Thursday, 24 January 2013
In the beginning, many Islamic countries could not give out the best business to such banking systems as it was prohibited in Islam to receive the money without any effort. This school of thought was very rigid and was presented by a particular sect of religious leaders so; strict believers did not go for the interest receiving very often. However, soon Muslims realized that there must be a system which could ease Muslim society with the banking facility without countering the Islamic laws and regulations. It was thus a banking system named “Islamic Banking” was brought in practice. Let me tell you what the term Islamic banking signify and how it works in differently than other banks.
Before you know about Islamic banking; you must get educated on the term Riba; Riba means the profit that you get without investment. This is known as interest in the common commerce language. Riba is strictly prohibited in Islam. The Holy Book has warned the believers several times to keep away from such trade that brings Riba in. even the persons dealing with such business are declared surely to go to punishment on the day of judgment. These kept Muslim communities not go for saving accounts or the loans with which they have either to pay extra money or to receive extra money.
Islamic banking was aimed at the purpose of facilitating the Muslims to have an ease of taking loans without paying heavy interests. This could have saved Muslims economy from being going against the Islamic laws. The purpose of Islamic banking was to bring the Islamic economic laws in practice which must be done especially in Islamic states where Islam is declared as the state region. This banking introduced a new system where Muslims can enjoy the profit as the shared profit rather than taking it as interest.
It also offers loan offers. In the procedure, one has to give the documentation showing that he is able to pay or return the loans in the specific duration of years or months as dealt. After completing the documentation, the bank issues the requested amount of money take for either to make a purchase of car or to build a home or to run a business. Instead of giving loan to buyer, the bank purchases the item or the product from the seller and resells it to the buyer or the person who has applied for the loan. The person is given the facility to pay in installments. However, late payment brings penalties to the buyer.
Islamic banking works on the principles of sharing loss or sharing profit. Here the bank and the customer share the loss or the profit faced. So, none of the party neither suffers with the complete loss nor enjoys the whole of the profit. The profit or the loss is equally shared by the both parties as it is done in the business by the business partners. This is somehow is considered as per shriah and is opted in many Muslim countries. It has brought a great change and has marked great business in the Muslim states.
Many banks also have a separate department in the system dealing with the Islamic ways of banking. Such departments are termed as Islamic banking department. State bank of Pakistan has the largest Islamic banking department. This department is only concerned with the people who want to take loans through Islamic banking system and are hesitant or not confident for applying their loans through other banking network working in the state. This department receives the applications and considers them as per the bank policy and the rules.
These banking networks have tremendously become popular in the Islamic states but have failed to win the global market in the banking system. Pakistan is making the major part of Islamic banking as here it has won the religious opinion thus people are paving their way through this to take the advantage of easy payable loans to return the money. It helps them to make their job easy as it gives loans people to run their own business on comparatively easy terms which other banks do not. It also helps them to buy a home and gives them option to return the money in the fixed installments.
International and global community does not like the way Islamic banking operates its system. The reason behind is they are not restricted to take or pay interest by their religious sermons. So, they feel it a hassle to opt the way Islamic banking leads. Therefore, they are very comfortable with the international and usual banking systems which provide a lot of interest returns on the fixed deposits made in these banks. Another reason of its unpopularity is perhaps its long time duration payment tenure which makes people bound to the monthly installments and brings unease to them.
Islamic banking is passing through embryonic phases. It is travelling to reach at the established state where it can be successful in winning a secure part of international market as well. Islamic states also need to support this Islamic banking on their lands. The government must play an important role in making this popular in the public first and then to propose its business on the international platform. Islamic states must focus in its growth as they must have their own ways of dealing money issues.
Some people do not consider it a true way of Islamic banking and claim it to be against shriah.
Tuesday, 22 January 2013
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Saturday, 19 January 2013
Everyone wants to be popular and prestigious among people around him. All the time people try to impress others without good reasons and impose their material thoughts upon them. Most of people perform certain acts just for the sake of being noticed by others and winning their praise all the way. They try to wear different clothes and adopt modern fashions which they think make them look impressive. Apparently they get an abrupt attention but it remains a fake attitude to be admired for a long time.
What is your real worth? It will be revealed by others when you are not present. People remain observing us all the time and we cannot deny this factor yet we are also afraid being witnessed continuously. This feeling keeps us uncomfortable and we are not relaxed or at ease all the time, which is quite natural.
If we want to manage our attitude we should change from within, we have to work on our attitude. We have to behave and take actions according to our inner motives, thinking and ego. One must be strong enough to mould his or her attitude according to situations and tough times.
It is a challenging job to be performed with inner decision and if somebody tries to handle tough situations by maintaining good gestures he or she must be appreciated and recognized within the people or if somebody fails to do so, he or she may become the laughing stock for others.
If somebody behaves in a strong manner with a positive thinking no doubt he or she will earn the respect from the other people and they will start admiring and giving value as a high profile personality. The popularity may come to uplift that person in the eyes of fellow beings. This will be quite satisfying and honorable too.
So it is the attitude which becomes so important rather than adopting the latest fashion and doing certain things which can bring a change in a positive manner. Superficial activities have a very timely and temporary effect rather good and positive attitude really makes you distinguished all the way.
Saturday, 12 January 2013
Today corruption is almost world phenomenon. It is in fact, universal problem having existed in all ages. It has clung to mankind like an incurable disease. The true reason for corruption is desire to get rich by any means. In a free and competitive society, investment of capital can yield only reasonable returns in the long run. But corruption or acceptance of bribes promises rapid change in financial conditions. In a society governed by corrupt officials the whole system of moral, ethical and religious values is impaired. The distinction between right and wrong disappears.
The factors that contribute to the prevalence of corruption differ from country to country. Those that are common to most countries including Pakistan are seven. First general economic condition of the country is poor and everyone tries to feather his nest. secondly the rates of remuneration of public functionaries are low and they are tempted to accept bribes. Thirdly the general price level and the standards of living are very high and honest means of earnings fail to achieve it.. Fourthly social conditions and customs demand lavish expenditure of money. Fifthly there exists no strong opinion against corruption it has been accepted as common thing. Sixthly laws confer on the public servants vast powers and discretions. They take undue advantage of that.
To root out corruption, a complete change of the political, social and economic system is necessary. However liberal can reduce corruption. The reason is wealth targets aimed at by corrupt official are very high. The new government has to rely on permanent services for its day to day administration. It is very difficult, though not impossible to solve the difficult social problem of corruption. Lastly the punishment for corruption should be more exemplary.