Islamic Banking In United Arabs Emirates Finance Essay - Free Essay Example

Sample details Pages: 4 Words: 1092 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Islamic banking has existed for more than three decades ago. The institution has expanded to become distinct and fast growing segment of capital markets and international banking (Hassan Lewis, 2007). More than 200 Islamic banks are on operation in over 70 countries with a majority in Muslim states and others in western countries (Hassan and Lewis, 2007, p.1). Don’t waste time! Our writers will create an original "Islamic Banking In United Arabs Emirates Finance Essay" essay for you Create order A majority takes interest in Islamic banking based on its contrasting features to conventional banking. In its broadest sense, Islamic or shariah compliant banking refers to the provision and use of financial products and services in line with the Islamic religious practices and laws (Cihak Hesse, 2008, p.4). Islamic finance By and large, an Islamic banking and financial system is meant to provide a variety of religiously accepted financial services to Muslims. The institutions are solely dedicated to contribute richly to the socio-economic goals set by Islam. This includes an economic well being and socio economic justice coupled with equitable distribution of wealth and income (Hassan Lewis, 2007, p. 2). As such, financial systems play a vital role in mobilization and investment of savings for economic growth and stability as far as monetary valuation goes. Contrary to convention banking, Islamic banking prioritizes and adds a religious dimension into its systems. That is, the opportunity to carry out religious legitimate financial operations has more weight than the mode of financial operation itself (Hassan Lewis, 2007). Islamic banking in UAE Financial systems based in Islamic tenets serve as to eliminate payment and receipt interests in all forms. Most banks in UAE mainstream teachings from the Holy Quran, in which, they derive their raison dtre from the fact that Islamic order has no place for institution of interest. Rejection of interest by Islam sets it apart from the conventional banking such that unique functional mechanisms and frameworks are put in place to ensure effective operation. In place of transaction interests as is the case in convention banking, Islamic banking makes use of PLS. Also known as the profit-and-loss sharing, the mechanism is one of the institutions characteristics in resource allocation (Hassan Lewis, 2007). A large number of transactions feature in Islamic banks but certain types are grouped or termed as central. For instance, mark-up methods, equity participation (musharaka) and trustee finance (mudaraba). The business partnership technique employed the mudaraba; a principle that was coi ned by Prophet Muhammad when acting as an agent to his wife (Hassan Lewis, 2007, p. 3). UAE Banks with Islamic banking There are almost fifty banks in the United Arab Emirates, placing it second in terms of banking volume in the Gulf Cooperation Council after Bahrain (Oxford Business Group, 2007, p. 61). Of this, almost half are foreign based while the rest transact financial services on domestic basis. A case in point is the Al Hilal Bank established by the Abu Dhabi after its license issuance in 2007 (Oxford Business Group, 2007, p. 61). Statistics from the UAE Central Bank shows some of the top performing banks in 2005: the National Bank of Abu Dhabi (NBAD), Emirates Bank International (EBI), Abu Dhabi Commercial Bank, and the National Bank of Dubai among others. However, the top ten banks in UAE control almost half of the total assets, deposits and total loans (Oxford Business Group, 2007). A comprehensive list of national banks is accessible in the Abu Dhabi Securities Markets. ADIB principles and models Islamic banking revolves around countless yet well established concepts. While some are based on the Islamic canons, others operate within the framework of the religion; based on Quran and Sunna (ADIB, n.d., par. 1). This means that all transactions, regardless of the level and nature of business, are subject to halal activities. Most of these principles are meant to ensure ethics and integrity is held while at the same time, operating within the religious boundaries. Activities such as gambling, hoarding, liquor usage and usury based lending are strictly avoided. As mentioned, interest or Reba is forbidden rendering all transactions subject to profit and loss sharing. Rather than earn interests, depositors are guaranteed a share of the banks profit (ADIB, n.d., par. 2). Another of its principles is based on the profit sharing partnership between parties involved in a transaction (ADIB, n.d., par. 2). Returns on investment accounts and savings are heavily dependent on profits from halal transactions and the banks performance. Parallel to common belief, profits are not guaranteed and are therefore subject to a certain measure of risk (ADIB, n.d., par 4). Additionally, these profits are managed by practitioners who ensure higher yields as compared to conventional alternatives. Current accounts are exempted from earning income as they are considered qard from bank depositors. This is so as they can be drawn on demand by clients without notice (ADIB, n.d., par 5). Finally, transactions deemed as Gharar are forbidden as it denotes varying degrees of deception pertaining quality and price of commodities received by party at the expense of others. Conventional banking systems allow trading and derivatives while Islamic banking is keen on prohibition of ghar ar. As such, ADIB consider derivatives to contain elements of gharar and are therefore not permitted. Products and/or services The Abu Dhabi Islamic banking provides a number of banking products to its esteemed customers. Among these include personal banking that ensemble other multiple products like savings, current, childrens and electron accounts. In addition, ADIB provides financing solutions and takaful products that act as insurance or cover policies to clients. The business banking sector specializes in a variety of banking programs related tied to its field. For instance, business accounts management, transactional services, 24 hour customer support among others. Another of the institutions services is the specialized whole banking that incorporates government and public sector, corporate banking, community banking and global transaction services. Corporate banking Wholesale banking provides a numbers of banking services to large cooperation, non profit communities, the government and the general public. More specifically, corporate banking offers a wide range of Shariah compliant Islamic banking solutions. This includes, but not limited to Istisnaa, Ijara, Murabaha and Islamic covered drawings (ADIB, n.d.). The corporate banking client profile is segmented into public and government sector entities, financial firms and a diversified private base of trading (ADIB, n.d.). To ensure origination of risks in specified segments, the bank makes use of specific screening criteria in line with prudent guidelines set as per the brand. The whole essence of corporate banking is to build a transparent and value added bond between the banks and its clients. The advantages that come with corporate banking include structured finance solutions and project finance advisory conforming to the shariah laws.

The Cloud Going Beyond The Contractarian Paradigm

Privacy in the Cloud: Going Beyond the Contractarian Paradigm Masooda N. Bashir, Jay P. Kesan, Carol M Hayes and Robert Zielinski 1. Citation Bashir, M, Hayes, C, Kesan, J Zielinski, R 2011, â€Å"Privacy in the Cloud: Going Beyond the Contractarian Paradigm†, Proceedings of the 2011 Workshop on Governance of Technology, Information, and Policies, pp. 21-27, December 2011 2. Purpose of the Article The purpose of the article is to provide a brief summary of cloud computing, a relatively new concept that has emerged with the increasing use of technology. In describing cloud computing, the article also informs the general public of its limited privacy and security levels, one of the main issues currently surrounding cloud computing. The article evaluates existing laws governing the privacy and security of the information and data of individuals, prompting readers to be more cautious in their use of the cloud. 3. Key Information 3.1 Cloud Computing Cloud computing is defined by the article as the use of various softwares (such as hardware, storage and systems software) based in large global data centres rather than in local servers in personal computers. Cloud computing is believed to provide a range of benefits such as increased flexibility, reliability, portability and efficiency. It will simplify devices as well as reduce costs and the time taken to complete tasks. However, at the same time, cloud computing gives rise to security, privacy and legal issues. Some of these

Louis Armstrong A Influential Artist - 2169 Words

Jens Bowler Amanda Morrill MUSC - 1236 14/11/2016 Louis Armstrong If one was to go out into the street, walked up to a random stranger and asked them if they knew who Louis Armstrong was, chances are that they would be able to answer you correctly. Louis Armstrong (Aug 4th, 1901 - Jul 6th, 1971) was an American trumpeter, composer, singer and occasional actor who became one of the most influential figures in jazz. His career spanned many decades, from the 1920s to his death in 1971, and many different eras in jazz. He first came to prominence in the 1920s as a trumpeter and cornet player with no technique as well as being very skilled in scat singing, Armstrong was a foundational influence in jazz, influencing many later jazz artists as well as shifting the focus of the music from collective improvisation to solo performance.With his very well-known and recognizable gravelly voice, a technique that was later named â€Å"crooning†, Armstrong was an incredibly influential singer, demonstrating great dexterity as an improviser by bending the l yrics and melody of a song for expressive purposes on demand. Renowned for his charming and incredibly charismatic stage presence and voice almost as much as for his trumpet and/or cornet playing, Armstrong s influence extends far beyond jazz music, and by the end of his career in the early 1970s at his death, he was widely regarded as a deep and profound influence on popular music in general. 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Business Ethics Case Study

Question: Discuss about theBusiness Ethics Case Study. Answer: Introduction: Utilitarianism Utilitarianism is a part of normative ethics that states that right action is the one that leads most good (Barrow, 2015). It is also known as The Greatest Happiness Principle, that is a form of consequentialism where the action is judged completely based on the consequences (Mulgan, 2014). The given case is an analysis to understand if the installation of the Defeat Device in the various models of Volkswagen diesel cars is a morally correct action. There are two scenarios here. The first is that the defeat device is never found or the device is discovered. The Effected Device is not found Satisfaction levels Device is found Satisfaction Levels Volkswagen The device installation is cheap and quick. The cars under production will not be effected. 4 All the cars would have to be called back The company would lose its reputation Legal actions would be taken against the company All other cars produced by the company may be questioned. Sales may reduce drastically -5 Employees The sales would be as expected Little or no change to their regular work 3 Everyone involved would be questioned. Potential threat to employment -3 Customers Each car would increase pollutants in the air, causing the customer to contaminate their own environment without their knowledge. 5 Customers will not trust the company. Raise legal action against the company -4 Shareholders of the company Would get a fraction of the possible profit through the new line of cars 3 Would have to sell of shares at loss or bare future losses to the company -3 Sales Offices Would sell a number of cars gaining commission 4 The customers would not trust the sales team anymore and this team would be the POC for angry customers -4 Environment Would be effected with the increasing pollutants and the cause would not be detected -4 Measures to stop the emissions would be taken protecting the environment 4 Other Diesel cars The VW cars would be a competition -2 All the cars emissions would also be questioned -4 Testing Commission The tests can be fooled -2 Changes to test methods need to be done -5 Net Happiness 11 -24 Ratings: -5: Totally upset -4: Gravely upset -3: Highly Upset -2: little upset -1: upset 0: No effect 1: No Happiness 2: Little Happiness 3: Content 4: High Happiness 5: Total Prosperity Under the increasing need to protect environment it is given that there are several environmental agencies that are making sure that car emissions do not affect the environment and hence discovering the device is bound to happen. Also from the above table it is clear that the happiness experienced due to sales of cars would clearly be overshadowed if the device is discovered and hence, it is not a good idea. Kantian Deontological Analysis Kantian deontology states that we are duty bound to the set of rules and principles that are laid down and hence have to act according to them regardless of the consequences (Bentham, 2014). As the manager of Volkswagen I am duty bound to report any errors that may occur in production of the cars. The ideal car emission levels are known and hence the company should make sure that the levels are maintained. Cheating an emission control test to ensure that the production of cars is interrupted is not only immoral but also illegal. If the device is fixed, it would have adverse effects on the environment which is already under grave threat. As a citizen of a country that is trying to protect the environment, I would have to strongly suggest the company against installation. Also, such actions threaten the reputation and sales of the company, which would again result in substantial financial and customer base loss which cannot be easily recovered. And the company would be tied up in legal actions, which may lead to halting production. I would hence, make sure that I gather reports on the consequences of the actions to help the company understand the issue and find ways to make the correct fix. However, after all the above is done and the company decides to go ahead with the installation, I would be duty bound to carry the orders of the company (Gray, 2012). Virtue Ethics Virtue ethics is a part of normative ethics that emphasize on virtue and character rather than on consequences or duty (Hursthouse, 2013). The case study is in regard to Jeff Morris who became a whistleblower along with a couple of his colleagues to expose the wrong doings of his then employer Common Wealth Bank of Australia. The act of whistleblowing itself takes a lot of courage and the confidence to stand up against an organization to act on what one believes as right. Jeff Morris has stood up against a commonwealth bank of Australia which is a well reputed organization and had been fighting for his clients since 2008. Such actions require great courage as Jeff has to take up the responsibility to face various consequences including legal issue that would arise from the same. Also, getting a job post an incident as such can be challenging, as Jeff was not loyal to his organization. Jeff was friendly with his clients and truthful even in grave situation and stood up for what he believed with great magnanimity. His ambition was straight forward as he wanted to ensure that no one would be effected by the improper financial advice provided by the company (Van, 2014). Hence Jeff Morris is a man of his virtue who believes in being loyal to his clients rather than the organization, having the courage to stand against the wrong doers and be truthful in his actions. Kohlbergs Theory of Moral Development Kohlbergs theory of moral development states that ethical behavior has six stages that can easily be identified, and each stage is has a clear picture of the ethical dilemma when compared to its predecessor (Kurtines, 2014). The most evident stages of moral development that can be clearly seen in case of the Jeff Morris are the authority and social order obedience driven stage and Social contract driven stage. The former states that the laws and social conventions are regarded as important and breaking the law is morally wrong while the latter states that perspectives of each person are different and ideas that do not promote greater happiness and general welfare have to be changed (Cherry, 2014). In case of Jeff Morris, when he discovered that the values of the commonwealth bank of Australia were working against the greater good he has made sure that the actions are curbed. Also, he believed that lawful action is required against such organizations to ensure further actions in the line do not happen by any other organization as well. A demand for royal commission into banks is being made to ensure that proper legal action and correction is taken into consideration. Hence, the four and the fifth stages of Kohlbergs theory of moral development can be clearly seen in the case of Jeff Morris. References Barrow, R. (2015). Utilitarianism: A contemporary statement. Routledge. Bentham, J. (2014). Deontology; or, The Science of Morality.: In two volumes. Adegi Graphics LLC. Cherry, K. (2014). Kohlberg's Theory of Moral DevelopmentStages of Moral Development. Gray, K., Schein, C. (2012). Two minds vs. two philosophies: Mind perception defines morality and dissolves the debate between deontology and utilitarianism. Review of Philosophy and Psychology, 3(3), 405-423. Hursthouse, R. (2013). Normative virtue ethics. ETHICA, 645. Kurtines, W. M., Gewirtz, J., Lamb, J. L. (2014). Handbook of Moral Behavior and Development: Volume 1: Theory. Psychology Press. Mulgan, T. (2014). Understanding utilitarianism. Routledge. Van Hooft, S. (2014). Understanding virtue ethics. Routledge.