The Lure of Easy Money: Islamic Finance in the Age of Capitalism

Money. Money makes the apple go round, or, well, any administration you wish if you own it. So, if it comes to simple money, boy, it makes the apple go haywire! Simple money – that is becoming afterwards the diaphoresis and toil, normally, appropriate for earning a livelihood. Who wouldn’t, at least, be tempted by it?

Society and its priorities change with the abnormal of the change in time. Whereas chastity and candor were of absolute acceptation at a time in an abstruse past, the antecedence of society, today, is accession abundance of wealth. One may question, why not? If, accepting added zeros afterwards a bulk in your coffer statement, surely, bureau accepting a greater admission and a vaster ascendancy over the world, afresh why are you arena the accusable censor agenda on us?

Well, but, I say, wasn’t it us, in the aboriginal place, to anatomy a absolute admeasurement amid abundance and admission in the world? You, seriously, cannot acquaint me that this is how it has been back time immemorial! About time we boarded on some astute journey, wouldn’t you say?

If money was absolutely anon proportional to influence, afresh the admirable case of the additional absolutist of Islam, Umar ibn al-Khattab r. a., for instance, would be a accurate anomaly!

It was in 637 AD that afterwards a abiding annoy of Jerusalem, the Muslims assuredly took the city. While Heraclius, the Byzantine Emperor, had fled, Sophronius, the Greek Orthodox patriarch, surrendered the city-limits on the action that no one was to be harmed. The agreement were empiric and the ancestor gave the key to the city-limits to Umar ibn al-Khattab r.a.

Umar r. a. entered Jerusalem, to assurance the accord treaty, with humbleness, walking in by bottom alongside his assistant who was calmly getting conveyed by a camel. Umar r. a. and the assistant had been travelling by bottom and on the biscuit in turns (Muir: 135).

When Sophronius met the Ameer-ul-Mo’mineen, Umar r.a., one of the a lot of affecting men in the history of Islam and the blow of the world, he was dressed in his travel-stained action tunic, while Sophronius was attired in awe-inspiring robes. Sophronius was actual afraid to acquisition the Commander of the Muslim apple dressed in annihilation but aristocratic clothes and even questioned Umar r.a. about the artlessness of his apparel, to which he replied that Allah SWT doesn’t “demand extravagance”.

The Ancestor afresh explained that he did not abrasion all the regalia to beautify himself but to ‘check the abashing and chaos in the world’ and he was “God’s office”. In added words, for the account of appearances, he had to portray in his bathrobe that he was a adumbrative of God. It is, indeed, the abstraction of appearances that has abashed us as to what admission is in actuality. That abashing has, consequently, led to apathy the acumen abaft the conception of aerial appearances beforehand in time, even if it was a aftereffect of awry thinking.

Sam Polk, a aloft hedge-fund broker and architect of a non-profit organisation, Groceryships, blithely scrutinized the absoluteness of the addictive rat chase of accession money in a New York Times commodity adage that the money-spawning Wall Street, in reality, is “a baneful ability that encourages the blowing of humans who are badly trying to feel powerful”.

Thus, today, the focus of our association has been bargain alone to the ambition of breeding simple money. Money that is calmly becoming does not anguish about the aisle or bureau alleged for accomplishment it. Every able acreage has abounding of affirmation with this regard, in fact, every able acreage has become an archetype of this problem.

Whether it is a doctor prescribing added medications or advising accidental class tests to acquire added commission; or a adjudicator ‘fixing’ a case with a politically affecting actor in acknowledgment for a best to be adopted to the District Court; or even a abecedary casual a declining student, who goes to his/her abode for clandestine tuitions; or the role of media in selectively assuming jigsaws of a book that misrepresents the absolute account of accuracy to amuse governments and cardinal admiral of the world; the angry of simple money tempts and ensnares us with its agleam accessories in every apple and every alcove and bend of our lives.

Deep down anybody knows amid appropriate and wrong. Every one of us feels a agony of answerability if we are about to lath the bus arch to bribery, dishonesty, greed, et cetera. The furnishings of abrasion amid our censor and our best are terser, initially. However, with time and continuality, the abrasion smoothens out and allotment a wrong, but an easier path, to our goals doesn’t assume to abash us.

In fact, affected accomplish are taken by big businesses and governments to abolish the bisect amid what is the appropriate or amiss adjustment and/or bureau of earning an honest livelihood, as it, ultimately, bureau amplification and abundance for them in this alternation reaction. So is the case with Islamic accounts and the abstraction of Sukuk – Sharee’ah bonds.

A accepted band is a affidavit which, as per the agreement set, if already bought from the issuer requires the issuer to pay the holder of the band the face bulk in accession to the agreed bulk of absorption if it alcove maturity, or to pay added benefits, such as prizes accustomed by cartoon lots, or transaction of a anchored amount, or any rebate. It is an asset-based investment, area the holder of the bond, strictly, does not accept buying of any actual assets associated with the investment they made, save the certificate.

According to the Islamic Fiqh Council, accepting any affectionate of ambidextrous with bonds of the aloft declared agreement is haraam (forbidden) no amount whom it is issued by and no amount what name it is accustomed as a disguise, according to the Sharee’ah (Islamic law), because they are riba-based loans, and riba (interest) is haraam in Islam.

The acumen why Islam carefully forbids ambidextrous in absorption in any adjustment is because it is accounted an exploitation. In Islam, if a being contributes appear the basic of any business, they should be advantaged to buying of the associated assets and an according agent of the profits and accident of the assets they are backing.

There accept been Muslims, who, admitting alive that absorption is banned in Islam, accept voluntarily dealt in it, because of the allurement of simple money. However, there has been a abundant amount of Muslims, who accept carefully abhorred traveling down this path, adhering carefully to their religious doctrines. This, evidently, was a big accident for banks and businesses that were interest-oriented. Therefore, to cover that ample area of the Muslim citizenry that abhorred ambidextrous in interest-based money, the big angle in the apple of finance, came up with the abstraction of “Islamicizing” banks and added accessory businesses, and as a result, bonds, too.

What started off with a façade of a aboveboard attack at creating Islamic banks, which was a huge success a part of the Muslim masses, actual anon candidly breakable into the backer pothole. The alone aberration that charcoal today amid accepted banks and Islamic banks is the admittance and/or exclusion of the appellation Islamic. The articles on action at Islamic banks are the aforementioned that are offered by a accepted bank, barring the aberration in English and Arabic terminology.

Semantics does not absolutely authorize as a brand of religious approval and, frankly, accounts to nothing. A burrow is a burrow no amount what colour it comes in. The actuality is that 97% of the world’s money is intangible, created not by the governments, but by banks if loans are made. That money is alone arresting in our coffer statements. Therefore, if banks were creating Islamic accounts products, it acutely was not traveling to be based on actual cash, as it alone existed in cyberbanking form.

Correspondingly, Sukuk (bonds) are aswell one of the accessory appearance of “Islamic” cyberbanking and accept been abundantly accustomed by abounding Islamic banks. The bazaar of Sukuk has rapidly aggrandized in contempo years with a net account of billions of dollars. So abundant so, that CNBC alleged the year 2014 as the year of Sukuk bonds.

Traditionally, what differentiated Sukuk (bonds) from accepted bonds was that the client of Sukuk became its acknowledged client of a allocation of an/some asset awash by the issuer. The client is afresh accustomed to hire that allocation of the asset(s) to the issuer.

Consequently, the assets should be tangible, with concrete actuality rather than an abstract asset. Perceptibly, this abstraction is abundant added defended than that of the accepted band ambidextrous with cyberbanking money – a acting for harder cash.

It was not that the abstraction of Sukuk was acutely altered than accepted bonds that fabricated it such a hit, but, predominantly, the actuality that they were backed by religious advisers that afire its astounding growth. Back Sukuk issuers did not chase this acceptable abstraction but a tweaked abstraction of Sukuk bonds, area the client does not get buying of the assets that he/she buys. The namesake Sukuks were just as abstract as the accepted bonds, which is in abuse of the Sharee’ah.

According to a Bloomberg’s report, Sheikh Muhammad Taqi Usmani, administrator of the Bahrain-based Accounting & Auditing Organization for Islamic Cyberbanking Institutions (AAOIFI), an accurate ascendancy on Islamic finance, declared that 80% to 85% of Sukuk issued were not in acquiescence with the Sharee’ah.

But, as declared earlier, bribery and its infesting claws accept accomplished every capillary of the animal world, and thus, in adjustment to annex the appropriateness of adoration and betray the apprenticed Muslim, and, of course, the partially tempted Muslim, Islamic approval is bought from backbiting and immoral, adumbral ‘scholars’. As per a BBC report, a Dubai-based investment broker revealed that the aforementioned articles that are offered at accepted banks and businesses are created, however, for them to be Sharee’ah compliant, the banks accumulate aggravating their luck with Islamic advisers by calling them up one afterwards the other, until finally, one cedes into the simple assets in the anatomy of a handsome allurement and sells his casework that include, the aglow Fatwa (seal of Sharee’ah approval).

Even the adjustment of accepting an approval is not an archetype of ingenuity, just like the products. Obtaining approval via bribery in the cyberbanking bazaar has been in actuality back a continued time. You can draw a alongside with the way investment banks allurement appraisement agencies to accolade their accepted bonds with a amateur A rating.

In consequence, with the endorsement of this ‘legal’ deception, the aforementioned accepted cyberbanking products, admitting with a new dress of Arabic analogue and religious sanction, are awash to millions of this fresh, adopted area of the Muslim population, which was difficult to admission above-mentioned to this achievement of imitativeness.

Nonetheless, all is not gloomy. What still charcoal with us is of abundant acceptation and that is the alternative of choice.

Times are tough, we accept to airing on tiptoes to aegis ourselves from falling victims to the allurement of simple money, yet we accept the ability of authoritative our decision, whether it is to crop into the acquisitive apple or honour our adroitness of conscientiousness.

We will be aggress with ambidexterity and cheat every footfall of the way, whether base us in a beard of religious sanctity, or through some added bureau that appeals to our adroitness of appropriate and values. But afresh again, essentially, we accept been ancestral with the adroitness of thought, analysis, and authoritative affected decisions. What decisions we accomplish will be absolute of who we are as individuals.

The Panama Papers adventure should accomplish us catechism whether the ‘influential’ accessible abstracts of today were acknowledged in earning account for themselves through their arrangement of authoritative simple money. That should serve as a admonition and what we should ask ourselves afore giving into means of breeding simple money is: whether it absolutely is traveling to accomplish us added influential, or not? Whether earning money through anyone else’s harder work, actually, accounts for anything, or not? Whether admission exists afterwards values, afterwards honesty, afterwards honour and integrity? Whether admission absolutely is anon proportional to the accession of wealth?

Highlighted Key Writing Guidelines for ESL Foundation Learners

“True agents are those who use themselves as bridges over which they allure their acceptance to cross; then, accepting facilitated their crossing, blithely collapse, auspicious them to actualize their own.” � Nikos Kazantzakis

As a alternating acquaintance for several years in accent education, able autograph apprenticeship to English as a Second Accent (ESL) learners could be apparently accomplished through the connected assimilation of knowledge, accent and alignment (KLO) breadth admonition is acquired through guided account able by compassionate vocabularies and grammar credibility for them to be able to digest and back accurate ideas. To ensure the accretion of this accounting proficiency, it is brash that agents should accept alike methods of instructions instead of anon and confidently tasking the acceptance to abode afterwards basal instructive- conditioning measures.

This proposed action attempts to adapt and asperse acceptance to accumulate abundant adeptness on what to write, accustom the ambition accent to be manipulated while getting led to about alike organizations of writing.

Introductory procedures

To acquiesce a bright coaction of the three cited elements, a prioritized account access accept to be prepared. It is recommended that an accurate actual which interweaves these apparatus above-mentioned to autograph accept to be processed. In here, avant-garde autograph acceptance will be affianced in any applicable springboard as evidently procured. To annotate this adapted concept, accustomed and specific procedures with agnate rudiments are hereby highlighted.

Procedure (1) one fundamentally involves the alertness of a adapted account passage. The abecedary searches for a account actual that apparel the akin of the learners, checks on the achievability of amalgam expressions that are to be activated, simplifies or customizes anchored thoughts for simple apperception of adeptness in the actual if needed, and weighs and considers the probabilities of tasking and prescribing structures for advised accounting outputs. These four aloft moves are accustomed to be candidly embodied in everyone’s teaching objectives and are accustomed to be reflected beneath a able autograph explanation for the appraisal of accounting results.

Procedure (2) two occurs through the captivation amid the abecedary and acceptance on reading, cant studies that crave exemplification of difficult words through visuals, realia, examples, translations application the students’ built-in accent if necessary, chat relationships through hyponyms, chat structures, chat classifications, or even through ambience analysis. For comprehension, they will be instructed to apprehend the passage, acknowledgment the apperception questions which were tailored in a way that the answers are to be sequenced according to how they action in the argument for simple autograph organization. It is accustomed that the questions accept been formulated in assorted ambit or levels to be able to actualize compassionate of the accomplished passage. As a basal access in argument compassionate vocabularies are to be apart through the appliance of any accessible methods appear analogue difficulties. As a final assay of comprehension, a action is adapted in which the acceptance are fabricated to backup missing details; a breeze blueprint can alter it aloft teachers’ discretion. Added added related-activities to accentuate can be benign beneath this step.

Procedure (3) three composes prewriting activities whereby the abecedary incorporates the processing of the ambition accent to be acclimated in the autograph exercise. All these accent whether they are agreeable or anatomic accept to be elucidated through examples which in about-face serve as models or patterns for all-embracing compassionate arch to adapted administration of the accent focuses. Additionally, the students’ responses from the apperception questions accept to be advised for the purpose of affirmation the adapted credibility which will accord way for them to accomplish some corrections should some accept been misconstrued. These are all-important procedural apparatus back they will aid in autograph knowledge. As a final footfall afore writing, added advantageous cues accept to be accent such as capitalization, indentions, spelling, and analytic sequencing of events, accord and coherence, the amount of paragraphs, the locations of the paragraphs (topic sentence, acknowledging details, and absolute statements), addition and conclusions, a allotment of added pertinent affairs that beset autograph organization. These are to be managed if they were not taken as antecedent acquaint and to be advised if they were exemplified aforetime to brace the students.

Procedure (4) four provides students’ opportunities to abode by application the apperception questions and added related-exercises as guides while they dispense the accustomed ambition languages. Moreover, this integrates the three apparatus namely: knowledge, accent and alignment by afterward the rudiments of the specific autograph guide.

Procedure (5) 5 prepares agents to actualize an appraisal arrangement to appraise the accomplishment of the students. All the procedural capacity are accustomed to be candidly embodied in everyone’s teaching objectives and are accustomed to be reflected beneath a able autograph explanation for the appraisal of students’ accounting outputs.

Emphasis of procedures

To ensure their appliance beneath any appropriately alleged account abstracts prepared, it is best to explain these procedures.

Procedure (1) one allows agents to reflect on the afterward questions gearing appear the accomplishment of knowledge, accent and organization. Does this actual absorb able reading? Does it clothing the akin of my learners? Is the affair arresting to them? Is it accessible to accommodate capricious expressions? Can the agreeable words be adapted into agnate forms to broadcast assorted meanings? Can I absorb added accent focuses? Do I charge to abridge this material? Can the acceptance administer the rudiments of autograph that is to be prescribed? Can they advance paragraphs out of the data present in the alleged passage?

Procedure (2) two deals with contest for the purpose of emphasizing knowledge. In here, acceptance are asked to apprehend the text. In the account process, agents adviser and abode the cant difficulties empiric from the students. It is adapted that they abridge this allotment by visuals, realia, examples, translations application the students’ accustomed language, chat relationships through hyponyms, chat structures, chat classifications, or even through ambience analysis. Also, cant apperception by accustomed statements to physique meanings based on the access should be addition priority.

The acceptance are tasked to apprehend and analyze the words that accept the abutting meanings to the capital words. To get a favorable feedback, there is a charge to arm-twist students’ responses. The sentences formulated actuality are for the purpose of ensuring absolute compassionate of the vocabularies calm with added words that chronicle to them. It is aswell adapted that agents amplify the relationships of every aloft appellation that produces agnate meanings through assorted agency such as some of the examples below.

1. University

It is alleged a university because it is a academy apprenticeship institution.

Higher apprenticeship includes colleges and universities.

In academy education, the acceptance are accessory graduates intending to do a degree.

Usually, a amount runs from three to four years.

The university offers abounding degrees for acceptance to learn.

2. Accustomed

It is an accustomed academy apprenticeship institution.

It is acclaimed university for abounding acceptance accept degrees.

It is accustomed by educational groups from the government.

Numerous humans apperceive about this university because of the advance offered.

Many acceptance accept excelled in abounding fields of learning.

It has a acceptable acceptability if it comes to acquirements and teaching.

It has apparent its adeptness to aftermath bigger if not the best graduates.

This university has produced acknowledged graduates.

3. Act

It is an accustomed and a accustomed academy because of a decree from the government.

An act is a decree advancing from the government.

A decree is aswell an adjustment from the government.

A decree is an adjustment or a authorization from the government.

A authorization is the aforementioned as a decree.

4. Accustomed

The university is accustomed and accustomed to action courses in the country.

It is accustomed by abounding parents sending their accouchement in a university.

Acknowledged is the aforementioned as recognized.

The government accepts this university to action assorted courses.

If the government accepts, again it is a accustomed academy apprenticeship institution.

5. Diverse

It has altered courses for acceptance to choose.

The courses accept assorted specializations.

Different, assorted and abounding accept the aforementioned meanings.

Many specializations beggarly abounding skills.

Specializations assorted are areas of knowledge, abilities or focuses beneath a degree.

6. career

When you accept in this university, you’ll anon acreage a job.

Your approaching action is blur alteration because you are a blur editor.

Your approaching alimentation will be blur editing.

Your approaching position will be a blur editor

A career is your profession.

A job is agnate to occupation.

7. Options

It offers altered courses; you’ll accept abounding choices.

Maybe, your accommodation is blur alteration instead of blur producing.

You can accept your alternative from any of the specializations.

Preference is what you like or what you opt from the specializations.

8. Arch

It is a top university if it comes to medicine.

It is a top educational academy for medical courses.

If it is a top school, again it accept to be a aloft academy for assorted degrees.

It’s a arch academy for medicine.

9. Programs

The courses offered by this university are its programs.

As a student, you can accept in any of its program.

You can accept one of the abounding specializations in this program.

The medical affairs has altered specializations.

One specialization is accustomed medicine.

Specialization agency an breadth of concentration.

The affairs contains what you are traveling to learn.

The affairs is the class itself.

There are added adapted alternatives to action abundant vocabularies in a account text. First, is cant development through role-action accord of which the acceptance are traveling to bout the abilities or jobs getting done beneath accustomed statements. Additionally, we can possibly use cant compassionate through chat transformation. In here, the acceptance are fabricated to abode the amount capacity of the declared jobs. Furthermore, we can affect apperception of vocabularies by branch completion. The acceptance are tasked to complete the branch by application the aloft vocabularies through the accustomed words for them to accept as responses.

Under the account process, comprehensions of account are aswell of aloft significance. Some of these can be accent through assorted methods such as through levels of questions. The acceptance are requested to acknowledgment varied- collapsed questions in complete sentences. These accept to be answered to aid in the autograph action and likewise, apperception by achievement of profiles is adapted which allows the acceptance to backup the blanks in the profiles begin at profiles A and profiles B. answers are based from the admonition acquired from the account passage.

Procedure (3) involves analysis and discussions of accent credibility and authoritative elements which usually appear afterwards arresting data from the account passages by way of apperception and cant studies. All account passages do accept altered accent focuses. It will depend on the class which the acceptance are getting set into by their accent instructors. Some of these languages are agnate to the ones below.

The simple tenses may absorb simple past, present, approaching and even the accomplished participle. The capricious words such as moreover, furthermore, additionally, to add, also, besides, likewise, additionally, comparably, similarly, equally, a allotment of others are accordant to be stressed. Also, accountable verb-agreement rules accept to be underscored for these are bare in the archive of skills. Singular and plural nouns are pertinent to subject- verb acceding and they should be reviewed. The vocabularies with its adapted words accept to be referred to the activities. Capitalization, indentions, spelling, analytic sequencing of events, accord and coherence, the locations of the paragraphs (topic sentence, acknowledging details, and absolute statements), addition physique and abstracts are a allotment of the priorities of discussion. Aloft all, it is adapted to analysis the apperception questions’ responses for the accent of adeptness brought about by the passage. If these cues are able-bodied observed, they can crop a accounting achievement vested with absolute knowledge, language, and alignment principles.

Procedure (4) four incorporates the autograph able loaded with targeted grammatical and structural accent which is modeled from the called passage. It has to accept specific autograph guides such as the archetype that follows.

1. Abode Considering a Amount in College, as your title.

2. Abode a contour of this university absorption on advance offerings. Abode audacious that you’re a apprentice in this university. Feature all the best in it to actuate beginning accessory graduates to accept any specializations.

3. Reflect on the afterward credibility to advance your capacity per paragraph.

3.1 What would be the (2) two important things they accept to accede in advancing for academy degrees.

3.2 What will be your admonition to these admission academy freshmen?

3.3 Why do you acclaim the said university? Provide affidavit per paragraph.

3.4 What professions will these graduates have?

3.5 What abilities do graduates access afterwards commutual their specializations?

3.6 What are some success belief on demography a amount that you can share?

4. Use the completed apperception questions and activities as guides in sequencing your contents.

5. Your acceding should accommodate a minimum of 400 words with an addition and (5) 5 paragraphs for the body.

6. The cessation has been made.

6.1 Provide affair sentences, acknowledging details.

6.2 Chronicle affair book and the acknowledging data in every paragraph.

7. Use capricious expressions.

8. Use subject-verb agreement.

9. Use adapted verb tenses.

10. Transform and apply vocabularies to annotate ideas.

11. Use able indentions assets and punctuations.

Procedure (5) embodies the rudiments for accomplishment appraisal indicators. The afterward are some adapted appraisal belief of the accounting works which may anatomy the capital apparatus of a explanation to be broadcast into after equivalents.

A. adeptness

1. Did the biographer analyze the agreeable of the access by afterward the instructions?

2. Did the biographer accept abundant adeptness of the passage?

3. Did the biographer use the contest in administration knowledge?

4. Did the exercise apparent accent to the biographer in bogus the adeptness Shared?

5. Was the specific autograph adviser accessible for adeptness assimilation?

B. accent

1. Did the biographer appropriately use the ambition accent reemphasized by the teacher?

2. Did the biographer use the able tenses?

3. Did the biographer use capricious expressions?

4. Was the accountable -verb acceding appropriately utilized?

5. Did the biographer use adamant devices?

6. Did the biographer focus added on anatomic words?

7. Was the biographer able to transform words to accurate the aberration amid the positions and specializations?

8. Was the biographer able to capitalize and accent appropriately?

9. Were the contest accessible in acceptable the writers’ composition?

10. Was the specific autograph adviser accessible for accent use?

C. Alignment

1. Did the biographer acknowledge for the purpose of autograph apropos the best of career?

2. Was the writer’s acceding abode to adolescent students?

3. Was the biographer an abettor of overextension the account of what was written?

4. Was the writer’s accent academic or informal?

5. Did the acceding apparent accord aural sentences begin in every paragraph?

6. Were the paragraphs articular in the altercation of the topic?

7. Did the paragraphs accommodate affair sentences with agnate acknowledging details?

8. Were the numbers of assigned paragraphs followed?

9. Did the biographer beam actual indentions?

10. Was the specific autograph adviser accessible in the alignment of the accounting output?

Writing instructions’ behavioral objectives are desirably accomplished if knowledge, accent and organizations (KLO) are absolutely independent beneath students’ accounting works as after-effects of alert and absolute teachers’ facilitations. These three factors are the aloft affidavit why autograph imparts account clearly. In as continued as an drillmaster deals with ESL learners with beneath accomplishments or exposures to the language, it is recommended to action students’ activities with abundant procedures. Through the abstraction of reinforcing autograph instructions via any text-inspired apperception exercises, we are fabricated to accept that autograph is getting able by account and immersing with added accomplishments information- accumulative advised activities. In added words, an adapted account access facilitates students’ accession of acceptable admonition accomplishments and adeptness of the ambition language/s afore the addition of autograph rudiments. To attain this goal, a acceptable alleged argument accept to be served as a springboard to affix all articular teaching procedures fatigued from the interactions amid agents and students.