Tuesday, February 18, 2020

Islamic banking in the GCC in the Next ten Years Essay

Islamic banking in the GCC in the Next ten Years - Essay Example These Islamic banks neither charged any interest nor paid it. The functioning of these banks was limited to the industries and trade in which they made investments either as the depositors’ partners, or using their own capital. Considering the functionality of these banks, they were more of financial institutions than the commercial banks we see today. The first commercial bank was opened in 1971 in Egypt with the name Nazir Social Banks. The charter of this bank did not refer to Shariah. The first bank that was entirely and overtly based on the principles of Shariah was made in the year 1974 by the Organization of Islamic Countries (OIC). The name of this bank was Islamic Development Bank (IDB). The function of this bank was to engage in the intergovernmental activities to provide funds to the member countries for developmental projects. The business model of IDB included fees for the financial services as well as financial assistance for the developmental projects through pr ofit sharing. During the 1970s, numerous Islamic banks were established across the world which included but were not limited to the Dubai Islamic Bank established in 1975, the Faisal Islamic bank of Sudan established in the year 1977, followed by the Bahrain Islamic bank established in the year 1979. Several Islamic banks were also successively opened in the Asia Pacific region. The basic foundation of Islamic banking and how it differs from other banking conventions. â€Å"The basic principles of Islamic banking originate in the axioms of justice and harmony with reality and the human nature† (Kahf, Ahmad, and Homud 7). The simplest and the most fundamental definition of financing is the provision of goods, services, or any kind of production factors without the demand of an immediate counterpart on the part of the receiver. For example, employees in an organization deliver their services throughout the month and get paid at the end of the month. Islamic banking in its direc t sense is very much based on the same principle. Islamic financing means provision of production factors for which payment is rescheduled. â€Å"Real-life exchange and production processes have, as part of their components or forms, the provision of goods to consumers as well as equipment, materials and other means of production to producers† (Kahf, Ahmad, and Homud 8). This lays the foundations of the practices of Islamic banking. Islamic baking provides funds in terms of goods, machinery, or equipment for payments that are deferred. Islamic banking also provides the option of profit sharing. Such financing is based on justice as both parties share the profit made from a productive project according to their investment ratio along with sharing the risks involved. Comparison between Islamic Banking and Other Banking Conventions It is odd to draw comparison between the Islamic banking practices and the conventional banking practices because of the immensity of difference betw een the two. The most fundamental difference between Islamic banking and other banking conventions is that the former is based on the Shariah foundation whereas the latter are not. Islamic baking is characterized by non-existence of transactions that are interest-based. Islamic baking is devoid of any economic activity that involves oppression or speculation. There is imposition of Islamic tax called as â€Å"zakat† in Islamic banking. Islamic banking does not allow production of such goods and services that are considered Haram in

Monday, February 3, 2020

Comparative Study of Different Bibliographical Sources for the Sonata Annotated Bibliography

Comparative Study of Different Bibliographical Sources for the Sonata by Paul Creston - Annotated Bibliography Example According to Grove’s dictionary (33), personal initiative leads to creativity in sonata as illustrated by Paul Creston who took piano and organ lessons. Rhythm can form the basis of a style in sonata, and the more performances an artist initiates in sonata, the more accolades and awards he receives. Paul Creston engaged cool romantic compositions in enticing his sonata performances (Grove’s dictionary 33). In the sixties and seventies most work and styles in sonata is attributed to Paul Creston. In turn, the society gave him a role to play in influencing sonata music. His performances involved shifting divisions of the normal meter, which was widely acknowledge and appreciated in America. Creston’s decision on 1932 had significant impact on sonata music. This is evident in the developments in the last century. Grove’s dictionary (34), states that another performer who was a music teacher and influenced sonata historically; thus, Marcus van Cravel. According to Slomski (8), benefits of engaging in sonata early in life to enhance creativity in this style of music are evident. Early participation can influence performance in sonata as evident in engaging in social duties. Slomski (97) asserts that engaging in several activities before establishing oneself in sonata often improves other music genres. Like other works of literature, Monica Slomski supports that exemplary works of sonata are disputable worldwide. Slomski (143) cites a case whereby outstanding performance in sonata earned Paul Creston awards in the orchestral field. This book in line with other literary sources highlights the importance of persistence towards achieving individual goals in performing sonata. Personal attributes such as hard work is to be utilized to achieve recognition for music activities especially sonata. This source elaborates the ways through which sonata enhances fame. Sonata’s background on tone and orchestral characteristics in most