Corpus Callosum and Brain Function

The Role of Religion in Presidential Elections Free Essays

The Role of Religion in Presidential Elections â€Å"The connection between confidence, reason, and dread once in a while resembles†¦rock, paper, scissors (45). † This is the initial sentence in section two of Al Gore’s book, The Assault on Reason. In this part Gore discusses how dread assumes control over explanation, reason difficulties confidence, and in the end confidence massacres dread. We will compose a custom article test on The Role of Religion in Presidential Elections or on the other hand any comparable point just for you Request Now This is the way that our general public worked when he composed the book, and it has not improved from that point forward, despite the fact that it has not really deteriorated. Today religion is as yet a tremendous player in political discussion since individuals are guided, generally, by their ethics and it is regularly held that ethics come basically from strict lessons. This is a perplexing subject since that likewise makes the way for the possibility that nonbelievers, rationalists, and so forth are not good individuals since they are not strict. By that rationale, just the strict ought to be permitted to lead our nation since they are the main good individuals. Do we accept that all religions are acceptable, however? Are some superior to other people? In a perfect world, and under our Constitution, no; all religions are equivalent according to our laws. Notwithstanding, there are marks of disgrace appended to specific religions, and to numerous non-strict individuals there is a shame on religion itself. So why, at that point, does religion assume such an enormous job in political crusades? It’s straightforward; on the grounds that we see religion as having an immediate relationship with ethics, government officials, ideological groups, and intrigue gatherings can utilize dread to supersede our explanation so as to influence our suppositions. Verifiably, here in the United States, our residents have chosen white Christian men for the workplace of the President. To go much further, we have chosen Protestant Christians for office. It is clear that, ideological groups aside, we have an inclination with regards to what our President ought to be, strictly. We have just had one Roman Catholic President, John F. Kennedy; during his crusade there were fears that he would follow the desires of the Bishop as opposed to the individuals. Somewhat we despite everything hold these convictions. In the event that we didn't, religion wouldn’t be utilized as a dread strategy. The settlers who originated from England were getting away from strict suppression, and were the motivation for our opportunity of religion. In current occasions, we appear to have dismissed that. Four years back, Barack Obama was pursuing position just because. Among numerous different contentions, I. e. regardless of whether he was really brought into the world a U. S. resident, was the gossip that Obama is a Muslim and not a Christian as he has on numerous occasions distinguished himself to be. In the United States, where we have the opportunity of religion sketched out in our Constitution, individuals were stressed that somebody of a Muslim foundation would have the option to turn into the most influential man on the planet. An enormous piece of that dread positively comes from the assaults on September 11, 2001 yet most likely there is no genuine motivation to fear Muslims other than the mix of our obliviousness of Muslim culture and confidence, and the dread that is imparted in us by ideological groups as well as by non-subsidiary fanatic gatherings also, that state all Muslims are psychological oppressors. Barack Obama proceeded to win the political decision, which isn't astonishing on the grounds that people in general could see directly through these precarious panic strategies. Be that as it may, this has not prevented individuals from attempting to utilize it in the present political race. In a ninety second sound clasp accepted from a call between a Republican volunteer and a constituent, the volunteer calls Obama a Muslim and says that he needs to remove their Medicare (Dixon, 2012). So despite the fact that this strategy has not worked previously, it doesn’t do a lot to prevent individuals from attempting to spread these gossipy tidbits once more. Between the 2008 political race and the up and coming political race very little has changed, despite the fact that in this year’s political decision the religion card will probably assume a bigger job in who will win the electorate. Glove Romney is a Mormon, and keeping in mind that the little clamor guaranteeing Obama to be a Muslim was never on firm ground, there is no doubt of Romney’s religion. This is the place we fall back to the times of Kennedy’s battle. Individuals are concerned that Romney will put his strict perspectives before the government assistance of our country. The allegation that individuals are making is that he is unequipped for driving our nation since he is a Mormon. A portion of the enormous issues on his plate at present include women’s rights. As a Mormon, he doesn't have confidence in fetus removal and has clarified that he would attempt to pass enactment that sets the start of life at origination. While there are absolutely non-Mormon individuals who don't have faith in fetus removal, this is being credited to his religion. Fifty years back, or even twenty-five to thirty years prior, this would have been a non-issue. Romney’s convictions would have been more in accordance with the more preservationist nature of the timeframe. Obviously Mitt Romney faces a daunting task on his journey for the White House. Given the entirety of this data, it would appear to be evident that religion assumes a gigantic job in presidential races. This is valid, however not really in the way that one may think. As per an article in the Huffington Post, most Americans state that it is significant for the President to have solid strict convictions, regardless of whether the convictions vary from their own. This data appears to subvert what the media would have us accept. Moreover, constituents tend not to know or be befuddled about the candidates’ genuine religion. Just four out of ten residents could effectively distinguish Mitt Romney’s religion and forty-six percent of American’s said they didn't have the foggiest idea (Neroulias, 2011). This returns to the possibility of ethics; the individuals who have religion are good and acceptable, while the individuals who don't can't be good and in this way ought not lead our nation. At long last, legislative issues have not done a lot to improve. We despite everything dread religions that we have no compelling reason to dread, and this is to a great extent since dread strategies are utilized each day by ideological groups just as fanatics who can make it into predominant press. Completely anybody can begin gossip that an up-and-comer is Muslim and can’t be trusted, and that could get out of control, or it could be brushed off generally. It is likewise exponentially simpler to take an up-and-comers religion and a solitary conviction, and afterward persuade the nation that he ought not be President. Something else that we see is that residents place a huge accentuation on religion itself, however there is as yet a huge disgrace on religions that are not customary Christian. Until we become all in all progressively learned about different religions and discussions become increasingly educated, very little might change. References Dixon, M. (2012, September 27). Call from dirt district gop:obama is a muslim who’ll remove medicare. Recovered from http://m. jacksonville. com/news/metro/2012-09-27/story/call-mud region gop-obama-muslim-wholl-remove medicare Gore, A. (2007). The attack on reason. (p. 45). New York, NY: Penguin Group. Neroulias, N. (2011, September 24). How strict personality is impacting the presidential political decision. Recovered from http://www. huffingtonpost. com/2011/07/25/presidential-up-and-comers strict beliefs_n_908858. html Step by step instructions to refer to The Role of Religion in Presidential Elections, Essay models

Roth 401(k) vs. 401(k) Whats the Difference

Roth 401(k) vs. 401(k) What’s the Difference Roth 401(k) vs. 401(k): What’s the Difference? Roth 401(k) vs. 401(k): What’s the Difference?The basic explanation is that income taxes are handled differently between Roth and traditional 401(k)s, but there is more to these retirement plans than meets the eye.When it comes to financial planning, the terms  Roth 401(k) and traditional 401(k) are thrown around a lot. And, unless finance is your background, it feels like the two are entirely different. It may seem like it’s too complicated to worry about the difference. A  retirement  savings  account  is a  retirement  savings  account: right?Luckily, the difference between a  Roth 401(k) and a traditional 401(K) isn’t all that complicated. Without getting into the nitty-gritty details, the biggest difference between a traditional and Roth  retirement account  is simple: taxes. Like everything else related to a 401(k), the way they handle  income  taxes  is the single most important factor to understand about them.According to  Money Under 30  the main difference is simple:W ith traditional accounts, you don’t have to pay taxes on the money you put in now, but you have to pay  income  taxes  on the money when you withdraw it later.With  Roth accounts, you can only  put money  in after you’ve paid  income  taxes  on it, but when you withdraw it in retirement, you don’t have to pay taxes on the money.Largely, the difference between the two  is whether you: take the taxes off from the top by investing money that has already been taxed as income by the government, or you wait until you’re in retirement age to be taxed on your earnings. There are obvious benefits to being taxed before contributing, but there are also benefits to investing more and paying taxes later.Additionally,  the 10% early withdrawal penalty  only applies to  gains  made in a  Roth 401(k) rather than applying to the  entire balance  of a traditional account.So, what’s the best route for the average person?If  tax rates  don’t changeIn the unlikely scenario that  income  tax  rates  don’t go up (or down) between now and when you retire, there will be no difference between a Roth or traditional 401(k) investment. Whether you’re taxed now or later your investment growth and payment will be the same.David Weliver at  Money Under 30  advises not to assume the tax payment will be the same whether you pay now or later.“Of course, no one knows for sure what taxes will be in the future, but most people assume taxes won’t go down,” he  wrote. “If you’re young and professionally ambitious, it’s a good assumption that you’ll be in a  higher  tax bracket  as a successful retiree than you are now on an entry-level salary.”Pay Later With a TraditionalDespite the tricky negotiation between paying taxes now or later,  Personal Capital’s 2019 piece on the subject says if a person believes they will be in a  lower  tax bracket  at retirement, a traditional 401(k) is the best option. Another consideration may be the tax requirements of the state in which you will retire.It’s also important to remember that contribution types can change over time. For example, if someone plans on retiring early, a traditional 401(k) might be a good option, which leaves their retirement funds available for conversion to a  Roth 401(k) between their retirement and withdrawal.“For example, in some instances, a person that wants to retire early, say [at] age 50, might benefit from purely  pre-tax contributions, then once they retire, if they are in a low  tax bracket, they can do annual Roth conversions to take advantage of the low  tax rate  and ideally have little to nothing subject to  RMDs  [required  minimum distributions] by the time they hit age 70 1/2 years old,” according to  Personal Capital.Pay Now With a RothUnsurprisingly, most 401(k) experts say  Roth contributions  are the best option for saving money down the road. As taxes are unlikely to go down and a person’s personal wealth is likely to go up, a  Roth 401(k) will probabl y provide the most financial support in the long run.For financial expert Grant Sabatier at  Millennial Money, the  Roth 401(k) is an obvious choice. The money invested is wholly yours and isn’t subject to taxation upon withdrawal, which makes it a much better retirement fund option.“Roth 401[k]’s compound over time and grow  tax-free,” Sabatier wrote. “You pay tax when you put the money in, but not when you take it out likely many years later. This means that all of the compound interest â€" or money that your money makes â€" won’t be taxed when you take it out.”Sabatier also mentioned that those in  lower  tax brackets  are best off taking advantage of a  Roth 401(k) now, as their retirement  tax bracket  is likely to be different. And, even if you’re in a  higher  tax  bracket  now, you’re still better off in a Roth because you’re likely to keep gaining personal wealth in the future.Save Either WayThere is no one-size-fits-all solution to deciding between a Ro th or traditional 401(k), but it is important to save for retirement regardless of which method you choose, whether its a traditional 401(K),  Roth 401(k), or even a  Roth IRA  (yes, there are more than two types of  retirement accounts, all with varying requirements and  contribution limits). Depending on your circumstances, you may want to even consider  alternative solutions to planning  for retirement.Davidson’s advice is to not spend too much time contemplating your options and simply choose one, so you can benefit later.“Regardless of which one you pick, contributing to either account is much better than not saving at all,” she  wrote.  â€œIn fact, your biggest mistake could be taking too long to decide which one to choose  since delaying your contributions for even just a few months could actually wipe out any advantage you would get from picking one over the other.”

Introduction To Islamic Capital Market Finance Essay - Free Essay Example

Sample details Pages: 16 Words: 4848 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Islamic financial system is a real economic activity based financial systems. It is a part of a broader Islamic economic system that deals with the questions of allocation of resources, production and change of goods and services and distribution of wealth in fair, equitable and socially beneficial ways. It is part of a consistent and integrated framework which considered finance as a supporting factor in the smooth functioning of real economic activity and in carrying out of the social goods as defined by the objectives of Shariah. Don’t waste time! Our writers will create an original "Introduction To Islamic Capital Market Finance Essay" essay for you Create order In this system, finance does not exist for the finance per se. Therefore financing itself is not allowed to be an income generating activity unless it is combined with some real economic activity and involves taking the requisite risks associated with it. The nature of Islamic finance is aptly summarized by Shamshad Akhtar, Governor of the State Bank of Pakistan, at Georgetown University on October 18, 2007. Islamic economic system is accompanied by a rich and elaborate set of tenets, which among others, recognize the right to property supported by elaborate obligations of stakeholders, principles and rules of conduct, a contract system and institutional framework and procedures for enforcement of rules which all together lay the foundation for Islamic business and financial architecture. It is this substantive Islamic ideology and legal framework; governed by Shari ah injunctions and principles that have translated into defining the public and private economic and social affairs that eventually help frame the business and financial relations. The core of these relationships is baked by solid principles of contracts, rights and obligations for parties to the contractual arrangements. The main driver of enforcement of contract and rules- compliance in Islamic system is ideology and faith which is in turn influenced by Islams emphasis on establishing an equitable, ethical, just and fair socio-economic system. It is this feature which shapes Islamic finance and also distinguishes it from the conventional finance. This clear understanding of the objective and nature of Islamic financial system (i.e. justice and close link to real economic activity) is essential for taking any further steps towards the development of Islamic financial sub-sectors, be it Islamic capital market, Islamic banking sector or the insurance sector. In this chapter we will start from the introduction of Islamic capital market and would also highlight some of the challenges faced in the development of it. We will then venture into the origins and the growth of this Islamic version of capital market and then extend our voyage to the overview of it briefly discussing the products already on offer in this young and fast growing market. Further discussions on the continued growth in this sector will make-up the concluding part of this chapter. 1.2. Islamic Capital Market. Over the past decade or so Islamic financial sector has grown gained strength by creation of various support and infrastructure institutions, and expanded from being a banking-based industry to more wider areas incorporating financial market-based products and practices. As a result, Islamic financial markets have become probably the fastest growing sector in the Islamic finance industry. A number of innovative products, instruments and practices have been added that allow a larger range of risk-return combination to suit a wider investor base. There is no unique measure to gauge this increased significance of capital markets in the Islamic finance, however a number of facts point to its fast growth. Like any capital market, the primary function of Islamic capital market too is to allow people, companies, and governments with surplus funds to transfer them to people, companies, or governments who need funds. The Islamic capital market functions as a parallel market to the conventional capital market for capital seekers and providers. The Islamic capital market attracts funds from outside as well as inside the market. The international sources might include high-net-worth individuals, predominantly Muslims from the oil-rich countries, and others involved in the corporate and business sector. The Islamic capital market does not prohibit participation by non- Muslims, which has increased the growth potential for Islamic products. Little, if any, consensus exists about the size of the Islamic capital market. Cerulli Associates has estimated the market value of Shariah-compliant assets at year-end 2008 to be US$65 billion, a figure much smaller than often estimated. This amount does not include the market capitalization of equities that are not specifically Islamic but in which Islamic financial institutions are permitted to invest (because the business activities of the companies are Shariah compliant). Standard Poors (SP) estimated that as of the third quarter 2008, roughly US$5.2 trillion in market value of Shariah-compliant equities was lost as a result of the global financial crisis that unfolded in 2008. If approximately 40 percent of market value disappeared during the crisis, by inference the current market value would be in the range of US$6 trillion to US$7 trillion. In contrast, as noted, some analysts estimate Islamic banking assets to range between US$500 billion and US$700 billion and expect bank assets to rise to US$1 trillion in 2010 (Morgan Stanley 2008). Banks have yet to move most of these deposits into managed investments. If the banks require Shariah-compliant products for such investments, the implication is that the Islamic capital market has significant potential for continued growth. 1.3. Origin and Growth of the Islamic Capital Market. Although the origins of contemporary Islamic banking and finance may be traced to the early 1960s, the first wave of oil revenues did not wash over the Middle East until the 1970s, when the idea of investing in products conforming to Islamic principles really gained momentum. Individuals in the region began to accumulate large amounts of wealth by the 1980s and began to seek Shariah-compliant financial products in which to invest their savings. Western banks began servicing. Muslim clients through their Islamic windows were quickly joined in the marketplace by newly organized Islamic banks eager to participate in the growing faith-based demand for Shariah-compliant financial products. As of the end of 2008, the Islamic capital market has largely resulted from retail, not institutional, demand (De Ramos 2009). Institutional demand has developed, however, as Islamic banks and takaful (Islamic insurance) operators have sought to invest their surplus funds in Shariah-compliant instruments that are liquid and have long-term maturities to match the long-term liabilities of these institutions. Through the 1990s, Islamic banking deposits sufficed to provide the capital demanded by the Islamic financial markets, but demand for funds was quickly outstripping the supply of funds. New Islamic financial products that could compete with the flexibility and innovation of conventional financial products were needed, but two factors hindered the ability of the Islamic capital market to deliver such products. The first was that the conventional financial markets were developing with tremendous speed and in many different directions. Challenge to adapt these new products to Shariah, the Islamic financial markets struggled to maintain a competitive pace. The second factor slowing the pace of Islamic capital market development was the conflict surrounding interpretation of what constitutes Shariah compliance (Iqbal and Tsubota 2006; Khan 2006). Yet, for the Islamic capital market to achieve sustainability, finding new and competitive products was imperative. Deregulation in several Muslim nations opened the door to the creation of two products largely responsible for the serious growth of the Islamic capital market-Shariah-compliant equity funds and sukuk (Islamic bonds) (Iqbal and Tsubota 2006; Khan 2006). Since 1999, the Islamic capital market has attracted non-Muslim as well as Muslim issuers and investors, and it now includes numerous products that can replicate the returns and characteristics of conventional financial products. In addition to equity and bond products, the market has expanded to include exchange-traded funds, derivatives, swaps, unit trusts, real estate investment trusts (REITs), commodity funds, and a range of Islamic indices and index products. The Islamic capital market comprises active primary and secondary markets that deal in the Islamic products described in this section. 1.4. Overview of the Islamic Capital Market. Not all the financial products discussed in this overview are acceptable to all Muslim investors. The controversy over what is and what is not Shariah compliant is a by-product of the existence of different schools of Islamic thought. No single body is currently in place to mediate these differences of opinion. 1.4.1. The Islamic Equity Market. Islamic equities are shares of halal companies-that is, securities of companies operating in activities permissible under Shariah principles and approved and periodically reviewed by Shariah scholars through a process known as Islamic stock screening. For a company to be considered halal, the majority of its revenues must be primarily derived from activities other than the trading of alcohol, arms, tobacco, pork, pornography, or gambling or from profits associated with charging interest on loans. The determination of Shariah compliance rests with the judgment of Islamic scholars. In Malaysia, one of the most innovative providers of financial products, the body of Islamic scholars is the Malaysia Securities Commission Shariah Advisory Council (SAC). Malaysia is one of only a few nations that have established a single governing body for this purpose. Other nations decision making regarding Shariah screening procedures is much more fragmented. The SAC has enumerated detailed criteria to be used in screening companies for compliance with Islamic principles. The SAC states that non-halal activities include manufacturing and trading of non-halal goods; banking and financing involving interest or usury; hotels and resorts involved in the sale of liquor or alcoholic beverages; gambling or related activities; and activities involving elements of uncertainty (gharar). The Islamic equity investment market is growing at a much faster rate than the overall Islamic sector as a whole because it started from a lower base. The total of funds under management in the Islamic finance sector is estimated at US$1 trillion. Only about an estimated US$20 billion of this is in equities, which is modest in comparison with the conventional equity sector. Global conventional equities are about US$20 trillion, even after the crash (Parker 2008). Malaysia is seen as aggressive in listing Islamic equities; more than 80 percent of the stocks listed on the Bursa Malaysia are classified as Shariah-approved by the SAC. These securities have a total market capitalization of 426.4 billion Malaysian ringgits (RM), or US$129 billion, which is 64.2 percent of the total Malaysian stock market as of December 2008 (Ngadimon 2009). In Kuwait, Islamic and Shariah compliant companies make up 57 percent of the countrys total market capitalization (Islamic, Sharia Firms 2009). Despite the recent huge decline in the financial markets, Islamic equity funds have been attracting global investors and more and more financial institutions are offering such funds to meet investor demand. 1.4.2. Islamic Bond (Sukuk) Market. One of the fastest growing sectors in the Islamic capital market is the sukuk, or Islamic asset-backed bond, market. The sukuk market grew at about an 84 percent per year compound rate between 2001 and 2007 and was estimated to have a market value of US$80 billion to US$90 billion before the 2008 market crisis (Cook 2008). Over the first eight months of 2008, global sukuk issuance totaled roughly US$14 billion, down from US$23 billion for the same period a year earlier, mainly because of the global credit crunch (Sukuk Issuance 2008) and the statement from AAOIFI. Sukuk are issued primarily by corporations, although sovereign issuers are becoming more common than in the past. About half of outstanding sukuk, mainly large U.S. dollar-based issues and Malaysian debt, are actively traded in the secondary market. Sukuk are a relatively new financial instrument, first issued in the late 1990s. Sukuk were created in response to a need for Shariah-compliant medium-term to long-term debt-like instruments that would have good liquidity in the marketplace (Iqbal and Tsubota 2006). The word sukuk is the plural of the Arabic word sakk, which means certificate, so sukuk may be described as certificates of trust for the ownership of an asset, or certificates of usufruct. Sukuk differ from conventional bonds in that they do not pay interest. Islam forbids the payment of interest, but a financial obligation or instrument that is linked to the performance of a real asset is acceptable. Sukuk returns are tied to the cash streams generated by underlying assets held in special purpose vehicles (SPVs). The cash stream can be in the form of profit from a sale, profit from a rental, or a combination of the two. The conventional asset securitization process is used in structuring sukuk. An SPV is created to acquire the assets that will collateralize the sukuk and to issue financial claims on those assets over the defined term of the sukuk. The asset collateral must be Shariah compliant (Iqbal and Tsubota 2006). Sukuk are, therefore, monetized real assets that enjoy significant liquidity and are easily transferred and traded in financial markets. A sukuk issue can be structured in a variety of ways and can offer fixed- and variable-income options. Several classes of assets typically collateralize sukuk issues. The first class has financial claims arising from a spot sale (salam) or a deferred-payment (bai muajjal) and/or deferred-delivery (bai salam) sale. These securities are typically short term in nature, ranging from three months to one year, and are used to finance commodity trading. Because the risk-and-return characteristics of the structure are somewhat delinked from the risk-and-return characteristics of the underlying asset, the Gulf Cooperation Council (GCC) countries hold that trading these sukuk in the secondary market involves riba; hence, it is prohibited. Therefore, salam-based sukuk and the likes are typically held to maturity (Iqbal and Tsubota 2006). A second class of assets that collateralize sukuk is leased, or ijarah-based, assets. The cash flows generated by the lease-and-buyback agreement, a combination of rental and principal payments, are passed through to investors. Ijarah-based sukuk have medium- to long-term maturities (Iqbal and Tsubota 2006), carry a put option, and can be traded in the secondary market. This type of sukuk has gained increasing acceptance by Shariah scholars, particularly those from Middle Eastern countries. Recent successful issues include those by the Malaysian-based companies Al-Aqar Capital (RM500 million, or US$153 million) and Menara ABS (RM1.1 billion, or US$337 million). 1.4.3. Islamic Derivatives Market. A derivative, a financial instrument whose value is a function of the value of another asset, typically takes the form of a contract in which the investor promises to deliver, or take delivery of, an asset at a specific date and at a specific price. Conventional derivatives include call and put options, futures, forwards, and swaps and are used for hedging, arbitrage, and speculation. Islamic finance seemingly allows derivatives for the first two purposes hedging and arbitrage, but prohibits their use for speculation or gambling (maisir). As long as riba (interest) and gharar (uncertainty) are avoided, the Islamic derivative structure used in hedging and arbitrage enjoys significant freedom of design. The size of the Islamic derivative market is not known but is quite small. Islamic derivative products include the structured murabahah deposit, structured options that operate on the principle of waad (promise), profit rate swaps, and cross-currency swaps, such as the foreign exchange (FX) waad (a Shariah-complaint FX option) and the Islamic FX outright (a Shariah-compliant FX forward contract that locks in the price at which an entity can buy or sell a currency at a future date). Islamic derivatives are based on contracts that are supported by the principles of bai salam, bai istisna, or urbun. 1.4.4. Islamic Swap Market. The Islamic swap market is a subset of the overall Islamic derivative market. A swap is a derivative instrument that is used to transfer risk. The two major Islamic swap structures are the profit rate swap, which is similar to a conventional interest rate swap, and a cross-currency swap. Total return swaps are also being used. 1.4.4.1. Profit Rate Swap. The Islamic profit rate swap is used as a hedge against fluctuations in borrowing rates. The swap is an agreement to exchange fixed for floating profit rates between two parties and is implemented through the execution of a series of underlying contracts to trade certain assets under the Shariah principles of bai and bai bithaman ajil. 1.4.4.2 Cross-Currency Swap. The Islamic cross-currency swap is a vehicle through which investors can transfer the risk of currency fluctuation that is inherent in their investment or inventory positions. The structure involves two simultaneous murabaha transactions-one is a term murabaha and the other, a reverse murabaha. The parties to the swap agree to sell Shariah-compliant assets to each other for immediate delivery but on deferred-payment terms in different currencies. The first cross-currency swap was done in July 2006 for US$10 million between Standard Chartered Bank Malaysia and Bank Muamalat Malaysia. 1.4.5. Islamic Unit Trusts. An Islamic unit trust is similar to a conventional unit trust in the United Kingdom and an open-end mutual fund in the United States except that the Islamic unit trust invests only in Shariah-compliant securities; that is, the unit trust manager gives precedence to securities (stocks or bonds) of Islamic banks and financial institutions, securities of companies operated in accordance with Islamic principles, and securities included in Islamic equity indices. Islamic mutual funds (unit trusts) vary by investment type and financing method (murabaha, musyaraka, bai salam, bai istisna, or ijarah); field of investment (public works, real estate, or leasing); period of investment (short, medium, or long term); risk involved (low, medium, or high risk); whether they are open or closed funds (Tayar 2006). The contract governing the exchange of units between the unit trust manager and the investor usually conforms to the principle of bai al-naqdi (buying and selling on a cash basis). When an investor purchases a unit of the trust, the investor is actually sharing pro rata with other investors in ownership of the assets held by the trust. The manager receives a management fee under the concept of al-ujrah (or fee) for managing the unit trust. An equity unit trust is the most common type of Islamic unit trust, but corporate and sovereign sukuk unit trusts are also available. Certain equity unit trusts invest in assets that closely track a particular index and are known as index trackers. Specialist unit trusts invest in a single industry or similar group of industries. Balanced funds incorporate both equity and sukuk securities and are rebalanced periodically to retain the initial asset allocation. Islamic fund managers have less autonomy than conventional fund managers because they are usually accountable to a Shariah committee or adviser who rules on the screening criteria for stock selection and how the criteria are to be interpreted in changing market conditions and company circumstances. In addition, Islamic unit trusts may offer a better risk profile than Islamic investment products that expose investors to the counterparty risk of a bank (Islamic Unit Trusts 2007). For example, investors who place their money in restricted or mudharaba investment accounts, in which legal ownership lies with the bank, are exposed to the risk that the counterparty bank will go bankrupt. A unit trust structure in which investors own a pro rata share of the investment portfolio, however, does not expose the investor to such counterparty risk. The first Islamic equity unit trust, Tabung Ittikal Arab-Malaysian, was established in Malaysia in 1993 (AMMB 2006). In recent years, growth in the equity funds market has been strong, particularly in Malaysia because of the countrys tax incentives and favorable regulatory environment, although Saudi Arabia is the largest Islamic equity funds market in terms of asset size and number of funds. 1.4.6. Islamic Exchange-Traded Funds. An exchange-traded fund (ETF) is an open-ended fund composed of quoted securities-stocks or bonds-that are selected to closely mimic a benchmark, rather like an index-tracking mutual fund. Unlike an index mutual fund, an ETF is bought and sold on an exchange. The price of an ETF should closely track the weighted net asset values of its portfolio of securities throughout the trading day. An Islamic ETF is structured exactly like a conventional ETF except that the benchmark used in constructing the fund is an index of Shariah-compliant securities; that is, the index includes only those securities that have passed Islamic filters to ensure that companies are primarily engaged in permissible business activities and do not have high levels of debt. Islamic ETFs made their debut in February 2006. Although it is a nascent market, Islamic ETFs have been issued by several major players in the global capital markets, such as i-Shares, BNP Paribas Bank, Daiwa Asset Management, and Deutsche Bank. As of year-end 2008, the three i-Shares ETFs totaled US$25.8 million. JETS (Javelin Exchange Traded Shares), which is the first Islamic ETF expected to be issued in the United States and is to be made available by Javelin Investment Management and the Dow Jones Islamic Market (DJIM) International Index Fund, has been filed with the U.S. SEC and was launched on NYSE in early 2009. Participating dealers or market makers deliver the exchange-traded securities selected for the ETF to the fund manager in exchange for units in the ETF. The ETF units, representing an ownership interest in the basket of securities, are then sold to investors via an exchange. When ETF units are redeemed, market makers return them to the fund manager in exchange for a proportionate share of the basket of securities. The advantages of ETFs from the investors viewpoint include tax efficiency, low cost, transparency, trading flexibility, and diversification. ETFs are often used as a hedging instrument as well as a means to obtain access to an asset class cheaply and quickly. 1.4.7. Islamic REITs. Islamic REITs (I-REITs) are similar to conventional REITs. They are typically structured as property trusts except that they must hold investments that adhere to the principles of Shariah. This requirement means that lease financing (ijarah) is used in lieu of an outright purchase of property. The economic, legal, and tax ramifications are effectively the same as in a conventional REIT. An Islamic REIT invests primarily in physical real estate, but it may also hold sukuk, private companies whose main assets comprise real estate, Shariah-compliant securities of property and non-property companies, and units of other I-REITS, Shariah compliant short-term deposits, and cash. I-REITs vary from country to country. The Malaysia Securities Commission defines an I-REIT as an investment vehicle that proposes to invest at least 50 percent of its total assets in real estate, whether through direct ownership or through a single purpose company whose principal asset comprises a real asset (Securi ties Commission 2005). The key benefits of I-REITS are similar to those of conventional REITs and include the following advantages over physical properties (Jaafar 2007): ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Higher current yields because of the requirement to distribute at least 90 percent of income annually, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ lower transaction costs and greater liquidity because most REITs are listed and traded on stock exchanges, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Scalability, unlike property investment companies, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Diversification across properties with different lease periods and geographical locations. I-REIT returns are earned through rental income, capital appreciation of physical property, and securities held as investments. I-REIT investments must be reviewed, monitored, and approved as complying with Sharia principles by a Shariah committee or adviser. In addition, an I-REIT is required to use a takaful (Islamic insurance) scheme to insure the real estate. The Malaysia Securities Commission permits up to 20 percent of REIT rental income to be derived from non-permissible, or non-Shariah-compliant, activities. The first Islamic REIT, the Malaysian Al-Aqar KPJ Healthcare REIT, was launched in Malaysia in 2006 with initial issuance of US$130 million (Lerner 2006). Malaysia was the first country, in 2005, to issue Shariah-compliant REIT guidelines. Malaysian issues are listed and traded on Bursa Malaysia and may also be dual listed (that is, listed on Bursa Malaysia and on another exchange). They are liquid securities that trade as any other stock trades. Having been in existence for only two years, the Islamic REIT market still remains quite small. 1.4.8. Islamic Commodity Funds. An Islamic commodity fund, like all Islamic financial products, must comply with Shariah principles; therefore, commodity fund transactions are governed by the following rules (Usmani, 2008): The commodity must be owned by the seller at the time of sale because short selling is not permitted under Sharia but forward sales, allowed only in the case of bai salam and bai istisna, are permitted. The commodity traded must be halal (permissible), which means that dealing in, for example, wine and pork is prohibited. The seller must have physical or constructive possession (that is, actual control without actually having physical control) of the commodity to be sold. The price of the commodity must be fixed and known to the parties involved. Any price that is uncertain, or that is determinable by an uncertain event, renders the sale invalid. The performance of commodity prices in the years leading up to the 2008 bull market peak has been attributed to favorable demand conditions for raw materials and, in most cases, inelastic supply responses because of years of underinvestment in production capacity. This bull market was followed by an extremely sharp commodity price decline in 2008_2009, illustrating how volatile and unpredictable commodity prices are. The advantage of a commodity fund is that it is not highly correlated with equity and fixed income asset classes. Hence, it acts as a diversifying asset, particularly when the other assets held are equities and bonds (but commodities did not diversify equity risk in 2008_2009). A commodity fund aims to provide investors with regular income over the life of the fund-income that is linked to the performance of commodities through investments that conform to Shariah principles. The commodity funds generate income from the potential appreciation in commodity prices. 1.5. Continued Growth in the Islamic Capital Market. Financial products that barely existed a few years ago have now penetrated the broad Islamic capital market. But some products, such as Islamic hedge funds, remain controversial in large portions of the Muslim community, which view hedge fund activities as simply simulating short selling in ways designed to be compatible with Shariah. The five schools of Islam vary in their definition of what complies with Shariah, which raises a key obstacle to the creation of universally acceptable Islamic hedging schemes. Nevertheless, two investment firms, Barclays Capital and Shariah Capital, have launched a Shariah-compliant hedge fund product that 3.3. The Quandary of Substance over Form in Sukuk: The current global crisis has allowed the Islamic Finance industry some time for reflection, and as such, when considering the future of the Sukuk market, we explore in detail the issue of substance over form. Sukuk structures are being tested for the first time by originator insolvency and proposed restructurings. In these more difficult periods it is important that all investors understand that very few existing Sukuk have asset ownership or security -the majority are unsecured. Asset-backed Sukuk or Islamic securitizations generally perform very differently from asset-based under stress. Most Islamic market participants are aware that Sukuk, sometimes known as Islamic bonds, should grant the investor a share of an asset or business venture along with the cash flows and risk commensurate with such ownership. However, while this is indeed the Shariah ideal, most current structures have more in common with conventional fixed income or debt instruments from a risk/return perspective. The recent highly successful Indonesian sovereign Sukuk ($650 million) shows there is still heavy demand for these unsecured, asset based structures, although the recent bonds of Qatar and Abu Dhabi were not Sukuk. The assets in the structure are commonly for Shariah compliance only, and ultimately have little or no bearing on the risk or performance of the Sukuk. Investors should note that, while all conventional asset-backed securities (ABS) are not Sukuk, a true asset-backed Sukuk is accessible to the whole universe of global ABS investors, and not just to the much smaller Shariah compliant investor base. The disparity between the ideal and the reality of Sukuk was highlighted by AAOIFI in February 2008, when it published six principles regarding Sukuk structures (refer to Annexure I) and initially noted that around 85 percent of existing Sukuk were not in compliance with these principles. Subsequently, many sources attributed the market decline to these statements. In reality, the decline in Sukuk market volume in 2008 probably had also to do with the prevailing global credit market conditions (it was a very difficult time to raise funds, whether conventional or Islamic) rather than to any direct reaction to the AAOIFI statements. As we strive to strip away the sometimes excessive structural and legal complexity and confusion surrounding Sukuk products, getting to the real substance of the Sukuk without being distracted by the form. This focus on the substance of the risk and return is helpful when trying to assess a products compliance with a given set of Shariah principles or views. While terms such as Mudarabah, Musharaka and Ijarah are widely applied, the actual legal structure behind the name and Sukuk risk characteristics can vary significantly -even within a single type. Thus, until there is some broad consensual standardization on terminology or form, investors will need to look at each structure individually to understand the cash flow, risk and return profile, irrespective of the name/type of Sukuk structure used. The common theme of form over substance throughout modern Islamic finance has, in our experience, created confusion for some market participants. Asset-backed and asset-based are semantical ly similar descriptions but mask significant differences in credit risk. Shariah-based and Shariah-compliant are two more recent terms that seem to add some confusion.

Leadership Vs. Management Leadership And Management

â€Å"The manager does things right; but the leader does the right thing† is a statement, in which Warren Bennis, author of On Becoming a Leader: The Leadership Classic, is best known for, that addresses why there is a difference between Leadership versus Management (Murray, What is the Difference Between Management and Leadership?, 2009). Just like most people, I use â€Å"leadership† and â€Å"management† interchangeably because one feels that they are probably the same thing or embody the same characteristics. Further discussion will provide details on what leadership is, what management entails, and why they are different. My definition of leadership is someone who takes charge over others and motivates them to follow his or her lead and to be the best that they can be. According to Ernie DiMattia, in his article Leadership vs. Management | Focus on Leadership and Management in the Library Journal, â€Å"a commonly accepted definition of leadership refers to someone who guides or influences others (DiMattia, 2013).† The guidance and influence that a leader has makes others want to follow him or her, and someone in the management position might not always use these actions towards their subordinates. Being a leader is not just having influence over others, it involves someone having a certain style of leadership that makes people want to follow them. Daniel Goleman discusses in his book Primal Leadership the six different styles of leadership, and how â€Å"the most effective leaders canShow MoreRelatedManagement Vs. Leadership : Management And Leadership1061 Words   |  5 PagesManagement vs. Leadership Introduction Presently many of us have learned that managers are primarily administrators who have learned to write business plans, utilize their resources and keep track of progress. We must learn that we are not limited by job title, and that means we can utilize our management skills in any position that we are in. We must also know that we can use our leadership skills in the same situations. On the other hand we have also learned that leaders are people who haveRead MoreLeadership Vs. Management : Leadership And Management1312 Words   |  6 PagesLeadership vs. Management Nowadays, it is impractical to think of an organization without an effective leader, as well as an active manager. The two are much in common as they are essential in the organizational hierarchy, and they are crucial elements in running any business enterprise. However, there are several differences between the two terms. 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Management Leadership And Management Leadership vs. Management Nowadays, it is impractical to think of an organization without an effective leader, as well as an active manager. The two are much in common as they are essential in the organizational hierarchy, and they are crucial elements in running any business enterprise. However, there are several differences between the two terms. Based on the definition, leadership means the power and ability of a person to motivate, influence, and enhance members to contribute towards the common goal of an organization (Hunt, Hosking Schriesheim, 2013). On the other hand, management comprises of controlling and directing a group of individuals in an entity to harmonize and coordinating that group towards accomplishing the set goals†¦show more content†¦As stated by Batool (2013), through the use of their commitment and charisma, they motivate, excite, and focus on others to excel and solve challenges. On the other hand, management focuses on creating policies, strategies, terms and ideas for smooth operation. Managers empower their team by soliciting their principles, views, and values. They have a notion that this combination reduces or eliminates the inherent risk of an organization, generating the business success. Qualities and Traits of effective Managers and Leaders The following are qualities that make a manager capable. Integrity: In any place, integrity fosters trusts, which in return brings loyalty. As stated by Barry (2015), every manager with loyal staffs has a higher probability of being effective. In the end, there are no conflicts between the manager and the workers, creating a favorable environment for everybody. Empower: Efficient managers allow their subordinates to give all that they can. They establish an atmosphere for success, setting boundaries so that there are opportunities that will challenge the staffs’ abilities, motivating them to find innovative and new ways to do things. Motivation is another trait, where individuals perform their best when they are motivated and happy. Workers in an organization can be motivated by rewards, the prospect of learning new skills, or by the knowledge that their efforts will be recognized. The most productive workersShow MoreRelatedLeadership Vs. Management : Leadership And Management1550 Words   |  7 Pagesauthor of On Becoming a Leader: The Leadership Classic, is best known for, that addresses why there is a difference between Leadership versus Management (Murray, What is the Difference Between Management and Leadership?, 2009). Just like most people, I use â€Å"leadership† and â€Å"management† interchangeably because one feels that they are probably the same thing or embody the same characteristics. Further discussion will provide details on what leadership is, what management entails, and why they are differentRead MoreManagement Vs. Leadership : Management And Leadership1061 Words   |  5 Pag esManagement vs. Leadership Introduction Presently many of us have learned that managers are primarily administrators who have learned to write business plans, utilize their resources and keep track of progress. We must learn that we are not limited by job title, and that means we can utilize our management skills in any position that we are in. We must also know that we can use our leadership skills in the same situations. On the other hand we have also learned that leaders are people who haveRead MoreManagement vs. Leadership1167 Words   |  5 PagesManagement vs. Leadership Management and leadership functions are definitely not one and the same, although they are unavoidably linked together hand and hand. Evidently, it is clear to note that they overlap and compliment one another. 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The role and responsibilities of both leaders and managers in creating and maintainingRead MoreStrategic Management vs Leadership3605 Words   |  15 PagesStrategic Leadership vs. Strategic Management: Untying The Gordian Knot Robert M. Murphy, Ph.D. Professor of Management United States Army War College DISCLAIMER This views expressed in this paper are those of the author and do not reflect the policy or position of the United States War College, the Department of the Army, the Department of Defense, the Department of State, or any agency of the U.S. government. Note from the Author This paper is a work in progress. The purpose of this

The Rattler Free Essays

Eva Wambura 8/29/12 Period 2 The Rattler Rough Draft In the passage â€Å"The Rattler† the writer uses details about the man, details about the snake, and details about the setting to lead the reader to feel sympathy for both the man and snake. The detail that shows sympathy for the man is when he’s out for a walk and he unexpectedly comes across the snake. The man’s first instinct was to â€Å"let him go on his way† and he would go on his. We will write a custom essay sample on The Rattler or any similar topic only for you Order Now This shows that the man wasn’t really aggressive and really did not want to hurt the snake. The man then goes on to decide if he should kill the snake or not. But he â€Å"reflected that there were children, dogs, horses at ranch, as well as men and women† and his â€Å"duty, plainly, was to kill the snake. † His indecision leads you to have more sympathy for the man because he came on to his decision only because he thought it was his duty and if it wasn’t for that he would have let the snake go. Even after killing the snake the man didn’t â€Å"cut off the rattles for a trophy† and imagined seeing the snake â€Å"as he might have let him go, sinuous and self-respecting† showing that he felt guilty of taking the life of the snake. The details of the snake show more sympathy for it than for the man. When the man first comes upon the snake the â€Å"head wasn’t not drawn back to strike† and â€Å"was not even rattling yet, much less coiled. † This was a sign that the snake wasn’t going to attack the man but was merely watching to see what the man was going to do. When the man got his hoe to attack the snake with it â€Å"shot into a dense bush†. The snake’s action shows his nonviolent behavior by defending itself another way then just attacking the man. Then the snake â€Å"shook his fair but furious signal, quite sportingly†. It’s warning the man that if he continued further he has no choice but to attack. But soon the man â€Å"hacked about, soon dragged him out of it with his back broken. † The details of the setting show sympathy for both the man and the snake. The man was just having his â€Å"first pleasant moment for a walk after long blazing hours† and thinking he was the â€Å"only thing abroad† encountered the snake and thinks that it’s endangering his people. In sympathy for the snake the man is the one who stepped into the snake’s habitat. The man not only trespassed but also ended up killing the snake in its own home. When the man and snake crossed paths the â€Å"light was thinning† and â€Å"the scrub’s dry savory odors were sweet on the cooler air†. The beauty of the setting makes you think that the snake was on its own walk through the desert. Even though man killed the snake for the good of others you can’t help but feel sympathy for both characters due to the details of the setting, the man, and the snake. The man doesn’t want to kill and doesn’t take satisfaction in taking life but goes on instead and kills the snake because of his duty even though the snake was minding its own business and wasn’t bothering anyone. How to cite The Rattler, Essay examples

Vincent Warhol v. Van Gogh Essay Example For Students

Vincent Warhol v. Van Gogh Essay Starry Night. Colors, and distinctive styles beaver also used in both Whorls and Van Sagos art work, with Vibrant colors like in Whorls portrait pictures of iconic political figures like Marilyn Monroe, and Martian Luther King Jar. Van Gogh painted his artwork to be vibrant with unnatural colors just like his Sun Flowers painting with vibrant colors. Apart from the fact that they were similar, they also diverge to an extent, having two different styles in pop are and post impressionism. Warhol was very famous, but Van Gogh was obscure, and was to well-known at his time written why the Van Gogh Art Gallery, Van Gogh was born in Grotto-Sundered, Holland on March 30, 1853. He was raised in a highly religious family and lacked self-confidence depicted by the Biography channel as being raised in a Methodist family and with people disagreeing with his art and mental capability. Throughout life he remained relatively poor _ He suffered from temporal lobe epilepsy as well as numerous other mental and physical conditions explained by experts of The American Journal of Psychiatry. We will write a custom essay on Vincent Warhol v. Van Gogh specifically for you for only $16.38 $13.9/page Order now During is life time he gained little fame, in fact he only sold one painting (Red Vineyard at Arles) out of the nine hundred he painted. He Struggled to make a living as an artist, written by the Van Gogh Art Gallery. His most famous paintings today included, Starry Night, Sunflowers, Bedroom in Arles, and the Potato Eaters with millions of views by people across the world. Warhol, born in Pittsburgh 1982, was a well-known American artist and film maker at his time. Warhol was thought to have some mental conditions including Aspirer syndrome said by DRP. Judith Gould, director Of Eliot House, Britains leading diagnostic center for autism. Prior to his fame and success in his career, Warhol was not social and lacked some confidence as he contracted Chorea, a rare and fatal disease that left him bedridden for months described by the Biography Channel of Warhol. When Warhol became famous, he was known for sparking the pop art movement in the sass to a start. In the United States he was brought to focus to the commercial culture. He was a worldwide celebrity, influencing people in the highest of social ranks. Whorls most famous art included, Historical figures, such as Marylyn Monroe, labels as on the Campbell chicken noodle soup cans, and political events including the civil rights acts. Warhol and Vincent Van Gogh were both leaders to distinctive styles. Whorls art focuses around the spectrum of pop art. His art was based on modern pop culture and mass media as seen through Glamour magazines, pictures, and movies. Van Gogh on the other hand was a post-impressionist who reacted towards naturalism by exploring color, line, form, and the emotional response of the artist. As they were well known for being one of the first artists to truly embrace these their style, pop art and post impressionism, they are completely different. Warhol was inspired by popular icons during his lifetime. Van Gogh was inspired by nature and scenery around him. Van Sagos artwork uses a profusion of colors, lines dots, and cross-hatching similar to pop artists, comparing to Andy Warhol in his pop artist work. Being one of the few artists to do so, Van Gogh used a technique Of impasto putting paint onto the canvas With a palette spreading it With thick brush strokes. Warhol mass printed his pictures in a unique way by using silk screening and side projections to make different versions and variations of color and form of multiple similar pictures. In final analysis, it is clear that the devout master artists had influenced their time periods, future styles, and motifs. Warhol, and Vincent Van Gogh were similar in art work but had distinctive stylistic techniques. Their ideas were purely unique and they had a different view of art itself. Warhol and Van Gogh were truly astonishing in their artwork because to their form, styles, and emotions.