The Role of the Technical Trainer free essay sample

This is an exploration study which looks at introducing and assessment techniques for specialized preparing. An assessment of the requirements and difficulties of the specialized mentor when planning and conveying guidance using innovation, explicitly through basic occurrence addressing. This examination decides the aptitudes and abilities required by the coach so as to successfully convey data. Included are charts and diagrams to clarify the material examined. The job of a specialized coach conveys a substantial load in todays working environment. With the ever-changing pace of todays innovation, there must be an approach to give direction and backing to these coaches. Examination proposes that specialized preparing contains a scope of positive and negative qualities. Educating by means of the Internet can be ordered as either institutional, instructional, specialized, or individual, and the particular qualm about utilizing this innovation might be firmly identified with the sort and level of mechanical use. (Piotrowski Vodanovich, 2000, p. We will compose a custom article test on The Role of the Technical Trainer or on the other hand any comparative point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page 48).

Organisation Behaviour Essay

Expolanka Bangladesh Limited is a gathering organizations in Bangladesh . It has a few sister concern who are holding various carriers General Sales Agent (GSA) in Bangladesh. Wings Classic Tours and Travels Limited is one of the sister concern who is holding General deals Agent of Virgin Atlantic Airlines. The Accounting Manager in the bookkeeping division gets ready various kinds of report to help the executives with choice. The Manger plays an essential principle for dynamic in this association. This investigation uncovered including the prerequisites of this administrative employment ,how a supervisor collaborate with inside and outside gathering or person who are significant, rule qualities of these individual or gatherings, an occupation task examination gives a premise to building up the information, aptitudes, and capacities to work in an administrative position . It figures out what employment errands director performs on an every day, fortnightly, month to month, and yearly premise . These activity undertakings are isolated into various stages dependent on obligations, duty, kind of employment task, etc. ? Bookkeeping Manager’s expected set of responsibilities : The Accounting Manager is answerable for all regions identifying with money related detailing. This position is answerable for creating and keeping up bookkeeping standards, practices and systems to guarantee exact and auspicious budget summaries. Budget summaries incorporate Income explanation, Balance sheet and Cash stream proclamation, changes of value and notes to the records. Bookkeeping standard (International Accounting Standard),Corporation Act, organization law ,charges rule must be kept up and consented by him to set up that reports . The Accounting Manager directs staff bookkeepers and is answerable for dealing with the group to guarantee that work is appropriately dispensed and finished in an opportune and exact way . He collaborates with top administration, corporate group and different offices e. g. deals office, promoting division and activity office inside the association. He bargains diverse kind of reports and information with them. This position includes a huge number of bookkeeping exercises including general record readiness, budgetary announcing, year end review planning and the help of financial plan and figure exercises. The Accounting Manager contacts with senior-level and the firm’s Managing Director ,Executive Director and Corporate Finance Controller which requires solid relational abilities both composed and verbal. He speaks to all the budgetary exercises in the executive gathering. He screens and gathers extraordinary installment inside specified credit span from customers , makes the installment to the primary that is virgin Atlantic according to terms and condition , makes important move about monetary exchanges and manages money related foundations and renting organizations too. Corporate Finance Controller is helped by him in the every day banking necessities. This position teams up with the different department’s chiefs to help generally speaking office objectives and destinations. Overseeing Director , Finance Controller, and other wide supervisors get react in regards to money related outcomes, unique revealing solicitations from this position. He handles work force issues identifying with staff clashes, non-attendance, execution issues, and so forth. Observing and breaking down departmental work to grow progressively effective methods and utilization of assets while keeping up a significant level of exactness additionally incorporate under director obligations and duties. This position requires to follow some other activity related obligations required by the administration. This expected set of responsibilities not the slightest bit suggests that these are the main obligations to be performed. (Bookkeeping expected set of responsibilities, n. d) Individuals/bunches who are imperative to this activity : The Accounting administrator associates with various gatherings and individual inside and outside the association. The Managing Director, Finance controller and Human Resources Manager are the most critical to his activity inside the association. He has heaps of routine undertakings with them. Other than that different department’s Manager e. Project lead ,showcasing Manager and activity Manger is likewise significant for his activity position. Different records administrators inside the association play significant standard to help the Accounting Manager prerequisites. Notwithstanding that Financial foundation (bank ,renting organization )and t he head (Virgin Atlantic Airlines) and the customers are essential to complete his activity. (Bookkeeping set of working responsibilities, n. d) Main attributes of these gatherings/individual : Managing Director: Mr. Mahbubul Anam is the Managing Director of Expolanka Bangladesh. His esponsibilities is to oversee, screen and guide the working of the association. He includes of controlling exceptionally significant divisions, for example, account, deals, human asset, showcasing and so forth. He likewise administers and screens the work these whole divisions. Choices ,advices and suggestions are additionally taken by him to accomplish the hierarchical objective. He leads meeting with individual division in the organization to discover business procedures for development of the organization as far as marketing projections and net benefit. She includes to taking right ruling for the company’s interests and fulfills of the investor. Overseeing Director expected set of responsibilities n. d ) Finance Controller : The primary occupation obligation of the Finance Controller is to deal with every single money related issue. This incorporates : †¢ The main undertaking of the Finance Controller is to oversee and direct budgetary assets. With the goal that he gets ready for future needs and backing in regards to fund to maintain the business easily. †¢ Preparing and observing of monetary financial plan and present that report to the top managerial staff of the association. †¢ Where any irregularities to compromises , He makes a move or allude to applicable staff as fitting Statutory position and review prerequisites are consented . †¢ Ensure consistence all tax assessment and authoritative necessities consistently. †¢ Provides month to month and week by week report to the head quarter, month to month budget report, fortnightly and day by day various reports to the administration . (Bookkeeping expected set of responsibilities n. d) Human asset chief: Human asset supervisor assumes significant job to enlist representative in this association. His obligations incorporates : †¢ Compensation, advantages and execution the board frameworks, and wellbeing and diversion programs are directed by him. Recognize staff opportunities and enlist, meet and select candidates. †¢ Allocate HR and guaranteeing suitable matches between staff. †¢ Provide present and forthcoming representatives with data about approaches, work obligations, working conditions, wages, and open doors for advancement and worker benefits. (HR Manager n. d ) Sales Manager: †¢ Develops a field-tested strategy and deals methodology for the market that guarantees fulfillment of organization deals objectives and benefit. †¢ Prepares activity designs by people just as by group for compelling hunt of deals leads and prospects. Starts and facilitates advancement of activity intends to enter new markets. †¢ Assists in the turn of events and execution o f showcasing plans varying. †¢ Provides convenient criticism to senior administration with respect to execution. †¢ Provides convenient, exact, serious valuing on totally finished possibility applications submitted for evaluating and endorsement, while endeavoring to keep up most extreme overall revenue. †¢ Maintains exact records all things considered, deals, and action reports put together by Account Executives. †¢ Controls costs to meet spending rules. ( H. Ransack n. d ) Showcasing Manager : †¢ oversee and facilitate all showcasing, publicizing and special staff and exercises †¢ direct statistical surveying to decide advertise necessities for existing and future items †¢ examination of client look into, current economic situations and contender data †¢ create and execute promoting plans and ventures for new and existing items †¢ deal with the profitability of the promoting plans and undertakings †¢ screen, audit and report on all advertising movement and results (Sample Marketing director expected set of responsibilities n. d) Principle attributes: Name |Position |Age |Gender |Personality |Pattern of collaboration |Efficiency |Effectiveness |Satisfaction | |Mr. Mahbubul Anam |Managing Director |50 |Male |Negotiable |Face to confront Telephone E-mail Fax |Efficient |Effective |yes | |Mr. MH khusru |Finance Controller |40 |Male |Friendly |Over the phone E-mail Face to confront fax |Efficient |Effective |yes | |Mr. Bahauddin Ahmed |Human Resources Manager |42 |Male |Extroversion |Over the phone E-mail Face to confront fax |Efficient |Effective |Yes | |MS. Naima Imam Roy |Sales Manager |38 |Female |Agreeable |Over the phone E-mail Face to confront hatchet |Efficient |Effective |Yes | |Mr. Shahidul Islam |Marketing Manager |42 |Male |Openness to encounter |Over the phone E-mail Face to confront |Efficient |Effective |yes | Nature of interdependency: The Accounting director is autonomous in this association. Despite the fact that he teams up with other office for different issues like credit length, credit acknowledgment inside speci fied ,cost limit , more benefit and increment income. He is additionally some portion of mid administration to accomplish the hierarchical objective. Overseeing executive: Accounting Manger consistently hopes to help from overseeing chief. In this circumstance Accounting Manager propose to fund controller and he leads with Managing executive. This is successive approach to convey. He likewise expect significant choice for money related issues and endorsement for technique from overseeing executive. Then again, Managing Director expects cost minimization, increment net benefit , productivity of money related data and viable time the board from Accounting Manager. Fund controller: in such manner, Accounting Manager requires all money related suppor

Post-Grad Decisions More School or Work

Post-Grad Decisions More School or Work Hello everyone! Today was a beautiful day of fall here at Illinois, and I could not be more happy. I love summer, but its sweater season, and I’m going to start dressing. Luckily, this (hopefully) won’t be my last first day of fall on campus. I am furiously applying for graduate school, and my #1 choice is, surprise, Illinois! I love this place so much I had to stay longer. Although I’m set on going to graduate school, I can tell a lot of my peers are struggling with their decision to continue their education or not and enter the work force. So if you couldn’t guess from the title, this blog will be on that decison. Pre-Professional Tracks I know many of you haven’t even thought about this, but I think its important to think about especially if you’re considering a pre-professional track. When I started out my freshman year, I planned on going to medical school, so I started taking my pre-med chemistry courses. Around my junior year, I realized medical school was not the right choice for me following undergrad. I still wanted the option open, so I continued to take the classes. The reason I am telling you guys this is because if you are in any way interested in potentially following a pre-professional track, you should start taking the courses and see if you like it. For example, if youre interested in pre-law, take a lower-level law class (I am not at all sure if this is the first step, so take this with a grain of salt and ask an advisor), and see how you like it. If youre digging it but still not sure, take the next class and so on until you can come to the decision for yourself whether you want to continue or n ot. In addition, just because you have followed a track for a few semesters doesnt mean you HAVE to do it. I took all the pre-med classes, and I qualify to take the MCAT and apply to medical school, but I know that right now, it isnt for me. Its totally okay to make these decisions for yourself! Internships / Jobs Its bitter sweet that the class of 2020s time is coming to an end. Many people graduating alongside me are on the mad search for jobs and internships post-graduation. I want to give you all a sigh of relief by saying everything will be okay. No need to stress about job searching now, but looking for internships is going to feel like a similar process. This is a good way to prep for when the time actually comes. Youll be scrolling through internship ads, applying, interviewing and hopefully working with them for a summer, semester, year, whatever they offer. Quick side note: not sure if you guys know about this, but there are internships that allow you to work over the course of a semester. You wont take classes but instead work full-time at said internship. Details may be different, but opportunities like this allow you to get hands on experience in the field youre interested in. If youre reading this and thinking, I dont want to work an internship, thats totally cool; I didnt either. I wrote a whole blog about it last semester on alternative optionsâ€"check it out! Graduate School I heard a joke the other day: Should I go to grad school? is the new Should I get bangs? I can tell this is definitely a debate some of my peers are having right now. I want to come out and say out front: if you dont want to go to grad school, DONT GO! You might hate it. Grad school seems like a backup for a lot of people, but unless you are dedicated and applying, its a very competitive process. Depending on the type of program, it may be nothing like undergrad. I want to just clear this mindset for you all before we talk about it. If youre in any way thinking about it, dont fret if you cant decide right now. Applying for grad school follows about the same timeline as applying for undergrad. Instead of SAT or ACT, one takes the GRE/MAT or other standardized test. The application process is a bit different; in addition to applying for a program, one may have to apply for funding too. Overall, this is a timely process and if I am being honest, Im feeling the stress. I really wanted this blog to open up your eyes to some potential and popular options post-undergrad. I dont want you all to stress, considering its far from now, but keep things in mind. I wish you all good luck on your application process! Till next time! JN graduation work Julissa Class of 2020 I am majoring in Integrative Biology within the College of Liberal Arts and Sciences. I am from Lemont, a small southwest suburb of Chicago. If you want to read about the daily life of a student on campus and get some tips and tricks in the trade, my post are for you!

Analyzing Social Change Through Functionalism, Conflict...

Albert Einstein said it best, â€Å"The significant problems we have cannot be solved at the same level of thinking with which we created them† - Albert Einstein(58 Quotes). Social change is an opportunity for positive growth in today’s world, however it may sometimes take a tragedy to get there. Many big events in history such as The French Revolution and the Civil Rights Movement have caused social change, but our world is stronger because of those events. It takes leadership and a desire for growth to make a positive change in today’s society. Many philosophers have theorized social change through functionalism, conflict theory, and punctuated equilibrium. In the early twentieth century, Emile Durkheim along with the help of Talcott†¦show more content†¦Conflict theory is still prevalent today. â€Å"But as in all previous forms of society, a system that was once revolutionary has become the opposite. The potential to make new advances in the way tha t people use resources and produce things to meet their needs [...] has come into conflict with capitalisms social structure, dominated by a ruling class that puts its own wealth and power first†(Maass). In today’s world, products are not made to be distributed in bulk for people who need them, but to make a profit. This type of living creates conflict in society(Maass). An opposing theory, punctuated equilibrium shows society’s changes as happening very unexpectedly and having great effect. Although originated by Ernest Mayr, this theory was first introduced by Niles Eldredge and Stephen Jay Gould in 1972(Science.jrank.org). These two paleontologists wrote a paper which established the foundation of this theory(Academic Room). â€Å"Mayr later complimented Eldredge and Goulds paper, stating that evolutionary stasis had been unexpected by most evolutionary biologists and that punctuated equilibrium had a major impact on paleontology and evolutionary biology†(Academic Room). Punctuated equilibrium reveals drastic changes in societies over short periods of time. â€Å"The central proposition of punctuated equilibrium embodies three

Organizational Learning Versus Free Will of Individuals

Organizational Learning versus Free Will of Individuals Question: Some people say that the expectation of conformity implied in organizational learning is a threat to the free will of individuals. Do you agree? Should managers favor organizational learning or individual learning for their employees? No. I do not agree with the allegation of some people who claim that expectation of conformity implied in organizational learning is a threat to the free will of individuals. Each and every organization has its own culture. Organizational learning is geared, in some way, to enforcement of the culture. Additionally, an organization is a mono culture entity with multiple individual cultures from different backgrounds. Digital revolution has totally changed the face of business and everyone must cope with it (Jason Silberman, 2013). Therefore, organizational learning has its own cardinal importance some of which is mentioned hereunder; a) Adapt the organization to the volatile environment. I want to reiterate that due to ever changing business environment, organizations are on their toes to ensure adaptability and flexibility to the environment. Normally, it is the stakeholders/employees who are to conform to the requirements of an organization an drop their selfish interests. The vision and mission statement dictate the way forward for the organization and considering individual interests, this might not materialize. b) Easy to implement and wide in scope. Organizational learningShow MoreRelatedIntentional Revolutions Is Organizational Change1218 Words   |  5 PagesIntentional Revolutions is organizational change that requires people to examine and alter the basic assumptions driving and supporting the present state of their organizational life. It is about change that asks people to do things in dramatically new and different ways, as opposed to making small improvements in current practices. The requirements for remaining competitive often include sharp breaks with past beliefs and practices. There is need for organizations of all kinds to make discontinuousRead MoreFunctional Organizational Designs, Vertical Versus Communication922 Words   |  4 PagesAccording to Daft (2013), in mechanistic organizational designs, vertical versus communication is common and involves top managers passing down information to employees about goals, strategies, job instructions, procedure and so forth. This sharing of information gives the employees the critical information that is needed to act quickly to complete specified task that are disseminated from top level managers. 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The Making of Barack Obama A Glance at the Persuasive Power of Media Free Essays

Barack Obama, an African-American from a middle-class family, surprisingly won the U.S. presidential election last November 4, 2008 and swore to presidency on January 20, 2009. We will write a custom essay sample on The Making of Barack Obama: A Glance at the Persuasive Power of Media or any similar topic only for you Order Now As the U.S. is one of the racist countries in the world, he surprised the world by becoming the first Black President. Most political critics argued that media agenda setting and Obama’s social media strategies significantly aided in his campaigns. Aside from traditional media (print and broadcast media), Obama used the Internet media to win the attention and the voting power of most of the U.S. citizens. Although Obama has been into politics and has served the public for almost half of his life, it has been identified that Obama’s publicity in those popular media contributed a lot for his success in presidential election. During presidential campaign, it has been observed that Obama is in every media. From news in print media such as newspaper and magazine to radio interviews and television shows. Most noticeably, Obama also invaded the Internet with â€Å"www.barackobama.com† and the YouTube, to name a few. His e-mail advocacy, on-line video, and text messaging strategy also caught the attention of the sensitive audience and consumers. As Monte Lutz put it: Barack Obama won the presidency in a landslide victory (by a margin of nearly 200 electoral votes and 8.5 million popular votes) by converting everyday people into engaged and empowered volunteers, donors and advocates through social networks, e-mail advocacy, text messaging and online video. The campaign’s proclivity to online advocacy is a major reason for his victory. (2) The Persuasive Power of Media and the Politicians Mass media is known as the most powerful propaganda and persuasive tool. At first, media was only used in business to influence the buying behavior of most consumers. Most newspapers and magazines carry colorful and catchy advertisements, challenging the readers to try the product or service to see the difference. Radio and television commercials also continuously clog the audience while listening or viewing their favorite program, and before they know it, they are already heading their way to the grocery or department store to buy the product that has been advertised. Brand recall was found to be an effect of product and service advertisements. Even if the audience did not pay enough attention, part of their cognitive system is able to recall the name of the product or service being advertised. Seeing the effectiveness of media in influencing the buying behavior of consumers, this trend has been adapted to politics – from setting political agenda, creating public policy, advocating political issues, to packaging the political candidate buying for any electoral position. Politicians believe that if the media could influence the buying behavior of the consumers, then it could also influence the voting behavior of the public. The advantage of most politicians lies on the fact that the Internet is now accessible everywhere. Most households nowadays own a computer with Internet access; if not, they can access it at a nearby computer shop. How to cite The Making of Barack Obama: A Glance at the Persuasive Power of Media, Essays

Marzouq Alsaid Essays (318 words) - Human Sexuality, Fiction

Marzouq Alsaid Dr. Alpana Sharma English 3420 5 June 2017 One of the themes that capture my attention in the story was the testing that determines weather the girl is still virgin or not and how that plays an important aspect of the Haitian culture. I was amazed on how this aspect is also consider in my Arabian culture, where in many families especially the mother make sure that her daughter is not engaged in any illegal relationship with guys so that she still virgin until she get married (58). One of the things that comes into my mind, is that how through associating good morals and high values of a female by being virgin; and how this concept could be unfair to other women who were forced to lose their virginity through sexual assault, rape, and violence. Thus, these women will be also victims for the negative look or perspective of the society. For instance, when someone will try to marry a girl and then finds out that she is not virgin, even though she might explain to him the sexual rape she had been through that resulted in losing her virginity, the gloom might find it as an excuse she made to cover her past relationships with different guys instead of sharing the same ground and be more willing to understand her. Living in a collective society where an individual reputation could have impact not only on him/herself but affect the whole family as well, I was able to understand why Sophie's mother tried to test her every week in order keep her virgin and also, save both her and the family reputation (85). Thus, in future when she get married her gloom finds her virgin which will reflect the good behavior of her and her mother who raised her in a good way. Works Cited: Danticat, Edwidge.Breath, Eyes, Memory. 1998

Cultural and Ethnic Studies Research Paper Guide

Cultural and Ethnic Studies Research Paper Guide A research paper is a piece of academic writing that is based on the writer’s research topic and the analysis and interpretation of the findings that are acquired during the research. A research paper is a long piece of writing that explains the chosen topic of discussion broadly. Notably, it goes into details about every aspect of the paper and requires hard work and determination; however, it is important to note that it is not impossible to do. Having a positive mindset when writing the paper will ensure you produce high-quality work. Provided below are guidelines to show the way you can write a research paper on cultural and ethnic studies easily and coherently. You take several issues into account when writing a research paper in cultural and ethnic studies. These items include various steps that you should take into consideration when writing a research paper in cultural and ethnic studies. These steps one should follow when writing a research paper in cultural and ethnic studies include: Choosing the Research Paper Topic with Our Experts’ Advice Choose a topic that interests you and at the same time challenges you. Your attitude towards the topic will determine the dedication and enthusiasm that you will portray in doing the work. Before you start writing the research paper on cultural and ethnic studies go to your professor to know what he or she wants you to address in the paper. If you encounter any difficulty in identifying the chosen research topic reread your work and you can seek clarification from your tutor. Settle for a subject matter that you can handle. Avoid subject matters that are too technical or specialized. Avoid topics that have a narrow range of sources to acquire information. Examples of topics you can write about include: What is unique about the African culture; Explore the six major early civilizations; What is the importance of understanding the gender pay gap; Examine the difference between history, anthropology, and ethnohistory; Discuss the meaning to assimilation into a society. Finding Information Information on cultural and ethnic studies is found in various places. You can decide to incorporate primary, secondary, and tertiary sources to complete the assignment. To obtain general or background information, check out useful URLs, general information online, almanacs or encyclopedias online such as Britannica. Use search engines and other search tools as a starting point. Pay attention to domain name extensions, such as, .edu (educational institution), .gov (government), or .org (non-profit organization). These sites represent institutions and tend to be more reliable but be watchful of possible political bias in some government sites. Be selective of .com (commercial) sites. Many .com sites are excellent; however, a large number of them contain advertisements for products and do not offer useful information. Network solutions provide a link where you can find out what some of the other extensions stand for. Be wary of the millions of personal home pages on the internet. The q uality of these personal homepages varies greatly; thus, learning how to evaluate websites critically and to search for information on the Internet can help you eliminate irrelevant sites and waste less of your time. You can also find information from: encyclopedias and dictionaries government publications, guides, reports magazines, newspapers, vertical files, yellow pages, zip or postal code and telephone directories, using online libraries. Check out online resources, web-based information services, or special resource materials on CDs: Online reference materials (including databases, such as SIRS, ProQuest, eLibrary, among others), Google Scholar, Wall Street Executive Library, index to periodicals and newspapers (such as MagPortal.com, OnlineNewspapers.com, among others), Answers.com – an online dictionary and encyclopedia all-in-one resource that you can install on your computer free of charge and find one-click answers quickly, Encyclopedias (such as Britannica, Canadian Encyclopedia, among others), magazines and journals, newspapers international public library, subject specific software. Thesis Statement What It Entails Draft a statement that presents your basic argument based on the ideas you have collected from the analyzed sources and which you are sure to support with scholarly evidence. Since you are likely to take a stand on one side of the chosen argument and ideas, consider the other side of the argument as the counterclaims helps in refining the thesis statement; this strategy is more effective when writing an argumentative type of essay. A thesis statement should be provided early in your paper, namely in the introduction part, or in the second paragraph, if your paper is longer. It is impossible to create a thesis statement immediately when you have just started fulfilling your assignment. Before you write a thesis statement, you should collect, organize, and analyze materials and your ideas. You cannot make a formulated statement before you have completed your research paper as it is expected to change as you develop your ideas. Stay away from generic and fuzzy statements and arguments. Use a particular subject. The paper should present something new to the audience to make it interesting and educative to read. Avoid citing other authors in this section. Present ideas in your own words instead of simply copying from other writers. A thesis statement should do the following: explain to the readers the way you interpret the subject of the research, tell the readers what to expect from your paper, answer the question you were asked, present your claim, which other people may want to dispute. Your thesis statement should be strong and meet some conditions which comprise of; Can my position be disputed or opposed? If not, maybe you have just provided a summary instead of creating an argument. Is my statement precise enough? It should not be too general and vague. Does it pass a so-called â€Å"so what† test? Does it provide interesting information to your audience or does it simply state a generic fact? Does the body of my manuscript support my thesis, or are they different things? Compare them and change them if necessary. Remember that changing elements of your work in the process of writing and reviewing is normal. A well-prepared thesis means you have well-shaped ideas and it increases the credibility of the paper and makes a good impression about its author A Research Paper Outline A cultural and ethnic studies research paper can be persuasive, informative, or argumentative. Regardless of the type and purpose, the paper’s structure should be well-organized, clear, and logical. The outline should include the following points: Cover page with all the details about the author and work under discussion a student’s name, course, date, topic title. However, this essential part of a research paper (and it is really important as most readers do judge a research paper by its cover page) can be written in different ways. The formatting style (APA, MLA, Harvard or Chicago) dictates how a cover page looks. Examine the style cover page requirements attentively before the final editing of your research paper. Abstract written on at least half a page to outline the research paper briefly its content, significance. All the main ideas in the research paper are summarized in this part so that the reader will be aware of what he/she is going to read. As a matter of convenience while searching for a particular paper, the keywords list is included in this part as well. Introduction is the first part of a research paper where you state the research issue and provide the theoretical framework. In other words, your task is to give an overview of the research topic based on: A statement of the paper’s topic, aims and objectives, and main research questions you’ll answer later, The background information about a specific cultural and ethnic studies topic in the context that represents the paper’s key points, A relevant literature review on the subject of a research paper, The definition of key terms specific to the cultural and ethnic studies discourses (if necessary). Body is the main part where you as a researcher should present an in-depth analysis of the research paper’s topic. The more information you provide about the paper’s topic, the more profound understanding of the of the cultural and ethnic issue the reader will have. Mind it! But this information must be well-structured, and all the parts must be logically complete. Indeed, there is no permanent limitation dictating the aspects to be discussed or the manner in which they should be analyzed. However, try to present the key ideas supporting your thesis statement to the fullest extent. Point out at least 3 main research ideas you’d like to explore in your paper. Then choose some supporting subpoints in the form of relevant details or examples surveys, case studies, reports, etc. Underpin each idea with the help of reliable sources of information. Besides, you shouldn’t forget about the important elements of the body section: Sections and subsections that represent the main research ideas. Each idea or argument should be written in one physical paragraph. Remember a single sentence does not make any sense to a paragraph. Broaden it through supporting evidence. Topic sentences that specify the direction of your thoughts in each paragraph. It is important to connect the paper paragraphs smoothly with the help of linking words. In-text citations that provide evidence for your arguments. For that reason, you should research the existing literature on the cultural and ethnic studies topic pertinent to your research paper. You can’t go without this part of work referencing to the trustful information sources. Conclusion is similar to your introduction but paraphrased a little bit according to the performed research what is investigated, in what way it is done and what is found during the research process. The conclusion should restate your thesis and summarize your main points of evidence for the reader. You should restate the topic briefly, explain why it is important, and ensure that it is concise and clear. Rewrite the thesis statement because it should not appear or sound exactly as the one provided in the introduction. If possible, it should be narrowed and focused on your cultural and ethnic studies topic. Organize Your Notes Organize all the information you have gathered according to your outline. Critically analyze your research data. Using the best available sources, check for accuracy and verify that the information is factual, up-to-date, and correct. Opposing views should also be noted if they help to support your thesis. This is the most important stage in writing a research paper. In this stage, you will analyze, synthesize, sort, and digest the information you have gathered and hopefully learn something about your topic, which is the real purpose of doing a research paper. You must be able to effectively communicate your thoughts, ideas, insights, and research findings to others through written words as in a report, an essay, a research or term paper, or through spoken words as in an oral or multimedia presentation with audio-visual aids. Summarize, paraphrase or quote directly for each idea you plan to use in your essay. Use a technique that suits you, for example, write summaries, paraphrases, or quotations on note cards, or separate sheets of lined paper. Mark each card or sheet of paper clearly with your outline code or reference. Put all your note cards or paper in the order of your outline. Before you know it, you have a well-organized research paper completed exactly as outlined. If it is helpful to you, use a symbol such as â€Å"#† to mark the spot where you would like to check back later to edit a paragraph. The unusual symbol will make it easy for you to find the exact location that needs modification. Delete the symbol once editing is completed. Post-Writing Tips That It Is Better to Follow Rather Than Ignoring Them Proofread a research paper thoroughly. Your research paper is not complete yet if you don’t proofread it several times. Keep your head up! Your final score depends on the way your research paper is written in. If there are some mistakes in spelling, grammar or syntax, will it be highly appreciated? It is understood that it is impossible. But you can increase your chances to get high marks only if you correct grammar, sentence structure, and some content errors. Don’t hope to cope with the task at a go during the first proofreading attempt! Yes. it is true that you can correct some grammatical errors and sentence structure mistakes through the digital tools available to you today. But as for incoherency, it is the human responsibility, not a machines’ one. Reread the paper twice or thrice to check if the paper content is free of any misunderstanding. Cross out incoherent parts of the text. On the second reading attempt, read the paper aloud to check the correctnes s of the sentence structures. Remember about the subject-verb agreement? Follow all the rules in structuring your sentences and paragraphs. Edit a research paper according to the required formatting style (APA, MLA, Harvard, Chicago). You can follow the main style requirements while writing a research paper. But double check if everything is edited as required by guidelines. It may happen that students make some editing mistakes writing in a hurry and get lazy to check the formatting, â€Å"I’ve done the best in my research paper!† Nobody is sceptical about your editing skills. Be detail-oriented in your research paper as the detail such as the correctly-cited sources add the credibility to your paper. Don’t neglect this point!

Pachycephalosaurs - The Bone-Headed Dinosaurs

Pachycephalosaurs - The Bone-Headed Dinosaurs Pachycephalosaurs (Greek for thick-headed lizards) were an unusually small family of dinosaurs with an unusually high entertainment value. As you can guess from their name, these two-legged herbivores were distinguished by their skulls, which ranged from the mildly thick (in early genera like Wannanosaurus) to the truly dense (in later genera like Stegoceras). Some later pachycephalosaurs sported almost a foot of solid, albeit slightly porous, bone on top of their heads! (See a gallery of bone-headed dinosaur pictures and profiles.) However, its important to understand that big heads, in this case, didnt translate into equally big brains. Pachycephalosaurs were about as bright as the other plant-eating dinosaurs of the late Cretaceous period (which is a polite way of saying not very); their closest relatives, the ceratopsians, or horned, frilled dinosaurs, werent exactly natures A students, either. So of all the possible reasons pachycephalosaurs evolved such thick skulls, protecting their extra-big brains certainly wasnt one of them. Pachycephalosaur Evolution Based on the available fossil evidence, paleontologists believe that the very first pachycephalosaurssuch as Wannanosaurus and Goyocephalearose in Asia about 85 million years ago, only 20 million years before the dinosaurs went extinct. As is the case with most progenitor species, these early bone-headed dinosaurs were fairly small, with only slightly thickened skulls, and they may have roamed in herds as protection against hungry raptors and tyrannosaurs. Pachycephalosaur evolution really seems to have taken off when these early genera crossed the land bridge that (back during the late Cretaceous period) connected Eurasia and North America. The largest boneheads with the thickest skullsStegoceras, Stygimoloch and Sphaerotholusall roamed the woodlands of western North America, as did Dracorex hogwartsia, the only dinosaur ever to be named after the Harry Potter books. By the way, its especially difficult for experts to untangle the details of pachycephalosaur evolution, for the simple reason that so few complete fossil specimens have ever been discovered. As you might expect, these thick-skulled dinosaurs tend to be represented in the geological record mainly by their heads, their less-robust vertebrae, femurs and other bones having long since been scattered to the winds. Pachycephalosaur Behavior and Lifestyles Now we get to the million-dollar question: why did pachycephalosaurs have such thick skulls? Most paleontologists believe male boneheads head-butted each other for dominance in the herd and the right to mate with females, a behavior that can be seen in (for example) modern-day bighorn sheep. Some enterprising researchers have even conducted computer simulations, showing that two moderately sized pachycephalosaurs could ram each others noggins at high speed and live to tell the tale. Not everyone is convinced, though. Some people insist that high-speed head-butting would have produced too many casualties, and speculate that pachycephalosaurs instead used their heads to butt the flanks of competitors within the herd (or even smaller predators). However, it does seem odd that nature would evolve extra-thick skulls for this purpose, since non-pachycephalosaur dinosaurs could easily (and safely) butt each others flanks with their normal, non-thickened skulls. (The recent discovery of Texacephale, a small North American pachycephalosaur with shock-absorbing grooves on either side of its skull, lends some support to the head-butting-for-dominance theory.) By the way, the evolutionary relationships among different genera of pachycephalosaurs are still being sorted out, as are the growth stages of these strange dinosaurs. According to new research, its likely that two supposedly separate pachycephalosaur generaStygimoloch and Dracorexin fact represent earlier growth stages of the much bigger Pachycephalosaurus. If the skulls of these dinosaurs changed shape as they aged, that may mean that additional genera have been classified improperly, and were in fact species (or individuals) of existing dinosaurs.

Sales Force Compensation Term Paper Example | Topics and Well Written Essays - 1250 words

Sales Force Compensation - Term Paper Example As such, the use of total rewards program as a way of attracting, retaining and motivating employees involves the extension of what an employee perceives as being of value to that employee. The need for an effective Total rewards program is underscored by firms being solely dependent upon it for growth, stability and overall success. Likewise, the success of a firm that wants to have an effective sales force must use total rewards program, the size of that firm notwithstanding. 1. Six Features of an Effective Total Rewards Program In order to motivate the sales force to produce the highest number of clients, there are six features of an effective total rewards program that should be put to use. One of the features that of an effective total rewards program that will help is compensation. Compensation is the pay that is extended to an employee for the services that the employee renders. Compensation should not only include both short and long-term rewards. Fair and effective compensat ion is that which supports the organization's goals, mission and business objectives. It is against this backdrop that Nike Inc. provides its personnel with very competitive salary that totally complements employees' duties, roles and responsibilities. Another feature of an effective total rewards program that should be put to use is the definition and moderation of work-life. Work-life comprises a particular set of organizational policies, practices, programs and philosophy which actively sustain and support efforts to help employees attain success both at the workplace, and at home. Some of the examples and facets of work-life include job sharing, telecommuting, sabbaticals, flexible work hours, compressed workweek, and continued education. Nike Inc allows sabbaticals for its employees annually. Employees who have worked with Nike Inc. for five years are entitled for two-week rest while those who have worked with the firm for more than six years are entitled for a one-month's leav e. Nike Inc's sales and marketing department and employees are the best paid in the sportswear industry, according to Borgardus (2006). Failure to observe proper work-life easily paves way for dissatisfaction and de-motivation among employees. In another wavelength, Nike Inc or any other organization that is serious about its effective total rewards program must factor its benefit program into consideration. Benefits refer to programs that an employer dispenses to supplement monetary emoluments that are given to employees. Aspects of these benefits include income protection, retirement programs, health and savings. Cichelli (2010) divulges that a well-designed program may not be generic, but needs to customize the diverse workforce which makes up Nike Inc.'s retail and organization. Nike Inc.'s benefit program will help its selling and promotion undertakings since Nike Inc. provides health insurance, disability insurance, life and accident insurance, paid sabbaticals, tuition assist ance, product discounts, transportation allowance and discount.

Methods of Property Valuation Term Paper Example | Topics and Well Written Essays - 1500 words

Methods of Property Valuation - Term Paper Example The process of estimating values of properties considers numerous elements that might affect the property value. These factors form an essential part of comparable valuing. In determining proper comparable various conditions must be satisfied to ensure the comparable remains closely related to the subject property. The subject property valuation utilizes the value of comparable to determine the estimated property values. Within the property market, various elements affect the selection of a comparable for the subject property. The current market conditions might increase or decrease prices of property depending on the accounting systems employed. According to Rees and Hayward (2001) when selecting a comparable location and physical appearance of the property must display significant similarities. The locations of property might influence the value of the property if the properties under question could both be influenced by location characteristics. The conditions under which comparab les are sold could potentially affect the suitability of a property as a comparable. A property sold understate settlement, for example, might be undervalued following the conditions involved. A proper comparable should be sold under prevailing market conditions and without restrictions on either party. Numerous methods of property valuation exist within the property market. The sales comparison approach remains the most utilized valuation method involving comparables (Betts & Ely, 1998). This method involves a comparison of different units forming the characteristics of the properties under comparison. This consideration of different units creates a beginning point for establishing an estimated value for subject properties. The significant characteristics that could be considered include floor area, property condition, age, and distance from essential amenities, among other property attributes. Though these elements might be considered in the valuation of property, the method relie s heavily on the economic principles of demand and supply.  

Folklores Influence Towards Modern Texts English Literature Essay

Folklores Influence Towards Modern Texts English Literature Essay Stories are the earliest form of literature. It has taken its birth with the birth of man. In india jataka tales Panchtantra and kathasarita sagra are the earliest collection of stories. Story tradition in india,Egypt,china and Greece is ealiest form of literature. Origin of folktales is traced back to vedic Akhayanas.Atharvveda is collection of superstitions,folkbeliefs and rituals of man.Jataka tales are earliest form of folk tales.These jataka tales have their own importance,since they serve as a lense to the past and enable one to view clearly working of contemporary society.A systematic survey of jataka takles provide us a picture of by-gone days.Each of these stories conveys a lesson in one way or other whi ch could serve the society in multifarious ways.Jataka tales consist of ideas of Lord Budhha.Buddha while narrating jataka tales had brought out the realities of life which were useful not in the past but also in the present time.These tales are mostly in Pali.Customs,tradit ions and religious beliefs of various Hindus are reflected in folk tales.Specific times and places have given folktales a local coloring.The term Folklore was firdt introduced by William THOMS IN 1846.The term folk refers to any group of people who shares a commen factor of language,occupation or religion. Folklore is transmitted ffrom individual to individual.Folktales were produced by people in the past and today they exist in small part survivals.Folklore is about the traditional beliefs and story of a community. Since hundered years ago,the science of folklore has revolutionized our attitude towards such texts.Now we know the importance of folklore and we know no longer regard it having relation to mythology.According to some people folklore and mythology should not be separated.The dichotomy took hold in European circles when some of the anthropologist under the influence of Ellen Harrison and Lord raglan discovered a theory both myth and rituals are linked to each other.On the other folktales and folktales were not expected to have any relation with ritual.Folktales are traced back to the vedic ages.Now there are Brahamanas whi ch are Sanskrit texts composed by priests to explain the purpose of vedic rituals.This is their universal agenda and every line shows references to vedic sacrifice.There are some flaws in this argument which arises from distinction between myth and folktales,the distinction between the Great and the Little tradition and false supposition that myth is always associat ed with rituals.Ananda k .kumaraswamy says that the content of folklore is metaphysical. The one thing one could do is to make a sequence of stories all along the line with some more folk then myth and reversal.But to do this ,one has to associate folk with tales that deals primarily with human problems and there is minimum intervention of supernatural .While myth would deal with supernatural problems.It is useful to distinguish between stories having different emphasis in JAIMINIYA and it is also not wise to say that folktales are not myths.They are myths with a non supernatural bent.They are stories about families and problems created before us by human society. It can also be established that the Brahmanas are regarded as the private property of elite textualists who ever lived are infact undistinguishable from the stori es collected by the BrotherS Grimm in german farmhouses.So it is not easy to separate the folk material form classical material .Since these stories in JAIMINIYA were written by priest in Sanskrit and therefore regarded as part of The Great tradition.These prejudice is prevalent even when we know that folk material there is written in Sanskrit words such as Hitopadesa and Panchtantra .Because of their secularity they are regarded as folk tales ,the sacred Brahmanas could not descend the level Marchen,falling suddenly from myth to folktale.There are certain portion of Jaiminiya dealing with myths..The cosmic stories of the Gods and the Godesses , the creation of the world ,and origin of death ,all of them are well known,There are some stories which are about the sacrifice ,they are about the shadowsof sacrifice obscured in r ituals but illuminated by narrations,The sacrifice in these tales have so many myths ssociated with it as clear from allusions in Rigveda. We can locate folktales in space but not in particular time.We can specify the era or the age of the tales.Take an example of Danga-66G sqmile are in Gujarat.It is inhabited by many communities that modern Indian government would classify as Scheduled tribe.Goth was the word used in Dang for stories,narrative or account.There are so many stories of Dangis pasts such as ;Juni goth,Mohorni goth,padunchi goth.There is also a contrast being shown by Fabian of the coevalness of imperialism and anthroplology.There are two major events in which Dangis frame their past are moglai and mandini.Moglai is the time when Dangis moved in forests .Mandini marks the end of moglai.Mandini is associated with british rule over region.It shows the distinction between premodern and modern.Moglai is identified with pre-colonial and mandini is associated with british rule.History of Dangs on Gujarat deals with pre-colonialism and post colonialism .Most of the tales in Gujarat have tangential relations of pa st or present.Khari goth or true stories sustain to claim to time and space whereas imaginary goth come at margins of khari goth.Old men and women in their old age might often tell children other stories of their youth,stories which they learned from the vadils which leads to customs.There are so many things in folktales which are treated as customs now a days.In the story of Vermilion and marriage ,there are four members of tribe who were fast friends since boyhood.One of them was a hawked vermilion,another a weaver ,third took to wood carving and fourth was a goldsmith.Once they decided to spend night in a mango orchard.One was still awake,other three were sleeping.The wood carver was sitting idle ,he took a log of wood and chiselled it into a female figure.The goldsmith made a gold chain , pair of earrings and bangles for her.The waever wove a sari for female figure.The vermilion hawker anointed her head with vermilion just at day break.The four friends started quarreling as to who should marry the girl.A holy man heard their voices and said ,he who made her is her father ,he who clothed her is her elder brother,he who gave ornaments is her uncle,he who brought her to life and put vermilion on her forehead is her husband .And the woman became the wife of hawker.These customs are still prevalent in society.Applying vermilion on the forehead of a girl means that she is married to the boy who does so.Th e story tries to preserve tradition.It also reveals that fighting for a girl is commen practice in Indian society.It also supports the proverb one who posseses skills can not sit idle.The four friends were endowed with skill,rather than sitting idle.They preferred to work at night and could also enjoy enjoy the fruits of their labour. By the study of anthropological studies ,it is clearly visible that folklore deals with one branch of anthropology named cultural anthropology.Bascom,professor of anthropology at the university of California at Berkeley is aware of depending on oral transmission. According to Utleys concept of folk literature he says that Bascom tends to make verbal art as boundary of folklore.which includes (myth,folktales and legends),but not folk dance,medicine and folk belief(superstition).Bascom also says that the text of ballads and other songs are folklore but the music of ballads and other songs are not.The folklore is linked with social science and humanities.Literary and anthropological approaches to folklore are clearly essential and ecomplementary.Each one has its own separate methods and ideology rather working on commen areas of interest.Cultural anthropology is referred to known as social anthropology.Anthropology is also associated with folklore.Archaeology is not directly related to folklore but it provides information about past developments.Linguistics in some way is related to folklore because they shared a commen verbal art.Any ethnographic study witout folkloreis partially and incomplete description of culture.Morever folklore sanctions and validates the social.religious and economic institutions .It also plays an important role in transferring this institution from generation to generation. Culture is a great part of anthropology today.It consist of any kind of behavior acquired through learning.Under it anthropologists include all customs,traditions together with their methods of production.According to Dr. Gustav klemm of Dresdon from his collections of facts of history,he termed culture as including customs ,information and skills domestic and public life is peace and war religion science and art and saysit is manifest on branch of tree of deliberately shape,in the rubbing of sticks to make fire,the cremation of a deceased,father corpse the decorative painting of once body,the transmission of past experience to new generation.Folklore is studied in anthropology,because it is part of culture.It is a part of tradition,customs,a part of heritage.Many folktales were rejected because they did not fill the recognized need of accepted patterns or tradition of folklore.Folktales are dyanamic that changes with needs of society.The folk element in folklore presents no new prob lems as anthropologist sees it.There are various questions on who invwnted various themes of folktales,how they have reworked in the past and how the previous variation have influenced the product of any given story teller or writer.Since any cultural law have taken hold on folklore,the data collection of folklore used to bute testify the ideology of culture.The accepted theories of culture can thus contribute to theory of folklore. The theory of cultural evolution developed by Tyler,Morgan and other remains a point of contention between anthropologists and folklorists.This theory was accepted by scholars of latter half of nineteenth century and developed and described by the scholars of 20th century.Folklorists have defined folklore that folklore have survived from earlier stage of civilization as the shadowy remnants of ancient religious rites still incorporated in the lives of illeterates and rustics.Analyzation of theory of cultural evolution shows that it was based on certain ideologies which were never proved and in some cased later on have been disapproved.We can not search the ultimate origin of folklore by evolution and age-area concept because archaeological evidences and historical documents are lacking.If we try to reconstruct history on restricted side ,it can give result only in terms of probability than proven facts.Change in folktales can be studied perfectly in process rather than reconstruction s based in deistribution.When Cushing some sixty five years ago had the forsight to record the Italian tale of the cock and the mouseas told by juni informant.The companion of the juni variants spotlights many juni stylistic features and serves only to showwhat transformation the original in underwent in such a brief period and how well it has ben adopted to juni environment and mode thought,but also to give a glimpse of Indian method of folktale making.Through the examples of changing forms in folktales,we can learn about freedom give to the narrator in various forms of folktales in various societies.Anthropologists are anxious about the place,native society and social settings of folklore.One cannot establish these facts from text of tales alone,yet without them one can only have idea about nature of folklore and its full meaning.There is a relation between folktales and culture from two points of view.The first in which folktales represents culture by means if rituals and beliefs but sometime folktales can do thingswhich are regarded as shocking in daily life.Take one example old man Coyote has intercourse with his mother in law.Where as in ordinary life the American Indian who finds amusement in these tales must observe strict mother in law avoidance.Since the time of Euhemerous,folklorist have made efforts to explain distinction between folklore and actual conduct.The function of amusing state of mind can not only serve as a complete answer,it is clear that beneath these deal of humour,lies a deeper meaning and that folklore serves as psychological escape from many repressions not only sexual which society imposes upon individual.Apart from their entertainment,folktales provide us a clear view of present and past tradition and culture of the origin,how they originate.Bihar is one of important states in India with rich folklore tradition Panchtantra is one of the most important collection of stories in India.Folktales generally revolve around social mythol ogical and social concepts.It depicts horror situations and wicked evil spirits are some of the commen elements of folklore.Inspite of different varities the folkales of various regions shows a common pattern.Stories of origin of mankind are told through out the world.These are some oral messages which are always found in folktales as :1)Good will triumph and evil will be punished .2)True always come to light. 3)A friend in need is a friend indeed.4)Might makes right. Folk tales preserves social traditions and social taboos.

Islamic Economic System

INTRODUCTION Islam is a complete code of life which offers its own social, political and economic systems to guide human behavior in all spheres of life. History has recorded that the economic system of Islam, for the first time in the world had established social and economic justice during the period of al-Khilafah al-Rashidah. In any ideal Muslim society, socio-economic justice is considered as one of the most significant characteristics for the social, political, and economic as well as all realms of human interaction.Exploitation and any source of unjustified enrichment in Islam are prohibited. The Holy Qur’an has emphatically instructed Muslims not to acquire each other’s property wrongfully. Islam is not an ascetic religion. It takes a positive view of life as the natural outcome of the belief that human beings are the vicegerents of Allah (Swt). The conditions for interest/riba has been laid down as increase in principal amount and increase with respect to payme nt period, the more period causes more increase. Interest/riba has been categorized into two types.After describing interest/riba and its types, reasons have been sought for prohibition of interest/riba from Quran referring to Surah Al-Rum-39, Surah Al-Nisa-161, Surah Al-Imran 130-2 and Surah Al-Baqrah 275-281. Help from Hadith (Muslim, Ahmed, Tirmidhi and Ibn-e-Majah) has also been sought. Interest/riba generates various evils like moral evils, social evils and economic evils. The goals of socio-economic justice and equitable distribution of income and wealth are integral parts of the moral philosophy of Islam.However, one of the socio-economic reforms made by Islam was the prohibition of riba (interest). About the efficacy and usefulness of the prohibition of interest in Islam, Muslim economists have tried to provide the juridical clarity and support based on reason, as opposed to mere belief. The purpose of this paper is to spell out the meaning of riba or interest, its different kinds, and the social, moral, as well as economic rationale of its prohibition.The central feature of an Islamic financial system is the absolute prohibition of the payment and receipt of interest. Thus, countries that have chosen to bring their economic systems into closer accordance with the rules prescribed by Islamic law have had to restructure their banking Systems to conform to the restriction on interest based financial transactions. One of the main subjects in Islamic economy is study on ration of usury to currency devaluation compensation.In Iran which average inflation rate has been 20% during the last 30 years (that is prices have been averagely multiplied by 240 in the last 30 years) on the one hand and currency devaluation compensation is regarded usury on the basis of traditional definition of usury on the other hand, the fact that devaluation compensation is considered as usury causes the holders of interest free deposit to face continual and evident devaluation and then cause the holders of fixed salary and cash asset to have zero purchasing power over time and some will benefit (including government and then owners of estates) and some will lose.The incurred loss will be the same as the benefit of some beneficiaries leading to poverty of the poor and wealth of the rich and violation of rule of dominance in private ownership. On the basis of traditional jurisprudence, compensation for currency devaluation is regarded the same as inflation rate and non compensation will lead to undesirable consequences.In this article, this traditional attitude has been challenged and we can say that compensation for decrease of purchasing power which is the same as inflation rate is not only usury but also necessary with regard to economic changes in the current era and this is closer to justice recommended in religious law. With regard to the mentioned material, importance of currency devaluation compensation is made evident.In fact, this article seeks to ans wer this question whether currency devaluation compensation is one of the usury evidences or not and if it is necessary to compensate it in transaction (especially in term transaction)?. Substantive hypothesis of this research is that compensation for purchasing power decrease in transaction (especially in loan) is necessary. Much has been written on the interpretation of the term â€Å"interest/riba†, Interest on the wisdom underlying its prohibition, on its economic and social implications and on the practical aspects of the Islamic economy which is supposed to work without interest.It is explained that the people not conversant with principles of Islam and economic philosophy of Islam believe that elimination of interest/riba from banks and financial institutions makes them charitable, rather than commercial concerns which offer financial services without a return. This is their wrong assumption that interest free loan is meant for cooperative and charitable activities and not normally for commercial transactions. It is clear that elimination of interest from financial activities does not mean that lender cannot earn profit.If financing is made for commercial purpose, it can be based on the concept of Musharakah and Mudarabah. Islam animated novel systems which were beyond the reach and perception of human beings to think and develop. LITERATURE REVIEW Much has been written on Interest and its evils. Prohibition of interest in Islam is basically is an effort to prevent the society from the evils of interest. Interest free economy is an ideal economic system, model of which is presented by Islam through Qur’an and Hadith.Prophet Muhammad (S. A. W) laid down the basis of interest free economic system 1400 years ago and Khulfa-e-Rashidain carry that work and establish an economic model that is role model for today’s economists and for those who are contributing their efforts for establishing an Interest free economic system. Regarding subj ect matter in the present article which studies relationship between them, the related literature (except Qur’an & Hadith) relates to the recent 30 years.Islamic prohibited Interest as Qur’an Said: â€Å"Allah deprives riba of all blessing and develops charity† (Al-Baqara-276) â€Å"The interest that you give in order to increase the wealth of the people, does not increase in the sight of Allah† (Al-Rum-39) Basic concept of Interest/riba is explained by Qur’an, Hadith, Islamic and other scholars in an easy way. Fourth Revelation (Surah Al-Baqarah, verses 275-281) â€Å"Those who devour riba will not stand except as stands one whom the evil one by his touch hath driven to madness. That is because they say: â€Å"Trade is like riba†.But Allah hath permitted trade and forbidden riba. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge). But those who repeat (the offence ) are companions of the fire; they will abide therein (forever). †(275) Allah further said: â€Å"O you who believe, observe your duty to Allah and give up what remains (due) from interest, if you are believers. But if you do not do it, then be warned of war from Allah and His messenger; and if you repent, then you shall have your capital.Do not exploit and be not exploited. † (2:278-279). The Holy Prophet (S. A. W) has advised Muslims to avoid seven harmful things and the third among these is interest, He stated,' although interest brings increase, yet its end tends to scarcity’. From Jabir (RAA) The Prophet, (PBUH) may curse the receiver and the payer of interest, the one who records it and the two witnesses to the transaction and said: â€Å"They are all alike [in guilt]† (Muslim, Tirmidhi and Musnad Ahmad).From Abdullah Ibn Hanzalah (RAA) the Prophet (PBUH), said: â€Å"A dirham of riba which a man receives knowingly is worse than committing adultery thirty six times† (Mishkat al-Masabih, Kitab al Buyu, Bab al riba, on the authority of Ahmad and Daraqutni). Bayhaqi has also reported the above Hadith in Shu’ab al-imam with addition that â€Å"Hell befits him whose flesh has been nourished by the unlawful. † From Abu Hurayrah (RAA): The prophet, (PBUH), said: â€Å"There will certainly come a time for mankind when everyone will take riba and if he does not do so, its dust will reach him. Abu Dawud, Kitab al Buyu†, Bab fi ijtinabi al-shubuhat; also in Ibn Majah) From Abu Hurayrah (RAA): The Prophet, (PBUH), said: â€Å"God would be justified in not allowing four persons to enter paradise or to taste its blessings: he who drinks habitually, he who takes riba, he who usurps an orphan’s property without right, and he who is undutiful to his parents† (Mustadrak al-Hakim, Kitab al-Buyu) Above illustrated Verses from Holy Qur’an and Hadith explain the meanings and its status in Islam.Prohib ition of Riba Act 1997 states that riba is an stipulated payment over and above the principal amount lent in consideration of the time given for repayment, either on simple or compound basis or any discount given on assignment of debt or any financial paper representing money. Chapra (1985) explains that â€Å"Riba literally means increase, addition, expansion or growth†. Even among secular literature, one finds criticism on interest. Aristotle (384-322 BC) in his book â€Å"Politics† criticized interest in following words â€Å"Of all modes of getting wealth, this is the most unnatural†.In value neutral economics too, we find criticism on interest. Keynes (1936, p. 377) in his monumental work â€Å"General Theory of Income, Employment, Interest and Money† reasoned in following words: â€Å"Interest to-day rewards no genuine sacrifice, any more than does the rent of land. The owner of capital can obtain interest because capital is scarce, just as the own er of land can obtain rent because land is scarce. But whilst there may be intrinsic reasons for the scarcity of land, there are no intrinsic reasons for the scarcity of capital.An intrinsic reason for such scarcity, in the sense of a genuine sacrifice which could only be called forth by the offer of a reward in the shape of interest, would not exist, in the long run, except in the event of the individual propensity to consume proving to be of such a character that net saving in conditions of full employment comes to an end before capital has become sufficiently abundant. But even so, it will still be possible for communal saving through the agency of the State to be maintained at a level which will allow the growth of capital up to the point where it ceases to be scarce†.Tahir (1999) describes that riba is a discrepancy which results from the contractual obligations of a party in the context of a direct exchange of items of the same general kind (such as loan transaction) bet ween two parties. Encyclopedia American International Edition (1970) expresses the meaning of interest that it is a charge for the use of money. Interest has not always been considered legitimate or even moral payment. Until the end of middle ages, any charge for a loan was general considered to be usury.Teachings of Christian, Judaic and Islamic religion, all condemned in varying degrees, the taking of interest, in more recent times, however, usury has come to be regarded as only the charging of illegal rates of interest. â€Å"The interest that you give in order to increase the wealth of the people, does not increase in the sight of Allah; and the Zakat that you pay in order to win Allah’s approval, its payers do indeed increase their wealth† (Surah Al-Rome no. 39)(Shafi and Usmani, 1997, p. 67).It is beautiful and powerful statement from Quran which shows that interest is prohibited by God because it can only increase the wealth of individual not the society.  "Exclusion of interest from financial activities does not necessarily mean that the financier cannot earn a profit. If financing is meant for a commercial purpose, it can be based on concept of profit and loss sharing, for which Musharakah and Mudarabah have been designed since the very inception of Islamic commercial law† (Usmani, 2005, p. 10).It is wrong and confused concept in the society about the operation of the Islamic banking system but Islam provides an alternative system where everyone contributes their share of investment and earns profit. In case of losses all the parties of contract suffer according to their agreed terms and conditions. Islamic financial system is being only successful if all the financial activity will be performed according to Islamic financial law Islamic banking is a very strong sector of interest free economy; Islamic anking can be a true alternative of conventional banking. The Organization of Islamic Conference (OIC) defined an Islamic bank ing as â€Å"a financial institution whose statutes, rules and procedures expressly state its commitment to the Principles of Islamic Shariah and to the banning of the receipt and payment of interest on any of its operations† (Hassan, 1999, p. 60). According to this statement it is clear that interest is fully prohibited in Islamic law due to its bad effects on human being and more badly effects on overall society and economy.In an interest based economy a trend arises that rich people create the methods to increase their wealth through effecting the middle and lower classes. In interest based economy the middle class cannot contribute positively in economic system then gradually the economy travel toward financial crises such as credit crunch. An Islamic bank is an intermediary and trustee of other people’s money with the difference that it shares profit and loss with its depositors.In practice the most Islamic banks have an organizational set-up very matched and simi lar to their conventional counterpart banks (Dar and Presley, 2000). â€Å"Islamic banking is phenomenally profitable because, although its underlying funding mechanism is the same as conventional banking, its default experience is better, and its charges higher and less transparent† (Cook, 2006, p. 16). It is resulted from above statements that Islamic banking is not totally different from conventional banking.They are doing same practice such as saving deposits and consumer finances but there are some fundamental differences of its practice and objectives. Islamic banking is interest free and its main objectives are the equal distribution of wealth, decreasing the poverty and increasing the investment opportunities. It is very beneficiary for Muslim population who want to solve all their financial matter according to their religion. Because a number of Islamic and some high street commercial banks from all over the world offer products and services that are according to Sha riah compliant (www. tandardchartered. com). Islamic and traditional banking actually are not different. The both banking system has same objectives and practice the only difference of implementation of interest because interest is totally prohibited in Islam. Islamic banking falls into the realms of conventional banking; Islamic banking try to ensure that all their financial matters according to Islamic financial law as well as the rules and regulations of a articular state like the Financial Services Authority (FSA) in the United Kingdom (Shanmugam, Perumal and Ridzwa, 2004). Islamic banking almost provides same services as conventional banking such as current accounts, saving accounts, insurances, mortgages and investment opportunities in the society. Regarding usury or currency devaluation and its related issues, there are abundant economic literatures. Its reason is that this subject has not been raised as main and serious subject in the past.In Sunnite world, the above issue h as not been seriously raised. Perhaps, the main reason is that this issue becomes important in the country like Iran which usury free banking has been executed completely due to close relationship between currency devaluation compensation and usury free banking. In fact, by study on history of Islamic banking in world of Islam especially in literature of Sunnites, we notice that history of Islamic banking is divided into two periods: firstly, when it has been raised as an ideal form and secondly, when it has been realized.Principle of attention to usury free banking idea is found in book Anvar Eghbal Goreishi (1946) (Naem Sadighi 1948) and Mohammad Ahmad (1952) and consequently, professional elaboration of Mododi in 1950(1961) and writings of Mohammad Hamidollah in 1944, 1955, 1957 and 1967 are included in this group. In all of these works, bailment means participation on the basis of profit and loss was suggested as main mechanism for usury free banking idea (Abdul Ghafoor, 1955). In the next two decades, usury free banking attracted many attentions; efforts of researchers about this subject started in this period.The first works related to Mohammad Azir (1955) and afterward, Abdullah Arabi (1967), Nejatollah Sadighi (1961, 1969) and Alnajar (1971) and Sadr (1961, 1974) published works in this field in late 1960s and early 1970s (Sadighi 1997, P222). These governmental efforts and assistances led to application of theory in reality and the first usury free bank i. e. Islamic Development Bank was born out of this process in 1975. Afterward, different researches were published in the field of usury free banking.Works done by Mir Akhor (1989), Farokh Omar(1985), Khan (1986), Asif Ahmad (1997), Motahari(1403 AH), Mosaei(1998, 1999, 2001, 2003, 2004), Adib Soltani (1996, Bakhtiari (1996), Beheshti (1989), Taskhiri (1996), Tootonchian(2000) , Davoodi (1995), Marzban(1977), Mesbahi (1997), Hedayati (1996), Yousefi (1998), Arif Mohammad (1988) and Musai (1997, 2001) belong to this category. The first private usury free bank was Dubai Islamic bank which was established in 1975 by a group of Muslim merchants from many countries. Afterward, two other private banks called Feisal Islamic Bank was established in Egypt and Sudan.In the same year, Kuwait government established Kuwait Finance House. But before this date, usury free banking has been available in small and limit scale such as banking in Malaysia in the middle 1940s and another one in Pakistan in the late 1950s. With regard to these experiences, Naser Social Bank was established in 1972 which is available now and its goals are social rather than commercial. During the next 10 years, more than 50 usury free banks were formed out of establishment of the first private commercial bank in Dubai. Most of these banks are in Muslim countries.But many are available in West Europe in Denmark, Luxemburg, Switzerland and England. In 1983 and 1984, many banks were established but afterward, the number of these banks has decreased. METHODOLOGY Since this study was secondary data based, no primary data collection methods were followed. Data was collected from various scholarly articles related to studies. Books on Islamic economics were also consulted and considered for data collection. Data related to Zakat, usher, fidia, jizia and charity was collected from Qur’an and Hadith. And authenticity of data was confirmed by Ulma so that any misconception could be prevented.Scholarly articles and related studies were carefully studied and most related data was taken for report. After rigorous study of literature available, a comparative analysis of various sectors of economy was performed. Comparison of Zakat and tax, conventional and Islamic banking, monetary and fiscal policy and also a brief discussion of inflation is included. After comparative analysis and deep discussion of data collected an effort is made to develop an interest free economy model in Pakistan. COMPARATIVE AN ALYSIS Much has been written on the interpretation of the term â€Å"interest/riba.We have expand our discussion more and try to explain the meanings of interest, its implications in different sector of economy and also try to produce free model of economy, sector wise. INTEREST Interest is the money paid for the use of money lent, or for delaying the repayment of a debt. The economy today is based on the system of interest. It has its merits and demerits, but if we analyze it in accordance with the Islamic injunctions and teachings, then we come to realize that this system of interest is not viable for the Muslims, and it undermines the human and cultural values.Interest is the basis of modern capitalism. It is completely opposite to Zakat. Zakat channels wealth from the rich to the poor while interest takes away wealth from the poor and hands it over to the rich. Modern economics are so inter-linked with interest that people may think it is impossible to go without it. The situat ion is really very complex. But, we must aim at getting rid of interest. Unless people fight against the tyrant rulers and establish an Islamic state -the problems will still be there. Further, until Islamic state established, it will make us feel impossible to solve this riba (interest) problem.Allah SWT has not imposed on us something impossible. An interest-free economy will be a boon for all peoples of the world. INTEREST and ISLAM Interest (riba) has been vehemently disapproved in Islam. Islam prohibits all transactions involving interest. This prohibition is for all interest-based transactions, whether giving or receiving, whether dealing with Muslims or non-Muslims. It is reported that the Prophet Muhammad (peace be upon him) cursed those who pay interest, those who receive it, those who write a contract based on it, and those who witness such a contract. Interest is neither a trade nor a profit.It is a means of exploitation and concentration of wealth. PROHIBITION OF INTERES T IN QURAN AND SUNNA’H â€Å"They say, trade is like interest and Allah has allowed trade and prohibited interest. † (2:275). â€Å"Whatever you pay as interest, so that it may increase in the property of (other) men, it does not increase with Allah. â€Å"(30:39). â€Å"O you, who believe, do not take interest, doubling and quadrupling, and keep your duty to Allah, so that you may prosper. † (3:130). â€Å"O you, who believe, observe your duty to Allah and give up what remains (due) from interest, if you are believers.But if you do not do it, then be warned of war from Allah and His messenger; and if you repent, then you shall have your capital. Do not exploit and be not exploited. † (2:278-279). â€Å"Those who devour usury will not stand†¦. Allah has permitted trade and forbidden usury†¦. Allah will deprive usury of all blessing, but will give increase for deeds of charity†¦. † (Qur'an 2:275-6) The Holy Prophet of Islam has advi sed Muslims to avoid seven harmful things and the third among these is interest, He stated,' although interest brings increase, yet its end tends to scarcity’.In several verses of the Holy Qur’an, Allah (Swt) has mentioned the consequences of riba. The Qur’an did not declare the prohibition of riba in the early stage of revelation; rather we find that the complete prohibition of interest came sequentially. In the Qur’an Allah (Swt) says: â€Å"That which ye lay out for increase through the property of (other) people, will have no increase with Allah: But that which ye lay out for charity, seeking the countenance of Allah (will increase): it is these who will get a recompense multiplied†. 30:39) â€Å"That they took riba (usury), through they were forbidden and that they devoured men’s substance wrongfully – We have prepared for those among men who reject faith a grievous punishment. † (4:161) â€Å"O ye who believe! Devour not usury doubled and multiplied; but fear Allah, that ye may (really) prosper. † (3:140) â€Å"Those who devour usury will not stand except as stands one whom the evil one by his touch hath driven to madness. That is because they say: ‘Trade is like usury. ’ But Allah hath permitted trade and forbidden usury.Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge). But those who repeat (the offence) are companions of the fire, they will abide therein (forever)† (2:275) â€Å"O you who have attained faith! Remain conscious of God, and give up all outstanding gains from Usury, if you are (truly) believers†. (2: 278) TYPES OF RIBA Although the Qur’an did not specify any particular kind of riba, it is generally held that the word al-riba in the Qur’an is that kind of dealing which had been in vogue during the pre-Islamic days.Muslim jurists have classified riba in two type s: 1. riba al-nasi’ah, and 2. riba al-fadal. Riba al- Nasi’ah The term nasi’ah means to postpone or to wait and it refers to the time period that is allowed for the borrower to repay the loan in return for the addition of the premium. Hence it refers to the interest on loans. The prohibition of riba al nasi’ah essentially implies that the fixing in advance of a positive return on a loan as a reward for waiting is not permitted by the Shari’ah. Hadith on Riba Al-Nasi’ah 1) From Usamah Ibn Zayd (RAA): The Prophet, (PBUH), said: â€Å"There is no riba except in Nasi’ah [waiting]. (Bukhari, Muslim and Musnad Ahmad) â€Å"There is no riba in hand to hand (spot) transactions: (Muslim, and Nasa’i). 2) From Ibn Masud (RAA): The Prophet, (PBUH), said: â€Å"Even when interest is much, it is bound to end up into paltriness. † (Ibn Majah and Musnad Ahmad) 3) From Anas Ibn Malik (RAA): The Prophet, (PBUH), said: â€Å"when one of you grants a loan and the borrower offers him a dish, he should not accept it; and if the borrower offers a ride on an animal, he should not ride, unless the two of them have been previously accustomed to exchanging such favors mutually. (Sunan al-Bayhaqi) 4) From Anas Ibn Malik (RAA): The Prophet, (PBUH), said: â€Å"if a man extends a loan to someone he should not accept a gift. † (Mishkat, on the authority of Bukhara’s Tarikh and Ibn Taymiyyah’s al Muntaqa) Riba al-Fadal Islam, however, wishes to eliminate not merely the exploitation that is intrinsic in the institution of interest, but also that which is inherent in all forms of unjust exchange in business transactions. Riba al-fadal is the excess over and above the loan paid in kind.It lies in the payment of an addition by the debtor to the creditor in exchange of commodities of the same kind. The following tradition of the Prophet Muhammad (saw) is cited as evidence. It is related that Abu Said al-Khurdi said: â€Å"the Prophet Muhammad (saw) has said that gold in return for gold, silver for silver, wheat for wheat, barley for barley, dates for dates and salt for salt, can be traded if and only if they are in the same quantity and that is should be hand to hand. If someone gives more or takes, then he is engaged in riba and accordingly has committed a sin. Islam is a complete code of life which offers its own social, political and economic systems to guide human behavior in all spheres of life. History has recorded that the economic system of Islam, for the first time in the world had established social and economic justice during the period of al-Khilafah al-Rashidah. In any ideal Muslim society, socio-economic justice is considered as one of the most significant characteristics for the social, political, and economic as well as all realms of human interaction. Exploitation and any source of unjustified enrichment in Islam are prohibited.The Holy Qur’an has emphatically ins tructed Muslims not to acquire each other’s property wrongfully. Islam is not an ascetic religion. It takes a positive view of life as the natural outcome of the belief that human beings are the vicegerents of Allah (SWT). Hadith on Riba Al-Fadal 1) From Umar Ibn al-Khattab (RAA). The last verse to be revealed was on riba and the Prophet, (PBUH), was taken without explaining it to us; so give up not only riba but also raibah [whatever raises doubts in the mind about its rightfulness]. (Ibn Majah,) International Journal of Humanities and Social Science Vol. No. 6 [Special Issue – March 2012] 149 2) The Prophet, (PBUH) said, â€Å"Sell gold in exchange of equivalent gold, sell silver in exchange of equivalent silver, sell dates in exchange of equivalent dates, sell wheat in exchange of equivalent wheat, sell salt in exchange of equivalent salt, sell barely in exchange of equivalent barley, but if a person transacts in excess, it will be usury (riba). However, sell gold for silver anyway you please on the condition it is hand to hand (spot) and sell barley for date anyway you please on the condition it is hand to hand (spot)†. ) From Abu Sa’id al-Khudri (RAA): The Prophet, (PBUH) said, â€Å"Do not sell gold for gold except when it is like for like, and do not increase one over the other; do not sell silver for silver except when it is like for like, and do no increase one over the other; and do not sell what is away (from among these) for what is ready. † (Bukhari, Muslim, Tirmidhi, Nasa’i and Musnad Ahmad) 4) From „Ubada Ibn al-Samit (RAA): The Prophet, (PBUH), said: â€Å"Gold for gold, silver for silver, wheat for wheat, barely for barely, ates for dates, and salt for salt-like for like, equal for equal, and hand to hand; if the commodities differ, then you may sell as you wish, provided that the exchange is hand to hand. â€Å"(Muslim and Tirmidhi) Impacts of Interest on Economic System The present money syst em, based on the payment of interest, is unsustainable. Compound interest leads to exponential growth, which can be seen as a cancer on our social and economic system, a pathological growth pattern leading towards either economic or ecological collapse of unprecedented proportions.Inflation is generally seen as a given and interest as a natural antidote to counteract it, while in fact interest is the major cause of inflation. Economic growth is needed at any cost, by continually increasing public and private debts. The interest system leads to an uneven growth of different sectors of the economy, indicating a severe sickness in the economic system. While the Net Income in Wages and Salaries rose 18 times between 1950 and 1995 in Germany, for instance, the Monetary Assets increased 461 times and the Gross National Product 141 times.The global volume of speculative monetary transactions, arbitrating on the variability of currency values, amounts 97 % of all transactions, with a mere 3 % being in real goods and services. The daily volume of trading exceeds $ 2,000 billion; all the currency and gold reserves in the world would only amount to the volume of seven to eight hours of trading! The interest system has devastating effects on the culture, ecology and society. It sucks up resources from regions with lower returns and redistributes them to the regions with high returns. EVILS OF INTEREST (RIBA)The following evils are explained below which are happened due to interest in the economy. Moral Evils Interest generates such vices as miserliness, selfishness and petty-mindedness. Charity on the other hand develops such virtues as self-sacrifice, sympathy and magnanimity. The former are certainly a form of regression and the latter are signs of progress. Social Evils A society in which selfishness and self-interest are the prime values and people instead of dealing with one another on the basis of consideration are bent upon taking advantage of the pressing needs of each other will always remain victim of chaos and disunity.In contrast, if members of a society are considerate and wish each other well, the society will make rapid progress. Economic Evils From an economic point of view interest results in even more serious losses. Following are some of the highlighted areas: I) Interest and Investment According to Lord Keynes capital investment depends on the one hand on the rate of interest and on the other on MEC (Marginal Efficiency of Capital). The process of investment in a country will continue as long as MEC is higher than the interest rate or at least at par with it.As soon as MEC falls below the interest rate, the process of investment will come to a halt. This phenomenon may be illustrated by the following table: Investment| MEC| Interest Rate| 10 Million| 24%| 18%| 20 Million| 22%| 18%| 30 Million| 20%| 18%| 40 Million| 18%| 18%| Suppose the interest rate is 18% and an investment of Rs. 10 million is made on which the MEC is 24%. Sinc e MEC is higher than the interest rate, investment is profitable. So the process of investment will continue. Now an additional investment of Rs. 10. 00 million is made on which the MEC declines from 24% to 22%. Investment is still profitable.So the process of investment will continue until MEC is equal to interest rate. As the above table shows at an investment of Rs. 40 million the MEC is at par with the 18% interest rate. After that the process of investment will stop because MEC will fall below the 18% rate of interest. The investment will then be non profitable. At this point the only hurdle in the way of investment is the interest rate. Further investment will continue only if the interest rate is reduced. If the interest rate is decreased to zero, the process of investment will continue till the level of full employment is achieved.II) Interest and Price When interest (as compensation for capital) is used as a factor of production it becomes part of the cost of production. It s burden is consequently shifted to the consumer. Moreover, interest is not added to the price once only, but it continues to be added to the price at several stages. Take the case of manufacturing of cloth. In the first place, the farmer will add interest to the price of cotton. Interest will again be added to the cost of production of yarn. It will be added to the cost of weaving, then to the cost of dyeing and finally to the price of finished cloth.Thus at every stage of production, interest enhances the price of goods which is totally unjustified. Interest by increasing the real price manifold causes inflation. III) Interest and Distribution of Wealth The distribution of wealth in a society becomes inequitable due to interest. Interest is an overhead charge which does not form part of any factor of production. Interest is received by the capitalist who continues the use his wealth to earn more wealth. Hence instead of circulating in the society, wealth is concentrated in the han d of the capitalist class.This causes an unjust distribution of wealth in the society. In this way due mainly to interest the rich in the society get richer and the poor, poorer. In regard to the distribution of Wealth, Abdul Qadir Salim writes in the October 1997 issue of the Tarjuman-ul-Quran: â€Å"Now when there is no significant rival to the capitalist system, what is the situation in the world? In this age of free economy and privatization twenty per cent of total world population is still living below the poverty line and its share in the gross wealth of the world is only 1. 5%. The poor are getting poorer.Growing poverty is not the problem of the third world alone. The advanced countries face this problem too. Sixty per cent of world’s resources are controlled and consumed by the twenty per cent rich. The prestigious journal â€Å"The Economist dated 5th Nov. 1996† complains: Never during the last fifty years has there been such as large gap in incomes in Brit ain as there is today. In other industrialized countries also the gulf between the rich and poor has widened. International Journal of Humanities and Social Science Vol. 2 No. 6 [Special Issue – March 2012] 151 IV) Trade Cycle and InterestInterest creates trade cycles also. It plays a special role in bringing about a slump in the market. According to Hawtray’s Monetary Theory, the Banks issue loans with a free hand when the trade is brisk but as soon as signs of a slump appear they start of trade cycles recovery of the loans. In this way capital shrinks and the slump starts declining to its lowest level. V) Interest and Allocation of Resources Chapra (2000) expresses in Tarjuman-ul-Quran: Financial institutions operating on the basis of interest evaluate the resources of the applicants for a loan.They demand proper security to ensure that the borrower will not only return their capital but also an additional charge. How will the financial resources be utilized? This qu estion is not the basic and decisive factor in extending a loan. In this way financial resources flow either to the rich who can provide the requisite securities or to the Government which is considered to be immune to insolvency. Bank deposits are largely provided by various sections of the society. (It is estimated that eighty percent bank deposits in Pakistan are received from middle class and low income groups of the society).However, its advantages are largely monopolized by the rich class. The MEC varies according to the sector of investment. So, projects vital to national interest in which MEC is lower than interest rate will not attract investment. A society run on interest will shy away from investing money in those projects in which MEC is low. If interest is abolished investment will be available for every sector and project without discrimination. VI) Interest and Business The capitalist fixes his share (interest rate) at the time of investment in business.Since his prof it is guaranteed under all circumstances, he has no active interest in the business. He does not care if the business earns profit or incurs a loss. The running of business is entirely the responsibility of the management. A class of financiers thus comes into existence who supplies money and then sits idle. If interests are abolished, the financier class will take an active part in the economic struggle and the pace of economic development in the country will be accelerated. VII) Interest and Efficiency Interest has ill-effects on the efficiency of the people in general.The people who take loans to fulfill private needs are especially burdened with constant anxiety and mental depression. This condition has an adverse effect on their efficiency. Their interest in work is half-hearted because they are constantly nagged by the thought that a major portion of their earnings will got to pay the interest. Worry and depression weaken their physical health and their efficiency progressivel y deteriorates. VIII) Interest and Economic Instability Chapra (2000) states in Tarjuman-ul-Quran that interest destabilize the economy.The well-known American Economist Milton Friedman relates economic ups and downs to rise and fall in interest rate. A high rate of interest creates conditions of extreme uncertainty in investment market. It causes constant ups and downs in the gross profit (interest + profit) on total investment and makes it very difficult to take reliable decisions about long term investment. IX) Interest and International Loans The capitalist economy is virtually based on loans. So we can call it debt based economy. Individual or home consumption, private or public sector, economic activities in all spheres revolve round interest-based credit.The Special Issue on Behavioral and Social Science  © Centre for Promoting Ideas, USA www. ijhssnet. com 152 During the past two hundred years policies for economic development have used loans not only for physical developm ent but also as instruments for financial expansion. So through credit creation financial expansion has not only been made the most dynamic factor for the economy but has been accorded the greatest importance for achieving economic stability. The developing countries suffer heavy loss due to the dominance of interest-based economic order in the world.As debtors the developing countries have to tolerate the interference of the advanced countries in their internal affairs. Economically also the developing countries undergo a great loss because a large portion of their meager resources is utilized in returning loans with interest. ALTERNATIVES TO INTEREST Islam not only prohibits interest but also provides alternatives to it for doing business and transactions. These include the Mudarabah and Musharakah as explained ahead. MUDARABAH â€Å"Mudarabah† is a special kind of partnership where one partner gives money to another for investing it in a commercial enterprise.The investmen t comes from the first partner who is called â€Å"rabb-ul-mal†, while the management and work is an exclusive responsibility of the other, who is called â€Å"mudarib†. Business of Mudarabah The rabb-ul-mal may specify a particular business for the mudarib, in which case he shall invest the money in that particular business only. This is called al-Mudarabah-al-muqayyadah (restricted Mudarabah). But if he has left it open for the mudarib to undertake whatever business he wishes, the mudarib shall be authorized to invest the money in any business he deems fit.This type of Mudarabah is called ‘al-Mudarabah-al-mutlaqah’ (unrestricted Mudarabah) A rabb-ul-mal can contract Mudarabah with more than one person through a single transaction. It means that he can offer his money to A and B both, so that each one of them can act for him as mudarib and the capital of the Mudarabah shall be utilized by both of them jointly, and the share of the mudarib shall be distrib uted between them according to the agreed proportion . In this case both the mudaribs shall run the business as if they were partners inter se.The mudarib or mudaribs, as the case may be, are authorized to do anything which is normally done in a course of business. However, if they want to do an extraordinary work, which is beyond the normal routine of the traders, they cannot do so without express permission from the rabb-ul-mal. Distribution of the Profit It is necessary for the validity of Mudarabah that the parties agree, right at the beginning, on a definite proportion of the actual profit to which each of them is entitled. No particular proportion has been prescribed by the Shari’ah; rather, it has been left to their mutual consent.They can share the profit in equal proportions, and they can also allocate different proportions for the rub-ul-mal and the mudarib. However, they cannot allocate a lump sum amount of profit for any party, nor can they determine the share of any party at a specific rate tied up with the capital. For example, if the capital is Rs. 100000/- they cannot agree on a condition that Rs. 10000/- out of the profit shall be the share of the mudarib, nor can they say that 20% of the capital shall be given to rabb-ul-mal. However, they can agree on that 40% of the actual profit shall go to the mudarib and 60% to the rabb-ul-maal or vice versa.It is also allowed that different proportions are agreed in different situations. For example the rabb-ul-mal may say to the mudarib, â€Å"If you trade in wheat, you will get 50% of the profit and if you trade in flour, you will have 33% of the profit†. Similarly, he can say â€Å"If you do the business in your town, you will be entitled to 30% of the profit, and if you do it in another town, your share will be 50% of the profit. † Apart from the agreed proportion of the profit, as determined in the above manner, the mudarib cannot claim any periodical salary or a fee or remuner ation for the work done for him by the Mudarabah.All the schools of the Islamic Fiqh are unanimous on this point. However, Imam Ahmad has allowed for the mudarib drawing his daily expenses of food only from the Mudarabah account. The Hanafi jurists restrict this right of the mudarib only to a situation where he is on a business trip outside his own city. In this case he can claim his personal expenses, accommodation, food etc. , but he is not entitled to get anything as daily allowances when he is in his own city.If the business has incurred loss in some transactions and has gained profit in some others, the profit shall be used to offset the loss at the first instance, and then the remainder, if any, shall be distributed between the parties according to the agreed ratio. Termination of Mudarabah The contract of the Mudarabah can be terminated at any time by either of the two parties. The only condition is to give a notice to the other party. If all assets of the Mudarabah are in ca sh form at the time of termination, and some profit has been earned on the principle amount, it shall be distributed between the parties according to the agreed ratio.However, if the assets of the Mudarabah are not in the cash form, the mudarib shall be given an opportunity to sell or liquidate them, so that the actual profit may be determined. There is a difference of opinion among the Muslim jurists about the question whether the contract of Mudarabah can be affected for a specified period after which it terminates automatically. The Hanafi and Hanbali schools are of view that the Mudarabah can be restricted to a particular term, like one year, six months, etc, after which it will come to an end without a notice.On the contrary, Shafi’i and Maliki schools are of the opinion that the Mudarabah cannot be restricted to a particular time. However, this difference of opinion relates only to the maximum time limit of the Mudarabah. Can a minimum time limit also be fixed by the pa rties before which Mudarabah cannot be terminated? No express answer to this question is found in the books of the Islamic Fiqh, but it appears from the general principles numerated therein that no such limit can be fixed, and each party is at liberty to terminate the contract whenever he wishes.This unlimited power of the parties to terminate the Mudarabah at their pleasure may create some difficulties in the context of the present circumstances, because most of the commercial enterprises today need time to bring fruits. They also demand constant and complex efforts. Therefore, it may be disastrous to the project, if the rabb-ul-mal terminates the Mudarabah right in the beginning of the enterprise. Specially, it may bring a severe setback to a mudarib who will earn nothing despite all his efforts.Therefore, if the parties agree, when entering into the Mudarabah, that no party shall terminate it during a specified period, except in specified circumstances it does not seem to violate any principle of Shari’ah, particularly in the light of the famous Hadith, already quoted which says: â€Å"All the conditions agreed upon by the Muslims are upheld, except a condition which allows what is prohibited or prohibits what is lawful. † COMBINATION OF MUSHARKAH AND MUDARABAH A contract of Mudarabah normally presumes that the mudarib has not invested anything to the Mudarabah.He is responsible for the management only, while all the investment comes from rabb-ul-mal. But there may be situations where the mudarib also wants to invest some of his money into the business of Mudarabah. In such cases Musharakah and Mudarabah are combined together. For example, A gave to B Rs. 100000/- in a contract of Mudarabah. B added Rs. 50000/- from his own pocket with the permission of A. This type of partnership will be treated as a combination of Musharakah and Mudarabah.Here the mudarib may allocate for himself a certain percentage of profit on account of his investment as a sharik, and at the same time he may allocate another percentage for his management and work as a mudarib. The normal basis for allocation of the profit in the above example would be that B shall secure one third of the actual profit on account of his investment, and the remaining two thirds of the profit shall be distributed between them equally. However, the parties may agree on any other proportion.The only condition is that the sleeping partner should not get more percentage than the proportion of the investment. Now let’s see economy sector vise and analyze both interest based and interest free models. ISLAMIC TAXATION SYSTEM Zakat and Tax Zakat and tax are two systems that are used for the monetary benefits of the people. In this topic we will compare the two systems. Zakat Zakat is one of the five pillars of Islam. The word Zakat means both ‘purification' and ‘growth'. Zakat occupies a central position in the economic system of Islam.One of the most impor tant principles of Islam is that all things belong to God, and that wealth is therefore held by human beings in trust. Our possessions are purified by setting aside a proportion for those in need, and, like the pruning of plants, this cutting back balances and encourages new growth. Zakat does not only purify the property of the contributor but also purifies his heart from selfishness and greed. It also purifies the heart of the recipient from envy and jealousy, from hatred and uneasiness and it fosters instead good-will and warm wishes for the contributors.As Muslims pay the Zakat they have the genuine feeling that it is an investment and not a debit helping to establish economic balance and social justice in the society. Compulsory payment of Zakat is one of the main principles of an Islamic economy. Every Muslim who owns wealth more than his needs must pay the fixed rate of Zakat to the Islamic state. Zakat is a means of narrowing the gap between the rich and the poor. It helps t he fair distribution of wealth. It is a form of social security.The Islamic state is responsible for providing the basic necessities of food, clothing, housing, medicine and education to every citizen. No-one should have any fear of insecurity or poverty (9:69, 103, 98:5). Primarily the root denotes an increase or augmentation (particularly of a positive, favorable or auspicious thing or virtue). Some also say that it means â€Å"to purify†. However, in the Quran AZKA has been used along with ATHAR in 2:232. The root, T-H-R (ta-ha-ra) from which the word ATHAR is derived, has the meanings â€Å"to purify† but the meanings â€Å"to increase, grow, thrive, augment etc. are the primary significations of the root Z-K-W. TAHARA is a negative virtue which signifies being free from dirt, filth or derogatory things. ZAKA is a positive virtue which signifies positive growth and development. The following phrases further clarify the signification of the root Z-K-W. * Zakat-il-a rdh means the land throve or yielded increase * Zakat-al-ghulam means the boy grew or throve * Al-ilmo yazkoo Alal infaaq means the knowledge increases by spending * Zukkoo means he enjoyed or led a plentiful and a pleasant or an easy, and a soft or delicate life.OR he was in a state of abundance of the goods, conveniences or comforts of life OR he enjoyed a life of increase or plenty. * Zaka means increase or augmentation or growth or development. The term aatozakaat appears in the following verses: 2:43; 2:83; 2:110; 2:277; 4:77; 9:5; 9:11; 22:41; 22:78; 24:56; 58:13; 73:20; The root of the word Aatoo is A-T-Y (alif-ta-ya), which has the following meanings (depending upon what word or preposition follows this word): †¢ To come (to or over someone) †¢ To arrive (at) To bring, bring forward, produce, accomplish or achieve (something) †¢ To bring, give or offer or provide (someone, something) †¢ To do or perform (a deed) †¢ To carry out or execute (e. g. a mo vement) †¢ To commit or perpetrate (e. g. a sin or crime) The term aatozakaat is usually taken to mean â€Å"give the poor rate† where â€Å"poor rate† means† the local tax for the relief of the poor†. This definition of the term aatozakaat is not correct and does not bring forth the true and complete concept of the term ZAKA.The term aatozakaat does not mean JUST to give some fixed sum from the money to the poor,(although it may be a means of accomplishing ZAKA). It is much more than that. Please see the verse 2:177 in which giving some of the wealth to the near of kin and the orphans and the needy and the wayfarer and the beggars and for (the emancipation of) the captives has been differentiated from the term aatozakaat. Zakat is more than just giving from one's wealth to the poor.See the following: (2:177) It is not righteousness that you turn your faces towards the East and the West, but righteousness is this that one should believe in Allah and th e last day and the angels and the Book and the prophets, and give away wealth out of love for Him to the near of kin and the orphans and the needy and the wayfarer and the beggars and for (the emancipation of) the captives, and establish SALAT and provide UZAKAU; and the performers of their promise when they make a promise, and the patient in distress and affliction and in time of conflicts– these are they who are true (to themselves) and these are they who guard (against the inevitable consequences of violating Allah's Commands). Even from the language point of view the term aatozakaat cannot be translated as â€Å"give the poor rate†. Although Aatoo has one of the meanings â€Å"give† but Zakat does not mean â€Å"poor rate†.Zakat means increase or augmentation or growth or development. The term aatozakaat is very comprehensive. It signifies â€Å"(to) Do whatever it takes to provide the means for the development and growth of all†, i. e. â€Å" (to) Do whatever is necessary to accomplish the physical and personal growth and development of all†. [See the meanings, â€Å"do†, â€Å"accomplish†, provide and â€Å"achieve† for the word Aatoo given above]. The purpose of Aatozakaat is to provide the means of development for all. It includes physical development and nourishment as well as development of the human personality i. e. mental/intellectual/personal development or development of the â€Å"self†.Development of human hardware as well as human software It involves development, increase and augmentation in the produce and resources to provide abundance of goods, conveniences and comforts to people as well as their self-actualization or development of their personalities. It is a complete economic system that ensures the provision of all the requisite resources for the physical and personal development of people. In order to establish such a system you have to have authority, power, dominio n and government. If you already have such an authority and you are an Islamic Government, your primary task is to establish such a system. Please see 22:41. 22:41 (Believers are} those who, if We establish them in the land, establish SALAT and provide ZAKA and enjoin good and forbid evil: †¦Notice in the above verse, the establishment in the land has been described as a prerequisite for the system of ZAKA. As has been mentioned above that growth and development is of two types: Physical (i. e. of the human hardware or body) and Personal (i. e. of the human software or the self or the personality). For physical development you have to have something added to your body as nourishment but for the development of the self or self-actualization, you need to give something out of your wealth or resources for others. See the following verses (which state that TAZKIYA or personal development is achieved by giving from your wealth to others: 9:103 accept their contribution for the commu nity.Purify their thoughts with proper education and training so that their â€Å"Self† may grow. Appreciate and Help them! Your appreciation and support is a great source of peace in their hearts. Allah is Hearer, Knower 92:18 Who gives his wealth (for the benefits of others) so that he may attain self-development (and grow in goodness). FUNDAMENTALS AND CONCEPT OF ZAKAT Zakat â€Å"alms for the poor† is the Islamic principle of giving a percentage of one's income to charity. It is often compared to the system of tithing and alms, but it serves principally as the welfare contribution to poor and deprived people in the Muslim lands, although others may have a rightful share.Zakat's similar-sounding, Arabic language analog is the Hebrew word Tzedakah, the charitable obligation in ancient Israel through to present day Judaism. It is the duty of the Islamic state not just to collect Zakat, but to distribute it fairly as well. Zakat is one of the Five Pillars of Islam. Bel ievers in Islam are aware that by giving a fixed percentage of their surplus wealth, they are fulfilling this religious obligation. Muslims see this process also as a way of purifying themselves from their greed and selfishness. In addition Zakat purifies the person who receives it because it saves him from the humiliation of begging and prevents him from envying the rich.Causes & Beneficiaries The Qur'an states that God revealed the beneficiaries of Zakat:†Alms are only for the poor and the needy, and the officials (appointed) over them, and those whose hearts are made to incline (to truth) and the (ransoming of) captives and those in debts and in the way of Allah and the wayfarer; an ordinance from Allah; and Allah is knowing, Wise. † [Qur'an 9:60] The people whose hearts are to be reconciled include (normally new Muslims or those close to becoming Muslim. Non Muslims cannot be included): †¢ Freed slaves †¢ Those heavily burdened with paying their debts †¢ Travelers who find themselves in difficult circumstancesThere have been cases where you can't pay to the Zakat for †¢ Traditional Zakat laws generally do not cover trade. †¢ It is not permissible to pay Zakat to some members of the family (i. e. grandparents, parents, spouses, children), for if they were needy or poor, they are under the custody of the eligible man, while Zakat is intended for public welfare. †¢Zakat doesn't become obligatory on a Muslim if he doesn't have a minimum amount in his possession that has remained unchanged for a whole lunar year; any increase in that money during the year waits for the following year and any decrease as long as the total amount is still above the minimum amount is exempted.In all the four recognized madhhabs the Fiqh of Zakat is very much the same with the key elements that make Zakat compulsory for an individual being: Islam, Freedom, the Nisab, Ownership and a Year's Possession. Zakat is a form of payment, which has t he spiritual development of the believer. Therefore, it should not be looked at as being only an economic duty. On Whom Zakat Is Compulsory Zakat is the amount of money that every adult, mentally stable, free, and financially able Muslim, male and female, has to pay to support specific categories people. This category of people has been defined above. MINIMUMS AND AMOUNTS 1. Passage of One Lunar YearZakat is obligatory after a time span of one lunar year passes with the money in the control of its owner. Then the owner needs to pay 2. 5% (or 1/40) of the money as Zakat. (A lunar year is approximately 355 days). 2. Deduction of Debts The owner should deduct any amount of money he or she borrowed from others; then check if the rest reaches the necessary Nisab, then pays Zakat for it. Nisab for Zakat If the owner had enough money to satisfy the Nisab at the beginning of the year, then the money increased (in profits, salaries, inheritance, grants†¦ etc. ), the owner needs to add t he increase to the Nisab amount owned at the beginning of the year; then pay Zakat, 2. %, of the total at the end of the lunar year (there are small differences in the Fiqh schools here). Zakat is not mandatory on harvest if the total did not reach the minimum limit of about 653 kilograms, nor on gold amounts if the owner has less than 85 grams of gold or less than 595 grams of silver. Calculation of Zakat Each Muslim calculates his or her own Zakat individually. For most purposes this involves the payment each year of two and a half percent of one's capital. Zakat in the Qur’an and Sunnah A. The root of the word Zaka(t) is Z-K-W (za-kaf-waw), which leads to the following meanings: †¢ To increase †¢ To grow †¢ To thrive †¢ To augment †¢ To increase in the purity of heart; to increase in integrity †¢ To befitThe following points will explain calculation methods of Zakat in different situations: B. There are different opinions about this. However, the general opinion is that jewelry, whether it is normally in use, or stored for occasional use, must all be included in calculating Zakat. The value of the gold or silver content in the jewelry should be included in the category of â€Å"Personal wealth†. Precious stones (diamonds, ruby, pearls, etc) are not to be included neither the labor cost of making the jewelry is to be included. Zakat on precious stones, however, is due if they are items of trade and should be included in Item 6, business inventory. C.Though owning a share of stock of any business is like having a share in the ownership of the business; we have categorized it as â€Å"Personal wealth†. Therefore, the lower of the value of stock at the beginning and the end of the year should be added in the category of â€Å"Personal wealth†. This is categorized as â€Å"Personal wealth† because of two reasons. 1. For the most people who own stock it is held as a saving with expectations that it will grow in value over time. In fact it is readily traded for money. Considering it as a readily redeemable asset, we have treated it as another form of saving. Therefore, we suggest using its fair market value in calculating Zakat. 2. Calculating Zakat on stock treating it as a share in ownership is normally not very convenient.There are literally millions of shares owned by general public. A stockholder will need to know his/her share of cash on hand, profit, and inventory, in order to use those values in the calculation of Zakat. This information is ordinarily very difficult to obtain, unless it is a partnership of a few people. Therefore, we did not treat stocks as a business partnership. D. If this amount is available to the individual at any time without any restrictions, then Zakat should be calculated for this amount through the category of â€Å"Personal wealth† because its nature will be that of savings. If the plan is restrictive and involves penalty and/or taxes, opinions differ on the payment of Zakat. 1.One opinion is that an