Islamic Finance Essay Example | Topics and Well Written Essays - 2000 words

Islamic Finance - Essay Example Agency cost is referred to internal cost of a company, which arises due to conflict of interest between the management and shareholders. The shareholders expect that the management should run the company in such a manner that it increases the shareholder’s value. However, it is observed that the management concentrates on maximizing the wealth of the company and does not take into consideration the interest of the shareholders. This creates a difference between the management and stakeholders. The same problem was observed in the Islamic banks; though the PLS system aimed at increasing the wealth of the investors but it failed to fulfil the expectation of the shareholders (Dar and Presley, 2000). The main rule of PLS system is that the banks provides part of its profit, obtained from investment, to the investor instead of interest. As a result, if the banks fail to earn any profit on the investments, the investors do not get any bonus (Dar and Presley, 2000). The same situation is observed when the company is small to afford high profit and even earn a considerable amount. If a new company invests in the bank, it has the right to earn the profit but the scheme had already dried up the earnings of the financial institutions. This indicates that the company as an investor is not at all profitable and the banks have failed to implement PLS appropriately. This has created misunderstanding between the management of the banks and the investors (small companies) as the payment under this scheme cannot be taken as granted (Abduh and Omah, 2012). When the banks failed to offer higher return on the scheme such as Murabaha financing despite good performance, it is subject to elements of uncertainty. These uncertainties are vague demand for goods and services, business environment that surrounds the world. Moreover, the banks are seen to suppress the profit as the

Sender and Receiver Communication

Sender and Receiver Communication Communication is a procedure which includes sender and receiver to convey a message. Effective communications skills are the skills we assume every worker picks up along the way. The type of communication that we use at home, friends and other normal places which is known as slang can never be used at workplace. Sometimes people may get dismissed because of using such sort of language. To get success at work we need know what sort of communications skill we should at work. Communication is a process in which message is send by a sender to a receiver. The message could be simple information and it can be verbal or non- verbal. This includes determining the meaning that the sender intends to express the other person. The person (listener) receives the message through both verbal chatting and non verbal gestures. The receiver interprets the meaning of the message. To follow on to the message receiver uses education, attitudes, experience and emotions. Effective communication is communication which exists between two persons and the receiver interprets the same way as the sender intended it. Communication is essential for achieving managerial and organizational effectiveness. Without communication, employees will not be able to aware of what their co-workers are doing, will not have any idea about what their goal are, and will not be able to assess their performance. In absence of channels of communication, supervisors will not be able to give instruction to their subordinates and management will not receive the information it requires to develop plans and take decision. Good communication always helps employees become more involve in their work and helps them to develop a better understanding of their jobs. Clear, precise and timely communication of information also prevents the occurrence of organizational problems. Effective communication is essential for achieving organizational goals, but ensuring such communication has been a major problem for most organization. Although the word communication is often used, there has been no consensus among communication experts regarding the definition of communication. In general, communication may be defined as the process by which the information is exchanged between individuals. There are many components to communication. Consider verbal communication skills, listening skills, written memorandums/email, telephone skills and non-verbal communication. Also, reflect upon all the people we communicate to: subordinates, peers, supervisors, customers, and groups of people. In addition, ponder some of the reasons, why we communicate: to get and give information, to discipline subordinates, to make assignments, and so on. We already know that communication is a big part of our daily existence. Even when we dont want to communicate, the very actions we take not to communicate such as being quiet in meetings, avoiding people, declining to respond to emails or give feedback, communicate something about us. In a survey of 480 companies and organizations conducted by the National Association of Colleges and Employers and published in the Wall Street Journal, effective communication ability ranked first among the desirable personal qualities of future employees. Reference: December 29, 1998. Wall Street Journal, Work Week, p. A1. In a national survey of 1000 human resource managers, oral communication skills are identified as valuable for both obtaining employment and successful job performance. Reference: Winsor, et al., 1997    In yet another survey, executives in Fortune 500 companies indicate that college students need better communication skills, as well as the ability to work in teams and with people from diverse backgrounds (Association Trends, 1997). The point of these examples is that honing your communication skills should be a priority for you as you seek to advance in the workplace. Although many articles and books have dealt with interpersonal and organizational communication, most of them are not based on systematic research findings. However, the Real Managers Study (conducted by Fed Luthan, Richard M. Hodgetts and Stuart A.Rosenkrantz) is based on original research in communication. The researches observe managers at work in various organizational setting and also studies the self reports submitted by them to understand the process of communication in organization. They developed the managerial communication model to explain the different style of communication used by the managers and to provide a framework for understanding how managers communicate in organization. In formal organizations, the design of communication channels is based on the assumption that all the divisions and departments are self contained and do not facilitate communication among employees at the same level. This poses the serious problem when circumstances demand such communication. If an individual wants to convey some message to an individual from another department, the message has to be passed up to the highest managerial level and then down to the individual. The reply from that individual is also received in a similar way, leading to huge delays. Chester Barnard felt that communication played an important role in shaping organizations. According to him, Communication forms one of the three primary elements of an organization, the common goals and willingness to serve customers beings the other two elements. Communication links the number of the members of an organization with organizations goal and facilitates and enhances cooperative action among the individual and department of the organization. Communication whether written or oral, helps an organization attain its goals, but it can also give rise to problems. For instance, if a particular message is misinterpreted, an inappropriate decision may be taken. This decision may be taken. This decision may result in losses to the organization in long-run. Barnard related communication to the concept of authority. According to him, for authority to be delegated from a manager to sub ordinate, all communication originating from the manager must be clearly understood by the subordinate. He believed that a manager should try to understand the meaning of the message before communicating it to his subordinates. Barnards indentifies seven communication factors that helps establish and maintain objectives authority in an organization. The member of an organization should be aware of all the available channels of communication. Every member of organization must have access to specific formal channel of communication. Communication with an organization must follow the shortest and most direct path. All communication should involve the use of entire, formal line of communication. Competent persons should serve an s communication centers. There should be no interruption in the time of communication during the functioning of an organization, and All communication should be authenticated. Managers share the responsibility in communicating effectively with the individual employees themselves. The manager is 100% responsible for communicating effectively with their employees. This includes establishing an open and trusting climate for communication, as well as demonstrating good communication techniques to their employees. The employee is 100% responsible for taking advantage of the climate for communication to express what is important and relevant. For example, it is expected that a manager will ask are there any questions? after giving an employee an assignment, but it is also expected that an employee will say, I have a question, if one should occur to the employee, without waiting for the manager to ask.   The following communication is useful for organizational communication. Non verbal communication Downwards communication Upward communication Lateral communication Interactive communication Barriers to Effective Communication A number of obstacles may occur on the way of the receiver to understand the message. These interruptions could lead to barriers to communications. The reason could be anything listener doesnt under the language or sometimes it may convey the wrong meaning. Some of the barriers are discussed below. Language: An organization has different kind of people from different cultures. In such cases language is one of the important factors for communication towards different cultural people. So inability to understand the language from either even one side of communication could lead to barrier. Even when sender uses unsuitable words while describing, it may increase misunderstanding between sender and listener. Physical barriers: Physical barriers are one of the major barriers of effective communication in the workplace. This could be background noises and disturbances in the environment. For example roadwork, loud music, some family functions going on around etc. Emotional barriers: Emotion could be one of the barriers to effective communication. Men are a social animal we all know about that statement and emotions play an important role in social life. It could be any personal or professional. It includes frustration, anger and fear. In such cases it may lead to trouble listening to others. Attitudinal barriers: Attitude problem is big problem that we face everywhere now. The personal attitudes of the employees which may be dissatisfaction in workplace such as wages or the placement and comparing themselves to others could be the reason of attitudinal barriers. Bibliography: Aamodt, Michael G. And Bobbiel L. Raynes. Human Relations in business: developing Interpersonal and Leadership skills. USA: Wadsworth, a division of Thomas Learning Inc, 2001. Bartol, Kathryn M. And David C Martin. Management. 3rd Edition. USA: Irwin McGraw-Hill, 1998.

Genetics and the Future :: Science Biology Genes Essays Papers

Rows upon rows of â€Å"perfect† people walk in straight lines. All have the same hair, eye, and skin color. They all resemble each other. The environment around them is lifeless; the lack of trees and living animals is awkwardly noticeable. Overhead a flying automobile soars past and swerves around enormous skyscrapers. All this was accomplished through both science and technology. Is this a farfetched notion of the future? Can science and technology really create a society like this? How will it affect our lives here in the Valley and in the world around us? Science has always been with us. Science is the observation of the problems of the world around us, and the experimentation to find solutions to these problems. It was science that allowed primitive man to wonder about his origins, his creator and the world around him. If we look at the role of science in the human race we see that it has allowed for the unified progression of all. In the beginning primitive ma n relied heavily on personal beliefs of both good and bad spirits and that of a Supreme Being. Later beliefs became more complex and religion was a vital part of everyone’s life. The ability to think differently grew due to increase advancement in science and technology during the Renaissance period. The freedom of thought and proposal of ideas by philosophers provided for exchanging and creation of diverse ideas. It was in that type of environment that ideas such as that of Darwin’s Origins of Species were proposed. In modern times when people hear of genetics images of cars overturned by dinosaurs gone mad, from the famous motion picture Jurassic Park, and of the cloned sheep Dolly prancing around in the prairie come to mind. The genetic revolution in particular gives us all an optimistic future to the world in which we are living in today. The genetic revolution will give a different facet to medicine, agriculture, and society as a whole. The genetic revolution will help health professionals provide a different type of care for their patients. The genetic revolution offers enormous promises for those sufferings chronic diseases. Research laboratories around the world are busily sequencing, identifying, and switching genes among different species. Genetic engineering techniques promise cures for various diseases such as cystic fibrosis and kidney disease.

Biomedical or scientific, naturalistic or holistic

People view illness and death differently depending including on their own personal beliefs as well as their culture. The 3 major views that are often used by different cultures to explain the causes of death and disease are: biomedical or scientific, naturalistic or holistic, and magic-religious. Biochemical or scientific worldview is the most prevalent view in our healthcare system and it is embraced by most nurses and other health care providers. The basic idea of this view is that all events in life have a cause and effect, and that the human body works like a machine, and all reality can be observed and measured (ex:BP, Papa levels, intelligence test. ) one example of the biochemical or scientific view regarding disease and illness is the bacterial or viral explanation of communicable disease. A naturalistic or holistic viewpoint are commonly embraced among the Native American, Hispanics, African American, Arab and Asian cultures. This viewpoint explains and focuses on the holis tic explanation of what caused the disease. This belief focuses on keeping the forces of nature in natural balance and harmony. Many Asian groups believe in the yin and yang theory which is a great example of this viewpoint.The yin and yang theory is a belief that there Is an ultimate balance between everything in life one way or another, meaning that health is believed to exist when all aspects of a person are In perfect balance or harmony. According to the holistic theories, disrupting the laws of nature creates Imbalances, chaos, and disease. The Magic- Religious view's basic concept It that the world Is a place where the supernatural forces dominate, and they believe that the fate of everyone depends on the action of the supernatural forces for good and evil.According to some African American and Caribbean people their explanations of magical causes of Illness Include belief In voodoo or which craft. There are some Christian religions that believe In faith healing to help fight disease and Infection. These three viewpoints are defiantly very different from one another. As a nurse, It Is important to be aware that people view heath and Illness differently. A nurse must know that not matter If they agrees with the patient's views or not, they must respect the patients beliefs and do everything possible to work within the guidelines of their sews and beliefs to give them the best care possible.Brenner: Chapter 7 [pages 102-103] http://YMMV. Credulous. Com/theory/waylaying. CFML http://w+M. Nursing-nurse. Com/causes-of-illness-236/ biomedical or scientific, naturalistic or holistic, and magic-religious By Alexandra_enema example of this viewpoint. The yin and yang theory is a belief that there is an is believed to exist when all aspects of a person are in perfect balance or harmony. According to the holistic theories, disrupting the laws of nature creates imbalances, chaos, and disease.The Magic- Religious views basic concept it that the world is a magical cau ses of illness include belief in voodoo or which craft. There are some Christian religions that believe in faith healing to help fight disease and infection. These three viewpoints are defiantly very different from one another. As a nurse, it is important to be aware that people view heath and illness differently. A nurse must know that not matter if they agrees with the patient's views or not, they must respect http://www. Credulous. Com/theory/yang. CFML http://www. Nursing-nurse. Com/causes-of-illness-236/

Argumentative Essay: Sin Taxes Are Positive for Society

Governments Should Tax Sin Products Higher In our country, the government has traditionally taxed some goods at a higher rate or at an additional rate. They do this to products called sin products, like cigarettes and alcohol. The government does this as a way to discourage the abuse or over use of these products. Recently, governments have tried to raise taxes on other products like large, sugar-filled soft drinks and junk foods. There has been opposition to raise taxes on soft drinks and snack foods, but it is a good idea.There is evidence that these taxes can reduce the number of people who purchase these items. Therefore, the added cost can help people be make better choices and be healthier. Sin taxes are something that governments have been doing for hundreds of years. They have existed since the 1600’s in England and started in the United States during colonial times. The government taxes products like alcohol and cigarettes to increase the price and decrease demand. Th e hope is that the increased cost will stop people from buying the products or cause them to buy less of the product.Governments especially hope that it will stop kids from buying these products because they are too expensive. If prices are raised on junk foods and sodas, it would cause people to buy less of them. This would be especially true of kids because they have less money to waste. Kids have to rely on their allowances to make purchases and they would think twice before using it to buy expensive snacks. The healthier, lower-priced snacks would be more affordable and encourage kids to make better choices.The higher cost of cigarettes and alcohol discourage younger people to start using these products and can even cause some existing users to quit. Governments hope that increasing taxes on junk foods will have the same effect. Sin taxes can cause heath care costs to decrease because they force people to stop doing things that hurt their bodies. The tax is a way for the governm ent to encourage us to be healthier people. Sin taxes have always existed in society as a way to discourage bad habits and behaviors. It is logical for the government to want to expand sin taxes rom cigarettes and alcohol to new health threats in our lives, like soft drinks and junk foods. By increasing the cost of these products, governments can cause some current users to stop or lessen the amount of these products that they use. The added tax can also discourage some people from starting to use the products. This can really affect young people because they have a limited disposable income and the higher cost would discourage children from purchasing them. Governments also hope that by raising the costs on certain products that are not healthy, they would be promoting healthier products.Sin taxes can encourage healthier lifestyles in people and cause medical costs to go down. They have a positive effect on society. Tyler Kelly#17 ASD1/13/13 Outline Governments Should Tax Sin Produ cts Higher Paragraph 1: Introduction: * government traditionally taxed some goods at higher rate * do it to sin products, like cigarettes and alcohol. * does it to discourage abuse or over use * raise taxes on soft drinks and junk foods * opposition to taxes on soft drinks and snack foods, but good idea. evidence taxes reduce people who purchase * added cost help people make better choices and be healthier. Paragraph 2: Body: * something governments doing for hundreds of years * 1600’s in England and started in US in colonial times * government tax alcohol and cigarettes to increase price and decrease demand * hope increased cost stop people from buying or buy less * hope it will stop kids from buying because too expensive * prices raised on junk foods and soda cause people to buy less * kids have less money to waste kids rely on allowances and would think twice before buying expensive snacks * healthier, lower-priced snacks more affordable and encourage better choices. Parag raph 3: Body: * higher cost of cigarettes and alcohol discourage young people start using * cause some existing users to quit * increasing tax on junk foods have same effect * sin taxes cause heath care costs to decrease because force people to stop doing things that hurt bodies. * way for government to encourage us to be healthierParagraph 4: Conclusion: * sin taxes always existed as way to discourage bad habits * logical for government to expand sin taxes to soft drinks and junk foods * increasing cost can cause users to stop or lessen use * tax can discourage people from starting to use * affect young because limited income and higher cost would discourage purchasing * raising the costs will promoting healthier products * encourage healthier lifestyles and cause medical costs to go down * positive effect on society