Looking At Islamic Economics And Finance Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 2230 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Meaning Islamic Economics and Finance: Islamic economics and finance has emerged as a discipline separate from the general science of economics and finance in the wake of islamisation of Islamic business industry. It is a system of finance that is bound by religious laws that prevent the taking of interest payments which in Arabic called Riba. Islamic economics and Finance is broader term which includes a banking system that isÂÂ  based onÂÂ  the principles of Shariah and guided by Islamic principles. Don’t waste time! Our writers will create an original "Looking At Islamic Economics And Finance Finance Essay" essay for you Create order Two basic principles behind Islamic bankingÂÂ  are sharing of profit and loss and, significantly,ÂÂ  the prohibition of the collection and payment of interest. Collection and payment of interest is strictly prohibited in Islam. If it is prohibited to take, it is also prohibited to give. Islamic Economics and Finance has many operational areas like Islamic banking, Islamic Investment, Islamic real estate, Takaful/Insurance, Asset Management etc. The elimination of interest from the economic system is meant to promote economically just, socially fair, and ethically correct dealings according to Islamic principles, foster the solidarity and cohesion of the Muslim ummah, harmonise trade, create powerful economic incentives, and bring about cooperation and co-participation in all walks of life. In formulating its fundamental principles, Islamic economics system seeks to fuse Islamic religion with economic science; that is, it tries to combine the study of economic pheno menon of ordinary business of life with religious beliefs, ethical norms, moral ideals, rules and laws, thus putatively believing that the social science of economics is a secular discipline which does not concern itself with value judgements, and that Islamic economics is a plausible alternative to modern economics since it is based on the values, norms and principles of Islam. History Islamic Economics and Finance: Islamic economics and finance is as old as Islam itself. Throughout the fourteen centuries of Islamic history, we find a continuity of works in which economic issues are discussed in the light of the Shariah. Most of these discussions lay buried, however, in the vast literature on the exegesis of the Quran (that is, Tafsir), commentaries on Hadith, principles of jurisprudence (usul al-fiqh), and law (fiqh). No effort has been made to dig out this material and present it systematically. There is another genre of works devoted exclusively to statecraft and social organization. These and the works on moral philosophy and historiography received some attention when the new born social sciences entered the curricula of universities in the Muslim world and scholars started looking for the Islamic heritage in these fields. Some orientalists have also paid special attention to the political and economic thought of early Muslim thinkers. But we do not have, till date, a single comprehensive book on the history of economic and finance in Islam. We do have, however, a number of papers, mostly written after the middle of this century, on the economic thinking of some eminent Islamic scholars in the past. Lets discuss a little about its journey so far. Even before the invention of money, people used to deposit valuables such as grain, cattle and agricultural implements and, at a later stage, precious metals such as gold for safekeeping with religious temples. Around the 5th century BC, the ancient Greeks started to include investments in their banking operations. Temples still offered safe-keeping, but other entities started to offer financial transactions including loans, deposits, exchange of currency and validation of coins. Financial services were typically offered against the payment of a flat fee or, for investments, against a share of the profit. The views of philosophers and theologians on interest have always ranged from an absolute prohibition to the prohi bition of usurious or excess interest only, with a bias towards the absolute prohibition of any form of interest. The first foreign exchange contract in 1156 AD was not just executed to facilitate the exchange of one currency for another at a forward date, but also because profits from time differences in a foreign exchange contract were not covered by canon laws against usury. In a time when financial contracts were largely governed by Christian beliefs prohibiting interest on the basis that it would be a sin to pay back more or less than what was lent, this was a major advantage. Islamic Banking: The first instance of Islamic banking came into the picture in Egypt in 1963. The pioneering efforts by Ahmad El Najjar brought this bank into existence, whose key principle was profit sharing (non-interest based philosophy of Shariah). By the end of 1976 there were 9 such banks in the country. These banks neither charged nor paid interest but their activities were mostly limited to trade and industries where these banks invested directly or as partners of depositors. Hence, functionally these banks were working more as financial institutions rather commercial banks. In 1971, Nazir Social Banks is known to be the first commercial bank in Egypt, though its charter never made references to Shariah. The first bank explicitly based on Shariah principles was established by the Organization of Islamic countries (OIC) in 1974, called Islamic Development Bank (IDB). This bank was primarily engaged in intergovernmental activities for providing funds for development projects running into mem ber countries. Its business model involved fees for financial services and profit sharing financial assistance for projects. The practice of Islamic banking did not start at the national level. Instead, individual Islamic banks were established in a number of countries during the second half of the Seventies. These individual Islamic banks had to operate within the economic and legal framework of their respective countries. They had also to face competition from interest-based banks, which were well-entrenched in the system. This environment provided no effective protection against the moral hazards attending upon a sharing-based system of financial intermediation. The low levels of honesty and trustworthiness in the market, the poor system of audits and accounts, lack of means for monitoring a business and, last but not least; failure of the judiciary to help the financing agencies in case of default by fund-users, were some of the factors inhibiting the practice of profit-shari ng by the newly established Islamic banks. We learned little about Islamic Economics and Finance and its history. We will discuss now about its relevance of Islamic Economics and Finance in todays life. To know the relevance of Islamic Economics and Finance, we should know the important elements of it. These are the elements which make it more effective in compare to the current conventional system. Conventional system doesnt address the following requirement of their people. However, Islamic Economics and Finance does: Disclosure of cost on transactions Islamic Finance is based on a set of simple truth that all businesses must abide by. For example, under Islamic Finance all financial transactions must disclose the cost and the profit to the buyer. And the determination of cost must include all of your cost. You are prohibited from hiding some of your cost. Full disclosure of pricing is critical to Islamic Finance and what constitutes a good free market. Existence of subject matter Another important principle of Islamic Finance is that all transactions must be supported by the physical existence of the subject of the trade. Contrast this to Wall Street which trades in commodities with no real existence of the commodity. It is now estimated that paper trading in gold is leveraged by more than 30 to 1 in terms of the actual physical gold that exists to support the trades. Constructive Possession Another important rule of Islamic Finance is constructive possession for every financial transaction. What this means is that you must have some ownership stake in what it is you are selling. You cannot sell something that you do not own. If you do, then you have introduced enormous risk and speculation into the marketplace. Under Islamic Economics and Finance this is disallowed and termed as Gharar. Existence of Value Islamic Finance also prohibits the selling of something that has no assigned value. For example, you cannot enter into a business transaction that someone can readily obtain for free or no-one in the marketplace has a use for. All objects of a transaction shall have some perceived value by someone within the marketplace. Things that have no use to anyone are not allowed under Islamic Finance. Trusteeship The idea of trusteeship has been central to all religious views of the economy. Islam reinforced the view that mans ownership of resources is held as a trust, the real owner being God, the Creator, to whom the trustee is accountable. The idea of trusteeship distinguishes the religious/Islamic approach to economics from materialistic approaches like capitalism and socialism. It effectively rules out both extremes -laisses faire and collectivisation-while introducing a moral-spiritual element into the ordinary business of life. The idea is made practical by rules governing individual behaviour and public policy. Helping Behaviour Mankind are Gods dependants, so the most beloved of people in the Sight of Allah are those who do good to His dependants. (Mishkat, Bab al-Shafqah wal-Rahmah alal-Khalq). Helping behaviour is required because of the interdependent nature of mans life. There is no fulfilment in life without interaction with others; individual felicity requires socialization. The exclusive pursuit of self-interest in social relations is counterproductive; it defeats its own purpose. Men serve their individual and collective interests best when each individual cares for the welfare of others while striving to protect and promote his own interest. This is what religion teaches. We gain through giving; when everyone is keen only to acquire and unwilling to give, no one acquires anything. So the wealth increasing through interest and decreasing through charitable giving is an illusion. The reality is different. Social wealth increases when the rich give away part of their wealth to the needy se eking no return save the Pleasure of Allah. An individual may not realise this, as he does not experience it directly and instantaneously. This is why the motivation for charitable giving is weak. Nevertheless, faith does what personal experience might have done, moving men to charity. Those who lack faith and a vision of the Hereafter behave otherwise, as noted in 107:1-3. Moderation Moderation in consumption is another feature of Islamic economics. Islam discourages ostentatious living and indulgence in luxuries. There are no specific quantitative limits to the consumption of what is permissible, but one should take into consideration what is available to others before one avails oneself of the good things of life. This also refers till some extent to all measures that improve the social order of the community. These include welfare policies, comfortable transportation, the provision of free and accessible healthcare etc. Decision by Consultation Men are free to make private economic decisions individually, but public choice and collective decisions must be based on consultation. This is implied in the Qurans characterization of Muslims as a people whose rule (in all matters of common concern) is consultation among themselves (42:39). But the community has been especially cautioned regarding the allocation of offices and the dispensation of justice: Behold, God bids you to deliver all that you have been entrusted with unto those who are entitled thereto, and whenever you judge between people, to judge with justice. Verily, most excellent is what God exhorts you to do, for God is all-hearing, all-seeing! (4:58) The subject of ensuring an adequate supply of public goods has been approached by modern economics within the framework of selfish behaviour, focusing on the free-rider problem. The Islamic doctrine of al-fard al-kifai, or socially obligatory duties, seeks to take care of the matter through voluntary action comp lemented by state action. One significant expression of this tendency in Islamic history has been the proliferation of charitable endowments (waqf) devoted to education, health care and providing for the needy, etc. In general, the doctrine of socially obligatory duties has boosted the role of the voluntary sector in Islamic economies. Coupled with Islams strong condemnation of hoarding and of all collusion between sellers to the detriment of customers, socially obligatory duties build those bridges between self-interest and public interest that are so vital for peace and prosperity in human society. The doctrine implies the valuable insight that the only durable basis for the protection and promotion of the public interest is orienting Individuals towards doing their duty. Treating Wealth as Means Islam looks at economic well-being as a means to peace, freedom from hunger-and freedom from fear of, or domination by, any being other than Allah. Beyond the satisfaction of basic needs, the ultimate objectives of earning and spending money are moral and spiritual. This rule out the seeking of economic gains at the cost of moral and spiritual values, both at the individual and at the national level. It is against Islamic rationality to hoard money. It follows that savings, i.e., what is left after Consumption and charitable giving, must be put to good use. One who cannot undertake productive enterprise himself can do so in partnership with others, or he can supply funds on a profit-sharing basis. Men can also borrow and lend, but the lender cannot claim an increment on the principal, since interest is prohibited. Also prohibited is gambling. Men should seek to avoid these and other prohibited means, such as cheating, exploitation, coercion, etc., when making money. Their freedo m to make monetary and financial arrangements is constrained only by these prohibitions and by the general Islamic tendency to treat money as a means to the good life.

Utilitarianism in Crime and Punishment Essay - 1874 Words

Utilitarianism in Crime and Punishment Raskolnikovs mathematical evaluation of the moral dilemma presented to him in Dostoevskys Crime and Punishment exemplifies the empirical view of utilitarianism. Utilitarianism attempts to distinguish between right and wrong by measuring a decision based on its calculated worth. Raskolnikov appears to employ the fundamentals of utilitarianism by pitting the negative consequences of murdering his old landlady against the positive benefits that her money would bestow onto society. However, a true follower of utilitarianism would be outraged at Raskolnikovs claim that murdering the old woman can be considered morally right. Raskolnikov arbitrarily†¦show more content†¦Employing the utilitarian principle, I would have to weigh each option and then decide which one has consequences at least as good as or better than any of the other options possible. But, what standard do I use to gauge the consequences in order to choose the best alternative? The theory of right action does not stand alone as the only condition for ethical evaluations. To measure the given alternatives, I would have to apply the theory of value. The theory of value bases itself on the premise that pleasure is the only thing valuable in itself and as an end. Mill clearly states, that all desirable things are desirable either for pleasure inherent in themselves or as means to the promotion of pleasure and the prevention of pain . In my moral dilemma, I had to take each alternative and calculate the total amount of pleasure that each would produce, minus the total amount of pain each alternative would induce. So while not doing the paper might give me the most amount of immediate pleasure, the pain that I would incur upon receiving an F in my class would greatly reduce the amount of net pleasure. On the other hand, I might experience some pain (due to boredom, frustration, etc.) from writing the paper. 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John Dewey Free Essays

Introduced his theories and concepts on how people think. He identified a number of different modes of thought including reflection. He saw reflection as an aspect of thought, a rational and purposeful act that is more then mere thinking. We will write a custom essay sample on John Dewey or any similar topic only for you Order Now Dewey contrasted routine action with reflective action, laying the roots of reflective practice in teaching (Kodiak-Myers, 2012, p. 5). In his notion of reflective action he described a willingness to engage in self-assessment, which squired flexibility, analysis and social awareness (Pollard, 2005, p. 3). His reflection described a willingness to consider different possibilities and the ability and desire to recognize various opinions (Skateboarders, 2012, p. 5). Reflection, as a familiar activity, is often misunderstood, overlooked in the formal process of teaching and equated with similar activities such as thinking about the day, making sense of experiences we had or discussing resent occurred events and issues. In these daily activities teachers assume that learning occurs (Bout, Gogh, Walker, 1 985, p. 8). Employing a reflective teaching approach, a teacher will be In control of the teaching process and Its outcome, giving the teacher the ability to research on the effectiveness of his teaching enabling him to asses if learning indeed occurs (Killeen, 1989, p. 52). In this assignment I will first, explain reflection. In this explanation I will consider the different classification, categories and some characteristics of reflection. Next I will argue that reflection within the learning process is important for the teacher. I will thereafter critically discuss some of the advantages and limitations of along feedback from students In the reflective practice and wall conclude that the advantages outweigh the Limitations of galling feedback. For a teacher to employ a reflective practice he or she needs to firstly understand the meaning of reflection. Rodgers (2002) is of the opinion that, after almost a century of considering reflection there is no clear understanding in our academic literature of what exactly reflection is. She reconsiders Dew’s concept of reflection and formulated four criteria that she felt characterized his concept of reflection. She speaks of reflection as a meaning making process that moves a learner from one experience Into the next†, as a â€Å"systematic, rigorous, deadlines way of thinking† that â€Å"needs to happen in community, in interaction with others† and it requires â€Å"attitude that value the personal and intellectual growth of oneself and of others† (Rodgers, 2002, p. 845). Reflection starts when a person inquires into his or her experiences and knowledge relevant to the experience, enabling him or her to ascribe meaning to his or her beliefs (Collier, 1999, p. 73). Learning Is affected through a process of thinking and fleeting on new experiences In relation to an excellent knowledge base and own understanding. Collier (1999) refers to Kitcheners research that suggests a continuation of the reflection process, where knowledge is first viewed as certain and absolute, learned from authorities and direct observations. This absolute acceptance of knowledge develops, a s the individual’s own experiences and knowledge develops to â€Å"uncertain, relative and personal constructed† (1999, p. 174). Such ¶n (1987) is of the theory within practice, and the use of such a process ultimately leads to expertise. He identified two possible processes of reflection, a retrospective analysis of experiences, the reflection-on-action and the reflection-in-action, which is the process of reflection as an active part of the experience. In the reflection-on-action a teacher will reflect after a lesson on the process by thinking about the lesson, reflecting on the good and bad moments in the lecture, considering how to improve on the bad elements and how to build on the good moments. Reflection-on-action will be possible through self-examination, student assessments, student feedback of lesson ND discussions of mentor teachers (Howell, 2014). Reflection-in-action is used more by teachers with existing knowledge of teaching and experience of the learning process and is used to assess the student participation, knowledge, understanding and learning during the lesson (Howell, 2014). A third process of reflection is a proactive reflection known as reflection-for-action (Collier, 1999, p. 174). Howell (2014) uses this third process of reflection, before-action, which allows her to consider her lesson before it takes place. This process of reflection allows the cheer to be in a position to consider what will be taught, how it will be taught and he or she can develop an inner attitude of gratitude that will positively influence the attitude of the learners. Reflection does not always occur on the same level and, is depending on the circumstances and experiences of the teacher. Reflection will be influenced by the teacher’s knowledge of the subject matter, her understanding of the teaching process as well as her personal circumstances and attributes. Howell (2014) identified these levels as technical, practical and critical reflection. The chemical level is concern with â€Å"effective application of educational knowledge and skill†, the practical level describes â€Å"an experience so that a subjective perception or commitment to a certain theory or system† is noticed and critical reflection is â€Å"indicated by a high degree of open-mindedness including ethical/moral and social considerations† (Collier, 1999, p. 174). These levels of reflection exist and work together (Howell, 2014) and research has indicated that new teachers often apply all these levels of reflection and all levels are equally important in the learning process Collier, 1999, p. 74). The teacher, as well as the learner in the sense that both teacher and learner bring certain attributes to the learning process, will influence the process. Unless a teacher is capable of reflection he might not be able to bring about long term positive outcomes within the learning process. Teachers are often influenced by outside factors when faced with difficult situations within the class room and can easily, unconsciously develop standard problem solving tactics, left unexamined for years (Shortchange Vassals, 2005, p. 45). Shortchange Vassals (2005, . 9) refers too five phase structured reflection process. In this process there is an action from the teacher, followed by a retrospective look back on the action, an awareness of essential aspects of the action, the creating of alternative methods of action and a re-trial of the action. Palmer, as quoted by Howell (2014) stated, â€Å"good teaching comes from the identity and integrity of the teacher†. Every teacher has certain identities, pre-set ideas and assumptions which he or she brings into the class room and these identities, personal views and assumptions will influence how e or SE teach and what he or she teach. This in turn will influence what our described as paradigmatic, prescriptive, and casual assumptions (Brookfield, 1995, p. 4). Paradigmatic assumptions are very difficult to identify and they are basic structuring of ideas we use to order the world, perspective assumptions are assumptions about what we think ought to happen in a situations and causal assumptions assist us in understanding the different processes within the working world and how processes work (Brookfield, 1995, p. 3). As teachers we must be able o reflect on these predetermined assumptions to enable us to build on our professional development. According to Shortchange Vassals (Shortchange Vassals, 2005, p. 53) it is important for a teacher, specially a new teacher to be able to get in touch with these different identities. They refer to reflection, which can take place on different inner levels. Where a teacher sees him or herself in a specific role within the class room, the teacher might be set on a mission to fulfill this role and beliefs which in turn may create behavior issues in the class (Shortchange Vassals, 2005). It s only if the teacher reflect on what it is that he or she is doing that causes the behavior problem and ask why he or she is doing it that they might find an alternative to their perceived reality. This requires the teacher to do introspective reflection of her own actions, which is a very difficult task for anybody to achieve. Often reflection can focus mainly on the technical or practical levels, without being critical. According to Brookfield (1995, p. 9) critical reflection will assist the teacher in unearthing the ways in which power is present in and distort the educational recess. Reflection is important for teachers both in their professional development as teachers as well as their personal growth as educators. Reflection will lead to new and better understanding of the learning process, often plagued with assumptions. The application of a reflective practice will lead to better Judgment, an examined common sense and better learning and understanding of our students who, in observing us, will develop their own reflective practices (Howell, 2014). Part of a reflective practice includes consultation with our peers and the enquiry into our caching by way of student evaluations. Student evaluations can form a very good reflective technique enabling a teacher to reflect on how her classes are received by her students instead of assuming that learning has taken place. An advantage of student feedback is to determine from the students how they engage with the lesson, what did they find interesting and what did not work for them. One of the disadvantages of this form of feedback could lead to very subjective feedback from students, which is not a reflection of the true ability of the teacher. Brookfield (1995, p. 7) refers to the â€Å"perfect ten syndrome† where teachers who receive a less then perfect score assume that they are not worthy teachers. Teachers disregard the complimentary and good feedback, concentrating only on the negative aspects of the feedback. This reaction is based on the preconceived assumption of teachers that good teaching is always followed by positive and good student evaluations. Critically reflection will assist the teacher in recognizing these unrealistic assumption and enable him or her to know that the â€Å"complexities of learning† as well as the students win attitudes towards their studies and the teacher self has influenced the low score. Equally, a perfect score could be indicating the teachers only accommodated the students in their preferred learning styles without testing the student outside of critique and was not developed to be the only answer in the learning process however I think that the advantages of reflective practice including student feedback outweigh the disadvantages. Student feedback is important for the teachers’ own understanding of the learning process and it can contribute to the students sense of ratification in the learning process, displacing the inherent assumption of teacher power over student. As a negative aspect of the student reflections it may over power students, giving them the false assumption that they control the learning process. I think that the teacher and the students, accepting the true negative issues as such, should critically reflect on the outcome of student feedback in an open process in a positive manner to overcome the negative issues. At the same time positive issues should also be considered and build on in future. In conclusion I can ay that reflection is a process of deep questioning set assumptions and believes within the learning process to enable a better understanding of the process, to develop as a diverse teacher and to ensure maximum learning within the learning process. If reflection takes place before-action, the teacher will be able to prepare with gratitude, to enter the learning action with thankfulness and to convey a positive and thankful attitude to the students, creating an optimal learning environment. How to cite John Dewey, Papers