With Its Long Slender Body The Snakes Probably The Funniest Shaped C Essay Example For Students

With Its Long Slender Body The Snakes Probably The Funniest Shaped C Essay With its long slender body the snakes probably the funniest shaped creature you will ever encounter. There are many points about this wonderful Reptile that make it a high asset to the world. It has been said that people are always afraid of whats different, afraid of what they dont know. Well, in less than 10 min, I promise you will know all the answers to all the questions that you have ever had about snakes. From questions like what is a Thamnophis sirtalis, to were the butt is located. First of all, lets dispel any of the rumors that are around about these guys. Despite popular belief, the snake does not swallow there young to protect them from harm the stomach would start to digest them. Snakes do not milk cows (thank goodness for the cow snakes teeth are sharp). This one came around from fear and adrenaline, but snake cannot crawl faster than a human can run. The tongue of the snake is not a stinger (though they do tickle). And, snakes are not slimy,Now that we have started uncovering the truth about these reptiles we can start at the top. In the world today there are about 2,500 known species of snakes belonging to more than 10 families. In the U.S. there are about 127 species, with 38 species found within Kansas (with 5 venomous ones). We will write a custom essay on With Its Long Slender Body The Snakes Probably The Funniest Shaped C specifically for you for only $16.38 $13.9/page Order now Most people wonder what will happen to them if they do happen to encounter a snake. Will I get bitten, is it venomous, will I die, is someone going to have to suck the poison out of there, is it trying to kill me, should I try to kill him? Allot of things are happening at this point, well more than likely the snake is just trying to defend himself. And he has all the right to do so. First of all you disrupted the snake, it did not disrupt you. How would you feel if A 5 to 6 foot thing with two legs and hair growing on it almost stepped on you and you were a only a half foot off the ground, you would be pretty scared to. More than likely the snake is a harmless one. If by chance the snake is a venomous or dangerous snake just simply stop, and walk slowly away from it. Do not threaten it or try to kill it, just back away. With all this talk about confrontation and how to avoid the snake, I would be good if I mentioned the size of what to stay on the look out for. Snakes come in all sizes from super small and sleek to large and cumbersome. Most snakes on the other hand are an average of two to eight feet. Snake have been recorded to having reached up to 36.5 feet. And there are certain breeds that are found to only grow to 1 to 1.5 feet. The diversity of snakes is almost comparable to none. The size of A snake effects the number of vertebrae that it would have. All snakes have A minimum of 100 vertebrae, some up to 400. The human body only has 32. With the ribs of a snake attached through ligaments and muscles the snake has much more allowance for movement and expandability of the ribcage. The human body is less flexible because our bones are directly connected one another. Above Right: the skeleton of a snake. Left: A snake starting its shedding, it does this by rubbing its nose against a rock or another rough surface. Some people believe that the snake is a slimy creature. This could not be any farther from the truth! The snakes skin is made out of a hard, dry material called keratin(num. 2/A). .u00f9e8549bf7fed613c896a346d5edca , .u00f9e8549bf7fed613c896a346d5edca .postImageUrl , .u00f9e8549bf7fed613c896a346d5edca .centered-text-area { min-height: 80px; position: relative; } .u00f9e8549bf7fed613c896a346d5edca , .u00f9e8549bf7fed613c896a346d5edca:hover , .u00f9e8549bf7fed613c896a346d5edca:visited , .u00f9e8549bf7fed613c896a346d5edca:active { border:0!important; } .u00f9e8549bf7fed613c896a346d5edca .clearfix:after { content: ""; display: table; clear: both; } .u00f9e8549bf7fed613c896a346d5edca { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u00f9e8549bf7fed613c896a346d5edca:active , .u00f9e8549bf7fed613c896a346d5edca:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u00f9e8549bf7fed613c896a346d5edca .centered-text-area { width: 100%; position: relative ; } .u00f9e8549bf7fed613c896a346d5edca .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u00f9e8549bf7fed613c896a346d5edca .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u00f9e8549bf7fed613c896a346d5edca .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u00f9e8549bf7fed613c896a346d5edca:hover .ctaButton { background-color: #34495E!important; } .u00f9e8549bf7fed613c896a346d5edca .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u00f9e8549bf7fed613c896a346d5edca .u00f9e8549bf7fed613c896a346d5edca-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u00f9e8549bf7fed613c896a346d5edca:after { content: ""; display: block; clear: both; } READ: Dylan Thomas EssayDepending on the snake, it can shed every 20 days to once a year(3). The reason for this is. The skin of a snake can not expand and grow with the snake as it is maturing. When they outgrow themselves they form a new skin layer and shed the old one off. Snakes do put wear and tear on the skin to at times to. So they may shed a layer even after the snake is done growing. If you look closely at a snake that is preparing to shed its skin you can tell that its color has faded and the eyes are clouded over. This is caused when the snake is growing the new layer of skin, and the older, worn layer is ready to come off. The snake will usually start to remove the skin by rubbing the nose on a rock or other rough object. When the snake is finished the outer body is completely rid of its outer layer eyes and all are replaced. The excess shedding is usually all in one piece. Have you ever wondered why a snake sticks its tongue out, is it because it thinks youre ugly? No, what its doing is smelling, and tasting at once. The snake continuously flicks out its forked tongue to collect scent particles from the air and the ground. When the tongue draws back into the mouth, the forked tips fit into cell-lined pockets in the Jacobsons organ, which detects the odors of the particles it receives. This system is keenly sensitive, and snakes rely on it to locate both mates and prey(3). Jacobsons Organ; An extrasensory organ in the roof of a snakes mouth sharpens its sense of smell. Called Jacobsons organ, it consists of two hollow, highly sensitive saclike structures. The snakes acute odor perception allows it to track both prey and potential mates. How about ears can they hear? Well, no, and yes. The snake does not have eardrums and the snake is not designed to do allot of hearing. But it is found to have low-frequency bones in their head to help sense vibrations in the water or on the ground(3). Surprisingly the snake in general has very good vision. Witch helps them to strike their prey accurately and safely. Pit vipers, boas, and pythons all use heat sensitive pits located where you would guess the nose would be located at. These pits give them the ability to sense heat waves in the air, put off by other animals. This sense is highly tuned and gives the snake the ability to pick up heat fluxuations by half a degree(4). There is a saying, slithering like a snake well, witch way? I bet most people do not know that the snake can move in more than one way. In fact there are four different ways a snake can move , serpentine locomotion, a simple crawl, is the most common and the fastest. The snake contracts its muscles to produce a series of waves in its body, pushing from the back of each wave to move forward. Snakes also use serpentine locomotion to swim. In rectilinear, or caterpillar, movement, a heavy snake uses enlarged belly scales to grip the ground. A third method in which the snake pulls itself forward by bunching and lengthening its strong muscles in a springlike manner, are useful for climbing(3). The least common kind of locomotion is that of some desert-dwelling snakes. Called sidewinding, this motion involves lifting a loop of the body clear of the ground as the snake moves sideways. Sidewinding keeps the snake from slipping in loose sand. When there is a wide variety of snake in the world, You must not be surprised that they have such a wide variety of prey. Depending on the snake they can eat anything from slugs to crocodiles. Some snakes eat eggs, they have special modified teeth for breaking the shell. most pythons when young start by feeding on small prey like rats but when they start to mature they can eat monkeys, wild pigs, and small deer. Since Snakes are carnivores, they eat anything that is roughly there size. .u9b7aa0e03a6a2c5a1708dae88fb2d638 , .u9b7aa0e03a6a2c5a1708dae88fb2d638 .postImageUrl , .u9b7aa0e03a6a2c5a1708dae88fb2d638 .centered-text-area { min-height: 80px; position: relative; } .u9b7aa0e03a6a2c5a1708dae88fb2d638 , .u9b7aa0e03a6a2c5a1708dae88fb2d638:hover , .u9b7aa0e03a6a2c5a1708dae88fb2d638:visited , .u9b7aa0e03a6a2c5a1708dae88fb2d638:active { border:0!important; } .u9b7aa0e03a6a2c5a1708dae88fb2d638 .clearfix:after { content: ""; display: table; clear: both; } .u9b7aa0e03a6a2c5a1708dae88fb2d638 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u9b7aa0e03a6a2c5a1708dae88fb2d638:active , .u9b7aa0e03a6a2c5a1708dae88fb2d638:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u9b7aa0e03a6a2c5a1708dae88fb2d638 .centered-text-area { width: 100%; position: relative ; } .u9b7aa0e03a6a2c5a1708dae88fb2d638 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u9b7aa0e03a6a2c5a1708dae88fb2d638 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u9b7aa0e03a6a2c5a1708dae88fb2d638 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u9b7aa0e03a6a2c5a1708dae88fb2d638:hover .ctaButton { background-color: #34495E!important; } .u9b7aa0e03a6a2c5a1708dae88fb2d638 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u9b7aa0e03a6a2c5a1708dae88fb2d638 .u9b7aa0e03a6a2c5a1708dae88fb2d638-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u9b7aa0e03a6a2c5a1708dae88fb2d638:after { content: ""; display: block; clear: both; } READ: Own Story EssayMost snakes are constrictors meaning that when attacking prey the snake would first bite there prey to hold it while quickly wrapping its self around the prey, squeezing the victim every time the prey exhales to take in another breath the snake constricts even more. slowly the victim dies from loss of oxygen. Or the snake is so much more powerful than its prey that is crushes its internal organs. Other methods of catching food is to inject venom into the prey. From there the venom depending on the snake will go to youre heart or the central nervous system. If the venom flows to the heart, it would be pumped throughout the body. First you will feel weak, this being a sign that youre muscles are starting to deteriorate and then the victim would die, half digested before the snake eats you. which ever one is used they will do about the same amount of harm. Caution; This is a copperhead snake, the most commonlyfound venomous snake in Kansas. Though snakes is widely misunderstood and feared. People should understand there importance in nature. To me they are a silent warrior in some respects, gone unrecognized in there vital role they play. However youre feelings are on this topic, either good or bad its youre opinion, either way I still get a good grade on this assignment! I believe Obi-Wan from Star Warssaid it well, in reference to snakes of course. You and the snake form a cymbian circle what effects one will effect the other.Its funny to me that something so feared, and hated by society is needed for our survival. BibliographyBibliographyBy Bryce Wilson1Collins, Joseph. (1998). A guide to great snakes of Kansas. Lawrence: University Press of Kansas. 2Snake quiz. (2000, April, 26), http://www.snakequiz.com/fragor1.cgi. 3Microsoft Encarta 2000 (1993-1999). . Redmond, WA: Microsoft Corporation. 4Anacondas www.wf.net/snake/anaconda.htm. 5The timber rattlesnake www.mpm.edu/collect/vertzo/herp/timber/factsne1.html.

Custom College Essay Writing

Custom College Essay Writing Custom College Essay Writing Custom College Essay Writing You may think that essays for college are very easy to write. However, good college essay writing requires many hours and even days to achieve polished results. Most of the students rush into writing without realizing that essay college of high quality cannot be written overnight by inexperienced writer. Custom written college essay is often the best solution for students who do not want to be late with paper delivery: First of all, of course, you need a good college essay topic. Probably, many of you are smiling now. However, it is true that many of our clients place custom essay order without specifying the topic. From one side, it is good for the writer as he has an opportunity to choose any topic he wants. From the other side, lack of focus may result in irrelevant paper.For example, you need a college essay for your American History class, your essay topic should be related to the American History. I would be strange to write an essay about abortion, for example. Using essay writing services, you may communicate with the writer directly and specify all questions you have. In addition, we encourage regular order progress checks and guarantee free revisions as many times as you need. College Essay Help You should also specify your field of study (subject area) within the framework of which your custom essay should be written. Sometimes it is difficult to understand what you want to be written in your college essay as instruction is limited to a couple of words. It is strongly advised to provide a detailed instruction to avoid any potential misunderstanding. For example, if the essay writing is related to a country or town and you do not specify the exact essay question, the topic is vague and unclear. Should the writer focus on what the current economic situation, history from ancient times, the socio-political situation, ethnic relations and national structure, the structure of the Earth's crust, and minerals? College essay servicesare qualitative assistance. Detailed instruction reduces the need for subsequent revision. If you are clear in your instruction, writer will be able to meet your requirements. College essays are not easy to write and not all students are able to write essays for college without professional help. We offer you an opportunity to order professional college essay writing service. Finally, we guarantee delivery before the stated deadline! Thus, it gives you additional time to ask for revision without being late with paper submission. Popular posts: Writing Essay Education Term Paper College Term Paper Analysis Term Paper Writing a Research Paper

Environmental health Epidemiology Assignment Example | Topics and Well Written Essays - 250 words - 1

Environmental health Epidemiology - Assignment Example The sources of bias that have identified in the study can substantially increase the risk of estimating appropriate value of the association prevailing between leukemia and benzene exposure. In order to effectively deal with this particular critical situation, the process of masking or blinding of each individual participants involved with the provided study will certainly aid in controlling the potential risks emerging from varied bias sources (Higgins & Green, 2011). Based on the results studied in the screening program, it can be ascertained that the calculations provide appropriate results regarding the participants who are subjected to excessive benzene exposure. According to the values identified in the aforesaid calculation, it is determined that the results significantly demonstrated the need of framing a new diagnostic test, which would enable the assessors to define appropriate outcomes. One of such outcomes can be determining the number of positive along with negative participants and the individuals who are subjected towards excessive benzene exposure. Higgins, J. P. T., & Green, S. (2011). Introduction to sources of bias in clinical trials. Retrieved from

Charlotte Beer's CEO Ogilvy and Mather Worldwide Essay - 21

Charlotte Beer's CEO Ogilvy and Mather Worldwide - Essay Example This paper illustrates that Ogilvy Mather (O&M) is one of the worldwide leading adverting agencies. When Beer took over as the new CEO and Chairman, the organization was on the verge of collapsing. Notably, the organization, there was a breakdown in communication channels, and the overall performance of the organization had significantly deteriorated. According to Beer, the efforts to restructure the organization back to its initial position were messy, painful and chaotic. While introducing the change within the management tier, the "Brand Stewardship" faced enormous challenges. Beer stewardship refers to the new agency philosophy that was intended to build brands within the organization. Sadly, the philosophy was poorly understood due to various communication shortcomings. Firstly, when Beer took over there was great excitement and a time to introduce change was ripe. In her first attempt at launching stewardship, she concentrated much on involving customers and investors. While th is could be a strategy to regain back the lost customers and invite new investors to the organization, the need to create a motivated staff should have formed the primary responsibility. In addition, customers had opted out of the organization due to inconsistency and fall in products quality. Matha & Boehm state that the standards of service are proportional to the staff capability and motivation. Certainly, the focus should have been a direct two-way communication with the employees. In addition, Beer greatest undoing was an uncertainty of who to seek help from in charting a new organization discourse. In fact, the press and companies focused on her solo effort in bringing up Beer Stewardship. Lack of teamwork and shared decision-making contributed to the slow development of the change program. In any organizational change strategy, the stakeholders must be involved in needs identification.

Negotiation strategies Assignment Example | Topics and Well Written Essays - 500 words

Negotiation strategies - Assignment Example Steve Jobs used some of these tips in his email negotiation. Steve Jobs applied the understand importance of negotiation tip. From the emails, Steve Jobs engaged into a phone call conversation without haste with Murdoch. Despite his busy schedule, he understood that some bargains are too significant to avoid. He needed all the major publishers, including Harper Collins, to show his eBooks. Further, Steve Jobs also understood the importance of caving on what he felt he required with one publisher. He as well understood that if other potential publishers found out, they would withdraw from the deal. The deal was, therefore, both important in itself and the consequence it could have on other deals. Secondly, Steve Jobs used the tip of showing both kinds of value. Jobs exhibited two different types of value while communicating to his negotiating partner via email. One of his values was positive while the other one was negative. For the positive value, he emphasized benefits that Harper Collins publisher would earn from the deal. For instance, Steve Jobs wrote on his email conversation praising Apple Company. He stated that it was the only publisher capable of during that time that could cause serious impacts despite being in a position to work with at least four of the six big publishers available and already signed up. On Jobs positive kind of value, he hands HarperCollins a tool for opposing Amazon domination of the publishing industry. However, he gives a hint claiming that should HarperCollins fail to keep with the market dynamics, its competitors may shut it down through stiff competition. Therefore, he  asks Harpers wisely to upgrade its publishing systems in order to keep up with the competition and the market demands. Finally, Steve Jobs employed the negotiation tip of laying out reality. He applies coup de grace that relates to the first tip. Steve Jobs lays

Private Universities In Egypt Media Essay

Private Universities In Egypt Media Essay There are a lot of private universities in Egypt nowadays; private universities are not controlled by the government so there have been a lot of opinions about the quality of education and the differences between the public universities and the private universities in Egypt. In this paper I will discuss those differences showing the advantages and the disadvantages of both of them. Private universities are universities that are not controlled by governments although a lot of these universities collect public funding, in particularly in the shape of tax breaks and public student scholarships. Reliant on their place, private universities may be questioned to government guidelines. Private universities match up to public universities and national universities. Universities in Egypt are mainly divided into governmentally-funded or privately funded. Schooling in Egypt is without any costs by the government and has been a vital spread good for a long time in Europe and in the United States. Affiliation is always open for private universities, in particularly in the Arab world. Private universities are Egyptian or external, and normally have a much reduced student body and with a larger amount of fees.Private universities are each strongly exceptional. From variations in syllabus and educational paradigm to objective reports, each private university generates an ambiance that is really only for it. The students, not the government are the precedence of the private university. Lecturers make the aim high at the start and students keep hopping to fulfill these aims for the rest of the 4 years. If academics and only academic is the aim throughout the university years, then go to a private university if you can. Most parents do their best in order to provide a best education and opportunity for their sons and daughters to succeed. The outcome of this is that their sons and daughters turn out to be an extremely strong participator to the public and the people. From a lot of experiences, very little matches up to the academics that are gained at a private univers ity. Education and tutoring at private universities are the importance more than the syllabus itself. The syllabus is hard and the course-work never ends, but education is main objective at private universities. It is very hard for students to work while learning at a private university because it will be impossible to keep a balance between working and succeeding at courses. Although education is very high the workload is too much and this makes it very difficult to have any external activities while studying. Moreover, the fees of private universities are very high. Therefore, if there are no financial problems then go ahead and attend a private university, but if parents cannot afford it or students will fail then you have to set your priorities first and each student has to know that they will have to work hard in order to succeed. The rest of the article will be discussing more of the pros and cons of private universities, and how they could be of a benefit and what could make parents and students hesitate and think more than once before entering a private university. Body The government and the higher education control. Private universities have become very popular over the past few years in Egypt, and the reason behind this was to reduce the load on public universities, who admit millions of students that they cannot find places for. Private universities are Egyptian or foreign, and they normally have a way reduced student body and with much more expensive fees. Earlier in 1993, there were only 2 private foreign universities that were launched many years ago. The American University in Cairo was established in 1919, and the Arab Academy. Nowadays there are 8 private universities, and there will be 3 more private universities that will be launched soon. A lot of arguments and researches have been conducted around private universities, and whether they are good or not, and if they are better than public universities or not. Many questions were asked around this topic, and a lot of results with a lot of different opinions have evolved. Many people were against private universities and with public universities, others were in favor of private universities over the public sector, and others were in support of both which found that each one has its advantages and disadvantages. Escaping from the public universities!! Since private universities have been established it was noticed that many students started to get attracted to the private sector over the public sector regarding its expensive tuition fees. Below is a table that shows a comparison between students attending public universities and private universities: Year Private Universities Public Universities 2005 40884 2212536 2004 36834 2177661 2003 30431 2083451 2002 24946 1953561 2001 16774 1790604 2000 11954 1705715 1999 6274 1688434 1998 3201 1586972 1997 1911 1471991 As we can see from the above table that there has been a great increase in the number of students who admitted for private universities. So what does private universities look like and what do they offer more than what public universities offer? This is a question that has been asked by many people. Most private universities in Egypt are either universities owned by individuals or offshore campuses of foreign universities. Private universities are not often a chief reason on making higher education international; somewhat they are locally attached organizations with their individual programs. A lot of private universities tutor religion, information technology, and business administration, and these are the most sectors that are thriving in the whole world. Challenges in the higher education in Egypt For the beginning of the evolvement of private universities, these universities have faced a lot of false impressions such as low quality of education, expensive tuition fees and so on but as time went by these false impressions just started to disappear. An idea that is commonly known within private universities is that their normal tuition fees for a student is nearly equivalent to that of public universities. This idea has been denied by a research that was not published by the Federal Department Education. Private universities leaders quarreled for a long time that in spite of their harshly expensive fees, the whole fee of tutoring a student at a private university was on an average with the similar fee of schooling at a public university, together with all funding and aids. There is no doubt that there are some private universities that have extremely expensive tuition fees, but there are still other private universities that their tuition fees are somewhat reasonable. Private universities are moving fast towards their quest of giving education to a lot of people, sideways to their strong points and their weak points. Although public universities are playing the essential part, the important influence of private universities cannot be overlooked. Private universities give education to those people who cannot take advantage from the education that is provided by the public universities. If students did not get the opportunity to study at a public university they might not study at any university or they have to go to a foreign country in order to get the education they need. Therefore, private universities prevent students from leaving the country and still maintain a good education. Moreover, private universities offer courses that are connected with the desired career and also the syllabus is renewed on a regular basis so that it will always stay up-to-date to guarantee quality. The nature of private universities is much more concentrated to the academics more than public universities. Yet, there are no political aggressions that can be noticed in the private universities. In addition, in private universities the relationship between the student and the professor is different from that in public universities. Students in private universities can talk without restrictions with their professors because the number of students is not too much, which also gives the chance for the professor to give a better education because there few students. Moreover, private universities are also making employment chances for the new teachers. Also, different activities are carried out and inspired by the students of the private universities instead of the public ones, for example sports, debates, and so on. Also private universities reduce the nightmares of registration. Because the number of students at public universities is large, students usually have to struggle with the system in order to apply or to get into the classes required for them to graduate. This will not be a problem at private universities; if you are a new student and you are trying to apply for a private university this will not be a problem because the number of students is small, therefore, making the decision for the enrollment is done by studying each case for each student alone. If you are an existing student and you are trying to register for courses for graduation, this will not be a problem either, because the number of students is not large, each student will be able to register for the required courses and all students will be able to graduate on time. Moreover, private universities provide a cozy group environment. At private universities students will get to know each other better and form intimate relationships for good. Unlike public universities, students will not be able to know each other because the number of students is very large and everyone will be busy trying to succeed instead of forming friendships. Also, students will not drop of course and they will not fall behind because if a student is facing problems, whether if they are educational problems or personal problems, professors or advisors will be able notice that and they will try to help them. Private universities provide active alumni, and because private universities have small number of students, students will be able to be a member of an alumni group for good. Because the number of students at public universities is large a student will have to be perfect and also up to standard to be able to contribute in activities such as sports, music, drama, etc. with a smaller number of students at private universities everyone will be able to participate in any activity, a student will not have to be superior in order to participate. Therefore, students will be able to get involved any activity they want. Private universities Vs. Public Universities To summarize the advantages of private universities over the public ones, private universities offer smaller class sizes. Because the university grounds are usually small in size, private universities also have small class sizes. This gives the opportunity for larger student/professor communication and a more attractive learning experience. It is uncertain that a huge lecture hall will be found on private universities grounds. Also, because the classrooms are small and the ratio of professor-to-student is small this gives a greater chance for student to interact and participate more in class. Shy students are more capable to interact in a reduced and cozy environment than a lecture hall filled with hundreds of students. Moreover, a minor collection of students will be able to have debates with higher quality and they will be able to interact better at a personal level with their lecturers and professors. Different from public universities who have large student numbers; private universities place professors in each class. Because public universities have large numbers of students professors donà ¢Ã¢â€š ¬Ã¢â€ž ¢t often go to each class, instead university courses will normally be given by professorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ assistants, or doctoral students rather than professors themselves. Therefore, private universities have smaller class sizes, they provide more participation in class, students will be able to communicate better with their professors, they will be able to get involved in activities, they will be part of an alumni community, and students will be able to live in a cozy and a family-like environment. Although private universities have a lot of advantages as we have discussed above, they still have some disadvantages. One of the most critical disadvantages and the reason that could drive many students and parents away from private universities is their tuition fees. Private universities have very expensive tuition fees, students that want to enroll at these universities must be very well off in order to be able to pay the money required. Students who will not be able to pay the tuition fees will have to follow scholarships and financial aid forms. Also if students who could not afford the fees and want to attend these universities will have to take a weighty student loan debt, which is a major disadvantage because beginning your years with weighty loans can be quite a huge load. Another disadvantage is that private universities provide narrow graduate programs. For students who wish to continue a graduate or a doctoral degree, a lot of private universities will not provide any postgraduate degree, they only provide baccalaureate degree. Any students wishing to continue postgraduate studies will have to go and attend a public university. Moreover, private universities have very narrow major offerings. Because private universities are small, they do not provide different majors. The varieties of majors are only available at public universities because they are large and a lot of students enroll at these universities. In addition, private universities have fewer departments with not so much professors or courses that are offered. Conclusion Private universities have become very popular today, and many parents and students prefer to enroll at a private university today over public universities. Private universities has many advantages, which are that private universities provide education to those who cannot benefit from the education that is been provided by public universities. Private universities offer courses that are connected with the desired career, syllabus is always up-to-date, no political aggressions is found at private universities, and students and professors have a more open relationship, they both can talk freely with no restrictions. Moreover, private universities reduce the nightmares of registration, they provide a cozy group environment, and students at private universities will be sure to be members of active alumni. Although private universities have a lot of advantages, they still have their disadvantages which are expensive tuition fees, they provide narrow graduate programs, and they provide narrow major offerings.

The Idea Of Romantic Love Essay -- essays research papers

We are brought up on romantic love. Is this true in your experience? If so write a paper on which you first define this amorphous concept and then discuss how you came about it. For eg. Have you been influenced by media, T.V., movies in particular. Conclude by stating whether you believe in romantic love or have cast of the idea. â€Å"I don’t care what you think, when he comes I’ll leave and won’t even turn back and look at you, he’ll love me, he won’t be like you†¦Ã¢â‚¬  Words spoken by me when I was barely 10 years of age. I was addressing my mother after we’d had an argument and referring to the arrival of my prince charming who would understand all my dilemmas and make life ‘heaven’ for me. Such is the perception of romantic love that I formed ever since I began to realize the dynamics of the relationship between a man and woman. It is what is fed to us through nursery rhymes, and fairytales and it is a world that we do not wish to leave for fear of abandonment and loneliness. As we progress through life we are constantly exposed to the likes of television serials, movies and of course ‘mills & boon’ romances, all aimed at reinforcing the very first impressions of bliss that we formed with regard to the loved one and love life in general. Infact, falling in love with a handsome young prince and galloping away with him into a hazy, peach orange sunset, is a romantic concept that most young girls, irrespective of race or background, embrace and ultimately grow up to anticipate. They are taught that it is a magical paradise where they will have all of their needs met - and live happily-ever-after. They are taught that getting the romance is the goal and that after that everything is smooth sailing. Romantic love is thus an emotion surrounded by myths and metaphors, motivated by false hopes and the desire for a guarantee that somehow, a miserable life can be turned into happiness at a single stroke. Obviously that is not how it works in reality. Robert Solomon once remarked, â€Å"Love has become an obscure ideal, like TV ads, full of promise of something fabulous yet to come, hinted at but never spoken of as such.† We are told that we can we are in love by the we feel; the giddy disorientation, shaky, shivering hands, and your heart leaping within you. Unfortunately, these are also the warning signs of dengue fever, so it’s always a good idea to check with your do... ... romantic feelings to emerge before they initiate romantic activities. But it works the other way around! I personally would not cast of the idea of ‘romantic love’ as such because I believe that romantic love is powerful, but at the same time it is not omnipotent. Doubts, fears, insecurities, weak self-esteem, and silence can prevent its achievement. The problem lies not in the concept of romantic love but in the impossible demands made in its name. To be love is to realize that in the authentic relationship each person stands by his own perceptions. Sometimes its okay to go by the clichà ©s, which facilitate togetherness, but if it becomes permanent, communication is cancelled, and one is left with a low sense of oneself. The essence of true love can infact be compared to gift giving. The immeasurability of gift-giving, its wearying effects on the spirit when not reciprocated, can leave a person open to a tremendous sense of disappointment. This is just one of the risks a creative spirit takes in the world. Pursuing and maintaining romantic love is a risk too, but it is a wonderful risk, and it is the heavy price one might pay for it, that makes it so valuable in the first place.

High Blood Pressure Project

Blood pressure is determined by the amount of blood your heart pumps and the amount of resistance to blood flow in your arteries. The more blood your he t pumps and the narrower your arteries, the higher your blood pressure. Hypertension can continue for years without any symptoms. Even without sys MOTOS, damage to blood vessels and the heart continues and can be detected. Once trolled high blood pressure increases the risk Of serious health problems, including h earth attack and stroke. . Define symptoms Most people with high blood pressure have no signs or symptoms, even if blob odd pressure readings reach dangerously high levels. Although a few people with relegates high blood pressure may have dull he dachas, size spells or a few more nosebleeds than normal, these signs and symptom s usually don't occur until high blood pressure has reached a severe or alphabetizing stage. 3. Define cause There are two types of high blood pressure.Primary (Essential) Hypertension For most adults, there's no identifiable cause of high blood pressure. This type of high blood pressure, called essential hypertension or primary hypertension , tends to develop gradually over many years. Secondary Hypertension Some people have high blood pressure caused by an underlying condition. This type of high blood pressure, called secondary hypertension, tends to appear suddenly and cause higher blood pressure than does primary hypertension.Various conditions and medications can lead to secondary hypertension, including: ; Kidney problems ; Adrenal gland tumors ; Thyroid problems ; Certain defects in blood vessels you're born with (congenital) ; Certain medications, such as birth control pills, cold remedies, decongestants, overcorrection pain relievers and some prescription drugs ; Illegal drugs, such as cocaine and amphetamines ; Alcohol abuse or chronic alcohol use ; Obstructive sleep apneas 4. Define western medicine approach (medication, services) Lifestyle can go a long way toward con trolling high blood pressure.The doctor r may recommend a healthy diet with less salt, regular exercise, quitting smoking, a ND losing weight. In addition to lifestyle changes, the doctor may recommend medication to low ere blood pressure. Medications to treat hypertension include: Ethicize diuretics Beta blockers Unconventionality's enzyme (ACE) inhibitors Negotiations II receptor blockers (Arabs) Calcium channel blockers Rennin inhibitors Alpha blockers Alphabet blockers Centralizing agents Vacillators Lodestone antagonists 5. Explain medical professionals involved Internists and family practice physicians often treat patients with high blood p reassure.Internists-?also called internal medicine physicians-?have training and expertise in the diagnosis and treatment of adult diseases. Family physicians focus on preventing diagnosing, and treating disease in people of all ages.

Islamic Banking

Islamic Banking In simple terms, Islamic banking is a banking system that functions according to the guidelines laid down by the Shariah (Islamic law). â€Å"Islamic banking is banking based on Islamic law (Shariah). It follows the Shariah, called fiqh muamalat (Islamic rules on transactions). The rules and practices of fiqh muamalat were incorporated from the Quran, the Sunnah and other secondary sources of Islamic law† (Banking Info par.1).Advertising We will write a custom assessment sample on Islamic Banking specifically for you for only $16.05 $11/page Learn More There are two basic principles on which the whole Islamic banking is based on. The first one is that in a partnership firm if the partners are ready to share the profits they should be ready to share the losses as well. In Islamic terms, this principle is called Mudharabah. The second principle prohibits the account holders to either pay or receive interest (Riba) on money borrowed or lent respectively. The Islamic banks also follow these principles in their own transactions. One might think that if no interest is to be given or taken then how the Islamic banking functions. Well, for this problem there is a solution in the Islamic banking system that the borrower can pay an amount (as agreed upon by the two parties) to the lender as a benefit. Now, since the Islamic banking is based on the Shariah, all the transactions are bound to follow the Islamic moral codes of conduct. As such, there is a prohibition to investments or doing businesses engaged in intoxicating products such as alcohol, games such as gambling and foods such as pork. Historical context of islamic banking The past of Islamic banking may be better understood if it is explained in two different parts; first, when there was only the idea of an interest-free banking and second, when the idea was conceived into being by some private inventiveness is some nations and by the government initiative in some others. The earl ier scholars (in 1950s) promoted the idea of interest free banking and called it the Islamic banking system. The ensuing two decades witnessed further interest among people towards this kind of banking. The advent of 1970s witnessed the participation of institutions in this sector. â€Å"Conference of the Finance Ministers of the Islamic Countries was held. The involvement of institutions and government led to the application of theory to practice and resulted in the establishment of the Islamic banks† (Hannan par. 10). Owing to the efforts of the conference attendees, Islamic Development Bank (IDB) came into being in the year 1975.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More ‘The Islamic Banker’ claims that, â€Å"The first model of Islamic banking system came into picture in 1963 in Egypt. Ahmad Al Najjar was the chief founder of this bank and the k ey features were profit sharing on the non-interest based philosophy of the Islamic Shariah† (The Islamic Banker par. 3). Also, â€Å"In 1974, the Organization of Islamic Countries (OIC) had established the first Islamic bank called the Islamic Development Bank (IDB). The basic business model of this bank was based on providing financial assistance and support on profit sharing basis† (The Islamic Banker par. 3). It further claims that, â€Å"By the end of 1970, several Islamic banking systems had been established throughout the Muslim world, including the first private commercial bank in Dubai (1975), the Bahrain Islamic Bank (1979) and the Faisal Islamic Bank of Sudan (1977)† (The Islamic Banker par. 4). 1963-75 1983-84 1985-89 1991-2005 2005 onwards First Islamic bank came into picture in 1963 Iran introduced 100% Islamic banking system In 1985, Fiqh council declared Islamic insurance as Shariah compliant Accounting Auditing Organization for Islamic Fina ncial Institutions (AAOIFI) and Islamic Financial Service Board (IFSB) are established in Malaysia for establishing standards Islamic finance is posting double digit growth at global world. The first private Islamic commercial bank, Dubai Islamic Bank, was launched in 1975 Sudan also launched it in the country In 1989, Sudan introduced 100% Islamic banking Table 1: Brief history of Islamic banking Source: www.shariah-fortune.com Table 2: Detailed history of Islamic banking, Source: (Ariff and Munawar 75). The basis of islamic banking and its organs As mentioned earlier in the paper, Islamic banking is based on the principles laid down in the Shariah. The two main pillars of Islamic banking are profit sharing and taking or giving no interest. The process is very simple that a person deposits his/her money in an Islamic bank and the bank in turn gives an assurance of returning the money when required.Advertising We will write a custom assessment sample on Islamic Banki ng specifically for you for only $16.05 $11/page Learn More The depositor can withdraw his/her money from the bank whenever required (within the working hours of the bank). But since nowadays there are ATMs all over, money can be withdrawn whenever required. In lieu of offering services to their clients, Islamic banks charge a certain amount as fee and if the bank considers it feasible the depositors may be offered gift (Hibah) as well. Following are the different organs of Islamic banking: Mudharabah or the profit sharing system. Mudharabah is basically a banking system that involves sharing of profit between two entities. In these two entities, one is the bank and the other may be either an investor or a borrower. There are two ways in which the transaction is carried out. In the first method, the bank acts as an entrepreneur and accepts investment from an investor. In the second method, the bank acts as a lender and lends money to a borrower. In both the cases, the ratio of profit sharing is fixed prior to the commencement of the banking relation or transaction. â€Å"Losses suffered shall be borne by the capital provider† (Banking Info p. 6). Following is a flow chart that depicts the Mudharabah or the profit sharing system followed by Islamic banks: Figure 1: Functioning of Islamic banks Source: www.bankinginfo.com Deferred payment sale system or Bai’ Bithaman Ajil (BBA). Under this system, the buyer of any goods sells the goods and then pays the seller the amount including a pre-decided profit margin. This amount may be paid either as a total amount or in instalments, whatever has been agreed upon. The actual practice is that an entity identifies the goods to be purchased and the bank is requested for a BBA (Bai’ Bithaman Ajil) or deferred payment sale.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The entity assures the bank to buy back the goods from the bank at an increased value. The bank in turn buys the goods and pays the seller. Now the bank is the owner of the goods. Reasonable profit (as agreed upon with the entity) is added to the cost of the goods and the goods are then sold to the entity. Now the entity is the owner of those goods and pays the bank in instalments within a stipulated time frame. Following is a flow chart of the deferred payment sale system followed by Islamic banks: Figure 2: Deferred payment sale system Source: www.bankinginfo.com Murabahah or the cost plus system. We have seen that in BBA, the price at which the bank sells the goods to the entity is inclusive of a mutually pre-decided profit margin. But according to the Murabahah system, the seller (bank) has to make the buyer aware of the actual cost of the goods and the profit added to the cost. This has to be done at the time of making the agreement. Musyarakah or the joint venture system. The Musyarakah system deals with the partnerships or joint ventures. Joint ventures are done in order to make profit but there are times when the joint venture has to face losses. In joint ventures, the parties involved invest in some proportion. The profits in a joint venture need not be shared according to this proportion but the profit sharing proportion can be different and pre-decided. On the contrary, in case of losses, the losses have to borne by the parties involves according to the proportion of their investments. Ijarah Thumma Bai’ or hire purchase system. The Ijarah Thumma Bai’ system usually refers to consumer goods financing, vehicles more commonly. This system involves two different contracts; Ijarah and Bai’. The Ijarah contract is for leasing and renting and the Bai’ contract is for purchasing. Following is a flow chart that depicts the system of Ijarah Thumma Bai’: Figure 3: Ijarah Thumma Bai’ system Source: www.bankinginfo.co m Wakalah or the power of attorney system. The Wakalah system refers to an agency of any product or service in which the agency charges a pre-decided fee for the services being rendered. The agency acts as an agent of the principal party for performing explicit jobs. Qard or interest free loan. The Qard system refers to the loan given by any lender for a specific duration to the borrower without any interest being charged. The borrower has to repay the loan amount within the specified time frame. Even though there is no interest levied in this kind of ending, the borrower can pay to the lender any amount of his/her will but there is no compulsion. Hibah or the gift system. In Hibah system, any entity that has been benefitted from another person or a body may pay to that person or body any amount as a token of gratitude. The following table depicts the principles followed by some of the major countries where Islamic banks function: Country Category Profit and loss sharing syste m Fees or charge based system Fees services system Ancillary system Bahrain Musharaka Morabaha Commission Service charges Qard Hassan Bangladesh Al-Mudaraba Musharaka Bai-Mua’zzal Bai-salam Hire-purchase Ijara Murabaha Commission Service charges Qurd-e-Hasana wadiah Iran Civil partnership Legal partnership Direct investment Modorabah Mozaarah mosaqat Forward delivery Transaction Investment sales Jo’alah Debt trading Hire-purchase Qard-al-Asanah Jordan Mudaraba musharaka Morabaha Commission Service charges Al-qird Al-hassan Wadiah Kuwait Mudaraba Musharaka Morabaha Commission Service charges Istisna leasing Qard-Hassan Malaysia Al-Mudharabah Al-Musyarakah Al-Murabahah Bai-Bithaman Ajil Bai Al-Dayn Al-Ijarah Al-Ijarah Thumma Al-Bai Al-Wakalah Al-Kafalah Al-Hiwalah Al-Ujr Al-Qardhul Hasan Ar-Rahn Al-Wadiah Yad dhamanah Pakistan Mushrika Equity participation and purchase of share Participation term certificate (PTC) Modarabah certificate Rent sharing Mark- up purchase of trade bills Buy-back arrangement Leasing Hire-Purchase Development charges Loan with service charges Qard-e-Hasna Sudan Mudaraba Musharaka Morabaha Ijara Commission Service charges Qard Hassan Tunisia Mudaraba Musharaka Morabaha Taajir Commission Instalment sales Interest free Turkey Mudaraba Musharaka Morabaha Ijara Irara Wa-Iktina Commission Service charges Interest free trust UAE Mudaraba Musharaka Morabahat Service charges Qard Hassan Table 3: Islamic banking principles in different countries Source: as cited at http://islamiccenter.kau.edu.sa Legal and illegal banking practices based in islamic banking Except Sudan, Iran and Malaysia, there are no other countries where Islamic banks have legal cover. â€Å"In general, legislative needs for Islamic banking can be minimized by legislating the Shariah principles and the Shariah restrictions for contracts while leaving practical details for adjudication by the courts† (Tahir p. 8). Tahir further suggests that, â€Å"Registration requirements associated with agreements need to be simplified as the associated costs may impede lease financing. There is also need for special legal cover in order to facilitate and implement Musharakah (partnership) agreements by Islamic banks† (Tahir p. 8). Since the Islamic banking system is governed by the Shariah, the framework is different from the non-Islamic or conventional banks. Since the Islamic banks follow the no-interest policy, the documentation of financial instruments is totally different and as such they cannot be compatible with the non-Islamic banks. The need of the hour is that the governments of countries where Islamic banks are functioning should come out with some legal cover for the Islamic banks in order to make the Islamic banks more sustainable. Only then the Islamic banks will be able to function worldwide. But as a matter of fact, Islamic banks have improved their standards during the years. Anees Sultan claim s that, â€Å"Investments into some Islamic funds are not always 100 percent ‘Islamic’. Some of the terms under which some funds operate state that interest income shall constitute less than a certain percentage of total income, but some interest income is accepted† (Sultan par. 6). One might wonder that if interest is prohibited in Islam, how such instances are occurring. The board members of the Shariah are paid compensation for favouring judgements (Sultan par. 7). â€Å"Also consider the word Sukuk – now used to describe Islamic structured bonds. The word itself has nothing Islamic or religious about it; it is simply Arabic for a promissory note. Likewise, both Murabah and Takaful are just Arabic nouns for various commercial or social activities† (Sultan par. 7). Another action of the Islamic banks that raise eyebrows is their dealings with the commercial or conventional banks. There are some conventional banks that have started Islamic banking branches and in these branches, conventional banking products as well as Islamic banking products are being offered. Now how can one believe that the transactions in such banks would be interest-free? Comparison of islamic banking and conventional banking In some countries, due to the cosmopolitan nature, there are Islamic banks as well conventional banks. These banks perform all the financial transactions as may be expected from a financial institution. The Islamic Financial Institutions support the world economy by providing all the required services. The basic concept of Islamic banks and conventional banks is the same. Both are engaged in providing their customers banking products such as saving and current accounts, fund transfer, safety lockers, international trading, etc. Islamic banks don’t have any objection in performing such tasks because they are not against the Shariah. The main difference between Islamic banks and conventional banks exists in the manner in which funds are mobilized in Islamic banks and conventional banks. By mobilizing funds it is meant the investments and loan disbursements. For the purpose of comparison of conventional banking system and Islamic banking system, we have considered the following two banks: Faysal Bank as the conventional bank and Meezan Bank as the Islamic bank. Faysal Bank First let us know about Faysal Bank. â€Å"Faysal Bank Limited was incorporated in Pakistan on October 3, 1994, as a public limited company under the Companies Ordinance, 1984† (Faysal Bank). The bank is presently engaged in commercial activities and banking products such as deposit accounts, vehicle loans, loans on property, etc. Vision of Faysal Bank: â€Å"Excellence in all that we do† (Faysal Bank). Mission of Faysal Bank: â€Å"Achieve leadership in providing financial services in chosen markets through innovation† (Faysal Bank). Meezan Bank Talking of Meezan Bank, â€Å"Meezan bank Limited, a publicly listed company, is the first and largest Islamic Bank in Pakistan and one of the fastest growing banks in the history of banking sector of the country† (Meezan Bank). Vision of Meezan Bank: â€Å"Establish Islamic banking as banking of first choice to facilitate the implementation of an equitable economic system, providing a strong foundation for establishing a fair and just society for mankind† (Meezan Bank). Mission of Meezan Bank: â€Å"To be a premier Islamic bank, offering a one-stop for innovative value-added products and services to our customers within the bounds of Shariah, while optimizing the stakeholders’ value through an organizational culture† (Meezan Bank). In order to compare the products of both the banks, the following table will be helpful: Meezan Bank Faysal Bank Current account Current account Riba free current account Faysal Sahulat Savings account Savings account Riba free – Rupee saving account Faysal savings acco unt Riba free – dollar saving account FCY saving plus Meezan Bachat account Faysal Mahfooz Sarmaya Meezan Business Plus account Faysal Premium Karobari Munafa account Faysal Moavin Labbaik Saving Aasaan Faysal Market link Rozana munafa plus account Consumer financing Consumer financing Car Ijarah – Islamic Auto finance Faysal Car Finance Easy home – Islamic Housing finance Faysal Home finance Faysal personal finance Faysal Khushaal Kisaan scheme Table 4: Banking instruments of Meezan Bank and Faysal Bank Source: www.scribd.com Now we shall study these different instruments separately. Current accounts: This kind of account is generally for business owners. They may deposit or withdraw amount as many times as they want. But a certain charge is levied on the transactions. Let us now compare the current accounts of the two banks in question: Meezan Bank – Riba free Faysal Bank – Faysal Sahulat Thi s account is preferred by people who want to do banking according to the Shariah and at the same time want to have easy access to their accounts. The minimum balance required for this account is Rs.10000 and has no limit on the number of transactions. The main feature include: Free online access or at any Meezan Bank branch No limit on the number of transactions If a customer maintains an average monthly balance of Rs.1, 000,000, he/she can get free cheque books, pay orders and debit card. The minimum balance in this account is Rs.5000 and as in Meezan Bank, there is no limit to the number of transactions. The main features of this account are: Free online access or at any Faysal Bank branch No limit on the number of transactions If a customer maintains an average monthly balance of Rs.500, 000, he/she can get free cheque books, pay orders and debit card. It may be noted that most of the conditions are same in the current account of both the banks except the minimum balance. Table 5: Current account features of Meezan Bank and Faysal Bank Savings account: Unlike current account, saving account can be opened by individuals and not business organizations. Saving bank offers some interest or profit to the account holder. This kind of account is the most preferred one by people of all genders and age groups because of its simplicity and easy access. Let us now understand the various features of different kinds of saving accounts being offered by the two banks: Meezan Bank Faysal Bank Rupee saving account – Riba free: Following are the main features : Minimum balance is Rs.10,000 Account opened as per Musharakah system Profit calculated and paid on monthly basis An average monthly balance of Rs.10, 000 is a must to avail the benefits. Faysal savings account: Following are the main features: Minimum balance is Rs. 10, 000 Profit calculated on monthly basis but paid twice a year. Meezan Bachat account – Riba free: Following are t he salient features: Based on Mudarabah system High monthly returns Savings may be withdrawn whenever required The least balance required is Rs. 25, 000 Profit is credited on once in a month. Profit given even if the balance is below the balance requirements. Maximum balance limit is Rs.1,000,000 Rozana Munafa Plus: Following are the salient features: Interest calculated on the basis of balance at the end of the day Interest credited on a monthly basis Minimum balance is Rs.100, 000 for individuals Rs.500, 000 for businesses. It may be noted that there are various kinds of saving accounts with both the banks. The reason is that since saving account is a very popular form of accounting among the people and some profit is given to the customers on maintaining credit balance. The income from Meezan Bank saving account is totally Halaal whereas in the case of Faysal Bank it is Haraam as per Shariah. Table 6: Saving account features of Meezan Bank and Faysal Bank Consumer Fin ancing: As the name suggests this kind of financing is for customers who want to purchase some consumer goods. Such goods may include vehicle loan, credit cards, etc. Let us now understand the salient features of this kind of banking instrument in both the banks: Meezan Bank Faysal Bank The salient features include: The amount of financing is on the higher side If the loan is against property (mortgage), then finance is provided to the maximum possible Customers are allowed to make prepayments Nominal processing fees As the instalments are paid, the rental amount keeps on decreasing The salient features include: The limit of financing is up to 80% Financing tenure may be 20 years The processing of loan applications is fast Nominal processing fees The loan may be further enhanced It may be noted that while dealing with loans, Meezan Bank adheres to the guidelines of Shariah whereas, Faysal Bank performs the transactions in a typical conventional banking manner. It is not eworthy that while in Meezan Bank the financing is done on rental basis Faysal Bank charges interest on the landings. Also, Meezan Bank offers only vehicle finance and home finance whereas Faysal Bank offers vehicle finance, home finance, agriculture finance and personal finance. Table 7: Salient features of saving account of Meezan Bank and Faysal Bank The table below will further make us understand the differences between conventional banks and Islamic banks: Conventional banks Islamic banks Conventional banks have been the brain child of human beings and as such their principles and method of working is also manmade. Islamic banks are based on the guidelines of the Sharia and as such there is no interference of human beings in the basic principles of working. In conventional banking the interest rates on investments and loans is always pre-decided and the investor or borrower is aware of the outcome. Sharia law doesn’t allow taking or giving interest. The benefit s on deposits are based on the profit earned from the investment. The lender and borrower are both partners in the venture and have a mutual understanding and bonding of sharing the risks involved. The conventional banks may go to any extent in order to make more profit out of their investments. There are no restrictions on the method they adopt. Even though Islamic banks also try to get maximum benefit or profit out of their investment, they cannot adopt any means that they want. Their actions are governed by the Sharia law and they have to abide by them. Conventional banks do not transact in Zakaat. Islamic banks are service oriented and following the Sharia law, they help people by collecting Zakaat and disbursing the same to the needy persons. Most of the Islamic banks have opened Zakaat collection centres for the trouble-free depositing of Zakaat by people. Islamic banks pay their Zakaat as well. Conventional banks’ main business is earning from the loans to borrow ers. These banks charge compound interest on the loans to borrowers. Islamic banks also give out loans but as per Sharia law, they don’t charge any interest on the loan amount. Instead, they become partners in the business of the borrower. This is the reason that Islamic bank professionals make a viability study of the business that they propose to finance. Loan defaulters are dealt with very severely in conventional banking system. The bank has the right to charge penalty on the overdue amount. They can even charge compound interest on the overdue interest amount. Islamic banks do not have the right to charge any interest from loan defaulters. This is because of the Sharia guidelines. But they can charge some sort of penalty. Such penalties are not kept by the Islamic banks as their profit. This amount is given away as charity to the needy. It is possible at times those Islamic banks may give some discount in case of early payment. In conventional banking, not much impor tance is given to growth and equity. In Islamic banks people’s stake is considered to a great extent. So here the main criterion is to guarantee growth along with equity. There are times when even banks fall short of funds. This happens when some deposits are withdrawn by customers on maturity or even before that. In such circumstances, it is easier for the conventional banks to borrow funds from other banks on interest basis. In circumstances of shortage of funds, Islamic banks do not have the liberty to borrow from any conventional bank. they can borrow money only from Islamic banks and that too as per the guidelines of Sharia law. Since the rate of interest for loans and advances and deposits is always predetermined, the conventional banks do not take much interest in the project that has been financed. The project report is immaterial for them. On the contrary, since Islamic banks become partners with their customers, they thoroughly check the project report and study the viability of the project before lending money. Even after lending the money, they keep a close watch on the performance of the project. In conventional banks the credit-worthiness of customers is very important. On the contrary, Islamic banks give more importance to the projects and their feasibility. Customers’ credit-worthiness is also important but not to the extent of project viability. In conventional banks, the banks are either creditors or debtors with respect to their customers. This is the only relation that they have with their customers. In Islamic banks, customers are not simply creditors or debtors. They are actually treated as partners. Table 8: Salient features of conventional banks and Islamic banks Source: www.scribd.com In addition to the aforementioned points, the statement of the financial positions of Meezan Bank and Faysal Bank are at Appendices 1 and 2 respectively. Instruments of islamic banking Deposits Islamic banks as well as conventiona l banks accept deposits but the difference is in the manner of return on the deposits. While in conventional banking system, the return on deposits is predetermined, in Islamic banks it is according to the Musharaka and/or Mudaraba system. The return on deposits in Islamic banking system is not fixed. Another difference between these two banking systems is that while in conventional banking system the risk is borne by the bank, in Islamic banking system, the risk and reward are both shared by the bank and the investor. In conventional banking, since the return on deposits is predetermined, any excess benefit out of the deposits is for the bank. However, there is a similarity between the two kinds of banking system that for long term deposits the return is higher and for short term deposits, the return is lower. Investments Financing Both the conventional and Islamic banking systems offer loans or credits to business organizations. This is done in order to gain some profit out of th e credit facility being provided. But there is a difference in the terms and conditions of financing in both these kinds of banking systems. Conventional banks disburse loans at a predetermined rate of interest but since the interest is involved, the Islamic banks cannot do so. But it’s not that the Islamic banks don’t offer loans. They do offer loans but then there is no interest factor; the loans are interest free (Qarz-e-Hasna). In Islamic banks loans are given under the profit sharing system. Overdrafts and Credit cards In conventional banking system, the customers are allowed to withdraw cash from their overdraft account or the credit cards. Credit cards may be used either for purchasing goods or for withdrawing cash. The conventional banks charge interest on the amount used under these two schemes. On the other hand, in Islamic banks there is no credit card. The customers of Islamic banks are offered debit cards whereby they can purchase goods or withdraw cash pr ovided there is sufficient credit balance in their accounts. However, Islamic banks do offer credit but that is under the Murabaha system wherein although there is no interest factor but profit margin is added to the amount to be returned. In case of default by the customers to repay the credit availed, conventional banks charge extra amount (penalty) whereas in Islamic banks this is not the case. The defaulters have to make another agreement with the conventional banks for the repayment of the overdue amount with penalty but in Islamic banks this is not possible. In Islamic banks, even if there is any defaulter, the bank cannot charge any excess amount other than the original amount that was utilized by the customer. The only thing that Islamic banks can do in such cases is to blacklist the defaulter and abstain from lending any further credit facility to that particular customer. Leasing Leasing is a banking instrument wherein the Lessee is allowed to use the facility or product f or a predetermined rent. The ownership in such cases may or may not be transferred to the lessee. In Islamic banking system, this is done under the Ijara system. Under Ijara, the ownership is not transferred to the lessee unless the lease term is completed. In Islamic banking system there are certain rules pertaining to Ijara that the banks have to abide by. Firstly, the rent is applicable only after the lessee gets custody of the asset. Secondly, in case of default in rent payment, the banks cannot charge any extra rent but a penalty may be imposed. This penalty cannot be kept by the banks as their profit but it has to be given to some charity. Thirdly, in case there is any major repair required or is going on the banks cannot claim the rent. And lastly, in case of lost of asset, the Islamic banks cannot claim the remaining instalments. It means that the Islamic banks have to bear the ownership risks. Agriculture loans Agriculture loan is of two kinds; short-term and long-term. Sho rt term agriculture loans are required by farmers in order to purchase seeds, fertilizers, etc. The long-term agriculture loans are meant for expansion, purchase of irrigation equipments, etc. It is a usual practice of farmers to return the loan amount once their crops are sold. The conventional banks charge some predetermined interest on the extended loan facility. In Islamic banks, there are different systems for different purposes. For purchasing seeds, fertilizers, banks offer credit to farmers in return of the crops. This is called the Bai Salam system wherein the farmers have to give the agreed quantity of crops to the banks in lieu of the credit facility availed by them. The Murabaha system is for extending credit facility for the purchase of irrigation equipments. For expansion or purchase of further land, the Musharaka and Mudaraba systems come into effect. But in order to avail all these facilities from an Islamic bank, the farmers have to convince the bankers on the viabi lity and profitability of their farming venture. Housing finance Housing finance is the best form of financing for any financial institution whether it is a conventional bank or an Islamic bank. But as mentioned earlier, there is a difference in the terms and conditions of financing in both the banking systems. In conventional banking system, housing loan is offered on a predetermined interest rate whereas in Islamic banks the housing finance is offered according to the reducing Musharaka system. Under the reducing Musharaka system, the house to be financed is purchased by the bank and the customer as joint owners. The bank then offers its share in the property to the customer for a predetermined rent. The share amount of the bank is segmented into small amounts and the customer has to pay this amount along with the rent to the bank as instalments. As the customer keeps on paying the instalments, his/her share or stake in the house keeps on increasing while that of the bank keeps on decreasing. When the last instalment is also cleared by the customer, the bank has no claim over the house and the ownership of the house is transferred to the customer. The good thing (beneficial for the customer) in house financing according to the reducing Musharaka system is that if by chance there is any devaluation of the property, the customer doesn’t have to bear the brunt alone. The bank will also share the loss according to its share in investment. Advantages and disadvantages of islamic banking The following table depicts the advantages and disadvantages of Islamic banking: Advantages Disadvantages The most important advantage in Islamic banking is that there is risk sharing between the bank and the customer. Businesses dealing in products and/or services that are considered Haram in Islam are not dealt with. More importance is given to productivity instead of credit worthiness. Since interest is also Haram, Islamic banks cannot lend money to other banks. T hey cannot also borrow money from other banks because it involves interest. No interest is charged on loans. Since no penalty is levied on defaulters, the banks are at a loss. Deals with only those businesses that are within the permissible limits of the Shariah law. Exporters have to suffer because in Islamic banks, forward booking of currency is not allowed and in case of devaluation of currency, the exporters end up in loss. Since the loans and advances are done on a profit sharing basis, there are a number of ways in which the agreement can be made. So there is no set standard of format. On the Islamic banks’ part, they have to be satisfied with a very nominal amount on bills discounted by them. The banking transactions in Islamic banks are governed by moral standards that have been laid down by the Shariah. Islamic banks always try to get better deals for their customers’ investment because they want to give them better profit on their investments so th at more customers are attracted towards the banks. In this competition banks try to outperform each other and the ultimate beneficiary is the customer. Table 9: Advantages and disadvantages of Islamic banking Economic crisis and islamic banking The economic crisis has turned out to be disastrous for the financial sector. Banks have started to abstain from lending. This has increased the borrowing rate. â€Å"The value of bonds issued worldwide against mortgages, for example, crashed from $1.9 billion for the year to $500 million in the year 2008†. (Hassan par. 3). The third world countries were the most affected since they had drawn inspiration from the idea of free market. This situation was mostly limited to the conventional banking sector. The Islamic banking sector was not affected much. The reason was that Islamic banks function on a partnership basis with their customers. â€Å"The Islamic economic and financial system is based on a set of values, ideals and morals , such as honesty, credibility, transparency, clear evidence, facilitation, co-operation, complementarities and solidarity† (Hassan p. 4). Such moral conducts provide protection, constancy and protection to the parties involved in the transactions. Also, as per the Shariah, taking or giving interest is not allowed. Also businesses such as gambling are prohibited. All such factors have made the Islamic banking system a reliable source for making financial transactions. â€Å"Beginning in 1998 and 1999, the bank failure rate began to climb again, with a failure rate accelerating in 2008, 2009, and 2012. In 2008, 25 banks were closed. This number jumped to 140 bank failures in 2009† (Amran p. 8). The following two tables will further make us understand the effect of the financial crisis on Islamic banks and conventional banks: Ratios Before crisis During crisis Before crisis During crisis Before crisis During crisis Capital Adequacy Ratio (CAR) Return on Average Ass ets (ROAA) Return on Average Equity (ROAE) Mean 21.075 17.91667 2.996 3.0875 25.296 14.965 t-test 2.3563 -0.073 5.399 p-value 0.01903 0.4715 0.000108 t critical (one tail) 1.7958 1.7958 1.7958 Liquid Assets / Total Assets (LA/TA) Cost to Income Ratio (CTI) Equity / Total Assets (E/TA) Mean 26.7 22.29 36.616 38.9 16.35 13.79 t-test 1.3172 -1.00125 2.6883 p-value 0.107265 0.1691 0.01054 t critical (one tail) 1.7958 1.7958 1.7958 Table 10: Capital Adequacy Ratio (CAR) of Islamic banks before and during the financial crisis Source: www.businessperspectives.org Ratios Before crisis During crisis Before crisis During crisis Before crisis During crisis Capital Adequacy Ratio (CAR) Return on Average Assets (ROAA) Return on Average Equity (ROAE) Mean 15.275 15.325 2.348 1.169 17.77 7.2025 t-test -0.0529 3.648 2.619 p-value 0.479 0.001915 0.0119 t critical (one tail) 1.7958 1.7958 1.7958 Liquid Assets / Total Assets (LA/ TA) Cost to Income Ratio (CTI) Equity / Total Assets (E/TA) Mean 24.7 20.08 34.30 35.876 12.17 12.46 t-test 2.256 -0.095 -0.3505 p-value 0.022 0.180 0.366 t critical (one tail) 1.7958 1.7958 1.7958 Table 11: Capital Adequacy Ratio (CAR) of conventional banks before and during the financial crisis Source: www.businessperspectives.org From the aforementioned tables it may be concluded that the Islamic banks performed better than their conventional counterparts before as well as after the crisis. After analyzing the different ratios it makes us understand that the Islamic banks had greater profitability as compared to the conventional banks. Islamic banking is the solution to economic problems If all the banks follow the guidelines of the Shariah, financial crisis can never happen. For example if the conventional banking sector adopts the risk-sharing system of the Islamic banks, there would never be any problem because then the banks will take great care while investing the funds. Likewise the Islamic banks, the conventional banks will also do proper survey before investing anywhere. By investing also means lending money to borrowers. Before lending money to such borrowers, the banks will do a thorough viability study and only after being convinced of the profitability they will offer the financing of the project. â€Å"Islamic banks act as venture capital firms collecting people’s wealth and investing it in the economy, then distributing the profits amongst depositors. Islamic banks act as investment partners for those who need money to do business†. (Hassan p. 4). â€Å"The collapse of leading Wall Street Institutions, notably Lehman Brothers, should encourage economists worldwide to focus on Islamic banking and finance as an alternative model† (Amran p. 9). The success of Islamic banks can be understood from the fact that the number of such banks is increasing incessantly and the amount they are dealing in is touch ing the skies. â€Å"Furthermore, Islamic banking provides a viable alternative to conventional banking and is less cycle prone. The spread of Islamic finance into western markets demonstrates that it is now being treated seriously by regulators and finance ministers† (Amran p. 12). The growth of Islamic banks can be gauged by Thomas Grose’s statement that, â€Å"London now is home to 25 companies offering some form of Islamic financing. BLME is the largest of five wholly Sharia-compliant banks operating in Britain. The first, the Islamic Bank of Britain, opened in 2004, and the number is expected to double within five years† (Grose par. 4). The Islamic banking has become popular because people have started understanding that only Islamic banking system can save them from the severe financial crisis in future. Mr. Adnan Ahmed Yousi, who is the CEO of Albaraka Group, Bahrain, claimed that â€Å"Islamic banks do not rely on bonds or stocks, and are not involved i n the buying and selling of debt unlike most conventional banksIslamic banking is distinguished by the fact that it is prohibited from buying debts under Islamic Sharia law† (as cited by Al-Hamzani par. 3). This is the reason that Islamic banks are unaffected to a great extent by the global economic crisis. So it is advisable for the conventional banks to follow the banking systems of Islamic banks and avoid further and future risks. Network of islamic banks around the world Following is a consolidated list of the main Islamic banks in different countries around the world: Country Islamic bank name Albania Arab Albanian Islamic Bank, Tirana Algeria Banque Albaraka D’Algerie, Algiers Australia Muslim Community Credit Union (MCCU) Muslim Community Co-operative (MCCA) Bahamas Akida Islamic Bank International Ltd. Bank Al Taqwa Ltd. Dar Al Mal Al Islami Trust, Nassau Islamic Investment Company of the Gulf Ltd., Nassau Istishara Consulting Trust, Bahamas Massraf F aysal Islamic Bank Trust, Bahamas Ltd. Bahrain ABC Investment Services Co EC Al Amin Co. For Securities and Investment Funds Albaraka Islamic Investment Bank Arab Islamic Bank E.C. Bahrain Islamic Bank Bsc. Bahrain Institute of Banking Finance Bank Melli Iran Chase Manhattan Bank N.A. Citi Islamic Investment Bank (Citicorp) Dallah Albaraka (Europe) Ltd. Dallah Albaraka (Ireland) Ltd. Faysal Investment Bank of Bahrain Gulf International Bank BSC Islamic Investment Company ABC Islamic Bank ABN Amro Bank Deutsche Bank Rep office Investors Bank TAIB Bank of Bahrain Turk Gulf Merchant Bank Bahrain Monetary Agency Shamil Bank Khaleej Investment Company First Islamic Investment Bank Bangladesh Albaraka Bangladesh Ltd., Dhaka Islamic Bank Bangladesh Ltd., Dhaka Faisal Islamic Bank British Virgin Islands Ibn Khaldoun International Equity Fund Ltd. Brunei Islamic Bank of Brunei Berhad Islamic Development Bank of Brunei Berhad Tabung Amanah Islam Brunei Canada Islamic Co-operat ive Housing Corporation Ltd. Toronto Cayman Islands Ibn Majid Emerging Marketing Fund Al Tawfeek Co. For Investment Funds Ltd. Denmark Faisal Finance (Denmark) A/S Djibouti Bank Albaraka Djibouti Egypt Alwatany Bank of Egypt, Cairo Egyptian Company for Business and Trade S.A.E. Egyptian Saudi Finance Bank, Cairo Gulf Company for Financial Investment Faisal Islamic Bank of Egypt, Cairo Islamic Bank International for Investment and Development, Cairo Islamic Investment and Development Co., Cairo National Bank for Development, Cairo France Algerian Saudi Leasing Holding Co. Societe General Capital Guidance BNP Paribas Gambia Arab Gambian Islamic Bank Germany Bank Sepah, Iran Commerz Bank Deutche Bank Guinea Massraf Faisal Al Islami of Guinea, Conakry Banque Islamique de Guinee India Al Ameen Islamic Financial Investment Corp. (India) Ltd., Karnataka Bank Muscat International (SOAG) Al-Falah Investment Ltd. Iran Bank Keshavarzi (Agriculture Bank) Tehran Bank Maskan Iran (Housing Bank), Tehran Bank Mellat, Tehran Bank Melli Iran, Tehran Bank Saderat Va Maadan, Tehran Bank Sepah, Tehran Bank Tejarat, Tehran Iraq Iraqi Islamic Bank for Investment and Development Italy Bank Sepah, Iran Ivory Coast International Trading Co. of Africa Jordan Jordan Islamic Bank Jordan Islamic Bank for Finance and Investment, Amman Kuwait Gulf Investment Corporation The International Investment Group The International Investor, Safat Kuwait Finance House, Safat Kuwait Investment Co-Dar Al-Isethmar Securities House Lebanon Gulf International Bank, Bahrain Al Barakah Bank Bank of Beirut Luxembourg Faisal Finance (Luxembourg) S.A. Faisal Holding, Luxembourg Takafol S.A. Islamic Finance House Universal Holding S.A. Malaysia Adil Islamic Growth Fund, Labuan Arab Malaysian Merchant Bank Berhad, Kuala Lumpur Bank Bumiputra Malaysia Berhad, Kuala Lumpur Bank Islam Malaysia Berhad, Kuala Lumpur Bank Kerjasama Rakyat Malaysia Berhad, Kuala Lumpur Dallah Al Bara ka (Malaysia) Holding Sdn Bhd Lembaga Urusan Dan Tabung Haji (Fund), Kuala Lumpur Multipurpose Bank Berhad, Kuala Lumpur United Malayan Banking Corp. Berhad, Kuala Lumpur Bank Muamalat Berhad, Malaysia Securities Commission Labuan Offshore Financial Services Authority (LOFSA) Islamic Banking Takaful Dept., Bank Negara Malaysia Mauritania Banque Alabaraka Mauritaninne Islamique Morocco Faisal Finance Maroc S.A. Faisal Finance (Netherlands) B.V. Faisal Finance (Netherlands Antilles) N.V. Niger Bank Islamique Du Niger, Niamey Nigeria Habib Nigeria Bank Ltd. Ahmed Zakari Co. Oman Bank Muscat International Bank Sedarat IUran, Muscat Oman Arab Bank Pakistan Al Faysal Investment Bank Ltd. Islamabad Al Towfeek Investment Bank Ltd. Lahore Faysal Bank Ltd. National Investment Trust Ltd., Karachi Shamil Bank Meezan Bank Limited Palestine Arab Islamic Bank Arab Islamic International Bank (AIIB) Plc Cairo Amman Bank Oalestine International Bank The Palestine Islamic Bank Qatar Islamic Investment Company of the Gulf Ltd., Sharjah Qatar International Islamic Bank, Doha Qatar Islamic Bank SAQ, Doha Russia BADR Bank Saudi Arabia Albaraka Investment and Development Co., Jeddah Al Rajhi Banking and Investment Corp., Riyadh Arab Leasing International Finance (ALIF) Ltd. Faysal Islamic Bank of Bahrain E.C., Dammam Islamic Development Bank, Jeddah National Commercial Bank Ltd., Jeddah Riyad Bank Saudi American Bank, Jeddah Saudi Holland Bank Bank Al Jazira Senegal Banque Islamique Du Senegal South Africa Albaraka Bank Ltd., Durban Sri Lanka Amana Islamic Bank Amana Takaful Limited Sudan Al Baraka Al Sudani, Khartoum Al Shamal Islamic Bank Al Tadamon Islamic Bank, Khartoum Animal Resources Bank El Gharb Islamic Bank Faisal Islamic Bank of Sudan, Khartoum Islamic Bank Western Sudan, Khartoum Islamic Co-operative Development Bank, Khartoum Sudanese Islamic Bank Switzerland Cupola Asset Management SA, Geneva Dar Al Maal Al Islami Trust, Geneva Faisal Fin ance (Switzerland) SA, Geneva Pan Islamic Consultancy Services Istishara SA, Geneva Pictet Cie Tunisia Beit Ettamwil Al Tunisi Al Saudi, Tunis B.E.S.T. Re-Insurance Turkey Albarakah Turkish Finance House, Istanbul Emin Sigorts A.S. Faisal Finance Institution, Istanbul Faisal Islamic Bank of Kibris Ltd., Turkey Ihlas Finance House Kuwait-Turket Evkaf Finance House Asya Finans Kurumu A.S. United Arab Emirates Abu Dhabi Islamic Bank Bank Muscat International (SOAG) Dubai Islamic Bank, Dubai Gulf International Bank, Bahrain Islamic Investment Company of the Gulf Ltd., Abu Dhabi Islamic Investment Company of the Gulf Ltd., Sharjah National Bank of Sharjah HSBC, Dubai National Bank of Dubai United Kingdom Albaraka International Ltd., London Albaraka Investment Co. Ltd., London Al Rajhi Investment Corporation, London Al Safa Investment Fund Bank Sepah, Iran Dallah Al Baraka (UK) Ltd., London Takafol (UK) Ltd., London Barclays Capitol HSBC Amanah Finance ANCIB Islamic Asset Managem ent, Arab Banking Corp. Ireland Al Meezan Commodity Fund Plc., Dublin The Islamic Investment Company, St. Helier MFAI (Jersey) Limited United States of America Abrar Investments, Inc., Stamford CT Al-Baraka Bancorp Inc., Chicago Al-Madina Realty Inc., Englewood NJ Al-Manzil Islamic Financial Services Amana Mutual Funds Trust, State St. Bellingham WA Ameen Housing Co-operative, San Francisco American Finance House Bank Sepah, Iran BMI Finance Investment Group, New Jersey Dow Jones Islamic Index Fund of the Allied Asset Advisors Funds Failaka Investments Inc., Chicago IL Fuloos Incorporated, Toledo OH Hudson Investors Fund Inc., Clifton NJ MSI Finance Corporation Inc., Houston TX Samad Group Inc., Dayton OH Shared Equities Homes, Indianapolis IN HSBC, USA MEF Money, USA Islamic Credit Union of Minnesota, (ICUM) United Mortgage Yemen Islamic Bank of Yemen for Finance and Investment, Sana Saba Islamic Bank, Sana Faisal Islamic Bank Yemen Islamic Bank, Sana Yemen National Investme nt Co., Sana Table 12: Islamic Banks in various nations Source: www.listofbanksin.com Challenges and problems being faced by islamic banks Majority of the Islamic banks are located in Muslim countries. The non-Muslim world is not much aware about Islamic banks and their principles. The Islamic banks are bound by the guidelines of the Shariah law. As such, they have to work according to the Musharaka and Mudaraba systems. It has been observed that the Islamic banks face problems in their functions and the bankers owe these problems to the following reasons: There is a shortage of serious and genuine people who want to do business. People take loans from Islamic banks for the sake of it. Due to the lenient rules of repayment, people approach such banks for loans and advances. There are numerous instances wherein people have taken loan from Islamic banks and haven’t returned because they are aware of the loop holes that no penalty can be levied on them. Within the bank, there is a shortfall of well trained professionals who are well versed with the Islamic banking system. Each one of us wants to do the best in life and so do the banking professionals. Even though Islamic banks are doing well, their business is not at par with the volume of business handled by the conventional banks. And since size does matters, the fresh banking professionals prefer the conventional banks rather than the Islamic banks. They are worried about their profession and future promotions. Secondly, Islamic banking needs professionals who are well aware of the nature of business in their banks. There is a dearth of such professionals. Young graduates do not see any future in the Islamic banking sector. It needs a lot of moral and religious understanding on the part of the employees of Islamic banks. It is very ironic to state that due to the vast advancements in science and technology, young students have ample opportunities that are more lucrative and challenging than being an Islamic bank professional. The professionals of Islamic banks are required to have a greater perspective of the banking industry; Islamic in particular, and at the same time, they have to have a proper understanding of their customers and their projects. There are only limited banking instruments with the Islamic banking professionals that they can offer to the customers. It is a human tendency to go to shops where there is a large variety of things that they want to purchase. Similarly, when a person wants to do banking, he/she will like to have more options to choose from. According to the Shariah guidelines, forward booking of currency is not allowed. So there is always a risk of currency fluctuation. Under such circumstances, the exporters are at a loss and the foreign importers are the beneficiaries. Suppose for example an exporter takes order for a particular item at $100 per piece. During the time of finalization of the order, the currency exchange rate is say $1 = Rs.50. It means that the exporter has agreed on a rate of Rs.5000 per piece. But due to the currency rate fluctuation, the rate may come down to say $1= Rs.45. It means that the exporter has to sell goods at a loss of Rs.500 per piece. This issue sometimes forces business people to opt for the conventional banking system. It’s a normal practice by exporters that as soon as their goods are loaded, they approach their respective banks for bill discounting. In conventional banking, bill discounting is preferred because the banks get good commission and sometimes interest as well on the amount discounted. On the contrary, Islamic banks are bound by the Shariah guidelines and though they are allowed to do bill discounting, they cannot charge any interest and moreover, the charges are also very nominal. In spite of the fact that Islamic banking system has been prevalent for more than 35 years now, majority of the people are unaware of the basic principles of Islamic banking or what exactly I slamic banking is. If the Islamic banks want to prosper, it is very crucial for them to spread awareness among the people about Islamic banking. It is an added portfolio for the Islamic banks to teach each and every new customer about the principles of Islamic banking. Islamic banks are not fully established and are still in the learning and experiencing phase. It is a common practice in Islamic banks to use the short term deposits of their customers for long term financing. This is done because the banking professional are under the impression that certain short term deposits won’t be withdrawn, even on maturity. This belief of theirs sometimes backfires when some of these short term deposits are withdrawn. In such circumstances, the bank has funds problem and as per the banking culture, it has to borrow from some other bank for a couple of days. The banks those are ready to transfer funds don’t do it as a courtesy or a friendly gesture. They charge a certain amount o f interest. Here the problem arises for the Islamic banks since they are bound by the guidelines of the Shariah law and can neither pay interest nor take interest. As mentioned above, most of the Islamic banks do not have the variety of instruments that conventional banks have. Due to the advancement in technology and science, conventional banks have gone far ahead in bringing innovative products for their valued customers. Islamic banks, on the other hand, are banking on the same old banking instruments or products. Moreover, most of the Islamic banks do not have their own research and development department so that they may devise new products. This hampers the progress of Islamic banks to a great extent. In today’s world, advertisement is a must for any product’s success. But ironically, Islamic banks do not do much of advertising and avoid the media to a great extent. Actually, the world should know what Islamic banking is about and for this advertisement or the me dia are the best options. Recommendations It’s not impossible to have solutions for all the problems mentioned above. It’s just a little understanding and initiative that is required. It has to be accepted that the working conditions for Islamic banks will never be the same in Muslim and non-Muslim countries. It’s not that these problems are faced by all the Islamic banks. The Islamic banks in Muslim countries such as the Kingdom of Saudi Arabia, United Arab Emirates, Qatar, etc, are doing quite well. It’s only the newer ones in non-Muslim countries that are facing the major problems. Since the Islamic banks follow the values of Islam in their banking operations, they should also be humble and extend help to the new Islamic banks. At least they can provide feedback, experienced professionals etc. So that the newcomers are not stuck and may perform better and come up to the expectations of the principles of Islamic banking. It should be the endeavour of th e International Islamic Banking Organization, the Islamic Development Bank, and other Islamic banks governing agencies to put more efforts and professionals in the research and development field. I am sure experts on Islam religion must have been employed by such organizations but such experts should have a vast and broad mindset and identify new products for the masses. According to Dr. Salah Al-Shalhoub, head of the Centre of Banking Studies and Islamic Finance (CBSIF), the trend of Islamic banking is changing and â€Å"The Islamic banking system, which used to design products on purely Islamic basis, began to expand these products to meet requirements of customers who felt more secured about their investments, not only in terms of finance but also from the Shariah perspective† (as cited in Arab News par. 9). It’s true but more efforts are required. Like regarding the problem being faced by the Islamic banks due to the bill discounting and booking of foreign currency , the governing bodies can devise some way to overcome the problem. This way they will be able to attract more and genuine customers because as such Islamic banking system is an excellent one and people will prefer Islamic banking if their requirements are met. The Islamic banks, on their part, should hire more professional people who are experts in banks and have the knowledge of the principles of Islamic banking as well. Customer service is very important in any service organization. Customer service doesn’t only mean welcoming the customers and offering them a glass of cold water. The Islamic banking professional should go out of the way and explain to their customers what Islamic banking is all about and how they will be benefitted. The Islamic banks should rely on the media and should have a separate budget for advertisement. After all, this is a kind of business and businesses prosper due to advertisement. This way, two purposes will be served. Firstly, the advertisemen t will spread the awareness of Islamic banking and secondly the bank’s popularity will grow. People will come to know about the specialities of Islamic banking system and will automatically be attracted towards doing business with such banks. Even if initially the business people hesitate to come due to the strict guidelines regarding various products and instruments, at least the banks can garner many customers for their saving bank accounts. Nowadays even children want to open their saving accounts. Gradually, as there will be more innovative products and the banks will have better professionals, it is beyond doubt that Islamic banks won’t succeed. The future of Islamic banks is very bright. Conclusion It has been only 37 years since Islamic banks have come into the banking scenario and as compared to the conventional banks, they are quite new. As such, it is quite early to decide whether or not Islamic banking industry is a success or not. Looking at the response an d feedback that Islamic banks are getting from foreign countries that are non-Muslim it may be understood that the even though slow yet there is some progress. The popularity is increasing gradually. Moreover, the world economists have been quite impressed by the performance of Islamic banks during and after the economic crisis. There have been symposiums and conferences to discuss this issue. The number of Islamic banks in non-Muslim countries is increasing gradually and it is estimated that within the next five odd years, the number will double. There are certain drawbacks of Islamic banks but these are due to the strict guidelines of the Sharia. But if we look at these drawbacks from the Sarah’s point of view, it will be understood that it is actually for the good of the masses. Sharia law doesn’t want to harm anyone due to its principles. Islam doesn’t allow earning money from money. The only ways of earning allowed in Islam through business are trading, man ufacturing, and service oriented jobs. There are restrictions to such businesses also. Certain things cannot be dealt with such as gambling, pork, intoxicating items, etc. If we think optimistically, such guidelines are better for the society as a whole because all malpractices can be avoided by such guidelines. Children learn what they see. If we start following the same path as the Islamic banks and abstain from all those things that are banned according to Sharia law, our future generation is sure to become a decent and civilized and God-fearing one. Then our earth will be a better place to live in. Al-Hamzani, Mohammed. 2008. Islamic Banks Unaffected by Global Financial Crisis. Web. asharq-e.com/news.asp?section=6id=14245. Amran, Muhamad. n.d. Prospects for Islamic Banking after the World Economic Crisis. n.d. Web. http://www5.cuhk.edu.hk/wylf/wylf_media/paper_poster/Economic_07_Muhamad_Nur_Adzim_AMRAN.pdf. Arab News. 2012. Symposium Explores Prospects of Islamic Banking. Web. arabnews.com/symposium-explores-prospects-islamic-banking. Ariff, Mohamed, and I. Munawar. The Foundations of Islamic Banking, Cheltenham, United Kingdom: Edgar Elgar Publishing, 2011. Print. Banking Info. 2009, Your Guide on Basic Concepts and Principles of Islamic Banking. Web. bankinginfo.com.my/_system/media/downloadables/islamic_banking.pdf. Faysal Bank. n.d. Faysal Bank. n.d. Web. faysalbank.com/aboutus.html. Grose, Thomas. 2008. The Rise of Islamic Banking in a Time of Economic Crisis. Web. usnews.com/news/world/articles/2008/12/10/the-rise-of-islamic-banking-in-a-time-of-economic-crisis. Hannan. n.d. Islamic Banking: Problems and Prospects. n.d. Web. shahfoundationbd.org/hannan/article10.html. Hassan, Abul. 2009. The Global Financial Crisis and Islamic Banking. Web. islamic-foundation.org.uk/IslamicEconomicsPDF/Hassan-financialcrisis-if.pdf. Meezan Bank. n.d. Meezan Bank. n.d. Web. meezanbank.com/MeezanBank1.aspx. Sultan, Anees. 2008. As Islamic Banking Grows, so does the Ne ed for Standards. Web. thenational.ae/thenationalconversation/comment/as-islamic-banking-grows-so-does-the-need-for-standards. Tahir, Sayyid. n.d. Current Issues in the Practice of Islamic Banking. n.d. Web. irti.org/irj/go/km/docs/documents/IDBDevelopments/Internet/English/IRTI/CM/downloads/Distance_Learning_Files/Lecture-8_Related_Reading-1_Current_Issues_in_the_Practice_DrTahir.pdf. The Islamic Banker. n.d. Islamic Banking and Economics. n.d. Web. theislamicbanker.com/history_islamic_banking/. Appendix 1 Statement of financial position of Meezan Bank Source: www.meezanbank.com Appendix 2 Statement of financial position of Faysal Bank Source: www.faysalbank.com