Study On Islamic Banking And Leasing Finance Essay - Free Essay Example

Sample details Pages: 5 Words: 1546 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Modern Islamic-finance is a rapidly increasing subsector of global finance markets. To appropriately comprehend it, we firstly understand the rules of trade and finance are part of religion on which Muslims demeanour their lives and order their finances and business. Even though no convincing data are yet on hand, a fact reflective of the industrys adolescence many observers guess the international industry has up to $500 billion in managed assets and a growth rate of 15 percent to 20 percent per year. Don’t waste time! Our writers will create an original "Study On Islamic Banking And Leasing Finance Essay" essay for you Create order Some also argue that between two to three hundred institutions at present contributes towards industry internationally. (Umar F. Moghul, Esq, 2006) In banking system, Islamic banking is a system which is steady with Islamic Shariah Law bases and guided by Islamic economics. In general, Islamic law forbids the gathering and payment of interest (Riba in Islam). Generally, it also forbids dealing in fiscal risk like in gambling. It also forbids investment in businesses considered Haram like investing in pork, tobacco, alcohol. Islam has prohibited interest based financing and has really strict regulations against. There are so many Hadiths are to restrict Riba and ask muslims not to invest or get involve where interest is involved. Holy Prophet Muhammad (SAW) prohibit Riba, The Prophet Muhammad (SAW), said: A dirham of riba which a man receives knowingly is worse than committing adultery thirty-six times. Bayhaqi has also reported the above hadith in Shuab al-iman with the a ddition that Hell befits him whose flesh has been nourished by the unlawful. (Mishkat al-Masabih, Kitab al-Buyu, Bab al-riba, on the authority of Ahmad and Daraqutni). Islam banking system has introduced different contract to avoid the illegal interest and all of them has their importance according to the type of the business. In the current age leasing is every common in the banking system it is beneficial for the people as they pay the large amount in small but against this facilities bank charge extra interest which makes it totally illegal on the bases of Islam. What is the meaning of Ijarah (LEASING)? In general leasing means a contract or an agreement between two parties where one party rent his property to another on a rental bases. In Islam this type is known as Ijarah which is commonly been adopted buy most of the banks to offer their muslims client the benefit of Riba free financing. Ijarah is a term of Islamic Fiqh. Literally, it means To give something on rent The term Ijarah is used in two situations: It means To employ the services of a person on wages Another type of Ijarah relates to paying rent for use of an asset or property. Types of leasing: There are two common types Operating Lease: An operating lease is based on a rental agreement with three distinguishing description The price of an asset is not fully amortized over the rented timeframe. The Owner provides maintenance of the Asset. The asset is usually returned to the Owner. Therefore, the renter has the benefit of securing an asset, consuming it for his advantage and returning the same when it has served its purpose. Financial Lease: A Finance Lease is in core alike to a loan because significantly all risks and rewards connected to the leased assets pass on to the lessee. It is primarily distinguished by The asset being fully amortized over the lease period. The lessee is responsible for maintenance costs. The owner-ship is generally transferred to the renter at the end of the lease contract. In this respect, the association of the proprietor is restricted to financier. The main objective is to launch a product on the bases of Islamic Finance for the car distributors to sell their existing stock on the interest free car financing, after an extensive survey we have come to know that Islamic financing is growing in the world. Al-Noor Car Ijarah product: Al-Noor Car Ijarah is to provide a one step shop for innovative value added Shariah Compliant car leasing for the muslims as well as the non Muslims customers. Al-Noor Car Ijarah will be a car financing Product based on the principle of the Ijarah and it is interest free. This product will be ideal for the distributors who want to sell their existing Car stock on the Islamic bases and keep their profit Halal and it is ideal for those customers who are looking for an Auto-financing while evading an interest-based dealings. Al-Noor Car Ijarah will be a leasing agreement under which the car distributor rents it cars to the customers for the timeframe of 2 to 5 years, decided at the time of a contract. The customer will gets the owner-ship of the car at the end of the agreement period against it initial deposit. General Mechanism of Al-Noor Car Ijarah Ijarah is an Islamic Contract based on assets in which owner should have ownership of the asset throughout the timeframe of an agreement. According to the Islamic Shariah Law, owner has the ownership rights and its liabilities and all the user related rights and the liabilities remain with the user of the asset. A normal lease agreement does not differentiate the natures of such liabilities and put all types of liabilities on the renter, conflicting to Islamic Shariah. According to Ijarah contract all ownership related risks remains with the car distributor and all using related risks remain with the user of an asset, by making the leasing party the proper owner of the asset till the end of the contract and income coming from this contract became Halal (Permissible) for the car distributors. Key Features of Al-Noor Car Ijarah for New Cars: Ease of acquiring any new car available with the distributor No upfront Insurance Payment Required. No advance Rental Need. Available in tenures of 3, 4 and 5 years Plan. Minimum security deposit as low as 10% 15%. Maximum security deposits are 50%. Rentals are Monthly is Arrears after delivery. Agreement can be based on new and used cars. Key Features of Al-Noor Car Ijarah for Used Cars: The second hand car selected should be from its first owner. The vehicle should not be older than 4 years. The minimum security deposit for a vehicle up to 2.5 years of age is 10%, while minimum security deposit for a vehicle over 2 years of age is 20%. On termination of the Ijarah contract, the car should not be more than 7 years old. This means that if a car is 5 years old, the Car Ijarah tenure is not more than 3 years and if its 4 years old, the tenure may be set for a maximum 4 year term. Al-Noor Car Ijarah VS Conventional Leasing Features: Features Al-Noor Car Ijarah Conventional Leasing Ownership and Risk In Al-Noor Car Ijarah asset remain in the ownership of the bank throughout transaction tenor. Risk and rewards of ownership lie with the owner i.e any loss to the asset beyond the control of the lessee should be borne by the lessee. Although ownership remains with the lessor, but all risks of ownership are parked with the lessee as well. This is not permissible as per rules of the Ijarah. Rentals The rental amount decided at the time of the agreement cannot fluctuate unilaterally at the sole discretion of the bank. The bank can on its sole discretion increase transaction rates and rentals. Expenses Distributor / Lessee All expenses related to the ownership of the asset i.e insurance, accidental damage, will be borne by the lessor. Lessor All actual operating/ overhead expenses related to running the asset will be borne by the lessor. All expenses relating to the corpus (ownership) of the asset i.e insurance, accidental repairs, actual operating / overhead charges are borne by the lessee. Late Payment Charges In Al-Noor car Ijarah, lessee may be asked to promise that if he fails to pay rent on its due date, he will pay certain amount to a charity account. This amount cannot be taken in Banks income and its nature is of charity not of Riba. Charity is charged only to discipline the customers. An extra monetary amount is charged if rent payment is not paid on time and is taken in the income of the institute. This extra amount is Riba and is haram. Asset Theft/ Damage In case of asset theft / or severe damage (that it becomes unusable) rentals are stopped because rentals are obtained only for the use of the asset. Monthly payments are not stopped in any case of theft or severe damage to the asset. Rentals / Monthly Payments Rentals start after one month delivery of an asset. Monthly payments start from the booking of an asset irrespective of the condition that the asset is delivered to the customer or not. Upfront Payments Customer is only required to pay a Security deposit in a range of 15-50% along with actual documentation and processing cost. There are no other upfront payments. Upfront payments generally consist of: Down payment ranging from 10 15% min. Registration charges 1st year insurance premium 1st monthly rental 1st instalment of 2nd year insurance At the end Upon completion of the ijarah tenor, the customer can purchase the car from Car distributor via separate Sale deed or can return the car to the bank and take back his security deposit. The vehicle is automatically transferred in the name of the customer as per part of the contract.

The Man Who Was Almost A Man - 1453 Words

A Misguide To Power Intro: â€Å"The Man Who Was Almost a Man† by Richard Wright, and â€Å"Paul’s Case† by Willa Cather, are two narratives that explore the journey of two African-American boys who take on unethical measures for control over their oppressed state towards a prosperous future. Many of the problems these characters face are similar but under different circumstances. While Dave Saunders works in a plantation under a white owner, he slaves his life away to support his family. The unequal treatment he receives from his coworkers, Mr. Hawkins his owner, and his own family, only hinder Dave’s self-esteem, and is belittled to feel powerless as a plantation worker. And Paul, although with an education and many more opportunity, he still feels powerless due to his identity and familial relations that do not understand him. Although different stories, both men experience troubles coming from the lack of money, lies, and their struggle of identity lead them to each conqu er a different route of controlling their life at the end. While they think a sense of power will help them escape their oppression, it will only guide them into different directions. Power: Paul: Paul resides in Pittsburg, but does not seem to have a place where he fits in necessarily. He struggles with school, finds a detachment from his community on Cordelia Street, including his family that he finds uninteresting, and questions his own identity as a homosexual male. A few things he does find pleasure in hisShow MoreRelatedThe Man Who Was Almost A Man947 Words   |  4 PagesThe Man Who Was Almost a Man Wright’s Story, â€Å"The Man Who Was Almost a Man† is a unique story of a man who is perpetually stuck in a state of juvenoia. 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After buying the pistol, Dave walks around the fields with it, admiring the gun but too scared and unsure of how to fire it. He is very anxious about firing the gun. He waits until it’s dark and he’s sure everyone has already fallen asleep before going home, and he puts theRead MoreThe Man Who Was Almost a Man2089 Words   |  9 PagesThe Man Who Was Almost a Man Character Analysis In Richard Wright’s â€Å"The Man Who Was Almost a Man†, there is only one main character, Dave Saunders, and a handful of secondary characters. Dave Saunders is a seventeen year old, â€Å"long, loose-jointed limbed† African-American boy living in what seems like the South, either in Alabama or Louisiana, judging from the fact that the Illinois Central railroad runs through the area where he lives. Dave is struggling with growing up and is trying to achieveRead MoreEssay On The Man Who Was Almost A Man773 Words   |  4 Pagesbeing an adult man and no longer a boy. 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This definition, did not surprise me, but what did ,was what followed it , it stated:Read MoreThe Man Who Was Almost A Man Analysis784 Words   |  4 PagesThere are many teenagers who at a young age dream to become adults because they see adults as people with power and people who are respected, while teenagers feel like no one respects them or takes their opinions seriously. These teenagers dream to become adults, but due to their lack of responsibility and thinking about their actions becoming adults becomes increasingly difficult and while reaching adulthood they struggle greatly. In â€Å"The Man Who Was Almost a Man† by Richard Wright the author presentsRead MoreThe Man Who Was Almost A Man Essay1977 Words   |  8 Pagesapart from each other. â€Å"The Man Who Was Almost a Man† by Richard Wright, â€Å"Sweat† by Zora Neale Hurston, and â€Å"To Kill A Mockingbird† by Harper Lee share similar themes, conflicts, and symbols that can be used to understand a relatively current controversial happening in the United States. â€Å"The Man Who Was Almost a Man,† â€Å"Sweat,† and â€Å"To Kill A Mockingbird† all share a theme of oppression and one’s actions to overcome their circumstance. In â€Å"The Man Who Was Almost a Man,† Dave wants to attain a gunRead MoreTheme Of The Man Who Was Almost A Man888 Words   |  4 PagesThe central theme of â€Å"The Man Who Was Almost a Man,† by Richard Wright encases over the idea of manhood. The transition from a boy to a man is strongly presented in the aspect of what takes a person to enter into maturity. As seen in the story, the lead character Dave Saunders believes that owning a weapon would surmount to his adulthood. However, over the course of the plot it’s widely suspected that he doesn’t learn from his perception on life. Therefore, creating the conclusion that the character

Global and Worldwide Supply Chain Management

Question: Discuss about the Global and Worldwide Supply Chain Management. Answer: Introduction Ahi and Searcy (2013) have stated that throughout every phase of the products life cycle, worldwide supply chain management experts makes sure that the consumers get the products and services they require and desire in cost effective way from across town or around the globe. Therefore, it can be stated that the global supply chain management professionals play significant and significant role to the winning functioning of the business, healthcare, non-profit organizations and the administrations. From the research works of the market researchers, it can be said that a supply chain refers to the compilation of steps that a corporation takes in order to convert raw material apparatus into the final manufactured goods that is transported to the consumers. Generally, supply chain management has five major steps like planning, making, sourcing, delivering and returning. Therefore, it can be stated that every stage of this specific procedure takes into account professional abilities that a re highly significant to accomplishment, from marketing and logistics to data organization and warehousing (Ashby et al. 2012). In this particular research work, IKEA has been selected to analyze some aspects of global supply chain management. This particular research work would try to shed light on how the company manages to establish close coordination in different parts of the globe. Apart from that, it would discuss that how distinctive research and development investments have assisted the company to enhance their revenues form effective supply chain management. From the company profile, it can be seen that the IKES concept starts from providing an enormous variety of home furnishing products that are easily affordable at a reasonable price. It can be stated that this approach can be achieved by combining several functions that are- sustainability along with quality, design and value of their product. However, it is required to mention that the IKEA concept exists in their design, sourcing, packing as well as distributing through their business model to satisfy the need of their customers. The primary go al of this international corporation has always been to offer a better life at home to every individual (Christopher 2016). How it has managed to establish close coordination across the globe In IKEA, it is a well-known fact that home is more about just the furniture. From the company profile, it can be seen that IKEA always strives to discover ever cheaper labor in the ever cheaper markets. Apart from that, it can be stated that IKEA tends to manage to maintain as well as increase their wide variety of suppliers by creating local offices that monitor the products, but most importantly foster competition and keep the entire production costs low. The article named IKEA builds on success in Jiangsu and this explains how IKEA is opening a manufacturing facility in China as a major important part of their strategic plan to quickly expand their supply chain in the Asian market. The marketing and the management team of IKEA has identified that it is highly important for IKEA to expand in the Chinese market for the future of the companys supply chain, especially with regards to their strategy to maintain quality products at comparatively lower prices (Dauvergne and Lister 2012). Apart from that, it can be stated that IKEA has built new factories closer together in China that has allows for the optimization of the value chain with regards to the manufacturing and selling of the products of IKEA. In order to gain an important market share, the company has taken a decision to rapidly expand their supply chain into the Asian market and this strategic. The company has planned to reach a point where the local and the global competitors would imitate their strategies from production to distribution just to gain a strong market position in the Asian market (Brandenburg et al. 2014). Figure 1: Five stages of sourcing (Source: Fernie and Sparks 2014) From the market research, it can be seen that each IKEA store is huge and is designed in such a way that it has more than 9500 products. Therefore, it is always one common question that comes to the mind that how does IKEA offer low price for their high quality furniture while always keep their stock enough to satisfy the current needs of their customers. It can be stated that the IKEA has 298 stores in almost 37 countries and is considered as globes largest home furnishing retailers. Market research says that the company has ranked 41 among the worlds most valuable brands on Forbes list. Most importantly, the company gained a profit of 35.5 billion in the year 2014from their sales (Green et al. 2012). From the research work of Hultman et al. (2012), it can be said that the supply chain of IKEA is operational in all major regions of the globe and has a global spread with both sales and purchasing. Among all the markets, IKEA has found the East Asian market as one of the most potential marketplaces and thus have expanded their business in this region over the last few years. Therefore, it has been understood that IKEA has managed to successfully establish close coordination across the globe and the result of this coordination is 1084 suppliers in 53 countries. 14,500 out of the 139,000 employees in IKEA, works in purchasing distribution, wholesale and other supply chain management related areas (ikea.com 2016). How distinctive RD investments helped the company to increase its revenue Jonsson et al. (2013) have said that Research and Development department is one of the common departments in most of the large corporation, especially in case of the global companies. IKEA as well is no more exception in this regards and this is significant for those companies that work with newer products as well as technologies that are subjected to the important shifts. Following this, IKEA uses up to 20% of their annual revenue in their RD proceedings as tax deductions according to the legislations of the federal government (Guang Shi et al. 2012). It can be opined that the primary reason for using the Research and Development is to uncover cost-effective manufacturing methods for most of the large scale industries so that the cost of manufacturing a product can be reduced. The highly skilled consultants of IKEA support with accurate RD assistance that is necessary to advance new technologies and as a result they can bring new products to the market and enhance the quality of the ir products for their customers throughout the globe (Maull, Geraldi and Johnston 2012). From the company profile, it can be stated that the RD services of IKEA include the following services like technical consulting, project contracts and staffing. Under technical consulting, the professionals provide IKEA proper research assistance to the customers. Under the project contracts, they focus on handling some or all stages of the Research and Development procedure through a statement of work. Besides these two, under staffing, the responsible team focuses on augmenting in-house Research and Development teams with specialized skills or the additional talent. It can be stated that the pros-investment in the research work would give IKEA some better ideas as well as guidelines for the present trends in business, behaviour and the requirements of the entire target market. Thus, it would provide some superior customer value. However, it is required to mention here that the Research and Development programs are highly expensive that it could affect the price rates of the manufa ctured and delivered products into the market (Misra 2016). At the time of discussing about IKEA, it is required to mention that the RD team of this global giant organization has suggested merging with some other respectable local companies. The professionals have suggested that merging with the local companies are helpful for the further expansion of the business, as this strengthens its financial capability and can easily penetrate into the market place. At the time of expanding the business in the East Asian market, the company has merged with some of the local companies. This is because of the fact that knowledge as well as experience of the local companies would associate with the marketing operations of IKEA and can attain a portion of their profit for their betterment (Ghadge, Dani and Kalawsky 2012). However, it is required to mention that IKEA benefits from many internal Economies of scale and their economy comprises of the followings. Technical economies of scale Marketing economies of scale Financial economies of scale Risk bearing economies of scale Managerial economies of scale (Monczka et al. 2015) From the market research work, it has been found that IKEA have lowered their average compared to the last few years by manipulating the approaches made in their technical economies of scales and set them as an example of one of the prominent examples of this is through increased specialization (Ross 2013). What are the supply chain risks and associated mitigation strategy From the market reports, it can be seen that presently, the European manufacturers generally purchased the majority of the IKEA products. However, it is required to mention that the largest single country for purchasing is China. The top five purchaser countries of IKEA products are as follows: China (18% approx) Poland (12% approx) Sweden (9%) Italy (7% approx) Germany (6% approx) (Sarkis 2012) However, it is required to mention that in spite of this huge success, the company certainly faces some severe risks in their supply chain management and this differs from one country to another. In this part, discussion would be made on external supply chain risks and external supply chain risks, as the company faces risks from both these sectors (Seuring and Gold 2012). External supply chain risks Seuring (2013) has stated that due to some upstream or downstream in the entire supply chain, the concerned organization is facing some external risks can be driven by some events either. These risks can be categorized in five major types of the external risks. The first one is the demand risks caused by unpredictable end customer demand or misunderstood consumers requirements The second one is the supply risks. This the interruptions caused by overall flow of the product in the raw materials or parts, within the supply chain of IKEA The next one is environmental risks and the company is engaged in this sector. This risk is not directly related with the supply chain and is usually associated to the social, economic, governmental and climate factors taking into account from the threat of terrorism (Stadtler 2015) Apart from these risks, the next one is business risks this is caused by the factors like the stability of suppliers financial or management or sale and purchase of the suppliers organizations The last risk under external supply chain risks is physical plan risks and this is caused by the condition of a regulatory compliance along with the suppliers physical facility (Tayur, Ganeshan and Magazine, 2012) It can be seen that the company sometimes suffer from demand risks and supply risks. IKEA is present in different parts of the globe and thus they suffer from business risks as well. Apart from that, it is required to mention that IKEA suffers mostly from the environmental risks and these risks are related the economic, social and the governmental factors. It is easily understood that these factors hamper the business growth of IKEA mostly and thus the responsible team focuses on this part sincerely all the time (Walker and Jones 2012). Internal supply chain risks of IKEA Waters and Rinsler (2014) have stated that the internal risks of the organizations for providing better opportunities for mitigating those risks, as they are within the control of the business. The most common internal risks faced by IKEA are as follows: Manufacturing risks in IKEA are caused by disruptions of the internal procedures IKEA face some business risks as well, as these take place by the modifications in key personnel, management, reporting structures as well as the business procedures The company has expanded its presence in more than 37 countries of the globe and thus it can be easily said that sometimes IKEA suffers from effective planning and inadequate assessment and this results in ineffective management IKEA suffers from contingency risks and mitigation and this is caused by not putting contingencies in place when something goes wrong (Wisner, Tan and Leong 2014) Therefore, it is easily understood that this global organization suffers from both the internal and the external supply chain risks in their business operations. How advanced technology means help to maintain the competitive advantage Walker and Jones (2012) have stated that technology for the business tends to increase the business efficiency with technology. In the present days world, the companies are required to plan their technologies in such a way, so that the companies can survive in this technology. Communication, packaging, data security, manufacturing, decision making, quality control and human resource management to improve customer service can be used in a business, technology. For gaining competitive advantage, the company relies on social media largely to grow their business overseas for obtaining marketing success. From the company profile, it can be said that the globes largest home furnishing retailer organization that is IKEA was the early adopters of the digital mode of marketing. Most importantly, the company has represented the core of the retailers marketing strategy by maximum use of the social media clubbed with its digital catalogue. From the companys report, it can be seen that the retailers annual expenditure have constituted a substantial share by effective advertising and marketing strategy. In this case, TV has been the most dominant mode of campaigning in the traditional days while in recent times the internet marketing takes the limelight away. After doing market research, it can be said that IKEAs digital strategy of marketing has remained unique and uniform with almost 345 operational stores across the globe and with the extensive use of social media with separate country pages for the respective target markets they are heading towards more success. The marketing team of IKEA has shed increasing stress on the digital catalogue applications that can easily available in Google play and the Apple Store and easily downloaded on their smart devices. From the company profile, it can be said that the latest catalogue application that this furniture giant has launched in the year 2014 has near about 59 editions (Monczka et al. 2015). Facebook: From the Facebook page of IKEA, it has been seen that there are a minimum of 1.5 lakh fans of IKEA in almost every country. Twitter: This organization has separate Twitter feeds at their nation specific twitter pages. From the Twitter account, it can be found that IKEA itself has 2, 22,000 followers in UK alone and in Canada, the number is 6, 66,000. Pinterest: Pinterest is one of the common platforms for those organizations that operate in retail sector and IKEA is present in this social media platform easily. Google+: It has been seen that the USA page of IKEA has recently entered on January, 2014. However, compared to other social network sites, here the company has the lowest number of followers and soon the number is going to reach a huge amount. Outdoor Campaigns: Besides all these social media presence, the company finds outdoor promotions highly useful as well. The reports have stated that IKEAs online presence has made 70% contribution to the overall marketing and the remaining 30% is the use of out of home campaigns. In Paris, for out of home promotion, the company to add interaction to the 3D panel, IKEA positioned two actors for standing on the board pretending to execute everyday some bathroom activities like bathing and shaving. The time selected for this promotion is at the peal commuting time that is in the morning and at the evening. Therefore, it can be stated that the marketing team of IKEA is well aware of the advantages of different modes of marketing campaigns. Besides this outdoor campaign, the company has arranged indoor garden in London and these campaigns are all about to let people know about the products of IKEA who are not present in any kind of social media sites. Conclusion After going through the entire research paper, it can be seen that IKEA is one of the leading international organizations and the success of this business has depended on supply chain management. From the market research, it has been found that at the initial stages of the taking entry into the foreign market, IKEA used to go through a phase of the trial and error phase and after successfully passing through this stage, the company was successful to hit the bulls eyes. For example, it can be stated that at the time of taking entry into the USA market, the company transformed its traditional moose and advertising slogan because the previous was foretelling a erroneous image of the merchant. Reference List Ahi, P. and Searcy, C., 2013. A comparative literature analysis of definitions for green and sustainable supply chain management. Journal of Cleaner Production, 52, pp.329-341. Ashby, A., Leat, M. and Hudson-Smith, M., 2012. Making connections: a review of supply chain management and sustainability literature. Supply Chain Management: An International Journal, 17(5), pp.497-516. Brandenburg, M., Govindan, K., Sarkis, J. and Seuring, S., 2014. Quantitative models for sustainable supply chain management: Developments and directions. European Journal of Operational Research,233(2), pp.299-312. Christopher, M., 2016. Logistics supply chain management. Pearson Higher Ed. Dauvergne, P. and Lister, J., 2012. Big brand sustainability: Governance prospects and environmental limits. Global Environmental Change, 22(1), pp.36-45. Fernie, J. and Sparks, L., 2014. Logistics and retail management: emerging issues and new challenges in the retail supply chain. Kogan Page Publishers. Ghadge, A., Dani, S. and Kalawsky, R., 2012. Supply chain risk management: present and future scope. The International Journal of Logistics Management, 23(3), pp.313-339. Green Jr, K.W., Zelbst, P.J., Meacham, J. and Bhadauria, V.S., 2012. 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