Steroid use and Sports an Example of the Topic Health Essays by

Steroid use and Sports by Expert Prof Solphie | 29 Nov 2016 The steroids taken by athletes contain testosterone or chemicals that act in a similar way to testosterone, which help increase the development of male sexual characteristics. So, as well as promoting the growth of skeletal muscles, steroids basically turns women into men and men into monsters. Need essay sample on "Steroid use and Sports" topic? We will write a custom essay sample specifically for you Proceed "The Steroid Story, What they are, what they do, and what you need to know about the uses and abuses of anabolic steroids" According to the author Laura Bonetta this article beautifully highlights that anabolic steroids, the trendy name of artificial substances connected to the male hormone testosterone, are helpful drugs that doctors recommend to treat incapacitating diseases. But gradually more, they are being abused by strong people to pick up an athletic presentation and appearance. Moreover, one of the main scandals in new sports history exploded in 1998, when Mark McGwire first baseman for the St. Louis Cardinals and an applauded home-run king confessed he used androstenedione to improve his performance on the field. Strength Of Anabolic Steroids According to the author of this article The human body construct various dissimilar kinds of hormones, which are released into the blood and act similar to messengers to control the function of different tissues and organs. Testosterone is a hormone made first and foremost in mens testes that triggers a lot of the changes that occur throughout puberty ty. Moreover, females also have small amounts of it in their bodies. Weaknesses of Anabolic Steroids Though a variety of anabolic steroids may be at variance with their relative level of anabolic in opposition to androgenic effects, there are no purely anabolic steroids, says Cynthia Kuhn, a pharmacology professor at Duke University Medical Center. He also highlights this fact that means that an athlete taking anabolic steroids to get better muscles will knowledge side effects that have to do with the androgenic functions of these drugs. Psychological Characteristics of Adolescent Steroid Users According to this article of Kent F. Burnett, anabolic-androgenic steroids have been used since the early 1950s to improve the athletic presentation, the occurrence of use appears to have greater than before significantly in recent years. Chiefly disturbing is the augmented incidence of their use amongst adolescents. The rising proof of habituation amongst adolescent steroid users and the strongly reinforcing properties of the drugs have created a pressing require for more information concerning the psychosocial characteristics of the adolescents who use these drugs. Such information would dish up an imperative role in the growth of effectual intervention and obstacle programs. Thus, the goals of the present study were to methodically assess a broad variety of psychosocial characteristics in mutually steroid-using and nonsteroid-using adolescents and to decide if any of these characteristics might prove helpful in differentiating flanked by these groups. According to the research analysis of this article, the data did not recognize any exclusive personality characteristics that distinguish athletic adolescents who use steroids from athletic adolescents who do not use steroids. Further, while no cause-and-effect conclusions can be drawn, the mood trouble data point to that there are a number of potentially serious harmful psychological effects throughout steroid use cycles. Steroid Substitutes: No-Win Situation for Athletes According to the author Kevin L. Ropp that though the three drugs are not steroids, all are battered in sports since athletes believe they improve performance. From athletes in international rivalry to college and high school athletes to the teenager who just wants to "bulk up," people of all ages and aptitude have found alternatives to putting back anabolic steroids. No doubt, the study also set up that a lot of steroid-type ingredients, called sterols, were being advertised. With the exemption of ecdysterone, the sterols were all plant derivatives, Ecdysterone is a bug hormone with no known use in humans. Human growth hormone, or HGH, is one more popular steroid option. Produced of course by the human body, HGH's only accepted medical use is to treat pituitary dwarfism, but it is under study to treat other disorders. Contrasting anabolic steroids to those steroid alternatives, Leggett says, "We accepted all of these anabolic steroids for family use in treating diseases like anemias, osteoporosis, and convinced cancers. We know what to wait for from their label dosage and overdoses. A few short-term reactions from using steroid options are alike to those associated with anabolic steroid abuse. These reactions comprise bloody diarrhea, nausea, vomiting, severe acne, early balding, bloating linked by water retention, and greasy skin. Clenbuterol, gamma hydroxybutyric acid, human enlargement hormone, and erythropoietin, all banned in global competition, are a few of the more well-liked steroid alternatives athletes are now abusing. But, Leggett says, this list is probably to produce as athletes trial with dissimilar and new chemicals. Research Challenges After reviewing the above articles we can say that steroids are dangerous when used in any manner without medical supervision. Athletes that compete in a competitive sport usually use it to gain an advantage over their opponents. The problem is that it has undesired side effects for men, women, and even the unborn. There have been many famous athletes at the Olympics that have used steroids and have achieved Olympic glory by winning the gold medal. But when they were tested for drug use and were found positive for drugs, they were embarrassed in front of the world and shamed their country. When abused steroids are no longer anabolic, they stop building the bodies tissue and start tearing it down, as anything will when used in excess. No doubt, this research can be expanded in detail because it also had the great effect on the social and ethical behavior of adults. In conclusion, the use of anabolic steroids is a serious mistake that many athletes make when competing in sports. But this research is highlighting the causes of steroid on sports athletes because when they were tested for drug use and were found helpful for drugs, they were uncomfortable in front of the world and shamed their country. When abused steroids are no longer anabolic, they stop building the bodies tissue and start tearing it down, as anything will when used in excess. Reference Laura Bonetta (2004, August). The Steroid Story, What they are, what they do, and what you need to know about the uses and abuses of anabolic steroids, American School Board Journal, August 2004 Kent F. Burnett , Mark E. Kleiman 2002, Psychological Characteristics of Adolescent Steroid Users. Journal Title: Adolescence. Volume: 29. Issue: 113. Publication Year: 1994. Page Number: 81. Kevin L. Ropp 2002, Steroid Substitutes: No-Win Situation for Athletes. Magazine Title: FDA Consumer. Volume: 26. Issue: 10. Publication Date: December 2002. Page Number: 8. https://en.wikipedia.org/wiki/Doping_in_sport

World War II, like many other wars, had a very big impact in many ways Essay Example

World War II, like many other wars, had a very big impact in many ways Essay Example World War II, like many other wars, had a very big impact in many ways Essay World War II, like many other wars, had a very big impact in many ways Essay Essay Topic: A Long Way Gone Back in the World Stories The whole American home front changed during World War II. More and more women started to work in factories like never before. They became more independent and stopped relying on their husbands to provide the income for their family. World War 2 revolutionized the work industry for women. Before the war, mostly men worked in factories, but after they left for war, women took their spots. Even after they returned, women were not willing to go back, and still have not turned back.World War II also affected life in Japan. A very big spark to the start of World War II was the attack on Pearl Harbor. America then decided to attack Japan, leading to the second world war. The war went from 1941 to 1945, and soon enough, we got tired of the war and all of the deaths and casualties, so we decided to bomb Hiroshima and then Nagasaki. As a result, the war ended, but a new phase sprung up in those two places. Many people were killed and injured severely. They lost everything they had from person al belongings to loved ones. It was hard for people at that time to recover from such a dramatic event. Some had no place to go because their homes were gone, and so were the people they once knew. It was a new life for everyone who survived. Everything would be different and nothing like the times they were used to.Not only was life different for people back on the home front and in Japan, but things in Europe were upside down as well. All the Jewish families in Europe were faced with the holocaust. They got sent off to concentration camps, ghetto camps, or just suffered from hiding from the Nazis. Life in the camps for them was worse than dying. The Jewish families got separated from each other, and many never saw their loved ones again. They died mainly from malnutrition and the Nazis killing them. It was so bad that people even committed suicide.Lastly, the war had a huge impact on the soldiers that were a part of it. If they were drafted, they were forced to go off to war, the beginning of a new life. They left their friends and families, knowing they might not see them again, to represent our country. However, many of them were not able to survive and died. Soldiers suffered from many diseases, and spent months and years in the cold fighting. They mightve made friends at war, but it was hard when one of them got shot or died. We know of all these stories about war life and how they fought, but in order to get the real feel for how it really was, someone would have to experience it first. The experience the soldiers had when they were fighting was not the best thing that couldve happened to them.As you can see, World War II had a big impact all around the world. Many people in different countries faced challenges that they would have to eventually overcome. Most of the challenges that came across were life changing. Some died, and the rest had to start up a totally new life, something that none of us would be willing to do.

Child Development Essay Example | Topics and Well Written Essays - 750 words

Child Development - Essay Example The human life cycle is governed by natural laws. A pioneer in the field of child development, Gesell’s set of milestones for children is still widely used pediatricians, psychologists and other professionals who work with children (Wikipedia). He believed that the child’s personality is the product of slow gradual growth. The nervous system natures in stages and is a natural process. For example, the child sits before he stands and babbles before he stands. A child is initially dependent and only later attains independence. He learns to draw a circle before he draws a square. The development pattern follows the law of growth. Gesell suggested that child should not be forced into doing something but instead his growth should be guided. It is unwise to teach children ahead of their maturational schedule. This implies that the child is not ready and if he is not ready the education process must be delayed. Gesell further believed that during the preschool age there are many suggestions that physically and psychologically the child is reaching a stage of maturity. During the school period child’s vocabulary expands, learns facts and figures. During the early adolescence independence comes to the forefront. In later adolescence physiological changes take place including behavioral patterns and emotional attitudes. All the traits at every stage in human life have been associated with the history of human race (Packer). He strongly links democracy to development and advocates freedom at all stages of maturation. According to Gesell, democracy is a way of life. To inculcate the attitudes of tolerance and fair play in children, the adults need to be educated first. This implies the adults have to play role models for the children. This linear model of human development generated by Gesell’s maturational perspective was used by clinicians to predict long-term outcomes based on the developmental milestones in the early years of the child but

Management and leadership in exercise and sport Essay

Management and leadership in exercise and sport - Essay Example Hence management can be described as the art of getting things done or getting resources being used through people. This paper will look at the above mentioned functions of management and how they are employed in management. (Higgings 1994, p. 34) There are four basic functions of management. First management is involved in planning the resources for the organization. In this regard, management performs the work of determining resources that are to be used in the organization and how they are to be used. Management also carries out the work of leading the organization. In this function management works to direct resources in the organization on how they are to be used. This calls for application of leadership skills in order to direct others on how the resources are to be used. Management also functions to coordinate the operations of the organization in order to ensure that resources are used in the most appropriate manner. In this regard the management coordinates the functions of different departments in the organization so that they can function as one system. Management also functions to control the resources in the organization. ... Planning should act as the base under which all other functions of management are to be carried out. It forms the core operation of management function since there can be no management if there is not efficient planning of how resources are to be used in the operation of an organization. Planning involves the assessment of the needs of the organization and consequently coming up with ways on how those needs are to be fulfilled. Assessment helps the management to understand how all other functions are to be integrated in order to achieve the set goals. Basically planning involves setting goals and objectives that has to be achieved. (Purcell 2006, p. 5) Planning can simply be termed as an unending course of actions. It involves coming up with set of problems to be addressed and strategies that will be used to address the problems. Planning is therefore the way in which management assess the needs of the organization and consequently comes up with strategies aimed at addressing the specific needs. Strategies can be termed as a systematic way of addressing external and internal factors that helps an organization to achieve its objectives. Depending on the conditions and the needs to be addressed, the management may have to come up with different strategies or change its course of action in fulfilling its goals. This is function of management is called strategic planning. In this regard the management must take time to analyze internal and external factors that may affect the strategies of an organization to achieve the set goals. It invokes studying strengths and weakness, opportunities and threats of the organization in its pursuit o f achieving the set goals. This requires practical and

Information and Librarians in the Digitial Age Personal Statement

Information and Librarians in the Digitial Age - Personal Statement Example I have always had faith in myself and in God to do what is best for me throughout my life. I had worked for the library during my high school and college years, starting as a page. My interest in libraries began here that while I was shelving books and skimming through the pages, I discovered the love for books and reading. My longevity with one organization has taught me to work as a team player, to communicate constructively, exhibit flexibility, handle problems and show commitment. Some strength I possess is that I am an energetic, highly motivated person which I think can make me survive the rigors of graduate work. I am a self-starter, who is able to take on new challenges. In order to achieve common goals, I am able to work well with others. My short-term goal is providing the best care for my son, Nasir. My family is very supportive of my going to graduate school, especially since I will be the first female from either side to attain a master's degree. My long-term dream has been to pursue a Master's degree in the Library field. My goal has been to learn a lot from my supervisors and co-workers on how libraries work throughout the years. I have always felt I would be a good leader and teacher. I have worked in the library field for eights years. I have loved libraries since I was a little girl, always looking up information. This love continued in college, where I worked as a page at DeKalb County Public Library, Decatur, Georgia. I wanted to be around books as much as possible. I enjoy library work because I have access to all the information in the world at my fingertips, in both print and electronic form. I learn something new every day, and Iinteract with people of all ages and from all walks of life. I use my interviewing and teaching skills, and I have learned indispensable computer skills as a bonus. Librarianship has been a good fit for me. What I like best about being a librarian is helping people use the library resources. I try to be outgoing by establishing eye contact with patrons and asking them if they need assistance. There is so much to teach the public about libraries, and there are so many resources available. From finding a book on the shelf to using the Internet, people need help, but they often don't ask for it. The librarian has to be outgoing. As I am a graduate of Bachelor of Science Degree in Computer Information Systems, I discovered that working in a library is a lot of fun. My job gives me an opportunity to use my information seeking skills as well as to indulge my web publishing and instruction interests. I feel now is the right time to pursue my degree. I want to develop my educational background and continue working in the library field. In order to move ahead in my career, I would need to obtain a degree to reflect my skill in working in this field. If in order, the program at UNT will provide me with the comprehension I need to become a librarian. If admitted into the UNT program, I would like to pursue administration. The librarian of today is not like the librarian of yesterday due to the impact of technology that has transformed the profession. Where before there were just printed materials in the library, now information highways through the use largely of the Internet is largely what the student has to deal with. Public libraries are busy, vibrant community centers that are open days, nights, weekends and even some holidays.

Customer Awareness Toward Islamic Accounting Theory

Customer Awareness Toward Islamic Accounting Theory CHAPTER 1: INTRODUCTION 1.1 BACKGROUND OF THE STUDY Islamic banks considered as an active player in the world economies over two decades ago (Ahmed S., 2009). The principles accounting upon which Islamic banking is based have been universally accepted for centuries rather than decades. The fundamental principle of Islamic financial institutions is the prohibition of Riba (interest). It is manifest that Islamic accounting theory were practiced mainly in the Islamic country throughout the middle ages, development trade and business activities. In order to understand what services that Islamic banks offer, it is essential to maintain an acceptable level of information of the basis behind it. It has been argued that the Islamic banks have not introduced any new services since their first existence in the 1970s, in fact they have tried to comply with the rules of the Islamic religion specified for these types of actions. High requests to assess Muslim customers perception and attitude toward Islamic bank services. Islamic banks understand that its paramount important to measure the degree of its customers awareness as well as to improve services. The financial institution follows the rules that Holy Quran and hadith have set to guide the Muslims in their financial matters. The Islamic financial system employs the idea of participation in the project, utilizing the funds at threat on a profit-and- loss-distribution basis (Ahmed, S., 2009). 1.2 STATEMENT OF THE PROBLEM During the last three decades, Islamic finance institutions have been rising significantly, both nationally and internationally (Ahmed, S., 2009; Iqbal Abbas, 2007). These firms were recognized in the emerging market of the Middle East to meet the order of investors and borrowers who are motivated by income maximization derived from the Islamic law (Sharia). Islamic finance institutions offer an extensive range of Islamic financial innovations from the simple agreement of profit-sharing agreement (Mudaraba) that is parallel to time deposit in conservative banks, to issue Islamic bonds (Sukuk) and derivatives. In gulf countries, the state of Kuwait banking industry considered on of the leaders in Islamic financial market. The growth of Islamic finance institutions in Kuwait has attracted some of the conventional financial firms (e.g., NBK IFIH, and Citibank) to add the service of Islamic windows to their clients. In spite of the advantages that are fixed in Islamic finance system and management, Islamic finance institutions encounter numerous primary challenges to the prospect of being recognized internationally. The challenges exist in local as well as global markets. On of these challenges is to assess the degree of awareness in Islamic accounting theories. In their study, Gerrard and Cunningham (1997) reported that Muslim respondents, though aware of basic conditions in Islam, were almost wholly ignorant of the sense of specific Islamic financial conditions like Mudaraba, Musharaka and Ijara. As result, many Islamic financial providers seek to assess the level of social awareness of their tools that incorporate with Sharia. The understanding of customer degree of awareness are paramount important to determine firms endowment to promote Islamic accounting theories. Bankers also seek to explore the reasons behind dealing with Islamic banks to better understand and improve services provided. Another challenge that faces Islamic financial institutions is that, as service provided they have to understand customers perceptions and attitude toward the services provided to better understand customers need, want, and improve their services. With no understanding to customer perceptions and attitude Islamic banks may have no means to better develop their services and improve customer satisfaction and compete in the local as well as the international market. The current study seeks to assess the level of customers awareness of Islamic accounting theories and to explore their perceptions and attitude toward these tools that incorporate with Sharia. 1.3 OBJECTIVES OF THE STUDY Islamic financing is an important area of contemporary academic and policy interest. Opposing views in the area are analyzed in the light of empirical evidence. Measuring the degree of customer awareness toward Islamic accounting theory and their perception and attitude toward Islamic tools will shape the future of Islamic financing. The current study attempts to reveals the degree of customers awareness toward Islamic and efforts bestows to improve their awareness in order to assist Islamic financial institution to determine the efforts needed to raise this awareness and improve their attitude and perceptions. Another objective of this study is to explore customers perceptive and perception toward Islamic transactions thus Islamic financial institutions can better understand their customers and improve services provided. 1.4 SIGNIFICANCE OF THE STUDY Islamic banks provide many financial services and are competing heavily in the Middle East with conventional banks. Customers nowadays go for Islamic bank loans for buying home, cars and even business setup, as the conditions are very clear and there are no rising interest piling up. To overcome the fierce competition, Islamic bank need to bestow efforts in rising the degree of awareness toward Islamic accounting and finical tools and improve customers perception and attitude. The study is of general theoretical importance as well as of particular practical significance for policy makers who intend to conform their existing financial systems to Islamic rules. Furthermore, at the practical level, the study aims to assist Islamic bank manager in providing empirically evidence how of Kuwaiti customers aware toward Islamic accounting theory and Islamic financial services. The study also provide framework for bank managers in measuring customers perception and attitude toward Islamic services and their usage of various products and services offered. At the theoretical level, the current study aims to develop the literature of Islamic accounting theory and explain how these theories are to be implemented in the Islamic financial institution who adapts Sharia. 1.5 THE SETTING OF THE STUDY In the Gulf Co-operation Council there are growing number of Islamic banks are also taking steps towards greater clearness and stronger authority structures. The state of Kuwait for example, has been taking a number of steps to reinforce its local Sharia-obedient institutions, including slowly moving in the direction of a latest regulatory framework for sukuk. In conversations with OBG, manufacturing insiders explained that due to a lack of suitable legal mechanisms, Islamic finance companies are not allowed to issue sukuk in Kuwait, which forces Kuwaiti companies to work through other markets, such as Bahrain. Given the massive increase in sukuk issuance worldwide, pegged at nearly $17 billion (in the Gulf alone, the growth rate since 2001 has been nearly 45%), Kuwaits financiers are keenly aware of the need for proper rules regulating sukuk. Sheikh Salem Abdulaziz Al Sabah, the governor of the Central Bank of Kuwait (CBK), said earlier of 2008 that regulations are wanted, saying that the CBK is keen to provide a legal system to regulate Islamic investment tools such as the issuance of sukuk, especially in light of growing demand. We are optimistic a solution will soon be found. In state of Kuwait, the Islamic financial sector and its sharia-compliant companies are the increasingly global. Kuwait Finance house Bank (KFH), as an example, in addition to its Turkey, Malaysia and Bahrain ventures, newly established a subsidiary with a pair of Chinese firms to discover real estate investments in the Chongqing region of a middle China. In a more high-profile move, Investment Dar, one of Kuwaits biggest Islamic investment companies, recently funded a takeover of British luxury carmaker Aston Martin to the tune of $925 million. To achieve the purpose of the current study, the study focuses on a specific Islamic bank that located in the state of Kuwait. KFH has usually been one of the main engines behind the growth of Kuwaits sharia-acquiescent financial market; however, its enlargement and development indicates a growing maturity in Kuwaits sharia-compliant services zone, established by the push toward the regulation of Islamic bonds (sukuk) and the emergence of ever-stronger Islamic investment firms. KFH was the first Islamic bank in Kuwait and one of the pioneers toward adapting of Islamic accounting and financial theory in the gulf region. Beside the convenience, the research believe that exploring the degree of Islamic accounting theories of this bank may reveals highly reliable evidence of generalizing the finding in the state of Kuwait. KFH considered the main Islamic bank in Kuwait and the second-main bank of any kind in the country. Also to the huge injection of capital, KFH lately unveiled plans to set up its own subsidiary in Amman. The expansion of Islamic banks operations at home and overseas underlines the growing development of Kuwaits Islamic financial sector. Thus the study believe that investigating the customers awareness of Islamic banks toward Islamic accounting theory are justified and understanding their perception and attitude toward KFH is paramount important in attempting to improve service quality of Islamic firms. 1.6 LIMITATIONS OF THE STUDY This study is concerns with Islamic banking that located in the state of Kuwait as its difficult to include all Islamic banks related to resource limitation and time restriction. The study also does not analyze all Islamic accounting theory as it is very vast subject to control, rather than focusing on basic Islamic accounting theory that adopted by Islamic financial institutions and banks. Other limitation could be found related to: Sample size: The sample size for the bank customer is very large. Therefore, the collection of customer feedback will be costly in term of time and money. The study aims to attain around (150) survey for the purpose of analysis, which may considered one of the study limitation. Data collection: It may be difficult to distribute and collect all data and forms since the study is targeting to collect feedback from the entire bank customers. 1.7 DEFINITION OF TERMS The current study includes many Islamic terms and concepts that will be stated as in Arabic meaning, some of these concepts are: Halal: The actions or items that Muslims can have access to. Haram: The actions or items that Muslims are banned from Riba: What is known in the west as the interest. Maysir: It means Games of chance such as lottery, gambling and it is usually referred to as Haram. Takaful: It is a form of insurance in the Islamic religion which will be explained in the essay. Gharar: Deception, hazard, speculation, uncertainty, risk (literally, peril or hazard) Mudaraba: Is a trustee financing contract, where one party, the financier, entrusts funds to the other party, the entrepreneur, for undertaking an activity Mushakara: It is an equity participation contract, whereby two or more partners contribute with funds to carry out an investment Muqarada: Loan Participation Qard Hassan: It is a benevolent loan (interest free) Sharia: It is Islamic religious law derived from the Holy Quran and the Sunnah 1.8 THESIS STRUCTURE The current study includes five chapters: chapter one described the background of this study, and consisted of the introduction, objectives and significance of the research. Chapter two reviewed the literatures on Islamic banking and theories. Chapter three explained the research methodology. The data analysis techniques and research findings were demonstrated and discussions in chapter four. Finally, chapter five exhibited conclusions and future recommendation. CHAPTER TWO LITERATURE REVIEW Its necessary to explore the literature of Islamic accounting theory in details in this chapter. This chapter attempts to review previous literatures on the topic of Islamic Accounting Theory and provides recent finding related to the degree of awareness of customers toward Islamic financial services. This chapter attempts provide recent study and articles about Islamic accounting theory that explain the nature of Islamic banks system. Previous literatures and studies have revealed that the first recent research in Islamic banking filed was conducted in Egypt under cover, without projecting an Islamic picture, for fear of being seen as a demonstration of Islamic fundamentalism, which was abhorrence to the political government (Siddiqi l988). These studies remain until l967 where nine Islamic banks open in the country (Ready l98l). These banks was neither charging nor paying interest, investing mainly by participating in trade and industry, directly or in partnership with others, and shared the profits with their depositors (Siddiqi l988). For that reason, Islamic banks functioned basically as saving-investment firms rather than as commercial banks that based on charging interests. The Nasir Social Bank, established in Egypt in l97l, was declared an interest-free commercial bank, although its charter did not refer to Islam or Shariah (Islamic law). Islamic banks appeared on the earth scene as dynamic players over the past two decades. Nevertheless, a lot of the values that based on Islamic banking usually accepted all over the world, for centuries more willingly than decades. The essential principle of Islamic banking is the ban of Riba (interest), while the essential occupant of Islamic banking the prohibition of riba, a word that encompasses not only the perception of usury, but also that of interest has rarely been recognized as appropriate beyond the Islamic world, a lot of its guiding values have. The majority of these values are rooted in simple ethics and general sense, which form the bases of numerous religions, including Islam. Interest or â€Å"Usury† was forbidden in both the Old and New Testaments of the Bible, whereas Shakespeare and many other writers, mainly those writing in the 19th century, have attacked the barbarity of the carry out. Much of the ethics championed by Victorian writers such as Dickens ranging from the fair division of wealth through to mans elementary right to work is obviously present in contemporary Islamic society. Although the western media oftenrecommend that Islamic banking in its current form is a recent occurrence, in fact, the essential practices and principles date back to the early part of the seventh century. (Islamic Finance: A Euromoney Publication, 1997) It is obvious that Islamic finance was accomplished predominantly in the Muslim world during the Middle Ages, encouragement trade and business behavior. In Spain and the Mediterranean and Baltic States, Islamic trades became vital middlemen for trading actions. It is claimed that several concepts, techniques, and tools of Islamic finance were later adopted by European financiers and businessmen. As Islamic finance is intertwined within its religion, the basis of the religion affects the finance in two important ways: Islam aims at building a socio-economic order based on justice and considers economic activity as a means to an end and not an end in itself. It enjoins Muslims to harness natural resources, which are a trust from Allah SWT, for carrying out rightful activities; but abhors exploitation and man-made inequalities of income and wealth (Al-Harran, 1993). Islam is extremely concerned with the problem of financial growth, but treats this as an significant part of a wider problem, that of total human progress. The crucial function of Islam is to lead human growth on right lines and in the right direction. Islamic principle deals with all sides of economic development in the framework of total human development (Al-Harran, 1993). The reinforcement of Islamic banking coincided with the world-wide festivity of the advent of the 15th Century of Islamic calendar (Hijra) in 1976. At the same time financial assets of Muslims mostly those of the oil producing countries, expected a boost due to validation of the oil prices, which had up till now been under the power of foreign oil Corporations. These proceedings led Muslims to struggle to model their lives in agreement with the principles and philosophy of Islam (Abbas Valadkhani, 2004). Islam not only prohibits trade in interest but also in liquor, pork, gambling, pornography and anything else, which the Shariah (Islamic Law) deems Haram (unlawful). Islamic banking is an tool for the progress of an Islamic financial order. Some of the salient features of this order may be summed up as: Islam urges individuals to seek their economic well-being. Islam presents a clear difference between what is Halal (lawful) and what is haram (forbidden) in pursuit of such economic activity. In broad terms, Islam forbids all forms of economic activity, which are morally or socially injurious. This God rule can be considered as a way to systemize the citizens. Islam makes it obligatory on people to spend their wealth judiciously and not to hoard it, keep it idle or to squander it while acknowledging them their right to ownership of wealth legitimately acquired. This can be compared with the communism principles that look for the welfare of the whole members of the society. While allowing an individual to retain any extra capital, Islam look for reducing the edge of the extra for the well-being of the society as a whole, especially the poor and underprivileged sections of society by contribution in the procedure of Zakat. It is the way the Islamic government intervenes to ensure that poor people can have a formal financial source. While making payment for the ways of human nature and yet not yielding to the penalty of its worst propensities, Islam seeks to stop the amassing of wealth in a few hands to the damage of society as a whole, by its laws of inheritance. Viewed as a total, the financial system, which visualized by Islam aims at social justice without inhibiting people project beyond the point where it becomes not only jointly harmful but also individually self-destructive. The Islamic economic system employs the perception of contribution in the enterprise, utilizing the funds at threat on a profit-and- loss-distribution basis. This by no means implies that investments with economic institutions are necessarily tentative. This can be barred by careful investment strategy, diversification of risk and sensible management by Islamic economic institutions. This system supports people to invest their money in those financial institutions to exploit their utilities by making profits under the guidelines of the Shariah. The concept of profit-and-loss sharing, as a basis of financial transactions is a progressive one as it distinguishes good performance from the bad and minimize the players in the market to be the people who know how to invest and when they inter the market to catch the goal. The main goals of an Islamic Banking and Financial system are to: Implement the value system of the Quran and the Sunnah (tradition or practice of Prophet MuhammadSAW) in the realm of the Muslim socio-economic system. Ibn Taymiyahr.a. (n.d.), a distinguished scholar of Islam, explicates this as follows: â€Å"In muamalat (business transactions) all activities are permissible unless forbidden by revelation (Quran) or the practice of Prophet Muhammad SAW†. The examples of prohibited business activities would include dealing in gambling, liquor, pork etc. The financial contracts of Islamic banks need to be clearly documented, equitable and avoid the elements of Riba, Gharar and Maysir as explained in the following section. Foster the growth of the economy of Muslim nations by developing financial markets, institutions and instruments. A well-developed capital market, with efficient institutions offering diverse financial facilities, can reduce the overall cost of capital. It can enhance social welfare by facilitating the acceptance of projects whose; present value of all relevant cash in-flows (benefits) after tax is greater than the present value of all cash out-flows (cost) of the project; or the expected internal rate of return is greater than a minimum threshold rate (or cost of capital). Furthermore, these necessary conditions should also be satisfied for each party financing the project to alleviate agency effects. This entails economic development, which is promoted in Islam, as Prophet Muhammad SAW exhorted Muslims to undertake business ventures (tijarah) as described in the following hadith Nuaym ibn Abd Al-Rahman has quoted the (narration). ProphetSAW as saying: â€Å"Nine tenths of earnings (Rizq) is in bai (business ventures), and tenth in cattle†. This was reported by Ibrahim Al-Harbi (Al-Iraqi, 1992) and by Said ibn Mansur (Al-Suyuti, 1990). Dampen the shocks of extreme economic output by promoting risk-sharing instruments whose payoffs are strictly contingent on the profitability of a firm or project at a micro level. Financial facilities with fixed costs can severely strain the resources of borrowers during a slowdown, which lead to bankruptcies and structural impairment of the economy. The gist of Islamic financial securitization is summarized by the following well-known hadith quoted by Kahf and Khan (1992), â€Å"Al-kharaj bi al daman.† This implies that entitlement of return from assets vests in the one bearing the risk of it. 2.1 CONVENTIONAL BANKING The main job for most of non-Muslim or conventional banks is preserved money and valuables and give loans, credit, and imbursement services, for example checking accounts, money orders, and cashiers checks. These banks furthermore may propose investment and insurance products, which they were once banned from selling. As a diversity of models for collaboration and integration amongst finance industries have appeared, some of the conventional distinctions among banks, insurance companies, and securities firms have reduced. Regardless of these changes, banks continue to preserve and carry out their main role—allowing deposits and lending funds from these deposits. There are several kinds of banks, which vary in the number of services they offer and the customers they serve. Although some of the distinctions among these kinds of banks have tapering as they begin to enlarge the vary of products and services they propose, there are still key distinctive behaviors. Commercial banks, which control this industry, provide a full variety of services for customers, enterprise, and governments. These banks come in a broad range of sizes, from large international banks to local and community banks. International banks are involved in global lending and foreign cash trading, additionally to the more typical banking services. However, a lot of commercial banks have also extended to present online banking, and some previously Internet-only banks are opting to release branches. Savings banks and savings and loan associations, occasionally called thrift institutions, are the second biggest group of depository institutions. They were first recognized as community-based firms to finance mortgages for people to purchase homes and still cater mostly to the savings and lending requirements of individuals. Credit unions are another type of depository institution. Most credit unions are created by people with a familiar bond, for instance those who work for the similar company or be a member of the same labor union or church. Members pond their savings and, when they require money, they may borrow from the credit union, frequently at a minor interest rate than that demanded by other financial institutions. Federal preserve banks are Government agencies that achieve numerous financial services for the Government. Their chief tasks are to control the banking industry and to aid implement our Nations financial policy so our economy can run more proficiently by directing the Nations money provide—the total amount of money in the country, including cash and bank deposits. Interest on loans is the main source of income for most banks, making their diverse lending departments critical to their achievement. The commercial lending department loans money to companies to start or enlarge a business or to buy inventory and capital tools. The customer lending department handles student loans, credit cards, and loans for home developments, debt consolidation, and automobile purchases. Finally, the mortgage lending department loans money to individuals and businesses to buy real estate. The money to loan comes mainly from deposits in checking and reserving accounts, certificates of deposit, money market accounts, and other deposit accounts that clients and businesses arrangement with the bank. These deposits often make interest for the owner, and accounts that offer checking supply an easy technique for creation payments safely without using cash. Technology is having a main impact on the banking industry. such as, many usual bank services that once needed a teller, for example making a withdrawal or deposit, are now existing through ATMs that let people to right of entry their accounts 24 hours a day. In addition, direct deposit permits companies and governments to electronically transfer payments into different accounts. Also, debit cards, which may also apply as ATM cards, immediately deduct money from an account when the card is swiped across a machine at a stores cash register. Electronic banking by phone or computer permits consumers to pay invoices and shift money from one account to another. Through these channels, bank customers can too admission information such as account balances and statement history. Some banks have started offering online account aggregation, which makes accessible in one place detailed and up-to date information on a clients accounts held at diverse institutions. Progressions in technology have also led to upgrading in the ways in which banks process information. Use of check imaging, which lets banks to store photographed checks on the computer, is one such example that has been applied by some banks. Other kinds of technology have deeply impacted the lending side of banking. such as, the availability and increasing use of credit scoring software lets loans to be accepted in minutes, rather than days, making lending departments more competent. Other basic changes are taking place in the industry as banks vary their services to become more competitive. A lot of banks at the present offer their clients financial planning and asset management services, as well as brokerage and insurance services, frequently throughout a subsidiary or third party. Others are starting to offer investment banking services that assist companies and governments increase money during the issuance of stocks and bonds, also usually during a subsidiary. As banks reply to deregulation and as competition in this sector raises, the nature of the banking industry will continue to undertake considerable change. 2.2 COMPETITIVENESS OF THE ISLAMIC BANKING INDUSTRY The crucial feature of Islamic banking is that it is interest-free. Although it is frequently claimed that there is more to Islamic banking, for example contributions towards a more fair distribution of income and wealth, and improved equity contribution in the economy (Chapra l982), it nevertheless obtains its specific rationale from the fact that there is no place for the institution of interest in the Islamic order. Islam forbids Muslims from taking or giving interest (riba) in spite of of the reason for which such loans are made and despite of the rates at which interest is exciting. To be certain, there have been efforts to differentiate between usury and interest and between loans for consumption and for production. It has also been argued that riba refers to usury accomplished by minor money-lenders and not to interest charged by contemporary banks and that no riba is occupied when interest is compulsory on productive loans, but these arguments have not won approval. Apart from a few disagreeing opinions, he general agreement among Muslim scholars obviously is that there is no variation between riba and interest. In what follows, these two terms are used interchangeably. The forbidden of riba is mentioned in four different revelations in the Quran. The first revelation highlights that interest removes wealth of Gods blessings. The second revelation condemns it, placing interest in combination with illegal appropriation of property belonging to others. The third revelation enjoins Muslims to keep on clear of interest for the sake of their own welfare. The fourth revelation set up a clear difference between interest and trade, influencing Muslims to take only the principal sum and to forgo even this sum if the borrower is not capable to repay. It is further declared in the Quran that those who ignored the forbidden of interest are at war with God and His Prophet. The forbidden of interest is furthermore cited in no unsure terms in the Hadith (sayings of the Prophet). The Prophet warned not only those who take interest but also those who offer interest and those who record or witness the operation, saying that they are all similar in guilt. It may be mentioned in passing that similar prohibition are to be found in the pre-Quranic scriptures, although the People of the Book, as the Quran refers to them, had chosen to rationalize them. It is remarkable that Islam has successfully warded off various subsequent rationalization efforts aimed at legitimizing the institution of interest. Some scholars relays on economic reasons to explain the reasons on why interest is prohibited in Islam. scholars argued that interest is a pre- determined cost of production, which avoid full employment (Khan l968; Ahmad n.d.; Mannan l970). In the same tone, it has been challenged that international monetary crises are largely due to the institution of interest (Khan, n.d), and that trade cycles are in no small measure attributable to the phenomenon of interest (Ahmad l952; Suud n.d.). None of these studies, however, has really succeeded in creating a causal link between interest, on the one hand, and employment and trade cycles, on the other. Others, anxious to maintain the Islamic position on interest, have argued that interest is not very effective as a monetary policy instrument even in capitalist economies and have questioned the efficiency of the rate of interest as a determinant of saving and investment (Ariff l982). A general line running through all these negotiations is the exploitative character of the institution of interest, although some have pointed out that profit (which is legalized in Islam) can also be exploitative. One response to this is that one must differentiate between profit and profiteering, and Islam has prohibited the latter as well. It began as a theological dream, but Islamic banking has become a practical reality across the Middle East. The question now is, how far will Sharia boards and western regulators let it spread? (Josh Martin, Middle East, Jun2005 Issue 357, p50, 6p) The Islamic prohibition on interest does not imply that capital is costless in an Islamic system. Islam realizes that money is a factor of production however; it does not permit the factor to pre-determined claim on the productive surplus in the form of interest. This has leaded to the question as to what will then substitute the interest rate mechanism in an Islamic framework. There have been propositions that profit sharing can be a viable alternative (Ka Customer Awareness Toward Islamic Accounting Theory Customer Awareness Toward Islamic Accounting Theory CHAPTER 1: INTRODUCTION 1.1 BACKGROUND OF THE STUDY Islamic banks considered as an active player in the world economies over two decades ago (Ahmed S., 2009). The principles accounting upon which Islamic banking is based have been universally accepted for centuries rather than decades. The fundamental principle of Islamic financial institutions is the prohibition of Riba (interest). It is manifest that Islamic accounting theory were practiced mainly in the Islamic country throughout the middle ages, development trade and business activities. In order to understand what services that Islamic banks offer, it is essential to maintain an acceptable level of information of the basis behind it. It has been argued that the Islamic banks have not introduced any new services since their first existence in the 1970s, in fact they have tried to comply with the rules of the Islamic religion specified for these types of actions. High requests to assess Muslim customers perception and attitude toward Islamic bank services. Islamic banks understand that its paramount important to measure the degree of its customers awareness as well as to improve services. The financial institution follows the rules that Holy Quran and hadith have set to guide the Muslims in their financial matters. The Islamic financial system employs the idea of participation in the project, utilizing the funds at threat on a profit-and- loss-distribution basis (Ahmed, S., 2009). 1.2 STATEMENT OF THE PROBLEM During the last three decades, Islamic finance institutions have been rising significantly, both nationally and internationally (Ahmed, S., 2009; Iqbal Abbas, 2007). These firms were recognized in the emerging market of the Middle East to meet the order of investors and borrowers who are motivated by income maximization derived from the Islamic law (Sharia). Islamic finance institutions offer an extensive range of Islamic financial innovations from the simple agreement of profit-sharing agreement (Mudaraba) that is parallel to time deposit in conservative banks, to issue Islamic bonds (Sukuk) and derivatives. In gulf countries, the state of Kuwait banking industry considered on of the leaders in Islamic financial market. The growth of Islamic finance institutions in Kuwait has attracted some of the conventional financial firms (e.g., NBK IFIH, and Citibank) to add the service of Islamic windows to their clients. In spite of the advantages that are fixed in Islamic finance system and management, Islamic finance institutions encounter numerous primary challenges to the prospect of being recognized internationally. The challenges exist in local as well as global markets. On of these challenges is to assess the degree of awareness in Islamic accounting theories. In their study, Gerrard and Cunningham (1997) reported that Muslim respondents, though aware of basic conditions in Islam, were almost wholly ignorant of the sense of specific Islamic financial conditions like Mudaraba, Musharaka and Ijara. As result, many Islamic financial providers seek to assess the level of social awareness of their tools that incorporate with Sharia. The understanding of customer degree of awareness are paramount important to determine firms endowment to promote Islamic accounting theories. Bankers also seek to explore the reasons behind dealing with Islamic banks to better understand and improve services provided. Another challenge that faces Islamic financial institutions is that, as service provided they have to understand customers perceptions and attitude toward the services provided to better understand customers need, want, and improve their services. With no understanding to customer perceptions and attitude Islamic banks may have no means to better develop their services and improve customer satisfaction and compete in the local as well as the international market. The current study seeks to assess the level of customers awareness of Islamic accounting theories and to explore their perceptions and attitude toward these tools that incorporate with Sharia. 1.3 OBJECTIVES OF THE STUDY Islamic financing is an important area of contemporary academic and policy interest. Opposing views in the area are analyzed in the light of empirical evidence. Measuring the degree of customer awareness toward Islamic accounting theory and their perception and attitude toward Islamic tools will shape the future of Islamic financing. The current study attempts to reveals the degree of customers awareness toward Islamic and efforts bestows to improve their awareness in order to assist Islamic financial institution to determine the efforts needed to raise this awareness and improve their attitude and perceptions. Another objective of this study is to explore customers perceptive and perception toward Islamic transactions thus Islamic financial institutions can better understand their customers and improve services provided. 1.4 SIGNIFICANCE OF THE STUDY Islamic banks provide many financial services and are competing heavily in the Middle East with conventional banks. Customers nowadays go for Islamic bank loans for buying home, cars and even business setup, as the conditions are very clear and there are no rising interest piling up. To overcome the fierce competition, Islamic bank need to bestow efforts in rising the degree of awareness toward Islamic accounting and finical tools and improve customers perception and attitude. The study is of general theoretical importance as well as of particular practical significance for policy makers who intend to conform their existing financial systems to Islamic rules. Furthermore, at the practical level, the study aims to assist Islamic bank manager in providing empirically evidence how of Kuwaiti customers aware toward Islamic accounting theory and Islamic financial services. The study also provide framework for bank managers in measuring customers perception and attitude toward Islamic services and their usage of various products and services offered. At the theoretical level, the current study aims to develop the literature of Islamic accounting theory and explain how these theories are to be implemented in the Islamic financial institution who adapts Sharia. 1.5 THE SETTING OF THE STUDY In the Gulf Co-operation Council there are growing number of Islamic banks are also taking steps towards greater clearness and stronger authority structures. The state of Kuwait for example, has been taking a number of steps to reinforce its local Sharia-obedient institutions, including slowly moving in the direction of a latest regulatory framework for sukuk. In conversations with OBG, manufacturing insiders explained that due to a lack of suitable legal mechanisms, Islamic finance companies are not allowed to issue sukuk in Kuwait, which forces Kuwaiti companies to work through other markets, such as Bahrain. Given the massive increase in sukuk issuance worldwide, pegged at nearly $17 billion (in the Gulf alone, the growth rate since 2001 has been nearly 45%), Kuwaits financiers are keenly aware of the need for proper rules regulating sukuk. Sheikh Salem Abdulaziz Al Sabah, the governor of the Central Bank of Kuwait (CBK), said earlier of 2008 that regulations are wanted, saying that the CBK is keen to provide a legal system to regulate Islamic investment tools such as the issuance of sukuk, especially in light of growing demand. We are optimistic a solution will soon be found. In state of Kuwait, the Islamic financial sector and its sharia-compliant companies are the increasingly global. Kuwait Finance house Bank (KFH), as an example, in addition to its Turkey, Malaysia and Bahrain ventures, newly established a subsidiary with a pair of Chinese firms to discover real estate investments in the Chongqing region of a middle China. In a more high-profile move, Investment Dar, one of Kuwaits biggest Islamic investment companies, recently funded a takeover of British luxury carmaker Aston Martin to the tune of $925 million. To achieve the purpose of the current study, the study focuses on a specific Islamic bank that located in the state of Kuwait. KFH has usually been one of the main engines behind the growth of Kuwaits sharia-acquiescent financial market; however, its enlargement and development indicates a growing maturity in Kuwaits sharia-compliant services zone, established by the push toward the regulation of Islamic bonds (sukuk) and the emergence of ever-stronger Islamic investment firms. KFH was the first Islamic bank in Kuwait and one of the pioneers toward adapting of Islamic accounting and financial theory in the gulf region. Beside the convenience, the research believe that exploring the degree of Islamic accounting theories of this bank may reveals highly reliable evidence of generalizing the finding in the state of Kuwait. KFH considered the main Islamic bank in Kuwait and the second-main bank of any kind in the country. Also to the huge injection of capital, KFH lately unveiled plans to set up its own subsidiary in Amman. The expansion of Islamic banks operations at home and overseas underlines the growing development of Kuwaits Islamic financial sector. Thus the study believe that investigating the customers awareness of Islamic banks toward Islamic accounting theory are justified and understanding their perception and attitude toward KFH is paramount important in attempting to improve service quality of Islamic firms. 1.6 LIMITATIONS OF THE STUDY This study is concerns with Islamic banking that located in the state of Kuwait as its difficult to include all Islamic banks related to resource limitation and time restriction. The study also does not analyze all Islamic accounting theory as it is very vast subject to control, rather than focusing on basic Islamic accounting theory that adopted by Islamic financial institutions and banks. Other limitation could be found related to: Sample size: The sample size for the bank customer is very large. Therefore, the collection of customer feedback will be costly in term of time and money. The study aims to attain around (150) survey for the purpose of analysis, which may considered one of the study limitation. Data collection: It may be difficult to distribute and collect all data and forms since the study is targeting to collect feedback from the entire bank customers. 1.7 DEFINITION OF TERMS The current study includes many Islamic terms and concepts that will be stated as in Arabic meaning, some of these concepts are: Halal: The actions or items that Muslims can have access to. Haram: The actions or items that Muslims are banned from Riba: What is known in the west as the interest. Maysir: It means Games of chance such as lottery, gambling and it is usually referred to as Haram. Takaful: It is a form of insurance in the Islamic religion which will be explained in the essay. Gharar: Deception, hazard, speculation, uncertainty, risk (literally, peril or hazard) Mudaraba: Is a trustee financing contract, where one party, the financier, entrusts funds to the other party, the entrepreneur, for undertaking an activity Mushakara: It is an equity participation contract, whereby two or more partners contribute with funds to carry out an investment Muqarada: Loan Participation Qard Hassan: It is a benevolent loan (interest free) Sharia: It is Islamic religious law derived from the Holy Quran and the Sunnah 1.8 THESIS STRUCTURE The current study includes five chapters: chapter one described the background of this study, and consisted of the introduction, objectives and significance of the research. Chapter two reviewed the literatures on Islamic banking and theories. Chapter three explained the research methodology. The data analysis techniques and research findings were demonstrated and discussions in chapter four. Finally, chapter five exhibited conclusions and future recommendation. CHAPTER TWO LITERATURE REVIEW Its necessary to explore the literature of Islamic accounting theory in details in this chapter. This chapter attempts to review previous literatures on the topic of Islamic Accounting Theory and provides recent finding related to the degree of awareness of customers toward Islamic financial services. This chapter attempts provide recent study and articles about Islamic accounting theory that explain the nature of Islamic banks system. Previous literatures and studies have revealed that the first recent research in Islamic banking filed was conducted in Egypt under cover, without projecting an Islamic picture, for fear of being seen as a demonstration of Islamic fundamentalism, which was abhorrence to the political government (Siddiqi l988). These studies remain until l967 where nine Islamic banks open in the country (Ready l98l). These banks was neither charging nor paying interest, investing mainly by participating in trade and industry, directly or in partnership with others, and shared the profits with their depositors (Siddiqi l988). For that reason, Islamic banks functioned basically as saving-investment firms rather than as commercial banks that based on charging interests. The Nasir Social Bank, established in Egypt in l97l, was declared an interest-free commercial bank, although its charter did not refer to Islam or Shariah (Islamic law). Islamic banks appeared on the earth scene as dynamic players over the past two decades. Nevertheless, a lot of the values that based on Islamic banking usually accepted all over the world, for centuries more willingly than decades. The essential principle of Islamic banking is the ban of Riba (interest), while the essential occupant of Islamic banking the prohibition of riba, a word that encompasses not only the perception of usury, but also that of interest has rarely been recognized as appropriate beyond the Islamic world, a lot of its guiding values have. The majority of these values are rooted in simple ethics and general sense, which form the bases of numerous religions, including Islam. Interest or â€Å"Usury† was forbidden in both the Old and New Testaments of the Bible, whereas Shakespeare and many other writers, mainly those writing in the 19th century, have attacked the barbarity of the carry out. Much of the ethics championed by Victorian writers such as Dickens ranging from the fair division of wealth through to mans elementary right to work is obviously present in contemporary Islamic society. Although the western media oftenrecommend that Islamic banking in its current form is a recent occurrence, in fact, the essential practices and principles date back to the early part of the seventh century. (Islamic Finance: A Euromoney Publication, 1997) It is obvious that Islamic finance was accomplished predominantly in the Muslim world during the Middle Ages, encouragement trade and business behavior. In Spain and the Mediterranean and Baltic States, Islamic trades became vital middlemen for trading actions. It is claimed that several concepts, techniques, and tools of Islamic finance were later adopted by European financiers and businessmen. As Islamic finance is intertwined within its religion, the basis of the religion affects the finance in two important ways: Islam aims at building a socio-economic order based on justice and considers economic activity as a means to an end and not an end in itself. It enjoins Muslims to harness natural resources, which are a trust from Allah SWT, for carrying out rightful activities; but abhors exploitation and man-made inequalities of income and wealth (Al-Harran, 1993). Islam is extremely concerned with the problem of financial growth, but treats this as an significant part of a wider problem, that of total human progress. The crucial function of Islam is to lead human growth on right lines and in the right direction. Islamic principle deals with all sides of economic development in the framework of total human development (Al-Harran, 1993). The reinforcement of Islamic banking coincided with the world-wide festivity of the advent of the 15th Century of Islamic calendar (Hijra) in 1976. At the same time financial assets of Muslims mostly those of the oil producing countries, expected a boost due to validation of the oil prices, which had up till now been under the power of foreign oil Corporations. These proceedings led Muslims to struggle to model their lives in agreement with the principles and philosophy of Islam (Abbas Valadkhani, 2004). Islam not only prohibits trade in interest but also in liquor, pork, gambling, pornography and anything else, which the Shariah (Islamic Law) deems Haram (unlawful). Islamic banking is an tool for the progress of an Islamic financial order. Some of the salient features of this order may be summed up as: Islam urges individuals to seek their economic well-being. Islam presents a clear difference between what is Halal (lawful) and what is haram (forbidden) in pursuit of such economic activity. In broad terms, Islam forbids all forms of economic activity, which are morally or socially injurious. This God rule can be considered as a way to systemize the citizens. Islam makes it obligatory on people to spend their wealth judiciously and not to hoard it, keep it idle or to squander it while acknowledging them their right to ownership of wealth legitimately acquired. This can be compared with the communism principles that look for the welfare of the whole members of the society. While allowing an individual to retain any extra capital, Islam look for reducing the edge of the extra for the well-being of the society as a whole, especially the poor and underprivileged sections of society by contribution in the procedure of Zakat. It is the way the Islamic government intervenes to ensure that poor people can have a formal financial source. While making payment for the ways of human nature and yet not yielding to the penalty of its worst propensities, Islam seeks to stop the amassing of wealth in a few hands to the damage of society as a whole, by its laws of inheritance. Viewed as a total, the financial system, which visualized by Islam aims at social justice without inhibiting people project beyond the point where it becomes not only jointly harmful but also individually self-destructive. The Islamic economic system employs the perception of contribution in the enterprise, utilizing the funds at threat on a profit-and- loss-distribution basis. This by no means implies that investments with economic institutions are necessarily tentative. This can be barred by careful investment strategy, diversification of risk and sensible management by Islamic economic institutions. This system supports people to invest their money in those financial institutions to exploit their utilities by making profits under the guidelines of the Shariah. The concept of profit-and-loss sharing, as a basis of financial transactions is a progressive one as it distinguishes good performance from the bad and minimize the players in the market to be the people who know how to invest and when they inter the market to catch the goal. The main goals of an Islamic Banking and Financial system are to: Implement the value system of the Quran and the Sunnah (tradition or practice of Prophet MuhammadSAW) in the realm of the Muslim socio-economic system. Ibn Taymiyahr.a. (n.d.), a distinguished scholar of Islam, explicates this as follows: â€Å"In muamalat (business transactions) all activities are permissible unless forbidden by revelation (Quran) or the practice of Prophet Muhammad SAW†. The examples of prohibited business activities would include dealing in gambling, liquor, pork etc. The financial contracts of Islamic banks need to be clearly documented, equitable and avoid the elements of Riba, Gharar and Maysir as explained in the following section. Foster the growth of the economy of Muslim nations by developing financial markets, institutions and instruments. A well-developed capital market, with efficient institutions offering diverse financial facilities, can reduce the overall cost of capital. It can enhance social welfare by facilitating the acceptance of projects whose; present value of all relevant cash in-flows (benefits) after tax is greater than the present value of all cash out-flows (cost) of the project; or the expected internal rate of return is greater than a minimum threshold rate (or cost of capital). Furthermore, these necessary conditions should also be satisfied for each party financing the project to alleviate agency effects. This entails economic development, which is promoted in Islam, as Prophet Muhammad SAW exhorted Muslims to undertake business ventures (tijarah) as described in the following hadith Nuaym ibn Abd Al-Rahman has quoted the (narration). ProphetSAW as saying: â€Å"Nine tenths of earnings (Rizq) is in bai (business ventures), and tenth in cattle†. This was reported by Ibrahim Al-Harbi (Al-Iraqi, 1992) and by Said ibn Mansur (Al-Suyuti, 1990). Dampen the shocks of extreme economic output by promoting risk-sharing instruments whose payoffs are strictly contingent on the profitability of a firm or project at a micro level. Financial facilities with fixed costs can severely strain the resources of borrowers during a slowdown, which lead to bankruptcies and structural impairment of the economy. The gist of Islamic financial securitization is summarized by the following well-known hadith quoted by Kahf and Khan (1992), â€Å"Al-kharaj bi al daman.† This implies that entitlement of return from assets vests in the one bearing the risk of it. 2.1 CONVENTIONAL BANKING The main job for most of non-Muslim or conventional banks is preserved money and valuables and give loans, credit, and imbursement services, for example checking accounts, money orders, and cashiers checks. These banks furthermore may propose investment and insurance products, which they were once banned from selling. As a diversity of models for collaboration and integration amongst finance industries have appeared, some of the conventional distinctions among banks, insurance companies, and securities firms have reduced. Regardless of these changes, banks continue to preserve and carry out their main role—allowing deposits and lending funds from these deposits. There are several kinds of banks, which vary in the number of services they offer and the customers they serve. Although some of the distinctions among these kinds of banks have tapering as they begin to enlarge the vary of products and services they propose, there are still key distinctive behaviors. Commercial banks, which control this industry, provide a full variety of services for customers, enterprise, and governments. These banks come in a broad range of sizes, from large international banks to local and community banks. International banks are involved in global lending and foreign cash trading, additionally to the more typical banking services. However, a lot of commercial banks have also extended to present online banking, and some previously Internet-only banks are opting to release branches. Savings banks and savings and loan associations, occasionally called thrift institutions, are the second biggest group of depository institutions. They were first recognized as community-based firms to finance mortgages for people to purchase homes and still cater mostly to the savings and lending requirements of individuals. Credit unions are another type of depository institution. Most credit unions are created by people with a familiar bond, for instance those who work for the similar company or be a member of the same labor union or church. Members pond their savings and, when they require money, they may borrow from the credit union, frequently at a minor interest rate than that demanded by other financial institutions. Federal preserve banks are Government agencies that achieve numerous financial services for the Government. Their chief tasks are to control the banking industry and to aid implement our Nations financial policy so our economy can run more proficiently by directing the Nations money provide—the total amount of money in the country, including cash and bank deposits. Interest on loans is the main source of income for most banks, making their diverse lending departments critical to their achievement. The commercial lending department loans money to companies to start or enlarge a business or to buy inventory and capital tools. The customer lending department handles student loans, credit cards, and loans for home developments, debt consolidation, and automobile purchases. Finally, the mortgage lending department loans money to individuals and businesses to buy real estate. The money to loan comes mainly from deposits in checking and reserving accounts, certificates of deposit, money market accounts, and other deposit accounts that clients and businesses arrangement with the bank. These deposits often make interest for the owner, and accounts that offer checking supply an easy technique for creation payments safely without using cash. Technology is having a main impact on the banking industry. such as, many usual bank services that once needed a teller, for example making a withdrawal or deposit, are now existing through ATMs that let people to right of entry their accounts 24 hours a day. In addition, direct deposit permits companies and governments to electronically transfer payments into different accounts. Also, debit cards, which may also apply as ATM cards, immediately deduct money from an account when the card is swiped across a machine at a stores cash register. Electronic banking by phone or computer permits consumers to pay invoices and shift money from one account to another. Through these channels, bank customers can too admission information such as account balances and statement history. Some banks have started offering online account aggregation, which makes accessible in one place detailed and up-to date information on a clients accounts held at diverse institutions. Progressions in technology have also led to upgrading in the ways in which banks process information. Use of check imaging, which lets banks to store photographed checks on the computer, is one such example that has been applied by some banks. Other kinds of technology have deeply impacted the lending side of banking. such as, the availability and increasing use of credit scoring software lets loans to be accepted in minutes, rather than days, making lending departments more competent. Other basic changes are taking place in the industry as banks vary their services to become more competitive. A lot of banks at the present offer their clients financial planning and asset management services, as well as brokerage and insurance services, frequently throughout a subsidiary or third party. Others are starting to offer investment banking services that assist companies and governments increase money during the issuance of stocks and bonds, also usually during a subsidiary. As banks reply to deregulation and as competition in this sector raises, the nature of the banking industry will continue to undertake considerable change. 2.2 COMPETITIVENESS OF THE ISLAMIC BANKING INDUSTRY The crucial feature of Islamic banking is that it is interest-free. Although it is frequently claimed that there is more to Islamic banking, for example contributions towards a more fair distribution of income and wealth, and improved equity contribution in the economy (Chapra l982), it nevertheless obtains its specific rationale from the fact that there is no place for the institution of interest in the Islamic order. Islam forbids Muslims from taking or giving interest (riba) in spite of of the reason for which such loans are made and despite of the rates at which interest is exciting. To be certain, there have been efforts to differentiate between usury and interest and between loans for consumption and for production. It has also been argued that riba refers to usury accomplished by minor money-lenders and not to interest charged by contemporary banks and that no riba is occupied when interest is compulsory on productive loans, but these arguments have not won approval. Apart from a few disagreeing opinions, he general agreement among Muslim scholars obviously is that there is no variation between riba and interest. In what follows, these two terms are used interchangeably. The forbidden of riba is mentioned in four different revelations in the Quran. The first revelation highlights that interest removes wealth of Gods blessings. The second revelation condemns it, placing interest in combination with illegal appropriation of property belonging to others. The third revelation enjoins Muslims to keep on clear of interest for the sake of their own welfare. The fourth revelation set up a clear difference between interest and trade, influencing Muslims to take only the principal sum and to forgo even this sum if the borrower is not capable to repay. It is further declared in the Quran that those who ignored the forbidden of interest are at war with God and His Prophet. The forbidden of interest is furthermore cited in no unsure terms in the Hadith (sayings of the Prophet). The Prophet warned not only those who take interest but also those who offer interest and those who record or witness the operation, saying that they are all similar in guilt. It may be mentioned in passing that similar prohibition are to be found in the pre-Quranic scriptures, although the People of the Book, as the Quran refers to them, had chosen to rationalize them. It is remarkable that Islam has successfully warded off various subsequent rationalization efforts aimed at legitimizing the institution of interest. Some scholars relays on economic reasons to explain the reasons on why interest is prohibited in Islam. scholars argued that interest is a pre- determined cost of production, which avoid full employment (Khan l968; Ahmad n.d.; Mannan l970). In the same tone, it has been challenged that international monetary crises are largely due to the institution of interest (Khan, n.d), and that trade cycles are in no small measure attributable to the phenomenon of interest (Ahmad l952; Suud n.d.). None of these studies, however, has really succeeded in creating a causal link between interest, on the one hand, and employment and trade cycles, on the other. Others, anxious to maintain the Islamic position on interest, have argued that interest is not very effective as a monetary policy instrument even in capitalist economies and have questioned the efficiency of the rate of interest as a determinant of saving and investment (Ariff l982). A general line running through all these negotiations is the exploitative character of the institution of interest, although some have pointed out that profit (which is legalized in Islam) can also be exploitative. One response to this is that one must differentiate between profit and profiteering, and Islam has prohibited the latter as well. It began as a theological dream, but Islamic banking has become a practical reality across the Middle East. The question now is, how far will Sharia boards and western regulators let it spread? (Josh Martin, Middle East, Jun2005 Issue 357, p50, 6p) The Islamic prohibition on interest does not imply that capital is costless in an Islamic system. Islam realizes that money is a factor of production however; it does not permit the factor to pre-determined claim on the productive surplus in the form of interest. This has leaded to the question as to what will then substitute the interest rate mechanism in an Islamic framework. There have been propositions that profit sharing can be a viable alternative (Ka

The Intention of Oedipus in Oedipus the King :: Oedipus Rex, Sophocles

The intention (motivation) of Oedipus in Oedipus Rex Oedipus Rex, also known as Oedipus the King, is one of the most ironic plays ever written. Sophocles, the author, is a famous philosopher of the ancient times. The Play is about Oedipus, the king of Thebes, who unwittingly killed his father and married his mother. An oracle warned Laius, the king of Thebes prior to Oedipus, that his son would slay him. Accordingly, when his wife, Jocasta, bore a son, he exposed the baby on Mt. Cithaeron, first pinning his ankles together (hence the name Oedipus, meaning Swell-Foot). A shepherd took pity on the infant, who was adopted by King Polybus of Corinth and his wife and was brought up as their son. In early manhood Oedipus visited Delphi and upon learning that he was fated to kill his father and marry his mother, he resolved never to return to Corinth. Travelling toward Thebes, he encountered Laius, who provoked a quarrel in which Oedipus killed him. Continuing on his way, Oedipus found Thebes plagued by the Sphinx, who put a riddle to all passersby and destroyed those who could not answer. Oedipus solved the riddle, and the Sphinx killed herself. In reward, he received the throne of Thebes and the hand of the widowed queen, his mother, Jocasta. They had four children: Eteocles, Polyneices, Antigone, and Ismene. Later, when the truth became known, Jocasta committed suicide, and Oedipus, after blinding himself, went into exile, leaving his brother-in-law Creon as regent. The central theme in this work is that one cannot control his/her fate, whether the intentions are good or bad. Oedipus, the main character in this play is motivated to find the truth, and his intentions are good. The motivation is always followed by the intentions, just as the truth is followed by goodness. There are three critical parts to Oedipus's motivation. There is the prophecy, the realization, and the revelation. They will be discussed consecutively. The beginning of the play opens up with the dilemma of the plague as explained before. Creon, Oedipus's brother in-law (which turns out to be his uncle), comes from the oracle with the advice to end the plague. He explains the previous leader, Laius, had been murdered, and they haven't found the murderer. More importantly, was the way Oedipus handled the situation. He had Creon explain this out loud so that the public can hear as well.

Article Analysis of Supply and Demand Essay

The software business a few years back was at its peak and the growing demand for software gave software companies the leverage to raise prices. When firms bought software it was in the form of a perpetual license and was costly for them. In this context, a perpetual license gave the consumers unlimited access to the software and usually tried to utilize the software more efficiently. Thus lowering the demand for software, prices were also lowered because fewer consumers were willing to pay for something they could not effectively use. With a decrease in demand, supply also decreased. This paper is based on the article Supply and Demand: Software Pricing by Jeffrey Rothfeder, which was published in PC Magazine (2004). This paper presents an analysis of the article using the economic theories of supply and demand. Demand is comprised of the desire of the consumer to buy something, the consumer’s ability to pay and willingness to pay. Thus, in the peak years of the software industry, business and firms, both multimillion companies and smaller ones bought software like pancakes because of their desire for efficiency, which the software companies promised them. Then, business firms had the ability to pay for it since it was seen as an investment and would help them reap more profits. Which also made them more willing to pay for it. When companies bought additional software to complement what they already had resulted to marginal utility of the software, then as companies bought more software that the software company told them to use but could not effectively maximize it contributed to a diminishing marginal utility. Thus, the demand for software begun to decrease, coupled with this the dot.com crash came, the supply of software in the market was high, but the demand was low which eventually resulted into a lowering of the prices of the software license. This cycle meant that the software industry is dependent on what the consumer is willing to pay for. On the other hand, the changes in the supply and demand and prices of software can also be brought about by a number of factors, like the rapid technological advancements in IT, the operational costs of using software and even the attitude of managers towards the usefulness and effectiveness of the software. In the past, software companies offered perpetual licenses to its consumers, this meant that consumers would have unlimited access to the software but because of the technological advancements in the information technology, most of the software bought in the past could not run and its usefulness diminished. This entailed getting an upgrade or replacing the software entirely, but because of the past experience of mangers with the huge expenditure in buying software, it made them unwilling to pay for it the second time. A new breed of software companies also capitalized on the existing business environment, wherein they knew that consumers were looking for alternatives and options. This is what they gave the consumers, instead of making software that would replace the original software, they developed a program that would enhance their existing programs, and they could buy it by subscription, which they can renew for the time they want to use it. This gave consumers the psychological feeling of being in control, instead of being at the mercy of the software companies. Thus, demand for this kind of software and this approach in licensing also spurned the increase in supply and also in prices. But since many vendors offer this alternative, and the losses of software companies made them more careful in their business strategies, they have to remain competitive in their prices. Consumers generally would want to pay less for what they need, which the subscription approach answers. Then with the development of the new way of delivering software through the internet (ASP) which reduces operational costs of software companies again moved the prices of the product. At first, the public was hesitant in using this technology because of security and quality issues. However, big companies utilized it and therefore led to the belief that the risks associated with using this form is low and since them it has gained acceptance in the consumers. This again demonstrates how the growth in one aspect of the product can lead to an increase in demand and supply. More and more consumers have also become intelligent in what they want and need out of softwares, thus the idea of paying for a software like a utility commodity has not gained much credence. The use for softwares in business firms are numerous and a pay as you use approach is not viable since people nowadays depend on technology to become efficient in their jobs. On the other hand, the software industry have also responded with a few measures that would somehow change the quantity demanded of their products by going after software piracy and misuse of software licenses, thus effecting changes in the demand of the products like when a pirated software is confiscated or shut down and since people rely on it for their business they would probably go out and buy the real one. In conclusion, the software industry still has power over the market of their programs, but with the increasing knowledge of consumers on the intricacies of using a software, their power over the supply, demand and prices of their products would slowly wane. References Articles Rothfeder, J. (2004). Supply and Demand: Software Pricing. PC Magazine (February).Retrieved May 10, 2006 from http://www. eweek. com/article2/0,1759,1539611,00. asp Pombriant, D. (2003). â€Å"Hosted CRM Popularity Continues To Grow—But How Far Will It Go? † Aberdeen Group Websites www. softlicense. net/ webcomment. htm Software licensing tips and hints www. siia. net//divisions/software/pubs/statpage. pdf Software industry statistics.

Culture of Nacirema People

Culture of Nacirema People The Nacirema community has its distinct believes just as any other cultural group. They believe that human body is very essential for the continuity of a person. However, they believe that human body is susceptible to various evil spirits which cause diseases. For a person to be sick in the Nacirema community, his or her body must have been attacked by some devilish spirits.Advertising We will write a custom essay sample on Culture of Nacirema People specifically for you for only $16.05 $11/page Learn More Treatment in the Nacirema community is by exorcism which entails very crude and painful procedures but they do not see any problem. To them, pain is unavoidable while one is still living. In this regard, Nacirema people spend every day of their lives undertaking various rituals to get rid of the evil spirits. They view a human body as being incapable of protecting itself from diseases and should be assisted by medicine men and herbalists. This is quite dif ferent from the society where I come from because we believe that at any given situation the body tries to fight foreign substances. Moreover, we believe that diseases do not necessarily mean that evil spirits have attacked the body. Due to their believe that evil spirits attack the body hence making one sick, the Nacirema people believe in magic. Every person has to perform several rituals each day to protect themselves. It is important to note that to the Nacirema people, magic is part of life. Magic is used to protect the body from evil spirits and at the same time to heal it from diseases when one is sick. People in this community have based their day to day lives on magic and elimination of it can lead to a complete breakdown in the social order. Medicine men, herbalists and other people who have magical abilities are highly respected because they are thought as being superior. Nonetheless, the charms that the Nacirema use to heal and protect the body do not always work. To beg in with, their teeth usually decay yet they conduct oral rituals every morning. On the same note, people still fall sick after all the protection charms that they use. Above all, when people fall sick and go to the temple to sick medication, very few of them survive. It is ironical that the Nacirema people have not learnt that their rituals are not that effective as they think. Where I come from, we also have body rituals. We believe that the immune system of the body sometimes fails to properly protect the body from foreign substances. Moreover, we believe that divine intervention is necessary for one to live a complete life. In this regard, people usually go to church to seek the help of God in strengthening their souls.Advertising Looking for essay on anthropology? Let's see if we can help you! Get your first paper with 15% OFF Learn More This is more or less similar to the beliefs of the Nacirema people. On the same note, similar to the Nacirema rituals, we do have rituals to cleanse the mouth. We brush our teeth daily. Nonetheless, according to us there is no connection between the mouth and morality of a person. However, we differ with them because we do not believe that evil spirits need to be exorcised from the body. The rituals that the Nacirema people undertake are weird. With all the civilization and given the continent from which they come from, it is not expected that they could still believe in magic. These rituals would shock people from other parts of the world to death. However, the Nacirema people do not view their rituals as beingodd. Day in day out, they religiously follow what they think as being basic part of life. They wake up in the morning and do the morning rituals without fail. There has never been anyone who has stood up to complain about the absurdity of the rituals. To confirm that these people do not see anything funny in their rituals, they initiate their children into these rituals. While the number of p atients who survive from the temples is very low, people are still willing and work very hard to go into the temple when they fall sick. To a certain extent though, one might say that the Nacirema people know that their rituals are unusual. This is due to the fact that they conduct them with a high degree of secrecy that even the children do not get to know about them until initiation. The Nacirema are people from America. It is quite crucial to know that the Nacirema are inhabitants of North America. Ironically, despite their neighbors being modernized they are not. They have for years clung to their rituals. They are surrounded by the Canadian Cree and Tarahumare of Mexico. This is an area which is surrounded by developed economies and people are relatively rich. Their other neighbors include the Carib, the Arawak and the Yaqui. It has been argued that they migrated into this region from the East though this is subject to argument. Naturally, they are hardworking people and spend most of their time executing various economic activities.

A Female for the First Essay Essay Example

A Female for the First Essay Essay Example A Female for the First Essay Essay A Female for the First Essay Essay Although a really well-thought-of female journalist. Susan Jacoby was labeled as a â€Å"First Amendment junkie† by many other adult females for her personal positions refering the censoring of erotica in society. Ultimately. she believed that censoring of any sort against erotica was incorrect. Feminists were infuriated that another female acknowledged pornography’s right to be. Susan Jacoby did non needfully hold with erotica. but she felt that its rights guaranteed under the First Amendment should non be excluded. There is no cosmopolitan definition for the reading of the First Amendment in which every individual American can hold upon. It was created with the basic apprehension that everyone portion the same rights. Trying to appeal to womens rightists that erotica is protected under the First Amendment is about an impossibleness. Susan Jacoby refers to the womens rightists as a societal group entity that wants to utilize their powers of the province to seek and alter what has non been able to be changed. She believes womens rightists lack any existent rational ground for the censoring of erotica and that it is incorrect merely because they say it is. In the eyes of womens rightists. all types of erotica will doubtless take to force. devastation. and the immoral ruin of world. as we know it. Obviously. womens rightists understand the point of views for all adult females and cognize precisely what is good and what is non for them. Feminists believe themselves to be an below the belt treated minority in society. They have banned together to support other adult females across the state from going victims of sexual lewdnesss and disgusting coarseness. It is more of import that the freedom of address granted to pornography be censored more than the freedom of address granted to other thoughts such as sapphism or abortion. Truly. it is diverting to see how womens rightists have assigned a degree of tolerance towards different thoughts and that erotica is at the top of their list. The single-mindedness and tunnel vision of womens rightists for the attack on erotica causes them to wholly ignore other thoughts that can besides be constituted as incorrect and consequently be denied the FirstAmendment besides. Susan Jacoby did an first-class occupation of remaining impersonal in her positions of back uping erotica and chiefly focused on showing the First Amendment rights. Pornography is a difficult topic to support and edify people about because the industry is built around the controversial and forbidden thoughts of sex. Although everyone is making it. non everyone is freely speaking about it. Besides entree to erotica is regulated forestalling under aged kids from sing it ; hence. giving it more of an feeling that it is incorrect. Despite all the negative deductions. Susan Jacoby understands that if society denies pornography’s rights under the First Amendment. so society must in bend deny every other thought their rights as good. The very foundation of the First Amendment allowing freedom of address and imperativeness to everyone should non hold loopholes or freedoms for anything merely because one type of societal group disagrees with the positions of another. Plants Cited: Jacoby. Susan. â€Å"First Amendment Junkie. † Critical Thinking. Barnet. Sylvan and Hugo Bedaw. Boston: Bedford St. Martin. 2005. 41-43.