Thursday, September 3, 2020
Ã¢â¬Å"the Fender-BenderÃ¢â¬ Essay Investigation of Ã¢â¬Å"The Fender-BenderÃ¢â¬ Ramon Ã¢â¬Å"TIANGUISÃ¢â¬ PerezÃ¢â¬â¢s Ã¢â¬Å"The Fender-BenderÃ¢â¬ gives some knowledge on the point of view of being a foreigner. In this article Mr. Perez is communicating to the peruser that even a little mishap could cause immense issues. One such issue could be the chance of being sent back to his local nation. Ã¢â¬Å"Without migration papers, without a driving license, and having hit another vehicle. I feel as though IÃ¢â¬â¢m one stage away from MexicoÃ¢â¬ . (Pg. 79) Mr. Perez utilizes Ã¢â¬Å"NarrationÃ¢â¬ and DefinitionÃ¢â¬ to attempt to pick up the readerÃ¢â¬â¢s consideration. Apparently the theory is about an immigrantÃ¢â¬â¢s battle to stay in this nation with or without the correct desk work required. Mr. Perez assumes liability for the mishap yet doesn't figure he ought to be dealt with uniquely in contrast to any other person. Not having the papers important to demonstrate what his identity is, appears to the peruser to be of no still, small voice to Mr. Perez. Ã¢â¬Å"Minor, just a scratch on the paint and a pimple-sized dentÃ¢â¬ (Pg. 79) is the manner by which Mr. Perez portrays to the peruser how little and irrelevant the mishap showed up. His tone is fairly on edge. Mr. Perez utilizes his words to change his importance first and foremost when discussing his driverÃ¢â¬â¢s permit. He needs to pay for the harm as opposed to getting the police in question. This isn't an exceptional practice for Illegal outsiders. Paying for the harm is a superior answer for them than the chance of being expelled. Ã¢â¬ ¢An outsider is characterized as an outsider. The United States has numerous undocumented outsiders. Expatriates are regularly examined in the media, yet only every once in a long while are the emotions and considerations clarified. A large number of them locate their own selfÃ¢â¬â¢s in a similar quandary that Mr. Perez faces in this article. This is an issue in the United States and ought to be paid attention to. Simultaneously we have numerous Mexicans and different societies that were conceived in the United States making them residents be that as it may, without the papers to demonstrate who they are it could cause them a similar concern as Mr. Perez. Perez, Ramon Ã¢â¬Å"The Fender-Bender. Ã¢â¬ The Sundance Reader fifth Edition 2009, 2006 Wadsworth Cengage Pages 79-81.
Saturday, August 22, 2020
On October 29th, 1929 the securities exchange slammed in the United States. This day was known as Black Tuesday, the day which flagged the start of the Great Depression. In the most awful day in the American nationÃ¢â¬â¢s securities exchange history with significant crashes in showcase, the qualities and costs of stocks dove because of investors liquidation of stocks which must be sold at any value vital (New York Times of October 30, 1929). Continuously 1933, a fourth of American families, who were intensely reliant on their occupations, were jobless. Joblessness levels had arrived at an exceptional elevated level, adding hardship to the lives of the American individuals. Numerous individuals around then were constrained out of their homes and onto the roads as they lost their positions or had to work at employments which scarcely permitted them to give food, significantly less installments on a house. A large number of individuals moved into what were usually alluded to as Ã¢â¬Å"Shanty townsÃ¢â¬ or Ã¢â¬Å"HoovervilleÃ¢â¬â¢sÃ¢â¬ , as the president at the time was Herbert Hoover, who was not well known among the American individuals and was generally accused for the beginning of the downturn. City avenues loaded up with breadlines, soup kitchen lines, individuals searching for food, and afterward the joblessness lines continued becoming out the entryway and into the lanes. The American men would leave their families to travel and search for work in the homestead arrives over the nations so as to accommodate their families. At times they would not come into contact with their family in months. This cracked the structure of family lives. The American individuals turned out to be immediately baffled with the practically no improvement of the circumstance and the exertion which President Hoover was placing into the alleviation of the financial circumstance. Come 1932 t... ...advertisement presently completely become a piece of the war exertion. With the possibility of nonintervention a distant memory with the assault on Pearl Harbor, America immediately started to ascend back to its feet despite everything experiencing the Great Depression. The nations economy rose just as the steel business, organizations, for example, Ford who shut their Rouge plant in Detroit which guaranteed numerous occupations during the Great Depression reacted to war creation by making employments for a huge number of Americans. With the structure of maritime ships, tanks and planes the economy of the United States started to see a quickly expanding economy. As found in the diagram underneath, American joblessness rates fell definitely from the years 1940 to 1945 which denoted the finish of the war. As indicated by Robert S. McElvaine Ã¢â¬Å"The development of 1940-41 accomplished more to remember American industry and diminish joblessness than had any New Deal ProgramÃ¢â¬ (320).
Friday, August 21, 2020
Question: Write in detail of an occasion of 2016 floods and climate conditions in Turkey ? A) were they arranged B) How they oversaw C) After reaction and recuperation Answer: Presentation Turkey and its populaces show a higher saw danger of a seismic tremor when contrasted with different nations and the nation is no more odd to encountering quakes (Knuth et al., 2014) and other normal cataclysms. Accordingly, any involvement in a danger raises the apparent danger of that peril. Catastrophe of any sort of debacle prompts wounds and illnesses, loss of human life and every one of those add to weights of social insurance costs and financial misfortune. The harm to open structures and business ventures spells debacle for a network. Practically 40% of every single cataclysmic event over the world are because of floods (Ercment et al., 2005). Poor financial and wellbeing states of a network add to the passings and wounds. In this way, there is an ascent in the quantity of irresistible illnesses, respiratory contaminations, looseness of the bowels and jungle fever in the territories after the floods. About floods In meteorological terms, flooding is typically characterized as a limited risk that is the aftereffect of unreasonable and confined precipitation in a brief period in a given area. Streak floods and single-occasion floods are the most widely recognized by the World Meteorological Organization, which distinguishes around ten distinct sorts of floods (KomuAcu Celik, 2013). During the glimmer floods, one sees a fast ascent and downturn of the flooding waters, trailed via avalanches and trash streams. The seriousness of a flooding is affected by soil dampness, land conditions and the landscape of the territory. Single-occasion floods are brought about by overwhelming downpours with cyclonic unsettling influences and can keep going for quite a long time and days. Floods are one of the most well-known catastrophic events, and flooding is quick turning into a more prominent danger to humankind. Turkey encounters different cataclysmic events related in light of its geological area, geography , and geology. The catastrophic events, for example, avalanches, gravity streams; floods and snow torrential slides are getting normal here. Destroying flood occasions as of late have occurred in different waterway bowls of Turkey, causing passing and broad harms. Floods in the seaside zones in Turkey are made predominantly in view of substantial precipitation alongside certain geomorphologic highlights (Yksek, Kankal nc, 2013).Floods can happen due to unexpected snowmelt in the rocky piece of Turkey or because of overwhelming precipitation in the waterfront regions. Floods are viewed as the most ordinarily happening catastrophic events on the planet. A worldwide temperature alteration and climatic changes have raised the seriousness and recurrence of the floods in Turkey. They are a reason for major financial misfortunes and mortality in Turkey. Late floods in Turkey Turkey is situated in the district of two landmasses Asia and Europe. It is made of seven topographical locales, Southeastern Anatolia, Marmara, Aegean, Black Sea, Mediterranean, Eastern Anatolia and Central Anatolia. The vast majority of the waterways encompassing the nation stream into the oceans. In spite of the fact that the climatic states of Turkey are very mild, it is the assorted idea of the scene that is the reason behind. For instance, the equal running mountains to the coasts make critical changes in climatic conditions. The seaside zones appreciate milder atmospheres, and the inland Anatolian level faces extraordinary summers and winters when contrasted with different regions. 501 m3 downpour of precipitation falls every year in Turkey (Ercment et al., 2005). In 2016, the Mediterranean shore of southern Turkey stayed immersed in light of the heavy rains. The individuals had to remain in their homes and watch the avenues getting overflowed. Private and open vehicle vehicle s stopped and occasions were reported in view of the flooding in Mersin (Torrential downpour floods Turkey 2016). Many structures and extensions were harmed in Turkeys Ordu Province as a result of floods and overwhelming downpours. The terrible climate caused avalanches and glimmer flooding in various regions and numerous little streams, for example, Kacal? also, Gargacak were flooding (Davies, 2016). Solid breezes, heavy precipitation and overwhelming snowfall in certain urban areas in Turkey, including the capital Ankara, and Istanbul, left life deadened for quite a long time. Turkish Airlines dropped numerous flights, and the Ferry administration among Istanbul and northwestern Bursa was constrained. Numerous schools stayed shut in western, northern, focal and southern urban communities (Heavy snowfall, precipitation, floods, 2016). Substantial snowfall and downpours lashed Turkey, and residents in Antalya were shocked by the serious climate conditions. Substantial downpours hit the Southern territory of Mersin, in this way causing dangerous floods joined by overwhelming snowfall (Heavy snowfall, fatal blaze flooding hits Turkey, 2016). In view of nearby media reports, the neighboring region of Giresun was influenced. Turkeys Disaster and Emergency Management Presidency announced that few structures and streets had been seriously harmed. It is seen that Turkey is very powerless against streak flooding and the waterfront urban areas encompassed by steep mountains are presented to the dangers of avalanches (Davies, 2016). Turkey life was incapacitated under the overwhelming snowfall and downpours and savage floods in the southern piece of the nation. Numerous regions and schools in focal and northern areas were shut because of day off. Overwhelming snowfall was found in focal and northern Anatolia. Ankara-Afyonkarahisar street was shut down in view of the overwhelming day off, the intercity transports stationary. Numerous individuals were injured and murdered because of terrible climate. Local and global flights got covered. (Day off, hit Turkey, 2016).The municipalitys fiasco coordination focus and Meteorologists in Istanbul cautioned the country about day off tempest in the Istanbul zone. What makes Turkey inclined to floods Turkey endures distinctive catastrophic events due to its geological area, precipitation system, and geography and faces streak floods, quakes, timberland flames, torrential slides, and avalanches. Streak floods are a genuine catastrophic event here, and there are in excess of twenty flood occasions each year in the nation (Yildirim et al., 2016). The district encompassing the city of Edirne in Turkey is inclined to flooding due to its presentation to effects of Maritza, Arda and Tundja River bowl frameworks (Tuncok 2015). Marmara district and Istanbul zones are profoundly inclined to streak floods (KomuAcu Celik, 2013). Different factors, for example, urbanization, land use changes, development and poor seepage add to the dangers, particularly in the major urban territories. As indicated by Tuncok (2015), the thickly populated Turkish piece of the stream bowl needs land space for introducing such basic anticipation measures. Notwithstanding, nonstructural measures can be utilized by stream beds and banks restoration as flood counteraction measures. Hydrological sway assessment of environmental change on the Omerli Basin of Istanbul, in light of reenactments and network scale and use of HBV hydrologic model recommend that the high streams are relied upon to ascend in the before the finish of the twenty-first century (Kara, Yucel, 2015). Research recommends that the urban precipitation shows higher variety than the country one. Accordingly, it brings up that urban territories are increasingly inclined to visit and extreme dry seasons and floods. This could be a result of expanded convective and orographic movement in the urban regions. The bringing down precipitation in the Western regions of Turkey can be taken a gander at as the positive pattern of Notchy Atlantic Oscillation (NAO) (Tayan et al., 2009). In any case, the northern territories of the nation are encountering an expansion in precipitation in light of the Mediterranean sort of atmosphere. The ascent in populace in addition to the drop of precipitation in the Western territories of Turkey in addition to the ascent in temperatures can make a few dangers. Taking a gander at the financial assorted variety of the territory and the atmosphere changes, Turkey can encounter an expanded weight on water assets. The harming floods are believed to influence numerous pieces of Turkey as of late. The nation has endured a huge number of dollars monetary harm because of regular floods in significant urban areas of the nation. An investigation on Marmara flood mirrors that human action can intensify the effects of floods and increment the monetary misfortunes (KomuAcu Celik, 2013). Floods are the third most incessant catastrophes in Turkey, and the flood chance administration isn't yet set up in Turkey. As affirmed by Ak?nc?, Erdo?an (2014), the specialists are worried about the configurations and the scales in which the information are produced. The Marmara area in Turkey is extremely touchy to antagonistic climate conditions. It underpins 60% of the business of Turkish Republic and in this way is a significant geopolitical area. This is the principal territory to be influenced by typhoons from the North West side of the nation, due to its specific highlights and area. The lower mountains give no hindrance to climate frameworks, and the area falls in the transitional zone between the Mediterranean and Black oceans atmospheres (Deniz et al., 2013). The Climate factors and the geology Turkey has a complex climatic structure and in this manner is among those nations that will be influenced the most as a result of a dangerous atmospheric devation. Various areas of Turkey on account of their divided geology and encompassed with waters by three sides will encounter atmosphere changes in different habits. Bone-dry and semi-dry areas, for example, Southeastern, Central Anatolia, Aegean and Mediterranean locales, under desertification will see impressive temperature increment (Bueyuekyildiz et al., 2009).Those atmosphere changes in future can prompt changes in rural exercises in Turkey. A dangerous atmospheric devation and atmosphere changes can prompt expanding number of floods, dry spells, diminishing farming creations, expanding number of backwoods fires and a brought down organic assorted variety. Contingent upon the ascent in seawater level, the low flood-delta and coast fields of Turkey s can stay submerged.
Monday, June 8, 2020
Applicant Malia Obama February 15 Malia Obama can go to any college she wishes to attend. Anyone who opines otherwise isnt living in the real world. Malia Obama, eldest daughter of President Obama, has been touring colleges like many high school juniors across America. In fact, Malia recently visited her fathers alma mater, Columbia University, as well as Barnard College. Shed previously, as we had noted, toured Stanford University andÃ UC Berkeley. We have a feeling shell be touring her moms alma mater soon as well, Princeton University. A junior at Sidwell Friends, the same school that Chelsea Clinton attended as a high schooler, do you think shell follow in the footsteps of her dad, her mom, or maybe Chelsea Clinton? Malia is apparently interested in directing movies. As weve stated many times on the pages of this college admissions blog, you dont have to go to film schoolÃ to become a great film director. In fact, you can major in the classics or biology and still find great success in Hollywood. In Hollywood, you generally have to work your way up the food chain. While USC connections, as an example, can be helpful, you can build connections on your own in your first weeks out in LA. We firmly believe film school is overrated, but weve focused on the specifics of why we believe this many times before. So heres hoping Malia doesnt fall into that trap. The fact is that no matter where she attends college, she will be well connected in Hollywood. Many of Hollywoods biggest players, after all, have given money to her fathers campaigns. And her fathers former Chief of Staff, Rahm Emanuel, the current Mayor of Chicago, is the brother of perhaps Hollywoods single most powerful player, William Morr is Endeavor (WME) chief Ari Emanuel. So, yes, she is quite hooked up. And as for Malias case for admission, every school will be clamoring to try to secure her spot in their incoming class, to gain these most important bragging rights. She is the daughter of the sittingÃ United States President and they will all want her. We saw a quote by someone in the press that Malia will still need to have excellent SAT or ACT scores and stellar grades to gain admission to a top university. Our response? Get real.
Sunday, May 17, 2020
Sample details Pages: 23 Words: 6966 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? With a rapidly altering world economic system, the long-established virtues and stringent laws of Shariah based Islamic Finance have recently adopted a promising reputation. Despite global attention on Middle East unrest and public divides in opinions related to Islamic practice, a growing trend towards favoring the adoption of IF policies. Since its formal establishment in 1963 in Egypt, through rapid expansion in the UAE in 1975 and Kuwait in 1977, the region sparked global interest as Islamic nations have consistently shown growth. DonÃ¢â¬â¢t waste time! Our writers will create an original "Sustainability Of Islamic Finance In The West Finance Essay" essay for you Create order The United States of America, despite its political infractions with Islamic counties due to an upsurge in perceived terrorist threats, currently houses 19 providers of Islamic banking products, and continues to offer these services to its large and growing Muslim population; a trend that is echoed in neighboring Europe and African nations. A significant number of economic academics and Islamic scholars alike are showing support towards the western inclination toward Shariah based banking schemes, despite terrorist attacks on the west including the events of September 11, 2001. Goverment policy has been increasingly supportive of the development of Islamic financial services in recent years because it has been seen to contribute to broader government objectives such as combating social exclusion and promoting London and wider UK as global financial centreÃâÃ Baroness Nicholson of Winterbourne, explained in her testament to the benefits of IF. The publications from the most rece nt Islamic Finance Summit, are enumerated and provide compelling academic support for the implementation of IF practices to further develop and sustain the turbulent economies incurred by European and North American nations. Islamic Finance: A comparative study of its application in the West The application and growth of Islamic Finance in Europe UK UK is the eighth-largest global center for Islamic finance, behind countries such as Saudi Arabia and the majority of the Gulf Cooperation Council (GCC) countries, but surprisingly ahead of Pakistan and Egypt.1 (Schoon, 2009). It is the most advanced in Islamic finance developments among the Western Europe countries. The UKs enviable eighth position in the global ranking is for a large part due to the size of HSBC Amanahs Islamic finance offering, but is also attributable to the fact that the UK, as an international financial center, had in the early stages recognized the importance of Islamic finance as part of the overall financial industry. It thus took positive steps to allow the authorization of banks and to ensure that Islamic financial instruments can be offered in the UK in a similar fashion as conventional structures, hence creating a level playing field. There are five fully Shariah compliant banks as well as one insurance company and one investment manager have been auth orized by the Financial Services Authority (FSA). In addition, there are 17 conventional institutions offering Islamic financial services in the UK such as HSBC Amanah, Lloyds Banking Group and Deutsche Bank.1 (Schoon, 2009) The foundations for the future development of Islamic finance in the UK have been firmly laid. Although the likely growth cannot be predicted accurately, there is scope for expansion, as set out below. Retail markets To date the industry has largely concentrated on providing mortgage and savings products for retail consumers, and growth has been modest. The tax and regulatory developments already outlined could benefit the market and there are signs of firms expanding their product ranges through providing new saving and investment products. Interest-free student overdrafts have recently emerged and there seems to be demand for new products targeted at the personal finance and the small and medium size enterprise (SME) markets. Elsewhere in the retail market, some regional stockbrokers are providing services to consumers at all levels of the wealth spectrum and some financial advisers are offering tailored advice to the Muslim community. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) Wholesale markets The Sukuk market in London is now well established. The volume of Sukuk trading is still small but this could change if the government goes ahead with a sovereign issue. There are also indications that a few inter-dealer brokers in London may be trying to develop closer links with Islamic firms in the Gulf, possibly by establishing regional offices there. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) Takaful Takaful markets in other countries are considerably more mature than in the UK. These include the Gulf States and particularly Malaysia, which has been active in this area for several decades. The prospects for growth in the UK are unclear; but it is possible that as products are rolled out in these more established markets, there may be some transfer of activity to the UK. The growth of Takaful products in the UK could help to develop the Islamic mortgage market. As with conventional firms, Islamic finance firms would then be able to offer a combined package to prospective home buyers. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) One of the biggest obstacles for Takaful providers is the limited amount of Sharia compliant reinsurance capacity. Precise data is unavailable but, based on anecdotal evidence; Islamic reinsurance is able to provide only a fraction of the cover needed by the Takaful industry. As a result, Takaful providers sometimes have to obtain dispensation from their SSBs to take cover with conventional reinsurers. As already mentioned, the FSA is willing to consider further applications from firms in this sector on the same basis as conventional firms. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) Complex products Although derivative products are well established tools for managing risks in conventional financial markets, there has been considerable difficulty developing Sharia compliant products which mirror these instruments. These products are controversial and have not been readily accepted by scholars because of their speculative nature. A small number of products have been developed by various banks, for example, Citi have products for managing currency and interest rate risk and other firms such as Deutsche Bank have developed a technique for Islamic derivative products. Indicative of the widening interest in this area, the International Swap and Derivatives Association (ISDA) and the International Islamic Finance Market (IIFM) have signed a Memorandum of Understanding (MoU) to develop a master agreement for Sharia compliant derivative products. It is difficult to assess exactly what type of instruments may result but the FSA is following this closely. 2 (Ainley, Mashayekhi, Hicks, Ra hman, Ravalia, 2007) Hedge funds Several hedge fund managers have Sharia-compliant funds within their portfolios. In January 2007, Amiri Capital was authorized as a standalone Islamic hedge fund manager and more applications may be in prospect. The growth will to a great extent depend on whether the investors approve the methods proposed by fund managers. As with the UK managers of conventional hedge funds, managers of Islamic funds would also be regulated by the FSA. As now, the main regulatory focus would be on systems and controls, valuations, disclosure and conflicts of interest. So far as we know, there are currently no major regulatory issues with regard to Islamic hedge fund managers.2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) EU passporting Under the relevant European Union directives, one avenue for financial institutions in the UK, including Islamic ones, to expand is to passport their business activities into any one of the European Union member states (and vice versa). Concerted efforts have been made within the European Union to form a single market for financial services; and UK-authorized institutions may offer products throughout the European Union without the need to have separate authorization in each member country. This means that Islamic institutions that passport would have access to an estimated 15 million potential customers. The Bank of London and the Middle East is the first Islamic bank to have taken advantage of a cross-border services passport, which enables it to offer its products and services across all EU member states, without a physical presence in the host country. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) Government initiatives The government has recently taken important steps to promote the industry. In April 2007, the Treasury established an Islamic Finance Expert Group representing a broad cross-section of opinion from the industry, the City, Muslim organizations and other bodies, including the FSA. The general objective is to advise the government on opportunities to help Islamic finance in the UK. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) More specifically, as confirmed in the Chancellors pre-Budget Report in October 2007, the group is overseeing an official study by the Treasury and the UK Debt Management Office on the possibility of the UK government issuing a sovereign Sukuk in the wholesale market. As to be expected, the study is examining the practical, legal and tax implications of doing so as well as structural issues such as the need for primary legislation. It has already generated a good deal of interest among market participants and the government will publish a consultative document later in 2007. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) At the same time, the government has asked National Savings and Investments (NSI) to begin a detailed study on the feasibility of offering Islamic retail products. This study will cover similar ground to the one on Sukuk, namely looking at the costs and benefits, the range and structure of products that might be offered, and the likely demand. NSI will publish their report by Autumn 2008. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) The longer term Looking further ahead, there is scope to expand the market for Islamic products and services to non-Muslims as well as Muslims. The market is not confined to a particular group of consumers and Islamic finance providers can position their products to appeal more to the much larger non-Muslim population. Their success in doing so will in part depend on the ability to demonstrate how the products are underpinned by generally accepted ethical principles. If Sharia-compliant products are no longer seen as exotic or niche products, the industry could benefit from economies of scale which would help to sustain it over the longer-term. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) France During the third quarter of 2008, French finance minister Christine Lagarde announced plans for the country to become a large Islamic finance player in Europe. During the first quarter of this year, initial law changes have been passed and France is ready to take Islamic finance a step further. Due to historic ties with northwest Africa and the size of the Muslim population in France, it can tap the French speaking market. Most of the major French banks such as SociÃ ©tÃ © GÃ ©nÃ ©rale and BNP Paribas are already offering Islamic financial services, although this is primarily undertaken from their branches in the Middle East.1 (Schoon, 2009) The Netherlands During the second half of 2007, finance minister Wouter Bos announced that the country would review its role in the Islamic finance industry. Since then, De Nederlandsche Bank (DNB, the central bank) has published a study on the potential regulatory issues that would have to be addressed when introducing Islamic finance in the Netherlands. More recently, a working group was established within Holland Financial Centre, a government initiative, to further promotes the opportunities the Netherlands can offer Islamic finance. To date, a limited number of Islamic finance transactions have been undertaken in the Netherlands. In addition to a limited number of retail asset management products, the majority of transactions are associated with real estate and private equity investments.1 (Schoon, 2009) Germany In 2004, the state of Saxony-Anhalt became the first western European government to issue Sukuk. Although there does not appear to be any interest from German politicians, many German banks such as Deutsche Bank, Dresdner and WestLB offer Islamic financial services as part of their product offering. Islamic financial services from German banks are typically offered from their branches in London or the Middle East. At an estimated five million, Germanys Muslim population is more than double that of the UK.1 (Schoon, 2009) Other European Countries Luxembourg, in their capacity of a centre for fund management, already manages in excess of 30 Shariaa complaint funds (according to the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg financial supervisory authority, as of September 2008, 31 Shariaa compliant investment funds are held in 17 Luxembourg domiciled investment vehicles). Throughout Europe large internationally operating banks generally offer Islamic financial services, although no other governments have so far announced any plans to review and where required amend their regulatory, legal or tax framework.1 (Schoon, 2009) The development of various Islamic institutions in the US and Canada Canada Islamic Finance in Canada Toronto is ideally placed to become an Islamic financial hub. The roots of Islamic finance in North America also trace back to Toronto, where in 1979, the Islamic Co-operative Housing Corporation Ltd. was registered. My uncle, Naseem Buttar, was one of the founding members of this community initiative, which was the only available solution for financing hundreds of homes for over 25 years relying on limited community investment funds. These funds were reinvested into structure a home financing partnership based on a rent-to-own model. Over the years, a few more co-operatives have come to the market. UM Financial was incorporated in 2004 and to date has partnered with five Canadian financial institutions in structuring and distributing pioneering Islamic retail financial products such as bank accounts, term deposits, investments, credit cards and mortgages to Canadas 1 million-strong Muslim community. Recently, UM presented Central 1 Credit Union a milestone award for its close to $ 100 million funding to UM, which has yielded a $10 million profit for Central 1 over the last four years. 3 (Kalair, 2009) Islamic financial products are similar to halal food products, kosher food products or organic products in that all have a certification board and higher costs due to the absence of economies of scale. The goal of the Canadian Islamic financial industry is to bring products at par in pricing to the retail market, as is being done in the US and the UK. 3 (Kalair, 2009) Islamic Finance and Social Justice Before the advent of Islam, traders could be taken as slaves if they defaulted on interest loans. To protect individuals, Islamic contracts were adopted to include provisions which eliminated such practices. These were introduced under the following structures: musharaka (partnership),ÃâÃ mudaraba (capital/labour joint venture), ijara (leasing), murabaha (disclosed cost plus sale), sukuk (specified securitized assets, services, and usufructs), takaful (co-operative insurance), etc. Today in Canada, it is a criminal act to charge more than 60% interest; in Islam 1,400 years ago, a transaction with any interest at all was forbidden. 3 (Kalair, 2009) Evolution of the Industry As other Western countries with Muslim minority populations have allowed dedicated Islamic banks, the same will happen in Canada in due course. Most Western countries, including the UK, saw Islamic banks established after a decade of Islamic products had appeared in the marketplace. At present in Canada, there are few products besides the UM Financial product line. We foresee more Islamic opportunities opening in the next few years, which would then create a tangible market for a dedicated Islamic bank.3 (Kalair, 2009) In our estimation, more than $10 million of seed investment has been spent on Islamic bank applications and shell companies trying to enter the Islamic finance market. These applications have helped to educate federal and provincial regulators and law firms and consulting firms that were involved and have created awareness of the international growth in the industry.3 (Kalair, 2009) Unfortunately, some regulators and investors who invested in some of these shel l companies have a very negative image of the industry due to some companies soliciting investors and clients without the proper approvals or investors not being able to receive information on their investments. Within the community, initiatives that are purely profit-driven have failed such as the RBC linked Islamic investment notes and Dynamic Mutual Fund Islamic mutual fund. Community based institutional initiatives, such as co-ops and UM Financial (which has close to 10 years ofÃâÃ direct community activism) have had a more successful history.3 (Kalair, 2009) As the industry develops, so does the need for standardization, which the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is working on providing. AAOIFI recently launched a Product Certification Program for its membership. UM is the only Canadian member of AAOIFI and has offered its Product Certification program toÃâÃ Canadian institutions.3 (Kalair, 2009) In Toronto, the Fi rst Fiqh (jurisprudence) Conference of North America was held in May, where a resolution was passed that states, The participant panel of scholars agreed that interest based loans and all forms of insurance are prohibited in Islam. In some isolated cases, insurance and interest based loans may be permissible in a situation of dire need or necessity and or a life and death situation. For the clarification of whether ones situation meets dire necessity, one is to seek clarification from reliable qualified Muslim scholars of Shariah (Islamic jurisprudence). The panel also encourages Muslims to establish and utilize alternative Islamic models of finance and takaful (Islamic insurance).3 (Kalair, 2009) In June, to further educate the Toronto community in this fast-growing discipline, the Islamic Foundation of Toronto hosted a youth conference at Torontos largest mosque that featured a three-day retreat on Islamic finance.3 (Kalair, 2009) Sovereign Sukuk from Toronto With Canada being a destination of investment from many countries, there have been governmental discussions to look at the feasibility of offering a sovereign sukuk in the near future. Having a sovereign sukuk in Canada would open the doors for many more structured sukuk, such as corporate sukuk, which could further enhance Torontos role as a hub for Islamic finance in North America. Toronto is well-placed to duplicate London in becoming a hub for Islamic finance in North America. With the recent launch of the SP TSX 60 Shariah Index and discussions at many government levels, we see the market maturing rapidly. At this stage, the private sector, which is represented by the TFSA, is in the best position to lead this direction and introduce the benefits of Islamic finance.3 (Kalair, 2009) USA Today, the United States is home to at least nineteen providers of Islamic banking products and services, including retail banks, investment banks, mortgage companies, investment advisors and community-based finance providers. With the estimated number of Muslims living in the country ranging from three to eight million (based on various private surveys) it now appears that real market demand and viability for offering Islamic banking products and services in the US either exists or is being developed and penetrated by these early-to-market providers.4 (Shayesteh, 2009) Challenges in the Adoption of Islamic Finance in the West Many countries in the West are optimistic in the establishment of Islamic Banking and Financial institutions in their country. The laws, although a contributing obstacle, can be overcome through further product development of sharia compliant product. Germany, U.S. and France are cases depicting the challenges that will be met with the establishment of Islamic Banking. The German Case: According to Engels, there is a significant population of Muslims in Germany and a substantial amount of investment interactions with the Muslim world. With that in mind, Germany may be interested in establishing Islamic Banks within the country. The BaFinÃ Ã have had talks over the last 15 years with Islamic banking representatives from the Muslim community in Germany as well as from foreign Islamic banks looking to establish in the country. However, there has been no real action in its development and establishment. This could be attributed to the following reasons. First, the BaFin is skeptical of the Islamic banking models commercial viability as it will be catering to 2 million Muslims (p.179). Second, Islamic banking methods conflict with German Banking Act. Third, in accordance with German Banking Act, the principal of an investment must be insured. As, the basis of Islamic banks is profit and loss sharing as per the pre-determined ratio in structures such as murabaha, this may cause some form of conflict with the banking laws of the nation. Finally, Islamic banks differ in the method of reporting and monitoring of its operations from the European standard. The risk and financial standing must be identified clearly in its reports to be clearly evaluated. Despite these concerns, there areas in which Islamic financial services can flourish (Engels, 2010). According to the German banking law, in accordance with the German Banking Act KWG, there are nine types of services in which a business can entitle itself a credit institutionÃ Ã . The following ar e the nine banking activities: Deposit business Credit business Securities business Safe-custody business Investment fund business Revolving credit business Guarantee business Giro business (Engels,2010, p.181) According to Engel, Islamic financial institutions, taking into account the restrictions placed on it by the German Banking Laws, could participate in the offering of at least 5 out of the nine the services stated above that will term it as a credit institution. Five of which are, deposits, credit, securities, safe-custody and Giro business (Engels, 2010 ,p.181) . Deposit business: In Islamic financial services, there are multiple forms of deposits as listed below: Current Deposits Wadiah and Qard Savings Deposits-Wadiah and Mudaraba Investment Deposits-Mudaraba According to the KWG 1, a deposit business means the receipt of monies from others as deposits irrespective of the payment of interest. In addition, it has viewed these deposits made to the bank as a loan in which the full amount must be paid back to the lender, in this case the customer of the bank (Engels, 2010). Based on these restrictions, Islamic financial institutions can provide current deposit services and savings deposit services in the form of wadiah , qard hassan and mudaraba deposits. As the principle amount is guaranteed whenever the customer wishes to withdraw the principle. However, Sharia compliant investment deposits will not be acceptable under the German law as there is in no guarantee on the return on the full principle. The losses incurred are shared by the bank and the customer at a predetermined ratio. Credit Business: According to the German Banking Law defines the credit business as the granting of money loans and acceptance of credits.Ã Ã Under these guidelines, Islamic banking institutions can provide loans as the law does not specify the mandatory inclusion of interest rate. In accordance with the BaFin, an exchange of a cheque for cash is considered a credit business. This service is provided by the bank at a set administrative fee. Islamic institution could provide this as a part of their services. Furthermore, Islamic institutions can participate in the provision of promissory notes as they can also charge a fixed administrative fee in return for the service. The challenge lies in the ability to provide this service as the liquidity of Islamic banks are limited. In addition, if we look at it from a broader view point, the EC Directive has included the following services under the same definition mor tgage loans, factoring with or without recourse and trade financing, of which , are not permissible. However, murabaha and musharaka structures may be taken into consideration to categorize it under the EC Directives definition of lending (Engels, 2010, pp.183-184). Other Acceptable activities: Islamic banking and financing institutions can participate in the sale and purchase of securities for their clients as long as it is riba free. They can also participate in the managing of securities for their clients. Finally, they can participate in Giro business, the administration of deposit funds for customers , with the provision of services such as , transferring amounts and the provision of clearances for a set administrative fee((Engels,2010,p.181). Overall, the restrictions stated by the German Banking Act are not obstacles that cannot be overcome. However, the issue arises when wanting to adapt Islamic banking in the EU. It may be compliant in Germany however; in order to be compliant in Germany it must also be compliant in the EU. The move towards uniformity may act as an additional obstacle in the face of establishment. The US constitution and Islamic banking and finance controversy: The basis of the Western banking models foundation lies in practices that defy the Muslims basis of acceptable financial banking activities. Gimigliano argues, the First Amendment of the US constitutionÃ Ã may partake in the assimilation of the Islamic banking and finance model into the US economy as an official domestic bank. There has been a move towards the establishment of Islamic domestic banks in the US. According to Thomas Baxter, General Council and Executive Vice President of the Federal Reserve Bank of New York, for the following reasons: (a) the growing Muslim population on US Territory, able to influence the West in market economies;(b) an increasing awareness of socially responsible finance, after the Enron scandal;(c) the free exercise of religion clauseÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¦law makers will need to ascertain whether some practices can be changed to accommodate Muslims who try to practice their religion freely. (Gimigliano, p.149, 2010) Based on the above, The First Amendment is divided into two parts, the free exercise and the establishment clause (p.149). The first clause protects the individual freedom to practice their religion of choice, which enforces the need in the establishment of Muslim friendly banking institutions. However, the second clause, deals with the governments actions, and its incorporation, with this respect makes it controversial, together with this point in the constitution, separation of church and state,and the neutrality theory may act as a legal and ideological obstacle in the face of its integration and acceptance(Gimigliano, p.159, 2010). According the Gimigilano, the strict separation of government and religion restricts any form of government participation even if it is in the form of assistance, including the fire, police and public health services.It would be in violation of the separation clause. In this affect, may prevent the safeguard of freedom of practice (Gimigliano, p.150, 2010). In addition, based on the clause of neutrality, government cannot be involved in the monitoring of the activities because it will tie government with an institution tied to religious foundations. In this case, brings up the question who is the reasonable observer? It has been suggested that an educated individual can be appointed as an observer of Islamic banking activities. However, he only reasonable observer that can regulate the activities of an Islamic bank is Sharia scholars (Gimigliano, p.151, 2010). . The US constitution is the driving force towards the accommodation of faith. However, it is the preference of the US law to maintain secularism in the countrys economic activities. In the face of authorization and the limits of US jurisdiction, the establishment of an Islamic bank still has many obstacles before it can attain authorization (Gimigliano, 2010). The French and the provision of Islamic banking: Similarly, according to Arnaud, the French too are encouraging the opening of Islamic Banking in France as it will cater to the Muslim population, as well as, to the well off GCC nationals seeking ethically responsible banking institutions. At this point, acceptance has been very flexible. To gain authorization and licensing to operate in France it must comply with the basic standard that is applied to all banking institutions by the CECEIÃ Ã . In fact, it has been quite accepting of foreign banking institutions opening in France. Banks originating from Muslin count ries have been present in France for over three decades. For example, six Lebanese banks, four Iranian banks, two Pakistani, two Qatari banks, an Egyptian bank, a bank originating from Abu Dhabi, a Kuwaiti bank and a Jordanian bank have established themselves in France. However, despite Frances openness towards the establishment of an Islamic Bank in France, there has been no approach by the already present Middle Eastern banks to provide Sharia compliant services, nor has the CECEI been approached to formally authorize the establishment of an Islamic Bank. This brings up another underlying concern. As there has been no outspoken demand for an Islamic bank, CECEI are unsure of the actual demand for an Islamic bank. Notably, if an Islamic Bank establishes itself in France, it must prove itself a viable banking and financing institution. First, as per the CECEI rules, it must have qualified bank mangers running the operations. As it would be a new concept in France, the ability to find experienced figures locally will be difficult. It would have to bring expertise from abroad. In addition, these individuals too will have to be knowledgeable in French law to insure the Banks activities are compliant to the local law let alone the sharia law (Arnaud, 2010). In terms of product development, it must comply with Frances customer security close without inhibiting the ease in the operation of the bank. Its main concern is money laundering and terrorism. The Islamic banking institutions must have systems in place, approved by the CECEI, which will inhibit fraud and the misuse of funds. As the banking systems in France are based on the Western conventional model, mechanisms for the regulation of funds may need to be developed to suite the models of sharia compliant banks (Arnaud, 2010). In addition, there must be internal systems to monitor the day to day operations of the bank. The products provided to the customers must be compliant with French law. As this product requires special oversight by sharia scholars, to insure they are compliant with the Islamic guidelines, it is noteworthy to mention that the shariah committee must be limited to that of vetting and certifying products and should not extend beyond this to interfere with the banks governance and internal operating modes.This could be related to the similarity between the US and French constitution. France, like the US is secular in nature. The accommodation of an institution thats foundations are based on Islamic principles is contrary to its constitutional foundations. Religious representation of a faith may be frowned upon by strict secularists (Arnaud, 2010, p.170). Moreover,the Islamic banks must be able to convert Islamic financial products into a mode understandable in the conventional accounting system. This is to insure that the risk factor and the required liquidity of the bank to sustain these products is clearly apparent by overseers (Arnaud, 2010). Furtherm ore, the Sharia scholars must play the role of auditors in the day to day running of the institutions. The challenge arises with regards to the capacity and knowledge of these scholars to effectively insure the quality of the service provided (Arnaud, 2010). In regards to issues related to retail Islamic products, there are a few issues that arise due to the French laws lacking in areas that relate to qard, mudaraba and ijara. First, the French law does not have an accounting infrastructure to support loans given as advances to the bank from a customer. In this case, the customers rights are not fully protected by law. Therefore, the French law must be updated to insure that the customer is insured a deposit guarantee fund for deposits in the form of wadiah , qard hasan and mudraba in savings deposits. Second, in relation to the first point, deposits for the purpose of investment, mudarba, can no longer be defined as deposit funds as they cannot fall under the qualified to be lab eled under the deposit guarantee fund.Finally, the ijara contracts for home financing must be compliant with the French consumer protection codes (Arnaud, 2010, p.172). Islamic banking institution will not receive any exceptions ender the French law in keeping with its non-discriminatory clause. The products must be sustainable and adequately structured to the specification of the law. Furthermore, these guidelines is not a hindrance to its development but, an insurance to future customers that their rights are fully protected. In that regard, Sharia compliant banking institutions have a chance to grow in France as the foundations of its operations are based on ethical practices that insure the equity and controlled risk. The intricately weaved infrastructure of Islamic Finance (IF) has shown a definitive growth in recent years and, IF has been highlighted in global trade as a means of integrating Western and Eastern banking practices for a more optimal trade regimen. Namely, laws in Western regions including Europe and North America have shown an ability to accommodate IF guidelines, despite a perceived public ethos of resistance to Islamic ideals. What should be done by scholars or practitioners to help promote Islamic Finance in the West New Products and Structures Strong research and input from the scholars will give base to the upcoming trend towards Islamic Finance. According to an article by Lawrene White, Euromoney Feb 2009, Outstanding contribution to Islamic Finance: Zeti Akhtar Aziz who is the governor at Bank Negara Malaysia and one of the most prominent advocates. She has help built a portfolio of more than 40 products under the umbrella of Islamic Finance, which include takaful, sukuk bonds which are the key stones in promoting Islamic finance. Sukuk bonds have had a strong response by the consumers, however the market is flooded with mostly short term Sukuk, a strong focus on long term twenty and thirty year sukuk will be an important milestone in upgrading the sukuk market and compete with the Treasury Notes and bills in the west. In order to create mainstream products and inject them into the market, with strong focus and inflow of financial capital from the European market we can see how the ne ed for Islamic Financial instruments will lead to creation of different investment vehicles to meet the requirement. As some of the products do have the shariah compliance issue, which non-conforming products like derivatives, forwards, and other similar vehicles have no room in the Islamic context, synthetically created solutions could solve the issue. However, as the products get more complex by synthetic creation it would deter the interest of investors and the outlook might not be as expected. The Global Financial Crisis and the Market Forces In another article according to Aubrey Joachim, Beyond Conventional Finance, the lifestyle in the west of spending more than their earning has not only contributed to the growth but also their failure during the subprime crisis. Since under shariah interest is forbidden and profit is only acceptable under strict guidelines, the financial statements would need adjustments to report under the shariah compliant form. All transactions str ucture under Islamic finance needs to be approved by the scholar and receive a fatwa to be qualified. The CIMA is the first professional Chartered Accountancy body to offer a global qualification in Islamic Finance. A trend towards acceptance of Islamic finance can be seen in the future however proper marketing and alternative products to support the needs of conventional banking clients must fuel it. In an article by Rory J Clark, Islamic banking: An asset of promise? Islamic banking is showing promise to the current economic climate as it draws attention from all over the world and the lessons are clearly to be learnt. It is not just a safe refuge from the global financial crisis, but it also seen as broadly equitable and fair compared with the hitherto rather cutthroat western model. Islamic finance is also one of the most importance source of liquidity for cash trapped governments and companies in the west. Almost non-existent 30 years ago, it has now become a trillion dollar industry, and has help up well in the crisis. The failure of financial markets in OECD should look at other models like Islamic Finance. The strong demand by non Muslim Islamic finance customers which in some cases constitute around half of the customers had made governments like the UK to implement regulatory standards for the Islamic financial products overlooked by Financial Services Authority. According to Dominic ONeil, Euromeoney, a recent heading in the Washington Post caught attention of the readers Steady in shaky times, the Islamic finance sector was gaining confidence however three months fast forward Islamic finance faces the crunch test. The sukuk issuance had fallen dramatically; this was mainly caused by opposing arguments amongst with what are Shariah compliant sukuks. Promoting Islamic finance also requires some form of agreement amongst scholars and disagreement creates a sense of instability in an industry, which is still in the growth phase. The Islamic Finance system focuses on asset-based structure and one can only promise what he owns and declares interest (riba) as forbidden in any possible sense, contradicting the structure and attitude towards money in the west. The transactions and deals tied up to actual economic activity and service. As mentioned in the same article by Dominic Oniel Steady in Shaky times, Islamic Banks have grown 15% since their modern inception in the 1970s fueled by the oil boom in the decade, but continues to grown due to its recent advancement in financial instruments, sound principals and methodology to make every transaction sharia compliant. In the United States, Islamic finance sparked interest when the Dow Jones Islamic Index was introduced in 1999 which constituted sharia compliant companies, however the momentum slowed down during the Sep 11, 2001 attacks. After a few years the market picked again and in 2004 Germany bought a 100 Million Euro Sovereign Islamic bond sukuk, the market had grow n to a 90 Billion sukuk since 2004 doubling every year. However, in 2008 the market fell 50% when the Bahrain based group of scholars stated that most bonds werent sharia compliant. The market forces have come into play a lot of times, due to the hard facts or fatwas, what really is sharia compliant and what is not. The Regulatory Framework The two major authorities forming the basis for the regulatory framework is the IFSB (Islamic Financial Service Board) and IIFM (International Islamic Financial Market). IFSB currently has 150 members as of January 2008 including 37 Regulatory bodies like IMF, World Bank, Islamic Development bank and other key players in the market. IFSB issue guiding principles and supervises the review process creating transparency and market disciple. IIFM, which is based in Saudi Arabia, was formed with a collaboration of different countries, which include Bahrain, Malaysia, Brunei, Indonesia, Sudan and the Islamic Development Bank. The main purpo se of this organization is to develop, establish, self-regulation, and promotion of Islamic finance and money markets. These organizations will set the pace towards acceptance of Islamic finance in the global market, but Islamic finance should be promoted through its sounds principals and not tagged with Islamic as the key focus to promote Islamic Finance. Islamic finance should be promoted as an equal alternative to conventional finance in the future. Scholars and practitioners will play a key role in developing alternatives and sound solutions to match and compete with conventional banking. Their role in these international institutions and regulatory bodies will fuel the success of Islamic principals and finance in the west. Conclusion In 2009, after the onset of a global crash in economic management, the world of IF reached a landmark in success. By year-end of 2009, the steadily growing sector saw a cumulative total sukuk issuance reaching $100 billion. In 2009, assets of the top 500 Islamic banks grew by 28.6 per cent to $822bn, up from $639bn in 2008. Many Islamic financial institutions appear to have been insulated from the global financial crisis, largely due to the Islamic finance principles that prohibit interest. Consequently, Islamic finance institutions refrained from investing in structured products that played a significant role in the downfall of major global financial institutions, described Zawya, Middle east. The lowest relative yields on Islamic bonds in more than two years may encourage issuers to tap the marketÃâÃ after a 15 percent drop in new sales in 2010, helping revive interest among investors. Market players worldwide are showing a rise in interest in the long term sustainabil ity of IF, as described by the latest publication of Global Islamic Finance Journal: Albaraka Banking plans to sell as much as $500 million of sukuk after delaying in 2010, Adnan Ahmed Yousif, the chief executive officer, said in a telephone interview on Jan. 5 from Manama. Albaraka Turk Katilim Bankasi may offer at least $100 million of notes, Chief Executive Officer Fahrettin Yahsi said. French companies, the central bank of the Palestinian territories and Thailand have also announced plansÃâÃ to borrow through Islamic debt this year. Global sales of Islamic bonds, which pay returns based on asset flows, fell to $17.1 billion in 2010, from $20.2 billion a year earlier, according to data compiled by Bloomberg. Issuance reached a record $31 billion in 2007. Dubai World, one of Dubais three main state-owned holding companies, received approval from its creditors in October to change terms on $24.9 billion of loans. Nakheel PJSC, a property unit of Dubai World, is seeking to delay payments on at least $10 billion of loans and bills. The company is looking to gain clearance from creditors holding 95 percent of the debt by the end of March, according to an statement on Jan. 2. In summation, the prospects for considering IF systems are being enhanced in Islamic regions and expanding in the western world, supported by scholars and financial leaders globally. The issue of comparative sustainability is showing favor towards IF and it is possible that the foundations and principles of IF, will be received with praise by those who previously dismissed this as a religious practice rather than a system of merit. Methodology Research strategy: A broad-spectrum research was conducted on the topic of Islamic Finance. It was deemed necessary that we establish a foundation of understanding prior to pursuing the topic of interest, Outlook of Islamic Banking in the West. A full research was conducted on the library databases, including Proquest, Lexis nexis and Jstor. In order to ensure that relevant references were not missed, the search terms used were general in nature such as , Islamic finance, Islamic finance in the West, Islamic finance in Europe, Islamic finance in North America, Promoting Islamic Finance, and Scholars Islamic Finance. In addition, a comprehensive search was made on the books available at the university library, scholarly articles from the World Wide Web, videos and articles from newspapers and magazines. Selection Criteria: The references were selected based on its relevance and date of publication. We attempted to limit our references to articles post 2000. Descripti on study: The bulk of the paper consists of a comparative study of different institutions in the West. It encompasses the means in which Islamic banking was established, developed and the challenges faced. In addition, we took into consideration the ideological obstacles that are being faced with the popularization of Islamic finance. We also sought to investigate how Islamic finance has been promoted as of late by reviewing the work of the scholars around the globe.
Wednesday, May 6, 2020
The Unconstitutionality of Capital Punishment Capital punishment is one of the most popularly debated topics in the nation today. Since colonial times, more than 13,000 people have been legally executed. A large percentage of these executions occurred during the early 1900s. In the 1930s, as many as 150 people were being legally executed every year. However, the number of executions started to decrease as public outrage became apparent. In 1996, thirty-seven states, including New Jersey, legalized the death penalty. Of the other thirteen states, Michigan abolished the death penalty in 1847, Minnesota in 1853, and Alaska and Hawaii never had the death penalty. Today, there are over 2,000 people on death row. Almost all are veryÃ¢â¬ ¦show more contentÃ¢â¬ ¦Furthermore, the states that establish death penalty laws do not reap any significant benefits in reducing crime or murder rates. Research shows that a large percentage of the murderers do what they do because of passion, malevolence, and/or because they are under the influenc e of alcohol or drugs(Bedau 170). This demonstrates the fact that the murderer gives little thought to the consequences he/she might have to face later on for the crime. A second criminal profile includes those who plan their crimes beforehand, such as professional executioners. According to Bedau, murderers are not influenced by the death penalty as a punishment, since they carefully plan their murders thinking that they will not get caught (171). Therefore, they do not think about the consequences they will face if they are captured. Another argument made by death penalty supporters is that the death penalty will eliminate the chances of a criminal committing a second crime. Certainty, the death penalty will completely destroy the chances of a criminal committing another crime. However, it also destroys the chances of rehabilitating criminals by ending their lives. The purpose of capital punishment is an attempt to decrease and prevent crime. But how will committing another crime help? The death penalty is only another form of murder. As previously stated, the death penalty is supposed to act as a deterrence to crime, but manyShow MoreRelatedThe Death Penalty Is Justified1143 Words Ã |Ã 5 PagesObjective paper on the death penalty Capital punishment is legally authorized killing as punishment for a crime. The death penalty questions the morality of killing a person as justification for their crime. It also brings to question whether the death penalty actually serves as a deterrent for crime, and that some of the people executed are found innocent afterwards. The debates over the constitutionality of the death penalty and whether capital punishment should be used for retribution are alsoRead MoreThe Death Penalty : Costly, Counterproductive, And Corrupting1678 Words Ã |Ã 7 Pagescrime: costly, counterproductive and corrupting; 35 Santa Clara Law Review 1211 (1995) Summary paragraph: In Stephen BrightÃ¢â¬â¢s article, Ã¢â¬Å"The Death Penalty as the Answer to Crime: Costly, Counterproductive, and CorruptingÃ¢â¬ Bright asserts that capital punishment does not work because it is racially biased, the quality of the lawyers and attorneys supplied by the state to poor defendants is unfair, and that the law system currently in place does not accomplish its true goals. Bright defends his claimRead MoreWhy Should We Abolish Capital Punishment. Whether The Capital1797 Words Ã |Ã 8 Pagesshould we abolish capital punishment Whether the capital punishment, the legal punishment that deprives an individualÃ¢â¬â¢s life, is constitutional, moral or necessary is constantly debated. Although the United States maintain the retentionist view of capital punishment that executes hundreds of criminals each year, many revolutionists are challenging our current legal system and trying to abolish the use of capital punishment. In this paper, I will discuss the theory of the capital punishment, and the controversialRead MoreShould Capital Punishment Be Allowed?1376 Words Ã |Ã 6 Pagesforty-years, 1,421 executions have been conducted by thirty-one states and the federal government under the capital punishment sentence (Ã¢â¬Å"Facts About the Death PenaltyÃ¢â¬ ). Throughout those years however, controversial opinions have aroused on whether the capital punishment should be permitted, its success on reflecting a deterrent effect, and even its morality. Although it is often argued that Capital punishment is appropri ate when the crime reaches an egregious extent, the revocation of constitutional securitiesRead MoreThe Abolition Of The Death Penalty1552 Words Ã |Ã 7 Pageswounded. The death penalty is used as a form of punishment in the eastern hemisphere for many crimes, such as espionage, terrorism, and first-degree murder. China holds the record for the largest amount of executions; the number remains largely disputed as death penalties are considered Ã¢â¬Å"state secret.Ã¢â¬ In some Middle Eastern countries crimes such as rape, adultery and theft also carry a death sentence. Canada is no stranger to capital punishments either. The first recorded death penalty in CanadaRead MorePro Death Penalty Speech1482 Words Ã |Ã 6 PagesdidnÃ¢â¬â¢t already know, I am the state governor of Texas. You are all aware that we are reviewing our recidivism rate to various crimes and reviewing our stance regarding the death penalty as we approach 2009. Everyone here understands that capital punishment is a very controversial topic in the United States. In Texas, from December 1982 through August 2008, only 361 criminals of the millions of Texans in our good state were executed for the wickedest of crimes. We would all like to think moreRead MoreEssay about The Case Against the Death Penalty1449 Words Ã |Ã 6 Pagesafford good legal counsel, and were appointed attorneys that were Ã¢â¬Å"inexperienced and had below appropriate professional standardsÃ¢â¬ (Hessick 1069), which sealed the fate of those literally fighting for their lives, on the day of sentencing. Capital punishment is unconstitutional, and violates human rights; a point of view rarely seen when debating the topic. Everyone talks about deterrence, everyone talks about justice for the victim, but no one seems to remember that even though the person responsibleRead MorePlea Bargaining : An Effective Tool1684 Words Ã |Ã 7 Pagesthe best interests of prosecutors, defense attorneys, and the accused. For example, a report published by the U.S. Justice Department in 2007 asserts, plea bargaining ensures prosecutors secure a conviction and defense attorneys reduce the maximum punishment for their client. Additionally, plea-bargaining gives the accused more freedom regarding how to proceed with their criminal charge. The ability to choose between a plea and a jury trial allows the defendant some control over their sentence and involvementRead MoreCapital Punishment Is A Penalty For All Crimes1939 Words Ã |Ã 8 PagesCapital punishment has been occurring since the earliest of the a ges and has been performed numerous times around the globe by all differently opinionated people. Last year only, 256 citizens have been executed by the hand of law and only more to be uncovered. Capital punishment was part of culture in Babylon where it coded the penalty for exactly twenty-five crimes, Athens where death was suitable for all crimes, and Rome. Since the olden ages, humans are still holding crimes against other peopleRead MoreThe Death Penalty And Capital Punishment Essay1780 Words Ã |Ã 8 Pagesdeath penalty also known as capital punishment is a government issued practice by the state where person is put to death as a result of their crime(s). Before a person gets executed they have to carry out a sentences which can sometimes take decades. A person would have to commit a crime classified as a Ã¢â¬Å"capital crimeÃ¢â¬ in order to be given the death penalty. There are 41 capital offenses listed under the U.S. federal government which are punishable by death (41 Federal Capital Offenses). Nonetheless,
Question: Discuss About The ERP System Implementation Large Enterprise? Answer: Introduction Enterprise Resource Planning (ERP) is a cross-functional technology strategy that supports all the activities of a business. It is the most important component of the IT strategy and therefore should be well implemented to integrate all facets of an operation such as marketing and sales, manufacturing, product planning and development, service delivery, inventory and materials management, finance and human resource. ERP continuously updates the core business processes by use of common databases maintained by a database management system. Through the use of ERP, the business can use a system of integrated applications to standardize and automate its back office and client-based functions and activities related to technology thus increasing the efficiency and effectiveness of its operations. This is because everyone uses the same data thus reducing confusion and mix-up when carrying out the organizations various activities (Tarhini et al, 2015). During ERP installation, the project man ager must ensure that the software is customized and takes into account variation in business requirements, processes and technologies, in addition to supporting the companys strategy and plan of action. ERP Expansion over the years ERP was established to outspread the capabilities of Material Requirements Planning (MRP) or Manufacturing Resource Planning (MRP II) and Computer Integrated Manufacturing. ERP systems experienced a rapid growth in the 1990s where many companies decided to use them to replace their old legal systems as a result of disruption of the latter by euro introduction and the year 2000 problem. Initially, it was meant to automate back office functions such as management in order to avoid direct contact with customers and the public in general which could probably have affected the business negatively. Currently, developers are making an effort to incorporate ERP in mobile phones along with other business applications. The modern ERP contains networking, hardware and even supply chains integration. It has a wider range of functions and roles which include decision making, globalization, standardization and stakeholder relationship building. Characteristics of ERP Systems It is a common database that supports all the enterprise applications It provides real-time access for all employees and stakeholders It is an integrated system Its installation is usually a mammoth task It has a consistent reflection across all modules Importance of Enterprise Resource Planning ERP facilitates the flow of information in all the functions of the business. It also manages information flow to the external world, for example to shareholders ERP saves time and business expenditure as a result of integration of business processes It makes decision-making easier, faster and more accurate Enhanced data accessibility as ERP maintains a chronological history of all transactions Enhances revenue tracking for the organization thus it can determine whether it is making profits or losses It enables sales forecasting which brings about stock optimization for business operations It makes it possible to track orders and therefore make genuine sales ERP makes allowance for legitimacy and transparency in business activities Protection of the organizations sensitive data It provides an opportunity for increased teamwork among the employees as it displays a collaborative platform that enables them to focus on content. Disadvantages Customization of the organizations needs may be difficult. ERP usually meets the common requirements of the business which may then be forced to come up with other means of meeting its unique demands. Installation of ERP software may be expensive offsetting the business competitive advantage and revenue capability. It increases the expenses of the company due to maintenance and constant upgrading. There is also need to train the employees on the usage of the new technology A lot of time is spent while trying to harmonize the ERP with the organizations systems and technologies (Galliers et al, 2014). Enterprise Resource Planning Modules A module, in software, is a part of a program or programs that is independently created and linked to form the latter. Basically, ERP consists of several enterprise software modules individually purchased or developed in accordance with the organizations specific technical requirements. Each module is focused on a particular core business process such as product planning. The common ERP modules include: Customer Relationship Management (CRM): this aids in boosting sales by establishment of strong customer relationship to make them feel highly valued. This module contains the particulars of the clients in a chronological manner bringing about easy management. It can be integrated with the sales module to create future opportunities for the organization (Holmberg, N., Johansson, B., 2017). Production: this module takes care of product availability in the organization. It includes activities such as product planning, direct and indirect raw material usage, reporting of the production status, production forecasting and the actual production. Sales and Marketing: this entails information on product promotion with the aim of increasing sales, maintaining existing customers and expanding the market. The sales module keeps records of all sales transactions such as accepting orders, handling sales queries and tracking pending orders. Supply Chain Management (SCM): this involves demand and supply of products to and from the manufacturers, that is, the supply of raw materials and demand for finished goods by wholesalers and traders. The data found in this module include shipment tracking and sales returns. Human Resource: this module deals with the organizations employee records such as the payroll system and personal details. It may also include particular employee expenses and allowances. Accounting and Finance: contains all the financial details of an organization including ledgers, balance sheet, receivables and payables, budgeting, tax information, activity-based costing, cash management and details of the available fixed assets. Inventory module: it is used to keep track of individual items in the organization to find out their location and usage rates. The functionalities of this module include inventory reporting and stock utilization. Purchases: it has all data relating to procurement of items required by the company such as vendor listing, recording received and sent quotations and preparing purchase orders. This module is combined with the inventory and the engineering/production modules for constant updating of stock. Government Resource Planning (GRP) This is an integrated office system for government bodies, that is, it is the ERP for the public sector. The differences in ERP software between the private and the public sector are culture. This is because unlike the private sector, government agencies are mainly concerned with offering services to the countrys citizens. The private sector usually prioritizes on organizational expansion, achievement of set objectives and profit maximization. Enterprise Resource Planning Systems Installation Plant floor communications are the control and facts interactions found in automation surroundings of manufacturing and processing plants. Manufacturing uses discrete control while processing uses continuous control. Many plants, however contain a hybrid of both since the auditing systems are often a combination of multi-vendor products to create a single system (Costa et al, 2016) Connectivity takes place in a variety of ways for both real-time and transaction data. Direct Integration: this is whereby ERP systems already have communications with the plant floor equipment as a part of the after-sale service from the vendor. This therefore requires the vendor or suppliers of the systems to be experts on the products with which they are dealing. Database Integration: in this case connectivity is carried out by the systems integrator. ERP software stage tables in a database onto which the plant floor systems deposit information. ERP systems vendors do not need to know the particular technicalities of their product connectivity. Enterprise Appliance Transaction Modules (EATM): these transact data with the business systems in ways considered best by the latter through their ability to communicate directly to the plant floor apparatus. The major advantage of this integration is that it offers a complete solution off the shelf while still reducing long-term operational costs and customization expenses. Custom Integrated Solutions: These are custom made and are created per order to meet site and specific system requirements. They are mostly used on workstations even if they have the highest level of initial installation and maintenance costs. The long-term upkeep costs can however be minimized via proper documentation and watchful testing of the systems. Implementation This is the process of actually putting the ERP systems into the organizations daily operations. The nature and scope of ERPs implementation demands for changes in employees and partners custom practices and activities. The three major tasks involved in the implementation process are Consulting, Customization and Support. The time used up in implementation depends on the size of the organization, customization needs, the readiness of the customer to begin use of the new system and number of modules in the company (Chugh et al, 2017). Before application, the project manager should ensure that he or she has a thorough understanding of the systems that need to be changed and why the change is necessary (Tasevska et al, 2014). In addition to minimizing the chances of project failure, analyses of the existing automation solutions also decrease the possibility of mismatch between the two systems. Generally, implementation of ERP in decentralized organizations takes a longer period of time and is costlier due to presence of various decision-making and management units which may have different development policies, procedures and regulations. Configuration: this entails trying to balance the ERP software between its nature of performance and the manner in which a specific organization requires it to operate. Customization Theoretically, ERP systems are created in industrial best practices and the developers expect the organizations to use them as such. Room for configuration is however given to give these organizations ability to gear the software towards their needs. Gaps in features often remain after this practice whereby the organization can rewrite a portion of the software, write another module that works within the software or create an interface with external sources. These activities refer to customization of the ERP software and are aimed towards reconciling the gaps in the system features. Two tier Enterprise Resource Planning This refers to ERP software that allows companies to run two different ERP systems at once one at the management level and the other at the subsidiary level. This would further increase the efficiency of workflows due to the availability of more systems that align with the organizations IT structures and improve the agility and flexibility of the business. This would, however, intensify implementation and maintenance costs. Besides, many organizations believe in the use of quicker and cheaper ERP implementations at the subsidiary level. Conclusion As observed above, Enterprise Resource Planning is an essential component of business growth due to its numerous benefits such as increasing the effectiveness of customer services and the rate at which business operations take place thus saving time and coinage. The implementation process of ERP, however, demands an enormous amount of money which small businesses may not be able to offer. 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