Sunday, May 24, 2020
Sports ethics is that branch of the philosophy of sport addressing the specific ethical questions that arise during and around sports competitions. With the affirmation of professional sports in the past century as well as the rise of a voluminous entertainment industry related to it, sport ethics has come to be not only a fertile terrain for testing and developing philosophical notions and theories, but also a foremost point of contact between philosophy, civil institutions, and the society at large. Lessons of Respect, Justice, and Integrity Sports are based on the fair enforcement of rules. At a first approximation, this means that every contestant (being an individual player or a team) has the right to see the rules of the game applied in equal measure to each and every contestant while having the duty to try and respect the rules as best as possible. The educational importance of this aspect, not just for children and young adults but for everyone, can be hardly overstated. Sport is a critical tool to teach justice, the respect of rules for the benefit of a group (the contestants as well as the spectators), and honesty.And yet, as it happens outside a competition, one may wonder if Ã¢â¬â at times Ã¢â¬â players are justified in seeking an unequal treatment. For instance, when breaking the rule will offset some mistaken call that the referee has made earlier the game, or will partially make up for some economic, social, or political inequities that stand in between the contesting teams, it seems that a player may have some justifiable motives for breaking the rule. IsnÃ¢â¬â¢t it simply fair that a team who has had a valid touch down not counted in will be given some minor advantages over the next attack or defense situation?This is, of course, a delicate matter, which challenges our ideas circa justice, respect and honesty in a way that mirrors the key issues humans face in other spheres of living. Enhancement Another major area of confrontation regards human enhancement and, most notably, cases of doping. Considering how invasive the application of drugs and medical techniques is to the contemporary professional sport, it has become increasingly difficult to set an intelligent boundary between those performance enhancers that shall be tolerated and those that shall not be tolerated. Every professional athlete competing for a well-off team receives medical aids to enhance his or her performances in amounts that range from thousands of dollars to hundreds of thousands and, perhaps, millions. On one hand, this has contributed to spectacular results, which much add to the entertainment side of sport; on the other, however, wouldnÃ¢â¬â¢t it be simply more respectful for the athletesÃ¢â¬â¢ health and safety to set the bar for tolerance of enhancers as low as possible? In what ways enhancers have affected the relationship between body and soul among athletes? Money, Just CompensationÃ and the Good Life The increasingly high salaries of certain athletes and the disparity between the pay of the most visible ones as opposed to the pay of the least visible ones have also offered the opportunity to rethink the issue of just compensation that much attention had received in eighteen hundred philosophy, with authors such as Karl Marx. For instance, what is the just compensation for an NBA player? Should NBA salaries be capped? Should student athletes be granted a salary, in consideration of the business volume generated by NCAA competitions?The entertainment industry associated with sports also offers us, on a daily basis, the opportunity to ponder to what extent income can contribute to leading a good life, one of the central themes of ancient Greek philosophy. Some athletes are sex symbols too, generously rewarded for offering their body image (and sometimes their private lives) to the public attention. Is that really the life of a dream? Why or why not? Further Online Reading IAPSÃ¢â¬â¢s website, the International Association for the Philosophy of Sport, with links also to its official publication outlet, the Journal of the Philosophy of Sport.A resource guide to the Philosophy of Sport prepared by Dr. Leon Culbertson, Professor Mike McNamee, and Dr. Emily Ryall.A blog devoted to the philosophy of sport, with news and events.Recommended reading: Steven Connor, A Philosophy of Sport, Reaktion Books, 2011.Andrew Holowchack (ed.), Philosophy of Sport: Critical Readings, Crucial Issues, Prentice Hall, 2002.
Thursday, May 14, 2020
Sample details Pages: 17 Words: 5021 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Tags: Banking Essay Did you like this example? Todays global financial crisis has left many wondering where the faults actually lie. Indeed, there are many contributing factors that can be highlighted. However, in a more positive approach, it is argued that Sharia banking covers principle areas that are in almost complete opposition to conventional banking. DonÃ¢â¬â¢t waste time! Our writers will create an original "Sharia Banking Tackle Todays Global Financial Crisis Example For Free" essay for you Create order For example, institutions do not pay interest, and they require transactions to be reinforced by real tangible assets. The conventional banking system in place has offered a suitable medium for trade over many years. Countries have prospered with the facilities provided while few have had complaints or criticism of the system. Due to this apparently fluent and dependable system, trade had continued uninhibited until recent times. Prior to the unfolding of the current financial crisis, there was a certain limited amount of speculations regarding whether or not the system would face any hiccups. This was a reasonable conjecture considering the financial crisis that occurred in the 1930s. This was of course limited to the U.S. economy, and was at a time when globalization and international trade had not exist the way it does today. It is interesting to note that there have been alternatives offered to the conventional banking system, which largely consisted of a private banking method, which will be explained later in this paper. As opposed to the private banking method, many scholars began to explore the alternatives, and Islamic or Sharia Banking is one form that was deemed to be interesting enough. Islamic Banking methods seemed to offer a fair amount of safety to users, and it appeared to be a fair and just method for borrowers. Primarily, it is the borrowers rights that need to be safeguarded in this method of banking, as this would be a moral action and it would bring stability to the system. Borrowers would be able to trust the system, and this would only instill confidence in all users of the banking system. Moreover, this system does not agree with intangible assets. There are Quranic quotations and examples that justify this approach, which is actually quite a matter of common sense; probability, chance, etc. are factors that have to be mitigated if reliability is desired. Indeed, this is why every possible measure has been sought in Islamic banking to ensure stability and reliability, which will result in economic prosperity. Aims: To determine: How Sharia banking principles can help to relieve the current economic crisis, and transform the economic system for more reliability. How different Sharia Banking is from Conventional Banking. Advantages Sharia Banking has over Conventional BankingÃâ Objectives: To determine: What the fundamental principles of Sharia Banking are. Why Sharia Banking principles are believed to make global financial operations more reliable and concrete in comparison to conventional western banking systems. Whether or Not Sharia Banking concepts can be implemented pervasively in the west. How ripe consumers minds are in terms of being ready to receive Sharia Banking as a new banking concept. Possible obstacles to Sharia Banking What the fundamental principles of Sharia Banking are. Possible obstacles to sharia banking Problem of systems Sharia conservative Western tends to be reckless but which system best. Sharia looks a good model right now but a collapse of the construction industry in the gulf will show weaknesses. Why do now have doubts about commercial banking? Sub- prime US housing market UK banks FACTIVA Look in the Financial Times about Islamic banking Literature Review Why Does the World Need a Banking System? For anything to be related, networked and linked, there needs to be some sort of medium through which operations can be carried out. For example, for the Internet to function effectively with all individuals operating from different locations, cyberspace has to exist. Similarly, for trade to take place effectively there needs to be some sort of facilitation. This facilitation is provided by banks and other financial institutions. However, there needs to be a set of norms and governing rules that allow these institutions to operate smoothly and in a just manner. Indeed, a banking system facilitates business activities. Whether it is limited to a particular region or stretched across the globe, all those who are facilitated by it enjoy the banking system. Indeed, a technologically well supported banking system is vital in this day and age. This is because speed and reliability are both top requirements. Businesses need to act rapidly, especially when transactions are to be made over long distances. As opposed to demand for speed today, yesteryears saw a slower pace of business and there was far less business activity. Therefore, it might be said that while speed and reliability are both required today, the banking system was still a need yesterday. A banking system from the very beginning promised a streamlined approach to business activity. Governing laws brought safety and stability to all those involved in banking facilities. It is unthinkable what man would do for trade in the absence of a banking system. An example that might be cited is Mozambique in East Africa. It was known that people who traveled there on business or for tours had to maintain their foreign currency on them. This is because there no banks to facilitate them. This exposed them to much risk, as thugs are the generally desperate would loot or assail them. However, most parts of the developed and developing world are encompassed by the banking system, which provides them a safe me ans to conduct transactions. What is Private Banking? The term private banking appears to directly suggest that it is a banking system that deals with the private financial affairs of individuals. It also suggests the lack of social responsibility that comes along with it. Private banking means that what an individual does in terms of banking or financial transactions is a private affair as long as it does not violate any laws. Though the idea is fundamentally one in which many individuals can invest their money and receive gains upon it as a whole, the concept of gain at the expense of another still remains. For example, when many individuals invest their money in a private bank, this money is often loaned to individuals or other financial institutions or companies that later have to return it with an additional payment [interest]. Therefore, it can be said that the individuals collectively gain interest by simply accumulating their funds in a private bank at the expense of the borrowers who have to pay interest. Private banking i s known to combine trust services, banking services, investment services, and tax services. Private banking is a term used for encompassing banking, investment and other financial services that are furnished by banks to private individuals who invest in sizable assets. The term private has also been used to refer to the customer service that is given on a personal basis as opposed to mass-market retail banking. This process should not be mixed up with a private bank, as a private bank is itself a non-incorporated banking institution. While private banking was always seen as a very exclusive form of banking that explicitly catered to high net worth individuals who had liquidity exceeding $2 million, it is now possible for an individual to open an investment account with some private banks with as little as $250,000. A private banking division will include a variety of services: inheritance, wealth management, savings, and tax planning. For the affluent a high-level kind of private banking is wealth management (Mullineux Murinde, 2003, 23-25). Basic Tennets of Islamic Banking There are certain principles of Islamic banking that differentiate it from traditional banking. This particularly refers to its functions. Islamic values that are mirrored in Islamic economic principles govern Islamic Finance. These are briefly described below: There is a clear prohibition on Predetermined Payment that Exceeds an Actual Amount Of Principal Is Prohibited: Islam permits only one type of loan, which is called qard-el-hassan. This literally means good loan, and is described as one in which a lender does not levy any extra charge or interest on the principal amount. According to Islamic Financial Principles, a Bank must share The Profits Or Losses that Result From Investment: The interest-based commercial banking system that has immense pressure is on the borrower. In contrast to this, Islamic finance is founded on the idea that the depositor, the bank as well as the borrower must shoulder the risks and the rewards that result from financing business ventures. Generating Money Directly From Money is Not Acceptable: According to Islamic teachings, money stands for purchasing power. It should not be made use for reinforcing purchasing power (money). If it is used for this purpose, there must be an intermediate step in which it should be used for purchasing goods and services (Maurer, 2005, 41-73). Uncertainty, Risk Or Speculation, Which is Also Known as Gharar is Strictly Prohibited: Parties that are included in a contract should possess all required knowledge of the counter values that will be exchanged in the process of transactions. They should also be protected from uncertainty, risk and speculation. No party in a contract is allowed to predetermine a guaranteed profit, which is founded on the tenet of uncertain gains. Uncertain gains does not permit an agreement in which the customer might repay the borrowed principal with an additional amount for inflation protection (Maurer, 2005, 41-73) Investments are Intended to Support Prac tices Or Products Only That Are Not Prohibited or Discouraged By Islam: An Islamic Bank would not finance trade in alcohol. Also, real-estateÃâÃ finance cannot be furnished for erecting a casino. Additionally, banks cannot lend money to other banksÃâÃ with an interest levied. The above principles are the complete opposite of what has been practiced in conventional banking. For example, the borrowing against assets that are not tangible, which has proved to be a flawed concept that has led to much of the global economic crisis. Basic Description of Sharia Banking [Islamic Banking] The basic difference between Islamic and traditional banking systems is the system of deposits followed. In an Islamic Banking system, deposits are deemed as shares. These deposits or shares do not promise nominal value (Mullineux Murinde, 2003, 23-25). While it may be said that In Islamic finance, interest is forbidden, there are very good reasons why this is so. Interest is prohibited because of its effect. One needs to understand this effect in order to value the Islamic finance conventional finance. Interest by far benefits one party in a contract more than another. It is known to put one party at a clear advantage over another or others. In a contract where interest is implemented, a party is guaranteed its principal sum returned along with a significant benefit over others. Umar Chapra, the author of Towards a Just Monetary System asserts that from the Quran and the Hadith of Prophet Muhammad, guides Muslims and helps them to understand what is fair and unfair, par ticularly when it comes to their earnings earnings. Chapra says, One of the important sources of unjustified earnings is receiving any monetary advantage in a business transaction without giving a just countervalue. To put it simply, Islamic finance is a fair system in contrast to conventional finance. It is Islamic finance aims at getting rid of unfair or exploitative financial situations, products or services. This does not only apply to loan transaction, but also to other situations that might be unfair or exploitative in the financial world. The result of this straightforward aim is asset-based financial products that suffice as a just countervalue for all parties involved. In An Introduction to Islamic Finance, Taqi Usmani describes asset-backed financing; it is financing that creates real assets. These can then be sold in exchange for money. As a result, it consequently earns a justified profit. This is indeed different from the concept in the conventional systems that g enerate money out of money (interest). In Islamic finance, there must be an asset that creates the profit, and not money alone. The formula that is prohibited in Islamic Finance is as follows: Money + Interest = More Money. As opposed to this, the formula that should be applied is as follows: Money + Asset/Real factor of production = More money. Islamic banking has more to it than traditional banking as its products must adhere to secular laws as well as the holy Quran. This means that it must be suited to all countries in order to makeup a complete system that can be operated globally. One of the main laws of Shariah is riba, the prohibition of interest. Also, Islamic law prohibits the use of funds for investment or purchase that may be related to pratices that it deems impermissible (haram). Alcohol consumption and gambling stand as examples. As a general rule, anything that is not defined as haram can be considered permissible (halal) under Shariah law. It, however, must be asserted that Shariah interpretations can vary according to regions where it is implemented fundamentally due to local Islamic scholars defining what is fit for particular regions. Banks that wish to offer Islamic Banking must enlist local scholars who will serve on the banks Shariah board or committee. These scholars aid the bank in designing and implementing Shariah-compliant bank products and processes. Large conventional banks are known to now also develop specialized functions that aim to educate employees about adherence to Islamic finance principles. The Concept of Musharakah: The bans against interest are founded on the Islamic idea of property that is caused by a persons creative labor or from trade or property. Interest on money loaned is encompassed within neither of these two concepts and is thus not justified (Mullineux Murinde, 2003, 23-25). To resolve this problem from a legal and religious viewpoint, Islamic banking implements common terms: musharakah or co-operation for production; mudharabah or as one might put it, a silent partnership, when one party supplies the capital, the other the labor; and murabbahah or deferred/post payment on purchases, similar in practice to an bill of exchange and the most preferable Islamic banking agreement in Sudan. To decide the ban on interest, an interest-bearing overdraft would be transformed to a murabbahah contract. Similar Operations But Different Methods in Islamic and Traditional Banking: A great deal of Islamic banking literature says that although Islamic banks carry out mostly similar functions to that of traditional banks, their method is clearly different (Ahmad, 2000; Chapra, 2000; Iqbal and Molyneux, 2005; Iqbal and Mirakhor, 2007). To demonstrate some of the most important characteristics of Islamic banking and finance which makes it different and unique from its traditional counterparts encompass: first, Islamic banking aims at a just and fair society as dreamed of Islamic economics (Mirakhor, 2000; Warde, 2000). In accordance with this, the many restrictions (e.g. interest, gambling, undue risks, etc.) are to serve a flat playing grand to defend the interests and advantages of all participants included in market exchanges and to elevate social harmony (Ahmad, 2000; Chapra, 2000). For example, the current tradition of interest in the traditional banking system includes inequality to the borrowers since the interest on their loans must be paid regardless of the results of their business. In the same way, interest-bearing agreements can be unfair to the lenders particularly when their returns on deposits, which have been fed back by the banks to the investors, do not commence with the actual performance of the investment (Lewis and Algaud, 2001; Iqbal and Molyneux, 2005). Second, Islamic banking is setup upon the rule of brotherhood and co-operation, which symbolizes for a system of justice sharing, risk distribution and stake holding. It encourages such sharing and co-operation between the giver of funds (investor) and the user of funds (entrepreneur) (Iqbal and Molyneux, 2005). Third, as a system founded on ethics and morals of the Islamic law of Shariah, Islamic banking is also embodied by ethical norms and mores and social obligations (Ahmad, 2000; Mirakhor, 2000; Warde, 2000). There is a moral monitoring mechanism based on the descriptions of Halal (permissible) and Haram (prohibited and undesirable) functioning at various le vels, holding the conscience of entrepreneur and firm, favouring a positive social climate for society, and giving a convenient and practical legal framework (Chapra, 1992). In accordance with this, Islamic banks can hardly financially support any project which contradicts the moral value system of Islam. For example, financing a brewery factory, a night club, a casino or other similar kinds of activities are banned by Islam or known to be harmful to society (Ahmad, 2000). How Competitive is Islamic Banking Especially in present Era? Within the Middle East regional participants in the Islamic banking industry have rendered inspiring financial outcomes. These banks have acted well by securing attractive financial returns regardless of their capital size. In order to make sure Islamic banks remain competitive in the face of their conventional counterparts, they need to elevate their functional capabilities in order to fulfill prospective demand for Islamic banking products and services. This requires them to redraw their current business models, turn their attention to consolidation and strategic alliances. They also need to systemize their functions by outsourcing non-core operations in order to affirm sustainable growth. The Islamic finance industry is rapidly attaining popularity in constantly evolving environment. On one hand IFSI has performed exuberantly and on the other hand it also encounters various challenges, most of which are unique to the industry (Saeed, 1999, 24-45). High Liquidity Without a well-established Sharia compliant taking the place of conventional interbank money markets has posed a significant impediment to the growth of the IFSI [Institutions offering Islamic Financial Services]. It is one of the main reasons for IFSIs foregoing superfluous funds that are alternatively being channeled into conventional banking systems. Islamic investment prospects has been short-term and low risk opportunities with the lack of variety, tradable financial instruments has restricted investment opportunities. Human Resources In the initial phases of its development, the Islamic finance industry has had shortage of experienced professionals that has impeded its initiatives geared towards offering its valuable customers developed, innovative and excellent products (Saeed, 1999, 24-45). Global Sharia Compliance At many occasions IFSIs has been soaked in issues like differing responses with respect to the Fatwas given by various Sharia Supervisory boards. These responses emerge from differences in Sharia opinions emerging from varied interpretation of Fiqh (Islamic jurisprudence). This emphasizes the need of developing harmony of Sharia opinions thus paving way for advancement in product development and resultantly formation of a consistent industry. Risk Management IFSIs face risks such as Sharia compliance, further legal and asset risk, fiduciary risk and displaced commercial threat. These risks elevate the need of development and establishment of more comprehensive and effective risk management framework to timely monitor and reduce them. This should not only encompass the risk management dilemmas prevailing in the IFSIs but also allowing IFSIs to affirm better rating in the global marketplace to lead them to participate with conventional counterparts. Islamic banking and finance makes up the Islamic economic system and its very basis revolves around fairness and morality. Moral aspect, thus, is raison detre of Islamic banking and finance. Sincere efforts are needed in this circumstance on the model of Sudan and Bahrain. This is with regard to Musharaka, Ijarah and Salam Sukuk, and Malaysia in view of Mudarabah based Islamic money market). Documentation of the economy, substitute income tax of the corporate sector with spending tax an d reform in other pertinent laws are important requirements. A well thought out plan with steadfast and sustained efforts could lead to achievement and finally to overhauling of the economy (Lewis Algaoud, 2001, 77-109). Advantages of Islamic banking and finance Along with the evolution of Islamic banking and financial institutions main changes that came about in the financial surrounding during the past few decades of the twentieth century. These include lessening in the intermediation activities and taking part in a dynamic and forceful management of investment and an incorporation of financial markets in the face of globalization. Retract of the Glass-Steagall Act in the US Islamic finance facts gained on the foundations that financial intermediation had been established on interest. The deeper participation of banks and other financial organizations in investment administration put greater emphasis and pressure on comprehending the greater range of Islamic financial methods such as sharing profits as well as mark-up financing and the associated advantages in long term for the institution as well as the customer. However, the need of time has transformed from what was there in twentieth century of developing methods of financial i ntermediation interest-free to the development of Islamic Techniques of risk management and make sure that they are free from troubles associated with traditional methods of financing (Lewis Algaoud, 2001, 77-109). Risk management in an Islamic Setup Even though risk is at the center of all the activity in each and every viewpoint of the activities, particularly in business but industrialization brought risks previously unprecedented in trade and agriculture. With better periods of time and more developed period of production, the uncertainty increases. The range of the market has widened and is heading for forming a global village through which introducing new types of risk. When Islamic laws were penned many years ago years ago, the type and range of risk and unpredictability were different. However, gaining knowledge with a mixture of modern experiences allows one to remember the Shari`a objectives of justice, fairness and effectiveness. The Prophet (P.B.U.H.) banned sale of calves that were not born. This was because there was no guarantee about the future, and there was no way of determining the results. He also banned sale of fish that was in a pond. The reason for this was the same as the one before; one cannot predic t the future; one cannot be certain of the quality and quantity of the produce being sold. The Prophet disallowed the sale of a product that has not been fully cultivated but on the other hand permitted undertaking Salam including advance money paid against agricultural crops at the time when the agreement was made, months ahead of the real harvest. It must be said that this is advantageous to the farmer as well as to the grain-trader. It also has a permissible level of indecision included in the defined transaction. Therefore, comprehensive information must be collected at the time of any agreement in order to obviate any mix-up between parties in time to come and loss of any on these grounds. But to protect benefits, in some of the cases, given joint consent some doubt is acceptable (Lewis Algaoud, 2001, 77-109). Globalized Financial Markets The worlds financial markets with greater incorporation have initiated movements of money through national boundaries with less cost and instantaneously. This change is suitable to Islam in which there are no ideas of belief of national boundaries. In practical implementation, however, this partially took place and created obstacles for Islamic financial movement for two main reasons. The first reason is progress made in Middle East, South Asia and South East Asia who have stunted economies and where financial systems are less complicated in contrast with the developed countries. Secondly, Islamic financial institutions suffer from their small size and very few of them function in more than one country as the main players do. The situation has changed with few major conventional financial institutions taking on and introducing there Islamic Divisions/subsidiaries. But this has also made things more tedious for the older Islamic financial institutions as the same have to undergo mer gers and acquisitions in order to withstand in this era of competition and speed (Lewis Algaoud, 2001, 77-109). Globalization has elevated the instability of almost every financial variable especially the exchange rates. It has also reduced the effectiveness of economic macro-management of the countries that venture their institutions in the direction of transformation of their existing structures into one based on mainly Islamic principles. The only method of correcting this is undertaking international agreements aimed at curbing speculation and controlling financial markets. The approach of Islamic financial motion, henceforth, deals and underscores profit-loss sharing modes of finances, commodity-linked financing such as murabaha and mitigating the role of debt in order to reduce the associated risks in todays world (Lewis Algaoud, 2001, 77-109). Hindrances Towards Development/Management Of Islamic Banking Efforts are underway to develop standards in Islamic financial products. There is pervasive acceptance for standardizing basic elements of Islamic finance including Mudaraba [limited partnerships]. Additionally, Murabaha and Ijara are also accepted. It should be known that Murabaha is a known markup price which is made known to the buyer, and Ijara is a sharia-compliant type of mortgage that has no down payment, which is similar to rent to own. There are steps taken in order to co-ordinate the activities carried out by various Shari`a advisory boards of Islamic financial institutions. These actions are primarily being taken in order to mitigate misunderstandings and rein in un-coordinated activities. Major obstruction towards growth of IFSI is insufficient information that creates a negative outcome on the activities taken up towards its development on solid footings. There is a lack of institutions that can carry out a rating procedure. This especially refers to the ones tha t should be established to carryout rating of products and institutions on the foundations of Shari`a compliance. Regardless of the odds, few that have been mentioned above, the industry carries on to grow but at a snail-paced mainly in the Gulf countries. It has also reached the Balkans and recently independent Central Asian Islamic Republics. Shaky economic situations in these countries, are certainly causing problems in the Islamic financial institutions, and this creates hindrances for them (Lewis Algaoud, 2001, 77-109). Islamic Banking Drives Competition Islamic banks had large degree of monopoly over the financial resources of Islamically motivated clients. The conditions have been transformed with Islamic banks now facing ever increasing competition. A vital development in Islamic banking in the last few years has been the beginning of some traditional banks in that market. A precise figure of conventional banks around the world that have implemented Islamic banking techniques is hard to determine. However, some of the main players in international banking business include names like Citibank, ANZ Grindlays, Klienwort Benson, Chase Manhattan, etc. Also, there are several commercial banks in a variety of Muslim countries that offer Islamic banking services. Bank Misr in Egypt and National Commercial Bank in Saudi Arabia have both inaugurated Islamic Branches. Malaysia too allows its conventional banks to initiate Islamic Banking procedures so that they can advance into Islamic Financial Industry (Venardos, 2006, Pp 32-55). In g eneral, rivalry is always taken to be an affirmative phenomena stimulating expansion of any industry. It compels inefficient firms to either transform themselves in accordance with respective industry norms or move out of the way. It mitigates the costs and ameliorates services to consumers while boosting innovation and bringing in enhancements in product quality. However, IFSI that is in its early stages need to be protected from harsh, stiff and aggressive competition from conventional till the time they are capable of standing on their feet and be able to confront competition from their business counterparts. Conventional banks have enormous benefits in contrast to Islamic banks in terms of their experience and long survival in the market. Their systems, methods, techniques of product innovations, strategic marketing and their diversification in repertoire are far superior to the corresponding functions of Islamic banks. As a result, opens up Islamic banks to an unequal rivalr y and competition. Looking at the other end, such competition may be suitable for Islamic banking as conventional banks can rein in their efficiency, research data and main capabilities, complex banking and result-oriented strategies to Islamic banking. This may all result in the development of new products and facilitations of better services to customers (Venardos, 2006, Pp 32-55). Methodology Data Sources: For this research, there are a wide variety of sources considered. All these together will aid one to complete the task at hand. In this research, there is a mixed approach consisting of primary and secondary sources. The researcher has to carefully consider the kinds of sources obtainable to him in order to make a precise selection. In order to deal with the precise question [How Can Sharia Banking Be Used to Tackle Todays Global Financial Crisis?] one has to investigate the procedures at Islamic financial organizatiuons. From these institutions, the researcher will understand more about the dynamics of Islamic Banking, and then be able to come up with a strategy that could deal todays financial crisis. The research will start by searching for secondary sources. This is normally what is done so that one can get an idea of what types of data can be obtained on a particular subject. Secondary data for this researcher paper will come from a variety of records held by a varie ty of organizations. Since there has been a wide range of data made accessible in the shape of journals, reports and books, they will be carefully considered. Following the compilation of secondary data, primary data will need to be obtained too. Primary data to be collected will be attained through questionnaires. Through this method, the researcher can attain a wide range of data. It is worth mentioning that this data will be obtained at random from employees and supervisors of departments [respondents] regardless of their gender, age, etc. An appropriate methodology that includes the role quantitative and qualitative approaches is seen as the most suitable way to research this project. By implementing a questionnaire, the researcher aims at retaining significant primary data that will be analyzed alongside the secondary data accumulated. While secondary data will be gathered from sources like books and journals Islamic Banking, primary data will be obtained from organ izations staff at a variety of Islamic Banks. Qualitative Research When implementing a qualitative research technique, one is in a position to can establish a highly organized and free flowing method of data from a participants mind. To employ this research form, a researcher must take full advantage of a questionnaire. Implementing questionnaires permits a certain degree of flexibility for a research technique. In this research paper, an interpretive approach will be implemented, which will comprise analyzing data; content analysis and statistical analysis.
Wednesday, May 6, 2020
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Tuesday, May 5, 2020
All across the world, all throughout history, there has been authority, and there has been rebellion. It is a constant cycle of controversy that has, and will continue to, have an impact on the human race. The speech presented by Samuel L. Jackson and the novel Ã¢â¬Å"Animal FarmÃ¢â¬ by George Orwell both display noticeable forms of authority and rebellion. They both describe the injustice being committed and in one case, attempt to gain equality with authority, whilst the other tries to overthrow it. There is always a catalyst behind rebellion. In Ã¢â¬Å"Animal FarmÃ¢â¬ the entire concept of revolt was only introduced after Old Major, the respected boar, gathers the animals together and compares the strenuous life that they currently live to the more appealing life they could have were Mr. Jones, their authourative figure, to be usurped. Thus, the animalsÃ¢â¬â¢ actions were motivated purely by greed. The people mentioned in the speech and song, unlike the animals, were already aware of inequity, however it wasnÃ¢â¬â¢t until President Lincoln initiated Ã¢â¬Å"AmericaÃ¢â¬â¢s long and continuing journey toward equal justiceÃ¢â¬ did the people realize that equality was possible, the defiant actions performed in the aftermath were motivated by his doings. We will write a custom essay sample on Authority and Rebellion in Animal Farm or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In both texts, after the rebellion of the oppressed, there is a shift of power. As explained in both the speech and song, equal rights are gained and the presidential position is acquired by an African-American, and in the case of Ã¢â¬Å"Animal FarmÃ¢â¬ the animals gain control of the farm. Authority is an unbalanced position, there is constantly those who are unsatisfied with decisions being made and wish to gain control Ã¢â¬â and when control is not readily within reach, rebellion enters the picture. Even if power is gained, it is near impossible to satisfy every audience and rebellion once again becomes an issue. In most cases, authorative figures must manipulate their populace in order to discourage rebellion. This is shown in Ã¢â¬Å"Animal FarmÃ¢â¬ when Napoleon uses executions in order to instigate fear within the animals. It has been proven throughout time that authority cannot exist without rebellion. It is authority and rebellion that has shaped the world into what it is today. So long as greed Ã¢â¬â whether it is in good nature or not remains a fixture in every-day life, authority and rebellion will too.
Friday, April 3, 2020
Lord of the Flies shows that even properly raised British boys have a bad side. At the beginning of the story the boys held meetings and said they did not want to become savage like. As the book progresses all of the children start to show signs of inhumanity. By the end of Lord of the Flies all of the characters have revealed their crudeness except the dead boys, Piggy and Simon. I believe they would have turned wild too because everyone has a savage in them and it could be released at any time given the right situation. In society people are brought up with rules and taught to have manners. They are so used to behaving that when they are turned loose they can be trusted to keep themselves under control. That concept is displayed in Lord of the Flies when Jack says, ?We'll have rules!? he cried excitedly, ?Lots of rules!....?(33) The boys on this island have been expected to follow societies ways for so long that they do it automatically, but the idea of having rules will only work for short periods of time. Then the unsupervised group will begin to break up and develop roles for themselves. When that happens everything starts to get out of hand. As a rule children with irresponsible parents find themselves getting into trouble. There are many examples of corruption in kids who run free. In today's system we have children who are pressured into killing, doing drugs, and following others. The leader those children follow is not always the best person. On the island Jack is the driving force of the hu nters. Others follow him and leave positions in their community. Ralph perceives what is happening and wants to stop the downward spiral. He tries to have Samneric keep the fire going so they have a chance of being rescued. Samneric are also drawn in by Jack and become hunters too. While the children are off hunting a ship passes by because there was no fire. When Jack returns to announce that they have killed a pig, Ralph yells, ?You and your blood, Jack Merridew! You and your hunting! We might have gone home--?(70) Jack and the hunters believe they are right because they are killing to survive. Ralph, on the other hand, realizes the only way to survive is to get home and back to civilization. Ralph sees all of the boys turning to uncivilized ways. At first the down grading of their society is made obvious by face painting and hunting. Then the hunting becomes some ritual along with the need for meat. During one of the rituals Simon is mistaken for the beast and is killed. Everyone pretty much blows this off as an accident. In our world a lot of situations are ignored the first time. For instance, a man accused of rape might get a year in jail. After his time he will leave and a lot of times he will commit the same crime. Most of the boys on the island learned nothing from killing Simon. Eventually Jack outcasts Piggy, Ralph and the little ones that were left. Ralph and Piggy make the decision to go to Jack to try to talk some since into him. Ralph shouts, ?Which is better, law and rescue, or hunting and breaking things up(180) After that outburst Piggy was knocked off of a cliff and fell to his death. Once again the savage came out in them and they did not think much of Piggy's death. Ralph is then left alone to fend for himself. In trying to save himself he begins to turn merciless too. Ralph's reasons for becoming barbarous were different than Jack and the hunters, but there is really no difference. In life if your group becomes heathenish you are likely t o become equal to them for fear of being outcast. If your circle of friends turns on you then you are also prone to take measures to protect yourself. A lot of protection for yourself against violent people comes in violent actions forced back on them. So in the end you are no better than the ones who are against you just because you
Sunday, March 8, 2020
Consciousness as a Brain Process Introduction The argument of whether consciousness is one of the processes of the brain has remained a scientific hypothesis to many scholars. This statement has been debated by many philosophers and psychologists who up to now have not come to a concrete conclusion of whether consciousness is a process of the brain or not. Some of them have argued that there are different events and especially the mental ones which are not able to be described by physical sciences (Place 2).Advertising We will write a custom term paper sample on Consciousness as a Brain Process specifically for you for only $16.05 $11/page Learn More However, despite the long-term debate consciousness has been described as a special type of behavior that encompasses sampling or rather running-back-and forth. In other terms it is described as the tendency to behave or act in a certain way as a result of inner processes of the individual. This debate is what has led to the development of two approaches among the philosophers and psychologists. One approach is the materialist approach which asserts that consciousness and the brain are one and the same thing, thus the brain is the process of the brain (Place 2). On the other hand is the dualism approach which believes that consciousness is far much more than just a brain process. This paper is therefore an argumentative discussion of the theory that consciousness is a brain process. Consciousness and brain processes The best way of dealing with this is to first understand what consciousness is as well as the variety of processes preformed by the brain (Edelman 1). According to biology, consciousness begins with the release of cerebrospinal fluid to other parts of the body. Therefore the brain happens to be the centre of consciousness. Consciousness is very hard to define because it encompasses a wide range of activities. However, a simple definition of consciousness is that it is the state of being aware or a condition of being of all thought, feeling and will. This is to mean that someone who is conscious is aware of what is happening around them and whatever they are doing. The opposite of being conscious is unconscious which could be represented by anesthesia, falling asleep or being in a coma (Edelman 1). A major feature of consciousness is its opacity such that you are not able to identify someone who is conscious but only they can. How it evolved and the amount or the level of consciousness are some of the ambiguity of consciousness. According to neuroscientists Consciousness happens to be created by an external stimulus that triggers the reaction (Edelman 1). For example, when we taste something bitter or sweet, stung by an insect, walk in the park among other daily activities, a series of reactions in response to these activities or incidences are created. The main problem in defining consciousness is the apprehension of how the stimuli affect the brain to be transformed to experience.Advert ising Looking for term paper on philosophy? Let's see if we can help you! Get your first paper with 15% OFF Learn More The brain is an important organ in the body as it controls almost all neural and cognitive processes of the other body organs and parts. It is responsible for motion, thinking, motivation, attention, preconceptions and knowledge just to mention but a few .Despite the fact that the brain is the locus of almost all the body activities is not a justification that consciousness has to be brain oriented. Yes, the brain is the initiator of the process but there are other external and internal players of the process which are not entirely related to the brain. Argument that consciousness is not a brain process By rejecting the hypothesis that consciousness is a brain process would mean that I am dualist as mentioned above. I therefore argue that consciousness is a process independent from the brain (Francois 1). According to neorealist, consciousnes s has been defined as to be an entity part of the environment, thus separate from the brain. This is to mean that all the experiences and perceptions of consciousness exist outside the brain and independent of whether they are going to be perceived or not perceived. To justify this fact, take the phenomenon of somebody asked to remember and describe how the grandfather who lives several miles from their home looks like. The image that comes in the mind is vague whereby some feature can be recalled while others are not. This happens because the brain does not have a process with these images such as the eye color, shape of legs among others (Francois 1). This example justifies that consciousness is not a brain process. If it was a brain process, consciousness could not be having the ability of expressing the different features and perceptions it does such as the shape and colors of objects in the environment. In accordance to this argument, the fact that consciousness has the ability of depicting the environmental features and objects, it is therefore situated somewhere in the environment itself. Different non-real states of the mind and body such as dreaming, hallucinations, mental images, illusions and memories are independent of whether they are to be experienced or not as they exist outside the brain (Francois 1). This is because one can sleep a whole night without having a single dream and on other nights, the same person could end up having up to three different dreams. This therefore indicates that sleeping does not guarantee one to dream, but depends on the environmental effects such as watching movies, having heavy meals before sleeping, nagging issues among other factors. Approaching the issue of consciousness in a scientific perspective, it would be argued that consciousness is far much more as a result of a physical organ such as the brain but rather as a result of evolution of many years of effects of the chemistry of organics. However, the contrad icting question is what comes before the other, is the perception as a result of the brain-process or does the perception or experience lead to the brain process(Craighead and Nemeroff 355).Advertising We will write a custom term paper sample on Consciousness as a Brain Process specifically for you for only $16.05 $11/page Learn More For example, looking at the case sun rays hitting the eyes to cause the perception of much light into the pupil, does the perception of light cause the brain to sense much light or is the perception as a result of a brain process which causes an individual to sense the sun rays. The correlation between the brain process and consciousness is what leads us to making a concrete judgment on whether consciousness is a brain process. Take for instance, the act of being pricked by a needle on the foot, this phenomenological experience is nowhere related to the neural excitations in the brain. This experience is continuous and of the s ame kind while neural activities that come in hand with the pain are heterogeneous. The scientists who have working hard to create human beings have not been able to create a real human being because of the unique characteristic of consciousness that has been difficult to Ã¢â¬ËinstallÃ¢â¬â¢ in their miniatures. Intelligent computers and robots that have been developed have brains similar to the human brains but cannot act as real human beings because they lack the ability to be conscious. For example, once beaten a human being will respond and feel the pain but a robot will not react if beaten in the same way. This is therefore a justification that consciousness is not a brain process but an independent process. The most interesting thing is the fact even after many years as human beings have not been able to describe ourselves in terms of our consciousness despite having innovated very complicated things. The mystery of our consciousness is something that is difficult to explai n as all the other existing things are deemed to be illusions. Even the neurologists who claim that consciousness is one of the processes of the brain do not explain in detail how the experience of consciousness results from the electrochemical activities of the brain (Zelazo et al, 203). According to them, it is just a hypothesis that ought to be accepted or rejected once proved. For example, neurologists have failed to explicate what it is to sense something through taste, smell or sight (Weiskrantz and Davies 267). A famous philosopher named Tye argues that the mental states are representations that are symbolic and of the same kind as opposed to the neural phenomenal states that are heterogeneous.Advertising Looking for term paper on philosophy? Let's see if we can help you! Get your first paper with 15% OFF Learn More He further continues to ascertain that consciousness is not as a result of neural action but rather a phenomenon in the representations. Tye believes that sensations that arise as a result of consciousness have modules in the body that cause their reactions. This further justifies the fact that consciousness is an independent process from the brain. Conclusion From the discussion above it can be clearly depicted the issue of understanding the consciousness of human beings has been a puzzle for many years. For a long time psychologists, philosophers, neurologists and all the famous scholars have been working hard to establish the puzzle behind consciousness (Weiskrantz and Davies 285). Most of them came up with their explanations and conclusions which have not been proved yet hence classified as assumptions or rather hypotheses. Either side of the story requires justification whereby those who are for the fact that consciousness is one of the many processes of the brain have to justi fy how the brain works to achieve consciousness. Most of the people who are for the statement are referred to as the materialists who claim that there is a close relation between the brain and consciousness. On the other hand those who negate the statement are the dualists who argue that consciousness is a phenomenon more than the brain functions and processes. Some have gone further to argue that the confusing thins in the statement Ã¢â¬Ë is consciousness a brain processÃ¢â¬â¢ is the grammatical explanation of the article Ã¢â¬ËisÃ¢â¬â¢ which could be used as a definite article or as a composition article (Francois 1). However, there is no much justification on this argument, thus the debate is left in the hands of neurologists, psychologists and philosophers. In my opinion, based on the above discussion as well as the research done up to this moment, I can conclude that consciousness is a mystery that has to be unveiled. It is therefore a process more than the brain can han dle as evidenced by the fact that objects with brains similar to that of the human being have been developed but lack consciousness (Place 2). Craighead, Edward and Nemeroff, Charles. The Corsini Encyclopedia ofÃ Psychology and Behavioral Science. John Wiley and Sons, 2002. Edelman, Gerald. Naturalizing consciousness: A theoretical framework. 2003. Web. Francois, Tonneau. Consciousness outside the Head. 2004. Web. Place, U.T. Is Consciousness a Brain Process? 1954. Web. Weiskrantz, Lawrence and Davies, Martin. Frontiers of Consciousness. Oxford University Press, 2008. Zelazo, David. Moscovitch, Morris. And Thompson, Evan. The Cambridge handbookÃ of Consciousness. Cambridge University Press, 2007.
Friday, February 21, 2020
Organisation behavior - Essay Example This is because an organization entails a gamut of emotions Ã¢â¬â from elation to distress, and frustration (Ashkanasy, 2003, 9-54). There is often pressure to meet deadlines leading to stress and frustration. Thus, it is only by handling such varied emotions that can help the employees in achieving their desired organizational goals, with ease. A happy mind and mood, can think better Ã¢â¬â leading to productive decision making and successful accomplishments of organizational objectives. There is a growing fascination and interest among researchers and managers alike, on the subject of Emotional Intelligence and the role it plays in enhancing job performance of employees in organizations. The claim can be substantiated with the wide amount of literature linking emotional intelligence and job performance (Barsade, Brief, Spataro, 2003) in organizational context. In the earlier times, the aspect of emotional intelligence was rarely mentioned in literature on organizational studie s (Martin, Knopoff, Beckman, 1998, 429) however, the scenario has changed drastically over the years, and "employee emotions" are now recognized and acknowledged as an integral and inseparable part of their performance, leading to valuable contributions in organizations (Ashkanasy, Zerbe and Hartel, 2005). Definitions: According to Wharam (2009, 11), Emotional Intelligence is: Ã¢â¬Å"The potential to be aware of and use one's own emotions in communication with oneself and others and to manage and motivate oneself and others through understanding emotionsÃ¢â¬ According to According to Goleman (2006, 189) "Emotional Intelligence refers to the capacity for recognizing our own feelings and those of others, for motivating ourselves, and for managing emotions well in ourselves and our relationships". According to Sparrow & Knight (2009, 29) emotional intelligence entails use of the following key elements: -ability to identify feelings; pay attention to others emotions; give importance to the way others feel about things; and consider ones' feelings in decision making. Analysis The development of literature focusing on the relevance and influence of emotional intelligence on job performance, has broadened the visions of managers regarding the skills and abilities which are perceived as necessary for particular job types. Emotional intelligence is a critical element, particularly in an organizational setting, since it can play an important role in various key tasks such as hiring (Murphy, 2006). It has been established through research that people with high emotional intelligence quotient fare better than those with a low EQ. This significant discovery has helped managers understand the reasons behind the failure of certain academically high achieving employees in jobs requiring inter-personal skills. Emotional intelligence is known to improve the emotional and interpersonal skills of employees, which is required in managerial jobs (Lombardo, Ruderman, & McCauley, 1988, 199-216). On the basis of various studies conducted over the years, it has been established that employee performance is directly related to their emotions, i.e. positive or negative. Negative emotions such as anger, fear or distress were observed to have a negative impact on their performance and effectiveness on the job. Such negative feelings tend to distract the employees from their tasks at hand, resulting in unproductive work (Elfenbein