Islamic and conventional credit cards Assignment - 1

Islamic and conventional credit cards - Assignment Example The increased demand is not only from clients need for differentiated products but also from corporations who want to carry out all financial dealings in conformity with Sharia laws. The increasing populations of Muslim countries will additionally propel the demand for Sharia - compliant financial services. Many Muslim nations have young populaces, with more than 60% of the citizens under the age of 21 years, in addition to annual population growth rates of more than 5%. Many conservative banks currently are also engaging in the Islamic Banking market due to its intrinsic feature of minimal exposure to operational risk. Islamic banking, because of its strict Sharia submission norms, can help clients decrease the risks related to interest based debt bankrolling that plagued conservative banks especially during the recent financial crisis that hit the mortgage market. In terms of supply, the main underlying principle of development in Islamic banking is the swelling amount of financial services establishments giving Sharia compliant business solutions. Along with the new Islamic banking institutions that are being designed, there is a developing tendency among current conventional banking institutions to transform their processes to become compliant with Sharia laws. With mounting business rivalries in their home markets, some Islamic banking institutions in the Middle East have begun to multiply globally, with a preliminary attention to Africa and Asia. This amplified rivalry was leading to fresh advanced products being availed to the markets, therefore, rendering Islamic banking more enticing. The initial phases of growth in Islamic banking contend with the concept construction where Sharia specialists examined whether the interest those banks charged was similar to riba. Before 1950s, Muslims were not officially engaging the banking services; so, they did not have any information about bank interest (Shaikh n.d). A few years

Assignment Example | Topics and Well Written Essays - 1250 words - 1

Assignment Example Globalization has brought the much-needed change. Robert Wright defined globalization as the control of America’s political and economic empowerment. Through globalization, individual have more wealth and are freer than they were many years ago when they were still fighting to gain that much-needed freedom (Wright 1). Globalization, according to Wright, was the spreading of values and beliefs across the borders of America, and that it had started way before the advanced technological development began. According to Wright, globalization has come with many disadvantages in that the use of communication devices such as phones has helped terrorist commit crimes. The terrorists have become more organized and more dangerous since they can use these communication devices to organize attacks and converse among themselves. He says that the terrorists have used the Internet to their own advantage, and it is due to this globalization that terrorists have based their reasons for their at tacks (Wright 2). It is also through this same process that the weapons they are using are more complicated and lethal. Wright argues that globalization has brought the act of crime to another level. Wrights also says that globalization is a damaging existence. ... He believes that it is the moral revolution that prevents America from becoming the downfall of globalization. Wright feels that globalization was the start of something that was uncontrollable. He fears that the stability that the United States is looking to accomplish with the process of globalization will not be achieved since there are still terrorist attacks that hinder such development. He says that it is through globalization that there is the availability of new weapons, new methods of crime, and there is the free movement of goods and services (Wright 2). Though globalization is a means to procure moral knowledge and usefulness, Wright thinks that globalization has brought tension among countries, particularly the United States and the Islamic community. Wright argues that with globalization, social class has emerged and there has been the rise of racism. The only way that individuals can coexist peacefully without harming each other is when liberty and security are combined . Only then will people live peacefully. The choice on whether globalization will make or break individuals and America is in the people’s hands (Wright 1). According to Kaplan, globalization is the main cause of development in the world. Globalization is about becoming modern, urbanized and free. He argues that development leads to evolution and that poverty derails the course that is the goal for development. He claims that the revolutions that were in Mexico and France were followed by economic growth and development, the rise in population due to this revolution and urbanization. His vision is that countries such as Brazil, China and Indonesia will be more economically able and