealth earned through interest. And whatever Riba you give so that it may increase in the wealth of the people it does not increase with Allah Subhanahu Tallah (30:39) At another place it has been identified that the Jews werent allowed to indulge in interest. And because of their charging Riba while they were prohibited from it (4:161) A verse which identifies the prohibition of interest and its form whether it be compounded. O those who believe do not eat up Riba doubled and redoubled (3:130) Ribas eminent prohibition can be seen in the following verse while at the same time the permissible alternative of trading has been offered. Another important factor which can be witnessed here is that giving of charity is being encouraged while interest is being regarded as a curse. Those who take Riba (usury or interest) will not stand but as stands the one whom the demon has driven craze by his touch. That is because they have said: Trading is but like Riba and Allah Subhanahu Tallah has permitted trading and prohibited Riba. So, whoever receives an advice from his lord and stops, he is allowed what has passed, and his matter is up to Allah Subhanahu Tallah . And the ones who revert back, those are the people of fire. There they remain forever. Allah Subhanahu Tallah destroys Riba and nourishes charities. And Allah Subhanahu Tallah does not like any sinful disbeliever. Surely those who believe and do good deeds, establish Salah and pay Zakah, have their reward with their lord, and there is no fear for them, nor shall they grieve. O those who believer, fear Allah and give up what still remains of Riba if you are believers. But if you do not, then listen to the declaration of war from Allah and his messenger. And if you repent, yours is your principal. Neither you wrong, nor be wronged. And if there be one in misery, then deferment till ease. And that you leave it as alms is far better for you, if you really know. And be fearful of a day when you shall be returned to Allah, then everybody shall be paid, in full, what he has earned. And they shall not be wronged. (2: verses 275-281) Identifying one of the greatest ills of Interests concentration of wealth the rich becoming wealthier and the poor becoming underprivileged, the verse tends to unfold one of the many aliments caused by going against the prohibition. So that this wealth should not become confined only to the rich amongst you.(59:7) During the tenure of 1984 to 1994, $ 719 Billion dollars were sanctioned as interest based loans while $ 749 Billion were returned during the same tenure still leaving behind a liability of $ 1258 Billion. 225 people possess 47% of the wealth of the world at the same time 1 Billion and 30 Million people earn $ 1 daily while 32% of the population of this world earns $ 4 daily. These facts show that the present financial system has the above mentioned illness known as the concentration of wealth. Prohibation of Interest (Riba) in Hadith The second source of Islam is the sayings of the Holy Prophet MuhammadSallalaho Alaihi Wassallam. Ahadith of ProphetSallalaho Alaihi Wassallam which are on the prohibition of Riba (Interest) are as follows: In the following Saying the excess on either sides is regarded as riba. Gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, must be equal on both sides and hand to hand. Whoever pays more or demands more (on either side) indulges in Riba.1.( Sahih Muslim, Karachi, V.2, P.25) As per the following saying commercial interests existence is exhibited. Ibn Juraij says: in the pre-Islamic period, the tribe of Banu Amr bin auf used to take interest from the tribe of Banu-al-Mughira, and the Banu-al-Mughira used to pay this interest. When islam came,the later owned considerable amount of money to the former. And further on:the Banu-al-mughira used to pay interest to Banu-thaqif. All the people involved in the transaction of riba are found to be guilty and at fault as per quoted saying below. From Jabir: the Prophet,Sallalaho Alaihi Wassallam, may cursed the receiver and the payer of interest, the one who records it and the two witnesses to the transaction and said:they are all alike [in guilt] (Muslim,Kitab-al-Musaqat, Bab lani akili al-Riba wa mukilihi;also in Tirmidhi and Musnad Ahmed) The implication or the inference of sins that a person attains on indulging himself in interest based transactions is emphasized in the following quotes. FromAbdullah ibn Hanzalah:the Prophet,Sallalaho Alaihi Wassallam,said : a dirham of Riba which a man receives knowingly is worst than committing adultery thirty-six times(Mishkat al-Masabih, Kitab al-Buyu,Bab al -Riba,on the authority of Ahmed and Daraqutni) From Abu Hurayrah: the Prophet,Sallalaho Alaihi Wassallam said: Riba has seventy segments, the least serious being equivalent to a man committing adultery with his own mother.(Ibn Majah) Interest based transaction reap no profits here or hereafter. The misery that one is bound to go through after death just for indulging himself in interest based proceeds in visible in the following quote. From Abu Hurayrah: the Prophet,Sallalaho Alaihi Wassallam, said: On the night of Ascension I came upon people whose stomachs were like houses with snakes visible from the out side. I asked Gabriel who they were. He replied that they were people who had received interest ( Ibn Majah, Kitab al-Tijarat, Bab al Taghlizi fi al-Riba; also in Musnad Ahmad) Prohibation of Interest (Riba) in Bible It is not that only in Islam, interest is prohibited even in Christianity, the prohibition of interest is eminent. We have even seen above that even Jews were prohibited from interest based activity according to the Qurans verse. Following are the quotes from the Bible proving the prohibition of Riba. Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury. [Deuteronomy 23:19] Lord, who shall abide in thy tabernacle? Who shall dwell in thy holy hill? He that walketh uprightly, and worketh righteousness and speaketh the truth in his hearth. He that putteth not out of his money to usury, not taketh reward against the innocent.[Psalms 15:1, 2, 5] He that by usury and unjust gain increaseth his substance, he shall gather it for him that will pity the poor. [Proverbs 28:8] Then I consulted with myself, and I rebuked the noble, and rules and said unto them, ye exact usury, every one of his brother. And I set a great assembly against them.[Nehemiah 5:7] After identifying that interest has been prohibited in the past as well as in the contemporary era by the Creator of mankind as He tends to proscribe this act, it would be important to understand the types of Riba which are as follows: Riba Al Jahiliya/ Riba An Nasiyah That type of debt where specified reimbursements period and an amount in surplus of capital is fixed. (Usmani, 2002) Riba Al Fadl / Riba Al Hadees Riba Al Fadl means that the amount or goods paid back in excess other than the Qard (Loan) or which is taken in exchange of explicit homegenous products and are utilized in their hand to hand purchase and sale as explained in the Hadees. (Sahih Muslim, Karachi, V.2, P.25). (Usmani, 2002) Gharar The second of the ailments identified by the Islamic Juriprudence is known as Gharar. Gharar, is usually understood to denote ambiguity in the contractual conditions and/or the uncertainty in the survival of an essential good in an agreement and this creates concerns for Islamic scholars in the light of Islamic Jurisprudence. Shariah does include the ideology of Public benefit, denoting that, if something is tremendously in the public favor, it may be executed and so hedging or alleviation of preventable business threats, do come into this class but further elaboration is as follows by Islamic Scholars: Gharar is where the participants that is the buyer and seller, dont know what one bought and what the other sold. Professor Mustafa Al-Zarqa the researcher of Shariah has written Gharar can be defined as the sale of possible goods whose characteristics or individuality can not be established, due to the dicey character which makes this form of business related to gambling. Hadith for bidding this prototype of trading in Gharar (jeopardy) are available in books of Hadith. Some examples of Gharar transactions are (e.g. trading any fish swimming in the sea or a bird from a collection of species flying in the sky an unborn calf in cows womb, are some of the saleable goods which cannot be probed and examined as their true traits are unknown. Islamic Jurisprudence researchers have given many complete definitions of Gharar. They have also evolved with the idea of Yasir (minor risk); a financial deal with an insignificant risk is believed to be Halal (permissible) while transactions involving significant risk (Bayu-ul-Gharar) is deemed to be Haram. Gharar is one of those impediments which limit the power of decision making. An agreement that has any element of Gharar is not valid from the Islamic Jurisprudence view, irrespective of whether the parties to the agreement agree upon the agreement. The lexical meaning of Gharar is to deceive, cheat, delude, lure, entice and uncertainty. Gharar can be defined as follows: The uncertainty that is present in the basic elements of an agreement, wording, subject matter, consideration and the liabilities. Example of events which have been prohibited in Ahadith because of Gharar are: Sale of unborn Camels baby still in the mother abdomen. Sale of flowers before they appear on the plant. Sale of fish that comes in one throw of net. Sale of wool on the body of the animal. Qimar is that event in which there is a possibility of total loss to one party.Every gambling is a form of Qimar but Qimar is not limited to gambling. The Contract in which the participants, at the moment of implementing the agreement, cannot determine or rather decide as to how much it would give or receive. Causes of Gharar Though the conditions can be many but the most commonly occuring causes can be identified in (Samadani, 2007) are as follows: Uncertainity relating to the existence of thing sold Uncertainity relating to the possession of thing sold Uncertainity relating to the thing sold itself Uncertainity relating to the price Uncertainity relating to the payment of price Uncertainity relating to both thing sold as well as the price Types of Gharar Some types of Gharar are as follows: Baitan fi Bai (Twin sales) Safaqa fi Safaqa (Twin contracts) Bai urban/urboon Forward contract Superficial bull whip effect In the dark ages, many contracts were in vogue, where that condition would turn trade into treasure hunt. Like the seller would have different pieces of cloth and the buyer would cast a stone and would get the cloth where the stone would land. The Holy ProphetSallalaho Alaihi Wassallam has disallowed all such contracts. After identification of the prohibitions in the current financial system where interest and Gharar (Uncertainity) are a part and parcel of day to day proceedings. The need for a system which eliminated such illnesses was required. Another reason was that, after the jolts of 1930s and other economic crisis of 1970 and now of 2008 that followed, the financial world started talking about alternatives to the present systems of (Communism, Socailism and Capitalism). Though Capitalism is the largest spread system across the globe but by all means its jolting has been witnessed since 1839, 1930, 1970 and 2007. Is it at the verge of its end? Nobody knows but people have started looking for options. Islamic Economics Islam provides an economic system based on rules and principles defined by Islamic Jurisprudence. Human being is just a custodian of wealth and the true ownership is with Allah Tallah. Islamic Economics point of difference is that it not only deals with the materialistic needs of human being rather it also fulfills the spirtual needs at the same time. The main theory behind the Islamic economics is that money is only a means of exchange (in other words money tends to serve as an intermediary between the transaction of asset) and not a product that can be sold or discounted. Here it is noteworthy that a human being is not the true owner of wealth as it belongs Allah Tallah rather he has been given only the right to use it as the second owner, keeping in mind that he would be questioned on the day of judgement of his usfruct. Islam doesnt deny the forces of law of demand and supply but does emphasis on the consumer as well as the government to abide by the rules of Islam. Islam as a De en has the capability to accomadate all good things that life has to bring accept those which are outrightly against its divine principles. To summarise Islamic economics can be defined as the humanitarian goal of achieving the well-being of all members of the human family which cannot be attained by concentrating primlairly on the materialistic needs of comfort and creating maximisation of riches as the core intention of economics. Hence it is part and parcel to raise the spirtual content of well being of the whole society and reduce all symptons of anomie, like family disintegration, heavy interest based debt payments, conflict and tension, crime, alcholism, addiction to drugs and psychological illness, all signifying lack of internal delight and satisfaction in the life of human beings. Captialism similar to socialism, both have fallen short to show the way to their followers such an overall welfare. As a prospective measure, it is seems almost inevitable to put down the outlines of a new scheme of operations which helps maximise human well being as per the divine guidelines of Allah Tallah. As per (Khan, 1993) that since the unavailibilty of an Islamic society anywhere in the world the Islamic economics at present is scarely able to express or articulate Islamic position on economic issues as per its connotations. Islamic economics implies a serious execution of the Islamic strategy to raise the spirtual as well as the material well being of all people and to establish socio-economic justice, which is the vital objective of the Islamic message. On the spirtual side, the peace of mind that is fundamental to inner happiness cannot be attained except by increasing the nearness of the human being to his Creator, which Islam is capable of bringing about but secularism doesnot even aspire to. (Chapra, 1992). Islamic Banking Banks serve as the heart of any economy as they pump funds into the economic veins of a country. The four main functions that the bank performs are: lending and deposit business securities issuing asset management and foreign exchange trading. Trading has been given as an alternative to interest based transactions by Quran e Kareem as mentioned above. In the light of this fact the comtemporary Islamic scholars after reviewing the current financial system have comeup with different modes of financing to fulfill the much needed requirement. In the futher discussion we shall discuss those modes of financing. But first we would define Islamic banking as per the State Bank Of Pakistan. Islamic banking has the same utility as of conventional banking except that it asserts to function in agreement with the rules of Islamic Jurisprudence, called Fiqh ul Muamalat (Islamic regulations for transactions). The indispensable law of Islamic banking is the sharing of gain and loss and the prohibition of interest and Gharar. The Islamic concepts, that are mainly used in Islamic banking are profit sharing combination of isolated investor and worker (Mudharabah), safekeeping (Amanah), joint venture (Musharkah), Diminishing Musharkah, cost plus profit (Murabahah), asset finance (Ijarah), manufacturing (Istisna) and agricultural goods (Salaam). Islamic banking proposes to a structure of banking or participatory pooling actions that is dependable on Islamic Jurisprudence (Shariah) and channeled by Islamic economics. Islamic law prohibits interest the collection and payment of Usury. Islamic law also disallows trading in financial risk (since it is a form of gambling) discussed abov e as Gharar. In addition, Islamic Jurisprudence excludes participation in businesses which are deemed Haram (a going concern which deals in pork or alcohol). At the verge of 20th century, quite a few Islamic banks were crafted, to cater to this specific banking market. (Hassan, 2002) In an Islamic mortgage transaction, instead of giving debt to the buyer, money is utilized to purchase the item that is, money is a medium of exchange and not a commodity. Money cannot be rented, is a fact of Islamic Economics. The supplier acts as a direct vendor for the bank, after acquiring the goods the bank proceeds it to the customer at a gain, while allowing the buyer to payback the bank in installments (assets backed financing). However, for any delay in payment the bank cannot charge additional costs as profit or compensation. To mitigate its risk and close in on the vulnerability of the customers default, the bank keeps strict collaterals as its bail out. After the possession of goods the tangible asset is listed in the name of the buyer, by the Islamic banks. Such a bargain is known as Murabaha. Likewise Ijara wa Iqtina or Ijara bi Tamleek, which is alternative to real estate capital finance. Islamic banks handle proportionate income financings for means of transportations in a likewise manner (vending the automobile at a price, which is higher than the current value of the asset in the market, to the lessee and then holding up the title of the medium until the pre-agreed proceeds are paid up). The previous profits are taken into consideration setting up a profit and loss sharing ratio. Consequently the banks profit on the proportionate income financing is equivalent to a specific proportion of the companys revenues. As soon as the investment amount of the proportionate income financing is reimbursed, the earning-distribution arrangement is terminated. This specific exercise is entitled as Musharaka. Supplementary to this, Mudaraba is venture capital financing where a talented worksman who provides labor while funding is offered by the bank, so that one executes business on behalf of the other. Such participatory indulgence between capital and labor reflect the Islamic conceptions that the borrower should not absorb the peril/price of a collapse, since it is Allah Tallah who determines that failure or success, and intends that all those involved reap or bear it as per their obligations. Last, Islamic banking is bounded within Islamically permissible transactions, which eliminate those involving alcohol, pork, gambling, etc. Thus Islamic investing is the only acknowledgeable form of investment, and asset backed transactions are encouraged at the same time the social illnesses are not propped up. The concepts and financing modes in Islamic banking are as follows: Shariah Advisory Council/Consultant Islamic banks and banking organizations that offer Islamic banking products and services (IBPS banks) are required to establish Shariah advisory boards/ consultants to recommend them and to ensure that the procedures, activities and systems of the bank comply with Shariah doctrine. Amanah (Safekeeping) In Amanah, a bank is reckoned as a warden and custodian of endowments. Person deposits money in the bank and the bank assures to repay the whole amount of the belongings, or any portion of the remaining sum, when the depositor claims it. In this situation the Bank becomes the Amin (the Guardian) while the saver is known as Rab-ul-Maal. In Amanah the bank cannot consume this money until and unless the depositor permits its Amin. Mudarabah (Profit Loss Sharing) Mudarabah is a form or contract established between an investor and an entrepreneur, whereby the entrepreneur can finance the investments for its business proceedings. Any gains generated shall be distributed between the investor and the entrepreneur as per the consented ratio, while only the investor stands all the losses if transpired, it has to be bared in mind that the due attentiveness of the entrepreneur will be evaluated and in case of carelessness he/she would have to bear the consequences. The profit-sharing maintained until the proportionate income financing is reimbursed. The bank receives its share for the time value of its money through a set proportion in profit earned that is attached to the debtors profits. (Hassan, 2002) It is a corporation in proceeds between investment and skill, where one provides funds whereas the other supplements proficiency, expertise and administration. The latter is called as the Mudarib. Any profits accumulated are distributed amongst the participants on a pre-settled ratio, while loss is borne only by the investor. It is noteworthy that any increase in capital shall be the property of Rab-ul-Maal the capital provider according majority of jurist. For example if the sheep provided by rab-ul- maal investor and sheep gave birth to lamb, the lambs would be in the ownership of Rab-ul-Maal not the Mudarib (entrepreneur). The capital provider earns profit from the business on the basis of providing capital while the entrepreneur gets his share with respect to his efforts and endeavors. (Usmani T. M., 2004) Musharkah (Joint Venture) This conception is normally applied for business partnerships or mutual ventures. The profits made are shared on a settled ratio, while if losses are sustained they will be divided on the equity funds allocation ratio. This model is different from fixed-income endowing (i.e. proceeds of propotionate income financings). The two different types of Musharkah modes are Shirkat ul Ooqud and Shirkat ul Milk as per Islamic Jurisprudence. Further elaborating the types can be divided into specific main categories with further sub types each. In Islamic finance the things taken into consideration are Shirkat ul Ooqud (Partnership in Trade) and Shirkat ul Amaal (Partnership in Services). Shirkat ul Amwal (Partnership in trade) Shirkat Ul Amal (partnership in services) Shirkat ul Amwal (partnership in trade) is the mode of partnership where all partners invest some capital into a commercial enterprise. Shirkat Ul Ammal (partnership in services) is the form of partnership where all the partners jointly undertake to render some services for their customers and the fee charged from them is distributed among them accordingly to an agreed ratio. (Usmani T. M., 2004) Musharkah translates itself into a relationship established under a pact by the Impact of Islamic Banking on Consumer Financing Sector Impact of Islamic Banking on Consumer Financing Sector Abstract This study finds out the realistic or any factual impact caused by the introduction of Islamic Banking on the consumer financing sector generally, while keeping its main focus explicitly on House Financing and Car Financing through banks in Pakistan. The total banks involved in consumer financing whether Islamic or Conventional where included in this research, keeping 2003 as the base year of data initiation. Since 53% of Consumer financing was being defined by House and Car financing so they were kept in focus. Independent T-Tests were run on the investments as well as the growth of both the sectors that is Islamic and Conventional banking sectors. The data was collected from the Statistical Data Ware House Department of State Bank of Pakistan. The results show that the variances in the investment sectors of both Islamic and Conventional differed from each other where H0 was rejected on the basis of value of t stats where as in the growth comparison the variances were said to be sa me at 10% significant level but the means of growth stood at 29% and 9% in cases of Islamic and Conventional banking respectively proving the positive impact of Islamic Banking on Consumer Financings bulky sector of House and Car Financing in Pakistan . In case of any incongruity to State Bank of Pakistan or the AAOFI standards, the latter shall prevail. Chapter one: Introduction The intent to write this research was to undermine the factual understanding as well as affect caused due to the introduction of Islamic Banking in Pakistan. It was acclaimed by the people related to the industry that Islamic Banking had positively affected the banking sector here and across the globe. The numbers were quoted and percentages claimed but no real research supported the declarations. So the author thought of doing a research to dwell on the issue and conduct a research with respect to Pakistan hence, configure the true standings of the conterparts known commonly as Islamic Banking and Conventional Banking. Islamic Banking though has a mere institutionalised history of 35 years across the globe but has gained tremendous recognition in this short tenure which shall be wittnessed in the literature review ahead in this paper. The evolution of Islamic Banking in Pakistan started as late as 2000 01 after the historical judgement of the Supreme Court of Pakistan in1999 against the prevailing interest based banking system. The Islamic banking emerged, though after a valiant effort which continued over two decades prior to its surfacing. Different reports, articles, awareness sessions, books and other relative material endowed to this very existence of Islamic Banks in Pakistan. Though the clouds of uncertainity have lingered on this newly instigated initiative ever since its emergence, but then again that has always remained a norm for innovative things in Pakistan. Though Islamic Banking has come a long way after its start almost a decade ago but it still has a lot to prove to its spectators with respect to shariah compliance and market effectiveness in the Pakistans lucrative but stingent souk. Consumer Financing is a sector which has its part of exuberance attached to it in the banking and financial sector. When ever the financial markets are flooded with accessive liquidity the first thing that magnetizes the banker is the consumer financing sector specially in Pakistan where the yeilds were as high as 15% on proceeds. The magnitude of House and Car finance together tend to weigh around at almost 53% of this sector so the proceedings in this neighborhood can be established by analysing these mentioned sectors. In view of the fact that the House Car financing sector provide a level playing field for the conterparts that is Islamic and Conventional players, was another reason for this assortment. In the paper further the comparative analysis is conducted as well as the background of both Islamic Banking and Finance with Consumer Financing has been discussed in comprehensive detail. Statement of the Problem Islamic Banking ever since its emergence in Pakistan has raised eyebrows of related and non related players. Is there a difference? Which banking system shall prevail? Does Islamic Banking have enough weight to outset its conterpart? Can Islamic Banking loose the tag of being a parellel banking system and become the prefered banking operation in Pakistan? The researcher answers to these questions in the light of the literature review as well as by testing the viability of Islamic Banking sector to its conterpart Conventional Banking in the asset backed sectors of House and Car finance (through banks) in Pakistan. Objective Basic purpose of this research is to determine the differential impact of Islamic Banking in contrast to Conventional Banking on House Car Financing through Banks in Pakistan. Research Model Hypotheses H0: Islamic Banking does not impact House Car Financing through Banks In Pakistan. H1: Islamic Banking directly impacts House Car Financing through Banks In Pakistan. Chapter Two: Literature Review This segment will appraise the comprehesive literature review with respect to Islamic Banking globally while Consumer Banking Sector in Pakistan. Islam as a Code of Life Islam acclaims its self to be a Deen which provides a complete code of life to its practitioners. According to its claim Islam not only helps its followers rather also those who seek for help without believing in its core essence for day to day hinderances. May it be a name for a believers child or be it the purpose of life, Islam alone tends to answer to all the versatile queries of its disciple. This is the beauty of Islam but it can only lead to enlightenment only if all the resources of Islam are kept in view or an adherent may astray from the righteous path. The main resources of Islam can be categorized as follows: Quran e Karim The Holy Book sent upon Hazarat Muhammad Ahadith e Mubarakah (Sayings of Hazarat Muhammad) Shariah (Implementation of Islam) Lives of Hazrat Muhammad and the Sahaba (Companions of Hazarat Muhammad) Hence the Deen, Islam, can be categorized into three main branches: Beliefs (Aqaaid) Reformation and Rectification (Tassawuf) Islamic Laws and Principles (Fiqha). Since my paper would be coming under the third bough of a healthy hierarchy, that is, Islamic laws and Principle Jurisprudence (Fiqh). Further elaborating this division known as Fiqh (Islamic Laws and Principles) can be further sub-divided into the following sections: Prayers (Forms of submissions to Allah Tallah, Ibadaat) Societal or Civil Laws (Maamlaat) Criminal Laws Constitutional laws Since my paper discusses the Societal or Civil laws (Maamlaat) or rather absolutely specifying it would be dealing with financial aspects of this vast sub branch of Fiqh. Coming to the financial aspects of a Muslim or even an Oriental who believes in the fairness of Islamic laws, the main concern of this individual is to abide by Islamic law and principles while earning bread and butter for himself and his family. The things permissible by Islamic Jurisprudence are referred to as Halal while the things that are prohibited in Islamic Fiqh are known as Haram. It is by obligation that a Muslim or even an Oriental who believes in Islamic laws can earn his living only through Halal ways. One way of distinguishing Halal is by identifying the prohibitions while the rest remains permissible. Prohibitions in Islam for Financial Procedures The two of the main ills identified by Islam in financial procedures are: Riba (Interest) Gharar. Riba (Interest) In perspectives of Shariah money is considered to be a assessing means for value or worth rather than an asset within itself, it necessitates that an investor should not be able to obtain income from capital (or everything that is treated as a kind of money) alone. This production of money from money (commonly known as interest) is Riba, which is prohibited in Islam. Prohibation of Interest (Riba) in Quran Following are the verses where Quran has out rightly identified interest as a prohibition. In the following verse our Creator nullifies the visual increase of wealth earned through interest. And whatever Riba you give so that it may increase in the wealth of the people it does not increase with Allah Subhanahu Tallah (30:39) At another place it has been identified that the Jews werent allowed to indulge in interest. And because of their charging Riba while they were prohibited from it (4:161) A verse which identifies the prohibition of interest and its form whether it be compounded. O those who believe do not eat up Riba doubled and redoubled (3:130) Ribas eminent prohibition can be seen in the following verse while at the same time the permissible alternative of trading has been offered. Another important factor which can be witnessed here is that giving of charity is being encouraged while interest is being regarded as a curse. Those who take Riba (usury or interest) will not stand but as stands the one whom the demon has driven craze by his touch. That is because they have said: Trading is but like Riba and Allah Subhanahu Tallah has permitted trading and prohibited Riba. So, whoever receives an advice from his lord and stops, he is allowed what has passed, and his matter is up to Allah Subhanahu Tallah . And the ones who revert back, those are the people of fire. There they remain forever. Allah Subhanahu Tallah destroys Riba and nourishes charities. And Allah Subhanahu Tallah does not like any sinful disbeliever. Surely those who believe and do good deeds, establish Salah and pay Zakah, have their reward with their lord, and there is no fear for them, nor shall they grieve. O those who believer, fear Allah and give up what still remains of Riba if you are believers. But if you do not, then listen to the declaration of war from Allah and his messenger. And if you repent, yours is your principal. Neither you wrong, nor be wronged. And if there be one in misery, then deferment till ease. And that you leave it as alms is far better for you, if you really know. And be fearful of a day when you shall be returned to Allah, then everybody shall be paid, in full, what he has earned. And they shall not be wronged. (2: verses 275-281) Identifying one of the greatest ills of Interests concentration of wealth the rich becoming wealthier and the poor becoming underprivileged, the verse tends to unfold one of the many aliments caused by going against the prohibition. So that this wealth should not become confined only to the rich amongst you.(59:7) During the tenure of 1984 to 1994, $ 719 Billion dollars were sanctioned as interest based loans while $ 749 Billion were returned during the same tenure still leaving behind a liability of $ 1258 Billion. 225 people possess 47% of the wealth of the world at the same time 1 Billion and 30 Million people earn $ 1 daily while 32% of the population of this world earns $ 4 daily. These facts show that the present financial system has the above mentioned illness known as the concentration of wealth. Prohibation of Interest (Riba) in Hadith The second source of Islam is the sayings of the Holy Prophet MuhammadSallalaho Alaihi Wassallam. Ahadith of ProphetSallalaho Alaihi Wassallam which are on the prohibition of Riba (Interest) are as follows: In the following Saying the excess on either sides is regarded as riba. Gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, must be equal on both sides and hand to hand. Whoever pays more or demands more (on either side) indulges in Riba.1.( Sahih Muslim, Karachi, V.2, P.25) As per the following saying commercial interests existence is exhibited. Ibn Juraij says: in the pre-Islamic period, the tribe of Banu Amr bin auf used to take interest from the tribe of Banu-al-Mughira, and the Banu-al-Mughira used to pay this interest. When islam came,the later owned considerable amount of money to the former. And further on:the Banu-al-mughira used to pay interest to Banu-thaqif. All the people involved in the transaction of riba are found to be guilty and at fault as per quoted saying below. From Jabir: the Prophet,Sallalaho Alaihi Wassallam, may cursed the receiver and the payer of interest, the one who records it and the two witnesses to the transaction and said:they are all alike [in guilt] (Muslim,Kitab-al-Musaqat, Bab lani akili al-Riba wa mukilihi;also in Tirmidhi and Musnad Ahmed) The implication or the inference of sins that a person attains on indulging himself in interest based transactions is emphasized in the following quotes. FromAbdullah ibn Hanzalah:the Prophet,Sallalaho Alaihi Wassallam,said : a dirham of Riba which a man receives knowingly is worst than committing adultery thirty-six times(Mishkat al-Masabih, Kitab al-Buyu,Bab al -Riba,on the authority of Ahmed and Daraqutni) From Abu Hurayrah: the Prophet,Sallalaho Alaihi Wassallam said: Riba has seventy segments, the least serious being equivalent to a man committing adultery with his own mother.(Ibn Majah) Interest based transaction reap no profits here or hereafter. The misery that one is bound to go through after death just for indulging himself in interest based proceeds in visible in the following quote. From Abu Hurayrah: the Prophet,Sallalaho Alaihi Wassallam, said: On the night of Ascension I came upon people whose stomachs were like houses with snakes visible from the out side. I asked Gabriel who they were. He replied that they were people who had received interest ( Ibn Majah, Kitab al-Tijarat, Bab al Taghlizi fi al-Riba; also in Musnad Ahmad) Prohibation of Interest (Riba) in Bible It is not that only in Islam, interest is prohibited even in Christianity, the prohibition of interest is eminent. We have even seen above that even Jews were prohibited from interest based activity according to the Qurans verse. Following are the quotes from the Bible proving the prohibition of Riba. Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury. [Deuteronomy 23:19] Lord, who shall abide in thy tabernacle? Who shall dwell in thy holy hill? He that walketh uprightly, and worketh righteousness and speaketh the truth in his hearth. He that putteth not out of his money to usury, not taketh reward against the innocent.[Psalms 15:1, 2, 5] He that by usury and unjust gain increaseth his substance, he shall gather it for him that will pity the poor. [Proverbs 28:8] Then I consulted with myself, and I rebuked the noble, and rules and said unto them, ye exact usury, every one of his brother. And I set a great assembly against them.[Nehemiah 5:7] After identifying that interest has been prohibited in the past as well as in the contemporary era by the Creator of mankind as He tends to proscribe this act, it would be important to understand the types of Riba which are as follows: Riba Al Jahiliya/ Riba An Nasiyah That type of debt where specified reimbursements period and an amount in surplus of capital is fixed. (Usmani, 2002) Riba Al Fadl / Riba Al Hadees Riba Al Fadl means that the amount or goods paid back in excess other than the Qard (Loan) or which is taken in exchange of explicit homegenous products and are utilized in their hand to hand purchase and sale as explained in the Hadees. (Sahih Muslim, Karachi, V.2, P.25). (Usmani, 2002) Gharar The second of the ailments identified by the Islamic Juriprudence is known as Gharar. Gharar, is usually understood to denote ambiguity in the contractual conditions and/or the uncertainty in the survival of an essential good in an agreement and this creates concerns for Islamic scholars in the light of Islamic Jurisprudence. Shariah does include the ideology of Public benefit, denoting that, if something is tremendously in the public favor, it may be executed and so hedging or alleviation of preventable business threats, do come into this class but further elaboration is as follows by Islamic Scholars: Gharar is where the participants that is the buyer and seller, dont know what one bought and what the other sold. Professor Mustafa Al-Zarqa the researcher of Shariah has written Gharar can be defined as the sale of possible goods whose characteristics or individuality can not be established, due to the dicey character which makes this form of business related to gambling. Hadith for bidding this prototype of trading in Gharar (jeopardy) are available in books of Hadith. Some examples of Gharar transactions are (e.g. trading any fish swimming in the sea or a bird from a collection of species flying in the sky an unborn calf in cows womb, are some of the saleable goods which cannot be probed and examined as their true traits are unknown. Islamic Jurisprudence researchers have given many complete definitions of Gharar. They have also evolved with the idea of Yasir (minor risk); a financial deal with an insignificant risk is believed to be Halal (permissible) while transactions involving significant risk (Bayu-ul-Gharar) is deemed to be Haram. Gharar is one of those impediments which limit the power of decision making. An agreement that has any element of Gharar is not valid from the Islamic Jurisprudence view, irrespective of whether the parties to the agreement agree upon the agreement. The lexical meaning of Gharar is to deceive, cheat, delude, lure, entice and uncertainty. Gharar can be defined as follows: The uncertainty that is present in the basic elements of an agreement, wording, subject matter, consideration and the liabilities. Example of events which have been prohibited in Ahadith because of Gharar are: Sale of unborn Camels baby still in the mother abdomen. Sale of flowers before they appear on the plant. Sale of fish that comes in one throw of net. Sale of wool on the body of the animal. Qimar is that event in which there is a possibility of total loss to one party.Every gambling is a form of Qimar but Qimar is not limited to gambling. The Contract in which the participants, at the moment of implementing the agreement, cannot determine or rather decide as to how much it would give or receive. Causes of Gharar Though the conditions can be many but the most commonly occuring causes can be identified in (Samadani, 2007) are as follows: Uncertainity relating to the existence of thing sold Uncertainity relating to the possession of thing sold Uncertainity relating to the thing sold itself Uncertainity relating to the price Uncertainity relating to the payment of price Uncertainity relating to both thing sold as well as the price Types of Gharar Some types of Gharar are as follows: Baitan fi Bai (Twin sales) Safaqa fi Safaqa (Twin contracts) Bai urban/urboon Forward contract Superficial bull whip effect In the dark ages, many contracts were in vogue, where that condition would turn trade into treasure hunt. Like the seller would have different pieces of cloth and the buyer would cast a stone and would get the cloth where the stone would land. The Holy ProphetSallalaho Alaihi Wassallam has disallowed all such contracts. After identification of the prohibitions in the current financial system where interest and Gharar (Uncertainity) are a part and parcel of day to day proceedings. The need for a system which eliminated such illnesses was required. Another reason was that, after the jolts of 1930s and other economic crisis of 1970 and now of 2008 that followed, the financial world started talking about alternatives to the present systems of (Communism, Socailism and Capitalism). Though Capitalism is the largest spread system across the globe but by all means its jolting has been witnessed since 1839, 1930, 1970 and 2007. Is it at the verge of its end? Nobody knows but people have started looking for options. Islamic Economics Islam provides an economic system based on rules and principles defined by Islamic Jurisprudence. Human being is just a custodian of wealth and the true ownership is with Allah Tallah. Islamic Economics point of difference is that it not only deals with the materialistic needs of human being rather it also fulfills the spirtual needs at the same time. The main theory behind the Islamic economics is that money is only a means of exchange (in other words money tends to serve as an intermediary between the transaction of asset) and not a product that can be sold or discounted. Here it is noteworthy that a human being is not the true owner of wealth as it belongs Allah Tallah rather he has been given only the right to use it as the second owner, keeping in mind that he would be questioned on the day of judgement of his usfruct. Islam doesnt deny the forces of law of demand and supply but does emphasis on the consumer as well as the government to abide by the rules of Islam. Islam as a De en has the capability to accomadate all good things that life has to bring accept those which are outrightly against its divine principles. To summarise Islamic economics can be defined as the humanitarian goal of achieving the well-being of all members of the human family which cannot be attained by concentrating primlairly on the materialistic needs of comfort and creating maximisation of riches as the core intention of economics. Hence it is part and parcel to raise the spirtual content of well being of the whole society and reduce all symptons of anomie, like family disintegration, heavy interest based debt payments, conflict and tension, crime, alcholism, addiction to drugs and psychological illness, all signifying lack of internal delight and satisfaction in the life of human beings. Captialism similar to socialism, both have fallen short to show the way to their followers such an overall welfare. As a prospective measure, it is seems almost inevitable to put down the outlines of a new scheme of operations which helps maximise human well being as per the divine guidelines of Allah Tallah. As per (Khan, 1993) that since the unavailibilty of an Islamic society anywhere in the world the Islamic economics at present is scarely able to express or articulate Islamic position on economic issues as per its connotations. Islamic economics implies a serious execution of the Islamic strategy to raise the spirtual as well as the material well being of all people and to establish socio-economic justice, which is the vital objective of the Islamic message. On the spirtual side, the peace of mind that is fundamental to inner happiness cannot be attained except by increasing the nearness of the human being to his Creator, which Islam is capable of bringing about but secularism doesnot even aspire to. (Chapra, 1992). Islamic Banking Banks serve as the heart of any economy as they pump funds into the economic veins of a country. The four main functions that the bank performs are: lending and deposit business securities issuing asset management and foreign exchange trading. Trading has been given as an alternative to interest based transactions by Quran e Kareem as mentioned above. In the light of this fact the comtemporary Islamic scholars after reviewing the current financial system have comeup with different modes of financing to fulfill the much needed requirement. In the futher discussion we shall discuss those modes of financing. But first we would define Islamic banking as per the State Bank Of Pakistan. Islamic banking has the same utility as of conventional banking except that it asserts to function in agreement with the rules of Islamic Jurisprudence, called Fiqh ul Muamalat (Islamic regulations for transactions). The indispensable law of Islamic banking is the sharing of gain and loss and the prohibition of interest and Gharar. The Islamic concepts, that are mainly used in Islamic banking are profit sharing combination of isolated investor and worker (Mudharabah), safekeeping (Amanah), joint venture (Musharkah), Diminishing Musharkah, cost plus profit (Murabahah), asset finance (Ijarah), manufacturing (Istisna) and agricultural goods (Salaam). Islamic banking proposes to a structure of banking or participatory pooling actions that is dependable on Islamic Jurisprudence (Shariah) and channeled by Islamic economics. Islamic law prohibits interest the collection and payment of Usury. Islamic law also disallows trading in financial risk (since it is a form of gambling) discussed abov e as Gharar. In addition, Islamic Jurisprudence excludes participation in businesses which are deemed Haram (a going concern which deals in pork or alcohol). At the verge of 20th century, quite a few Islamic banks were crafted, to cater to this specific banking market. (Hassan, 2002) In an Islamic mortgage transaction, instead of giving debt to the buyer, money is utilized to purchase the item that is, money is a medium of exchange and not a commodity. Money cannot be rented, is a fact of Islamic Economics. The supplier acts as a direct vendor for the bank, after acquiring the goods the bank proceeds it to the customer at a gain, while allowing the buyer to payback the bank in installments (assets backed financing). However, for any delay in payment the bank cannot charge additional costs as profit or compensation. To mitigate its risk and close in on the vulnerability of the customers default, the bank keeps strict collaterals as its bail out. After the possession of goods the tangible asset is listed in the name of the buyer, by the Islamic banks. Such a bargain is known as Murabaha. Likewise Ijara wa Iqtina or Ijara bi Tamleek, which is alternative to real estate capital finance. Islamic banks handle proportionate income financings for means of transportations in a likewise manner (vending the automobile at a price, which is higher than the current value of the asset in the market, to the lessee and then holding up the title of the medium until the pre-agreed proceeds are paid up). The previous profits are taken into consideration setting up a profit and loss sharing ratio. Consequently the banks profit on the proportionate income financing is equivalent to a specific proportion of the companys revenues. As soon as the investment amount of the proportionate income financing is reimbursed, the earning-distribution arrangement is terminated. This specific exercise is entitled as Musharaka. Supplementary to this, Mudaraba is venture capital financing where a talented worksman who provides labor while funding is offered by the bank, so that one executes business on behalf of the other. Such participatory indulgence between capital and labor reflect the Islamic conceptions that the borrower should not absorb the peril/price of a collapse, since it is Allah Tallah who determines that failure or success, and intends that all those involved reap or bear it as per their obligations. Last, Islamic banking is bounded within Islamically permissible transactions, which eliminate those involving alcohol, pork, gambling, etc. Thus Islamic investing is the only acknowledgeable form of investment, and asset backed transactions are encouraged at the same time the social illnesses are not propped up. The concepts and financing modes in Islamic banking are as follows: Shariah Advisory Council/Consultant Islamic banks and banking organizations that offer Islamic banking products and services (IBPS banks) are required to establish Shariah advisory boards/ consultants to recommend them and to ensure that the procedures, activities and systems of the bank comply with Shariah doctrine. Amanah (Safekeeping) In Amanah, a bank is reckoned as a warden and custodian of endowments. Person deposits money in the bank and the bank assures to repay the whole amount of the belongings, or any portion of the remaining sum, when the depositor claims it. In this situation the Bank becomes the Amin (the Guardian) while the saver is known as Rab-ul-Maal. In Amanah the bank cannot consume this money until and unless the depositor permits its Amin. Mudarabah (Profit Loss Sharing) Mudarabah is a form or contract established between an investor and an entrepreneur, whereby the entrepreneur can finance the investments for its business proceedings. Any gains generated shall be distributed between the investor and the entrepreneur as per the consented ratio, while only the investor stands all the losses if transpired, it has to be bared in mind that the due attentiveness of the entrepreneur will be evaluated and in case of carelessness he/she would have to bear the consequences. The profit-sharing maintained until the proportionate income financing is reimbursed. The bank receives its share for the time value of its money through a set proportion in profit earned that is attached to the debtors profits. (Hassan, 2002) It is a corporation in proceeds between investment and skill, where one provides funds whereas the other supplements proficiency, expertise and administration. The latter is called as the Mudarib. Any profits accumulated are distributed amongst the participants on a pre-settled ratio, while loss is borne only by the investor. It is noteworthy that any increase in capital shall be the property of Rab-ul-Maal the capital provider according majority of jurist. For example if the sheep provided by rab-ul- maal investor and sheep gave birth to lamb, the lambs would be in the ownership of Rab-ul-Maal not the Mudarib (entrepreneur). The capital provider earns profit from the business on the basis of providing capital while the entrepreneur gets his share with respect to his efforts and endeavors. (Usmani T. M., 2004) Musharkah (Joint Venture) This conception is normally applied for business partnerships or mutual ventures. The profits made are shared on a settled ratio, while if losses are sustained they will be divided on the equity funds allocation ratio. This model is different from fixed-income endowing (i.e. proceeds of propotionate income financings). The two different types of Musharkah modes are Shirkat ul Ooqud and Shirkat ul Milk as per Islamic Jurisprudence. Further elaborating the types can be divided into specific main categories with further sub types each. In Islamic finance the things taken into consideration are Shirkat ul Ooqud (Partnership in Trade) and Shirkat ul Amaal (Partnership in Services). Shirkat ul Amwal (Partnership in trade) Shirkat Ul Amal (partnership in services) Shirkat ul Amwal (partnership in trade) is the mode of partnership where all partners invest some capital into a commercial enterprise. Shirkat Ul Ammal (partnership in services) is the form of partnership where all the partners jointly undertake to render some services for their customers and the fee charged from them is distributed among them accordingly to an agreed ratio. (Usmani T. M., 2004) Musharkah translates itself into a relationship established under a pact by the