The Most Important Skills and Values that Children Learn from their Essay

The Most Important Skills and Values that Children Learn from their Parents - Essay Example For many, the first word that is uttered is dada or mama, as they are easy words to enunciate as well as watch their parent’s lips that make the sounds. Learning to speak is the beginning of the lifelong learning process that children go through. Parents have the responsibility to teach their children valuable life lessons. Parents teach their children the value of making and keeping a friend. In this case, the child needs to learn how to introduce themselves, speak calmly, ask them questions and discover another person’s interests. In keeping a friend, often this will include having to say, â€Å"I’m sorry† or telling them â€Å"no† when their friend is wrong. This is extremely difficult for most children to do. Children need to be taught assertiveness over aggressiveness, so that they can communicate with others clearly and calmly. They can learn to negotiate, express themselves and learn to walk away from a bad situation if needed. It is the pare nts’ role to teach their child optimism. It is imperative that the parents teach their children how to think positive thoughts about themselves, know that they are trustworthy and dependable and have a bright future ahead of them. One thing that is difficult for children to understand is the ability to see things from another’s perspective.

Research Paper Hooks: Helping the Students Write Quality Papers

Research Paper Hooks: Helping the Students Write Quality PapersIt is always a challenge for students who have to write papers for exams and other academic papers, especially those students who are really excited about their academic abilities. Nowadays there are some very famous brands of research paper hooks, which are created by experts and are very much available in the market.The basic purpose of research paper hooks is to support the work of the students while they are writing on the subject matter. With this kind of hook the student can easily grip his paper in the hook and will not have to worry about the difficulty of writing the paper while writing on the subject. Now there are several types of research paper hooks, which are available in the market and are best suited for the students of today.If you are currently employed in a position in any institution of education, then it would be very good to purchase the paper hooks and support the student's learning. Nowadays it is possible to find research paper hooks of various manufacturers at highly competitive rates. These hooks have got the shape and feel of the paper but the hooks are made of different materials. So if you are purchasing the hook for the first time then you should get a clear idea about the material which is used to make the hook.The most common material is the shell of the paper but if you think that the paper is not thick enough then you can also get it as a shingle type. You can either choose to buy the book from your school or university or online. When you are buying a hook from the college shop or online shop then you must make sure that the school or the university you are purchasing the hook from accepts the hook in their own manner.One of the important features of research paper hooks is that it is very easy to hold the paper when you are holding it from your hand and can be read easily from the hook which is hanging on the hook. So, if you are using this kind of hook then you must understand that you must hold the paper in the hook with the help of your hand. If you do not hold the paper then it will be hard for you to hold the paper and then reading it from the hook is quite difficult for you.Research paper hooks also include the adjustable hooks are available in the four types and also they are available in different materials. You can buy these hooks from your school or university or online. Now a day there are lots of websites which are providing many tools at affordable rates and you can get them easily by making a search in the internet.A common person should know how to use these hooks properly. They should not make any mistakes while writing on the topic and should put the same emphasis on different parts of the paper which is very essential for the students. So if you are having problems in writing the paper then you can consult the experts who can help you in making your paper an excellent one.

How to Write an Essay That Will Stand Out and Get the Student Attention

How to Write an Essay That Will Stand Out and Get the Student AttentionIf you have a question about how to write an essay that will stand out and really get the student attention, then this article will answer your question. First of all, if you are writing an essay, you know that you need to keep the reader interested so that they will continue reading. There are a number of reasons that this is true, and here are some ways that you can make it more apparent.An important thing to remember is that writing an essay is something that will take up a considerable amount of time. So when you begin writing your essay, you need to make sure that you do not become too worried that you are not able to get a lot of words out. Of course, this could mean that you need to either revise your essay or cut it down a bit.The second most important thing to remember is that it is important to focus on what you want to say. You need to really think about what you want to say and then you need to actuall y write the essay. If you do not remember this, it will be much harder for you to remember it when you are finished. This means that you need to ensure that you are only trying to say what you want to say, and make sure that you stay focused on the main points.Remember that you need to know the subject of the essay. You do not want to go into detail and just ramble on because this will show in your writing and you will also miss out on important points. However, you do not want to put in as much information as possible, because this will take away from the importance of the essay.The third most important thing to remember is that you need to avoid the spelling errors. When writing an essay, you will need to know how to use different parts of the paper to add emphasis to certain points. However, you do not want to end up spelling things out incorrectly because this could be difficult for the reader to understand.The fourth most important thing to remember is that you do not want to w aste time doing all the research yourself. If you do not know the proper spelling, then you will have a much harder time when it comes to figuring out the correct content for your essay. It is also important to remember that if you know the correct spelling, then you will be able to get more out of your essay. As long as you use proper grammar and your topic is correct, then you should not have any problems.When writing an essay, you do not want to just choose a topic and then write about it. In order to do this you will need to take some time and really think about what you want to say and how you want the essay to sound.

Does the College Essay Need a Title - Is it a Scam?

Does the College Essay Need a Title - Is it a Scam? A Startling Fact about Does the College Essay Need a Title Uncovered Surprisingly enough, there's no title page for every single occasion. In case you've got to, describe the title. A title isn't necessary or required. It is not a joke, and you should be very serious about it. You might, obviously, opt to add one in the event you truly feel like it adds value to the essay, but in the majority of cases I would suggest not using one if not explicitly requested to offer a title. Also, you may use the technique that includes offering the answer supplied in the essay after the question in the shape of a more sophisticated subtitle. Finding their own style depends on the sort of essay and what the function of the work is. The actual men and women highly praise our essay help site. These paragraphs should supply the reader with a synopsis of what you're covering. You would like to adhere broadly to the wisdom that every paragraph ought to have an identifiable major notion, but a college essay is definitely an extraordinary opportunity to break free from the five-paragraph essay. When you attempt to sound too smart with the addition of unnecessary syllables to every word it will become difficult to read your essay. The very first sentence of an essay has to be award-winning. Quite simply, a strong scholarship essay does not have to produce the conclusion do the double duty of offering additional content and providing an ending statement at the exact time, which is characteristic of an extremely brief essay. This is especially important for freelance writers whose success is contingent on the amount of people who open and read their essays, articles, and so forth. To be able to create an excellent name for your college essay, it's important to think about your audience. You can depend on the very best essay help online. If you receive such a template, all you have to do is only to write down information on essay topic, author and the training course. You may also find lots of successful sample essays online. At our cheap does my college application essay desire a title essay writing service, you can be certain to become credible academic aid for a fair price, since the name of our site suggests. The same is applicable to application essays. Winning essays often rely on a broad assortment of relevant and proper evidence. Many great essays do not need a title. In fact, the majority of application essays don't have one. Once you are finished with your essay, you can begin brainstorming for ideas. It is advised to compose your essay initially and after that when you shape your ideas, return and work on the title. Essay plans instantly provide an essay structure, they stop you from forgetting to incorporate any critical points, and they stop you from losing your way as you write. An essay plan doesn't have to be a huge thing. Does the College Essay Need a Title for Dummies Usually most of the essay should concentrate on your own position, so don't get bogged down in refuting different positions at length. Some individuals really require assistance with writing because they just can't make out how to cope with everything so to ensure it is perfect. Some students trust the net for sources because of its convenience. Almost all of students and beginner writers ignore one aspect that's very important at the very start of the writing process. An effective name isn't going to contain too fancy word structures without a use. It is possible to verify this information on the web. The title page should incorporate the information one ought to make an educated decision on whether to read the paper. Another benefit of our website is the quickness. Learning the appropriate way of titling an essay can work wonders for capturing attention. If you don't understand how to edit a header in Word, Google for instructions about how to edit a header in the edition of Word you're using and follow the directions. Employing essay structure to streamline your procedure isn't a guarantee your writing will be greatit designed to create the procedure only just a little bit more efficient. You simply need to pass a very simple procedure of authorization, click buy research papers, fill an effortless purchase form and that's it!

Modernity and Spaces of Femininity Essay Example | Topics and Well Written Essays - 1000 words

Modernity and Spaces of Femininity - Essay Example The paper "Modernity and Spaces of Femininity" focuses on the article of Griselda Pollock. The article clearly represents Pollock’s feminist views. She is a credible author being a leading cultural theorist. She has done vast research on feminist issues such as those that women encounter while living and working in societies as objects of male satisfaction rather than as important subjects that gives credit to their own abilities as women. Pollock has recommended ways to change future representations of women. She has likewise provided significant insights on voyeuristic art and ties between art and human nature. She has become an activist using a â€Å"Marxist-socialist approach to reveal the key sexual and political biases involved in the formation of the modernist movement". Currently, she is the Director for the Centre for Cultural Analysis, Theory and History at the University of Leeds with a Masters Degree in History of European Art and a PhD degree in the study of appr oaches to modernism. She is considered an academic jewel, having taught History of Art and Film in the Universities of Manchester and Leeds and an author of several books on her expertise on Art, History, Feminism and Modernism. In the article, Pollock refers mostly to paintings of renowned artists in the nineteenth century and how their work affected its viewers. She analyzed T.J. Clark’s accounts of Edoard Manet’s controversial painting, â€Å"Olympia† which shows a nude woman reclined on a bed with her hand covering her crotch., with a black lady, presumably her maid, standing beside the bed and a black cat seated at the foot of her bed. This painting was widely criticized when it was exposed to the public, and its analysis runs from shallow comments about its physical appearance to deeper critiques about societal representations during its time. Clark claims that Manet’s Olympia has been the founding monument of modern art3, embodying a shift in what spectators are accustomed to viewing and was subjected to a wide variety of interpretations. Pollock contends that Clark leans on the class system in analyzing modernist paintings. For him, Olympia’s nakedness in Manet’s ‘modernist’ painting depicted her as a lowly prostitute as opposed to heavily dressed, sophisticated and fashionable women in other paintings ascribed as coming from upper classes of society. Pollock also agrees with Clark that such artwork of women catered to a masculine audience since it provokes sexual titillation which is not expected of decent women viewers. This is what she meant by ‘masculinist myth of modernism’. Male artists reigned over modernism because they are able to express their sexuality through their art, which was not a luxury granted to women artists. Pollock confirms that there was a historical asymmetry in art in the nineteenth century due to social structuration of sexual differences which determined wha t men and women painted4. Clark indexes impressionist paintings to class formations and class identities that emerged in society, giving ‘modernity’ a wider meaning than just being up-to-date. â€Å"Modernity is a matter of representations and major myths- of a new Paris for recreation, leisure and pleasure; of nature to be enjoyed at weekends in suburbia; of the prostitute taking over and of fluidity of class in the popular spaces of entertainment†5 References were pointed to Charles Baudelaire’s essay about the modern artist being a flaneur or â€Å"

What Is So Fascinating About Research Paper Topics High School English?

What Is So Fascinating About Research Paper Topics High School English? Hence, you've been provided with the simplest topic for problem solution essays, you can decide on any on of the aforementioned and begin writing your essay immediately. Actually, a great deal of argumentative essays are in reality persuasive papers. To come across argumentative essay topics easy on various platforms, you want to comprehend about the argumentative essay. Argumentative essay is about arguing and debating on a subject, which is debatable. You have to write a minumum of one research paper in a semester for a lot of the subjects. High school research paper topics are extremely simple to write after you've done the essential research. Writing research papers is a wearying procedure, and even more so whenever you don't have a predetermined topic. Students find it impossible to select the very first idea they see on the net or in the print media it's about choosing great research paper topics on the relevant problems. If you must write only 1 paper at the conclusion of the period, you can breathe out as you are blessed. A paper is always simpler to write if you're interested in this issue, and you're going to be more motivated to do in-depth research and compose a paper that truly covers the full subject. An excellent paper topic needs to be interesting and ought to incorporate an original idea or position try to prevent cliche topics which will likely bore your reader. If you're stuck on choosing the topic for your research paper then you should understand the following to have the ability to select a great topic for your paper. Attempting to compose a research paper on a topic that doesn't have a lot of research on it's incredibly hard, so before you choose a topic, do a little preliminary searching and be sure you are going to have all the info you have to compose your paper. You can both utilize personal experience and cover new nuances for you, dependent on the research of different authors and drawing your own personal conclusions. Usually, it doesn't include references and quotes in it. Research Paper Topics High School English - the Story Writing a proposal essay isn't as difficult as it might sound, it isn't important the way your professor or teacher describes it. Writing a research paper is just one of the toughest tasks in high school. It's possible to find out more regarding students' term papers here. Research papers are trying, but in addition they have the capability to be somewhat rewarding. When it has to do with the middle school, the argumentative essay incorporates moderate topics. You must understand completely that you're not writing a descriptive essay. In case the topic is too narrow, you might find it difficult to discover the appropriate literature. You will likely find a different and good topic you will love to write about. For some students, a collection of topic is the easiest part. There are occasions when you're assigned with the topic but more frequently, you will need to create a topic on your own. It would be simpler to learn more about the theme and write about doing it. If you still have issues with topic selection, don't hesitate to request help at GradeMiners. To choose which subject you're likely to discuss, it's essential to see the complete collection of good persuasive speech topics from the specific area of study. Without doubt, it would be a lot easier that you learn more about the topic that's related to the area of your interest. If you're confused with a selection of interesting topics to research on the web, it's far better to determine what interests you the most. Even if a specific research paper topic is getting a great deal of buzz at the moment or other individuals seem interested in writing about it, don't feel tempted to make it your topic if you don't genuinely have some kind of interest in it also.

Islamic Finance and Mortages in the UK

Islamic Finance and Mortages in the UK Chapter 1: Introduction Around two million people in the UK are hesitating to get a mortgage from conventional banks or building societies because of religious obligations. Most of them are Muslims and like to obey the rules of Islam. Conventional banking systems offer the customers to pay interest against their loan or mortgage. According to Islam interest is called â€Å"riba†, which is forbidden by the rules of the Holy Quran. So how can the Muslims buy a home or get a loan where they cannot pay the interest. Most of Muslims are confused from where they can borrow money. Go with the conventional banks or newly established Islamic banks, who are not so much experienced in the UK mortgage market. According to Usmani (2005) the main drawback in interest based system is financier has no concern with money when he gives an interest bearing loan to a client. But in Islamic financial contract cash money is not given to client, first of all they purchase the commodity and transfer to client then all profit and loss will be distributed between parties according to agreed terms and conditions (Usmani, 2005). As the Islamic Sharia is not permitting to pay or receive any interest from conventional nor even from any person or agency, so especially any Muslim is not allowed to use conventional mortgage for religious faith. It is experienced that home or property purchase is too expensive by using the cash on hand. To solve this problem the financial organisation or the bank buy the property or house with their name act as a landlord and the client pay the rent plus some money for the contribution for the property. When the term finished predetermined by the lender and the client the prop erty is transferred to the client that means the client absolutely buy the property. According to Harding (2009) the Sharia serves mostly as a guide to personal conduct, though some rules are drafted into the legal codes of majority-Muslim states. Its founded, were always told, on revealed truth from the Quran and exemplary stories from the Hadith, the sayings and doings of the Prophet. But the real influence of the Sharia lies in the way this material is constantly read and recast by modern Islamic scholars, reinventing old traditions or asserting new ones. Whatever they take it to be, growing numbers of Muslims are keen to stay on the path when it comes to banking and finance. The global Muslim population is upwards of 1.3 billion roughly one in every five people on earth and, with a religious revival of twenty or thirty years standing, the way of Islam is now a crowded thoroughfare. It is plied by a great diversity of travellers from different parts of the world; some have money to burn, others next to none, but anybody with a modicum of wealth is nowadays a pot ential opportunity for banks offering Sharia-compliant retail services: current accounts, straightforward financing schemes and home-ownership plans (Harding, 2008). In some countries in the World like Iran, Pakistan and Sudan all banks are currently operating through Islamic financial law but other Muslim major countries like Indonesia, Bangladesh, Malaysia, GCC countries and North African countries operating both conventional and non-conventional banks. Islamic banking services run by Islamic bank and some conventional banks. In the UK some high street banks like HSBC Amanah, Bank of London and the Middle East (BLME) are the main two conventional banks that offer Islamic banking to the customers from all background. According to UN-HABITAT (2005) Islamic financial systems are located within the larger context of Islamic religious, ethical and economic systems. Islamic finance has seen annual growth rates of over 15% and the Islamic capital invested in global financial institutions is currently estimated at US$1.3 trillion. A key growth area is in the provision of Islamic mortgages, both within the Arab world and in Europe and North America (UN-HABITAT, 2005). Over the last few years some of the UK conventional high street banks like Lloyds TSB, HSBC have introduced Islamic products in several of their branches. In the year 2005 Lloyds TSB bank plc introduced Islamic products to some of its branches. A panel of Islamic scholars look after and guide the bank according to Sharia i.e. the Islamic rules for the Islamic products offered by the bank. Another high street bank HSBC has introduced Islamic products on the brand name Amanah. These two conventional banks are offering wide range of services w ith different windows on the basis of the Islam, like home insurance, mortgage, current accounts, pension etc. The Islamic Bank of Britain is the first Islamic bank in the UK started its operation in the year 2004 which welcomes Muslim and non-Muslims alike as customers. It is operating with a few branches mainly in London, Birmingham, Leicester and Manchester where Muslim people are majority. All of their financial products are approved by a committee of Islamic scholar, called the Sharia Supervisory Committee. All of the committee members are expert of the Islamic rules and finance as well. They introduced the banking system, mortgage and other related products as Halal, which may be accepted by the Muslim and non-Muslim customers. The Prime Minister of the UK Gordon Brown has pledged support for the growth of Islamic finance (BBC news, 13 June 2006). The UK is acting as a gateway for the growing industry. In another report of BBC news (17 October 2008) in the midst of turmoil in the global financial system, there is one branch of finance that aims to operate within strict moral and ethical boundaries Islamic finance. One expert on Islamic finance, Durham University professor Rodney Wilson, points out that no Islamic financial institution has yet failed in the current crisis. He contrasts â€Å"excessive risk-taking† in the mainstream financial sector with â€Å"a fairly classical banking model† still followed by Islamic institutions (BBC news, 17 October 2008). According to FSA (2007) The Islamic financial market as well as the Islamic mortgage market has become exceptionally complicated as well as increasingly competitive. Today, practically most of the financial institutions in the western countries are attracting the customers through Islamic finance whether by Islamic Sharia complaint, â€Å"Islamic windows† or some other Islamic financial product, like the Islamic mortgage marketing. Most of the expansion of Islamic finance in the UK has taken place in the last five years, but the continuation of Sharia-compliant transactions in the London financial markets goes back to the 1980s (FSA, 2007). . Aim The aim of this paper is to provide a thorough outline of the main principles of Islamic finance and practice of Islamic Finance especially in the field of home finance in the UK. The paper emphasises the core principle of Islamic finance i.e. Sharia and Sharia complaint practices in the field of Islamic mortgage market, providing an insight view to understand and find out the effectiveness throughout the Muslim population as well as non-Muslim communities in the UK. By the end of the paper the readers should have a greater appreciation of the various types of ways to find the right mortgage products to be within the Sharia complaint environment as well as get an understanding of the effectiveness with .these kind of products. Through a mixture of different types of graphical presentations of some factors involving in the Islamic financial environment, the UK government policies, difference and comparison between the Islamic mortgage and the conventional mortgage, some examples of di fferent types Islamic halal financial products effective in other developing countries in the world will be presented to get an overview the wide range of factors involved in evaluating and analysing the Islamic mortgage market. Objectives Understand the core principles of Islamic finance Relate the principles to the Islamic mortgage The key features of Islamic mortgage Different types of Islamic contract relating to mortgage Analyse Islamic mortgage prospect in UK from the various point of views Dissertation formation Chapter 1 Introduction of the objectives subjects and discuss limitations. Chapter 2 Literature review: This chapter will consist of the academic review of the literature on Islamic finance, types of contracts involved in Islamic mortgage and overall review of Islamic mortgage market in the UK. Chapter 3 Research Methodology: This chapter will outline the research methodology adopted as well as its possible ways of application by the primary and the secondary data collection. Chapter 4 Data and Analysis: In this important chapter various data will be presented through table, chart and different opinions and findings derived from primary research and secondary research to examine the effectiveness of Islamic mortgage market in the UK. Chapter 5 Conclusion: This chapter will present the overall conclusion of the study. Chapter 6 Recommendation: This chapter will make recommendations, some of which will be general while others will be specific to what will need to be done in the future by the Islamic financial institutions in the UK. Chapter 2: Literature Review 2.1 Background of Islamic Finance The Organization of Islamic Conference (OIC) expressed â€Å"Islamic financial institution as a financial institution whose statutes, rules and procedures expressly state its commitment to the Principles of Islamic Sharia and to the banning of the receipt and payment of interest on any of its operations† (Hassan, 1999, p.60). Sharia is the path or lifestyle of Muslim, shown and cited in the Holy Quran, the sayings and conduct of the prophet Mohammed (PBUH), and the ruling of Islamic scholars. 2.2 Principle of Islamic Finance McKenzie (2009) stated that â€Å"the underlying financial principles in Islamic finance have remained unchanged historically since their development over 1,400 years ago. Financial products must be certified as Sharia compliant by an expert in Islamic law. Certification requires that the transaction adheres to a number of key principles that include: Backing by a tangible asset, so as to avoid ‘speculation (gharar). Prohibition of interest payments (riba). Risk to be shared amongst participants. Limitations on sale of financial assets and their use as collateral. Prohibition of finance for activities deemed incompatible with Sharia law (haram), such as alcohol, conventional financial services, gambling and tobacco.† (McKenzie, 2009) 2.2.1 Riba (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 Allahs approval, its payers do indeed increase their wealth† (Surah Al-Rome no. 39 cited in Shafi and Usmani, 1997, p.67). 2.2.1.1 Prohibition of Riba (Interest) â€Å"The word riba literally means increase, addition, expansion or growth† ( Sulaiman, 2003). According to Institute of Islamic Banking and Insurance website (2010) Riba means increase or addition and commonly understood as interest charged or received on lending though the legal definition goes beyond just interest.It is one of the three fundamental prohibitions in Islamic finance, the other two being gharar and maysir. . Technically it denotes any increase or addition to capital obtained by the lender as a condition of the loan. In simple terms Riba covers any return on money on money, whether the interest rate is fixed, floating, simple or compounded and at whatever rate which is guaranteed irrespective of the performance of the investment, is considered riba and is so prohibited. Riba, in all forms, is strictly prohibited in Islamic tradition as it is considered an unjust return that leads to unjust enrichment (Institute of Islamic Banking and Insurance website, 2010) According to Usmani (2005) â€Å"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). According to Chapra (1986) it is however, not every increase or growth which has been prohibited by Islam. In the Shariah, riba technically refers to the â€Å"premium† that must be paid by the borrower to the lender along with the principal amount as a condition for the loan or for an extension in its maturity. In this sense, riba has the same meaning and import as interest in accordance with the consensus of all the fuqaha (jurists) without any exception (Chapra, 1986). 2.2.2 Gharar â€Å"The Arabic word gharar means risk, uncertainty, and hazard† (Obaidullah, 2005). According to Institute of Islamic Banking and Insurance website (2010) Gharar is one of the three fundamental prohibitions in Islamic finance, the other two are riba and maysir. Gharar means uncertainty, hazard, chance or risk. Technically Gharar can explained by the Institute of Banking and Insurance, â€Å"sale of a thing which is not present at hand; or the sale of a thing whose consequence or outcome is not known; or a sale involving risk or hazard in which one does not know whether it will come to be or not, such as fish in water or a bird in the air. It is an exchange in which one or more parties stand to be deceived through ignorance of an essential element of the exchange. Thus it refers to an element of absolute or excessive uncertainty in any business or contract (Institute of Islamic Banking and Insurance website 2010). Makhlouf (2000) described â€Å"there are several types of gharar , all of which are disallowed (haram). The following are some examples: Selling goods where the seller is unable to deliver, Selling known or unknown goods against an unknown price, such as selling the contents of a sealed box, in absence of any concept of its contents or value in the buyers mind, Selling goods without proper description, such as shop owner selling clothes with unspecified sizes, without providing the buyer the option to inspect the goods, Making a contract conditional on an unknown event, such as when my friend arrives if the time is not specified, Selling goods on the basis of false description, Selling goods without allowing the buyer the properly examine the goods (Makhlouf, 2000). Institute of Islamic Banking and Insurance website (2010) describes gharar as Deception through ignorance by one or more parties to a contract. Gambling is a form of gharar because the gambler is ignorant of the result of the gamble. Gharar can occur in several ways, all of which are haram (Institute of Islamic Banking and Insurance website, 2010). 2.2.3 Maysir According to Institute of Islamic Banking and Insurance website (2010) â€Å"Maysir is one of three fundamental prohibitions in Islamic finance. Maysir is explained as Games of chance or gambling, trying to earn easy money without having to provide equivalent consideration. A prohibited activity, as it is a zero-sum game just transferring the wealth not creating new wealth. The prohibition on Maysir is often used as the grounds for criticism of conventional financial practices such as speculation, conventional insurance and derivatives† (Institute of Islamic Banking and Insurance website, 2010). The Quran states that are translated in English, â€Å"intoxication, games of chance, worship of idols, and divination by arrows are but an abomination, Satans hand I work; avoid it then, so that you might prosper! By means of intoxicants and games of chance Satan wants only to sow enmity and hatred among you, and hinder you from the remembrance of God and from prayer []† (The Q uran 5:90-91 cited Rohmatunnisa, 2008). Schoon (2007) explained â€Å"Maysir(or speculation) is an event in which there is a possibility of total loss to one party. Maysir has elements of gharar, but not every gharar is maysir† (Schoon, 2007)). 2.3 Types of Islamic Contracts 2.3.1 Mudarabah (finance by way of trust) Institute of Islamic Banking and Insurance website (2010) An investment partnership with profit-loss-sharing implications. One or more partners as investors (Rab al Mal) provide 100% the capital to an entrepreneur (the partner who provides entrepreneurship and management known as Mudarib) to undertake a business activity. Profit is shared between the partners on a pre-agreed ratio, any loss is borne only by the investing partner(s) alone. For the Mudarib the loss is the share of the expected income for the efforts put into the business activity. The investors have no right to interfere in the management of the business but can specify conditions that would ensure better management of the capital money. In this way Mudarabah is sometimes referred to as a sleeping partnership. As a financing mode, an Islamic bank can provide capital to a customer for a business activity. The customer provides the expertise, labor and management; profits are shared between the bank and the customer acco rding to predetermined ratio while financial losses are borne by the bank and the bank risks losing the capital invested with the customer which justifies the banks claim to a share of the business profit. Islamic banks also apply the concept of Mudarabah to pay a return on customer deposits held in investment account. The Bank becomes wholly responsible and liable in the management and investment the customer deposits and utliises the funds as business capital by the bank, the bank will have the right to manage the funds as it thinks fit in permissible activities that it considers are profitable and share the profit on the basis of the agreement made between the bank and the customer (Institute of Islamic Banking and Insurance website, 2010) According to Siddiqui (n.d) In this mode, the bank, at the request of its client, purchases the specified goods from a third party against payment. Immediately on the transfer of ownership of the goods as also obtaining its physical or, in most cases, the constructive possession, the bank sells these goods to the client at cost plus an agreed fixed profit margin. The client then takes physical possession of the goods and undertakes to pay the price to the bank either in instalments or in lump sum, at an agreed later date. The instances are not lacking where customers of the bank and the seller of the goods are sister concerns. In yet many other cases, the customers of the bank purchase the commodities themselves as agents of the bank and then they repurchase the same commodity from the bank for a cost plus profit to be paid at a mutually agreed later date. In many cases of Murabaha, there is therefore, only a change of name (Siddiqui, n.d). 2.3.2 Musharaka (finance by way of partnership) According to Institute of Islamic Banking and Insurance website (2010) The literal meaning of Musharakah is sharing, an investment partnership with profit-loss-sharing implications. All the partners contribute capital towards the financing to undertake a business activity. The partners share profits on a pre-agreed ratio while losses are shared according to each partners capital contribution. The business activity may be managed by all, some, or just one of the partners. Musharakah allows Islamic banks to provide financing for purchase of an asset required by a customer; the bank invests capital in the co-ownership in the asset with the customer, instead of providing interest-bearing loans. The bank will achieve a return on its capital contribution in the form of ashare of the actual profits earned, according to a ratio agreed in advance. However, unlike atraditional creditor, the bank will alsoshare inany losses. Musharakah is often used by Islamic banks for financing large projects . The concept is distinct from fixed-income investing. A contract of partnership in which two or more partners provide capital and share profits or losses as the case may be. An investment partnership with profit-and-loss sharing. A musharakah contract is similar to a mudarabah contract, the difference being that in a musharakah all the partners contribute to the capital and share in both the profit and the loss. They also have the right, but not the obligation to participate in the management. All partners have a right to participate in the management of the project. However, the partners also have a rig ht to waive the right of participation in favour of any specific partner or person. Profit is shared as per-agreed ratio while the loss is shared in proportion to the capital contributed (money invested by each partner. The term also refers to a financing technique adopted by Islamic banks instead of lending on interest. It is an agreement under which the Islamic bank provides fund s which are mingled with the funds of the client and both are entitled to share in the resulting profit on a pre-agreed ratio and share the loss in accordance with their capital contributions. Also termed as a joint venture. Two forms of Musharakah are: Permanent Musharakah and Diminishing Musharakah (Institute of Islamic Banking and Insurance website, 2010). Saeed (1996) distinguishes three types of Musharaka: the commercial Musharaka, decreasing participation and permanent participation. In a â€Å"commercial Musharaka†, which is the most common form, the purpose of the transaction can be the purchase of plant, manufacturing equipment or commodities. Here, the transaction is fixed in its duration and capital provision is mostly short-term. Consequently, the liquidation of the project occurs quickly and capital turnover and returns are usually high. The second type of Musharaka, a Musharaka with â€Å"decreasing participation†, is mainly used for project financing in the industrial and agricultural sector and serves to transfer full ownership of the assets in the long-run to the business invested in. The banks invested capital is repaid in instalments and the bank receives a proportion of the projects cash flows for a specified period of time. Profit-sharing can be exercised in three different manners: the bank can either r eceive its share of the profit on a regular basis (which is sometimes associated with prohibited Riba) and reacquire its capital out of the remaining profits of the partner, or the partner annually buys back a part of the banks share in the business including profits, or the partner repurchases the bank s share in bulk after the termination of the Musharaka contract. All three forms are practiced by Islamic banks. Finally, in a â€Å"permanent participation Musharaka†, the bank actively contributes to the management of the business financed and shares in the profits and losses until the end of the Musharaka contract (Saeed, 1996 cited Rohmatunnisa, 2008). 2.3.3 Murabahah (cost-plus financing) According to Institute of Islamic Banking and Insurance website (2010). â€Å"Cost-plus financing a contract sale between the financier or bank and its client for the sale of goods at a price which includes a profit margin agreed by both parties. As a financing technique, it involves the financier or bank purchasing goods required by the client. The goods are then sold to the client with a mark-up. Repayment, usually in instalments is specified in the contract. Some have questioned the legality of this financing technique with mark-up on cost because of its similarity to riba or interest. Mark up or Cost plus financing. The word Murabaha is derived from the Arabic word Ribh that means profit. Originally, Murabaha was a contract of sale in which a commodity is sold onward at profit. The seller is obliged to tell the buyer the original cost price and the profit mark-up. This contract has been modified a little for application in the financial sector. In its modern form Murabaha has become the single most popular technique of financing amongst the Islamic banks all over the world. The Murabaha mode of finance operates in the following way: The client approaches an Islamic bank to get finance in order to purchase a specific commodity. An interest-based bank would lend the money on interest to this client. The client would go and buy the required commodity from the market. This option is not available to the Islamic bank, as it does not operate on the basis of interest. It cannot lend the money on interest. It cannot lend money with zero interest rate, as it has to make some profit to be in the business. The bank purchases the commodity on cash and sells it to the client on an agreed profit mark-up. The client buy the commodity from the bank on deferred payment basis. Thus, the client gets the commodity on credit for which financing would have been required and the Islamic bank makes some profit on the amount it has spent in acquiring the commodity and selling it on to the client(Institute of Islamic Banking and Insurance website, 201 0). Anotherway Murabahah was described by Bakhshi (2006) is the most popular form of Islamic financing. Within a murabahah contract, the bank agrees to buy an asset or goods from a third party at the request of its client, and then resell the goods to its client with a mark-up profit. The client purchases the goods either against immediate payment or for a deferred payment. This technique is sometimes considered akin to conventional interest-based finance. However, in theory, the mark-up profit is quite different. The mark-up is for the services the bank provides seeking and purchasing the required goods at the best price. Furthermore, the mark-up is not related to time because, if the client fails to pay a deferred payment on time, the mark-up does not increase due to delay and remains as pre-agreed. Most importantly, the bank owns the goods between the two sales and so assumes the title and the risk of the purchased goods, pending their resale to the client. This risk involves all ris ks normally contained in trading activities, in addition to the risk of not making the mark-up profit, or if the client does not purchase the goods from the bank and whether they have a justifiable excuse for refusing to do so (Hourani cited Bakhshi, 2006) 2.3.4 Ijara (leasing) According to Institute of Islamic Banking and Insurance website (2010)Lit: letting on lease. Technically, sale of a definite usufruct in exchange for a definite reward. Commonly used for wages, it also refers to a contract of land lease at a fixed rent payable in cash. It is contrary to Muzarah when rent is fixed as a certain percentage of the produce of land banks. It is an arrangement under which an Islamic bank leases equipment, a building or other facility to a client against an agreed rental. The rental is so fixed that the bank gets back its original investment plus a profit on it. Lit: letting on lease or simply, leasing. Technically, sale of a definite usufruct in exchange for a definite reward. Used for hire of services for wages and also refers to a lease of an asset at a fixed rent payable. As in a normal lease transaction, a lessor who owns the leased asset will lease it to another party (the lessee) in exchange for payment of rental. The lessee will get the full benefit of using the lease asset within the specified period for as long as he adheres to the lease terms and conditions. At the end of the lease period, the leased asset will be returned to the lessor.There are some other variants of leasing which incorporate the transfer or option to transfer ownership of the leased asset from the lessor to the lessee at the end of the lease period; these are referred to as; Ijarah Thumma Bai Lease Agreement Incorporating sale of leased asset at the end of the lease period. Ijarah Muntahiya Bil Tamleek Lease Agreement with option to own the leased asset at the end of the lease period. Ijarah Wa Iqtina Lease Agreement with option to acquire the leased asset at the end of the lease period. Often used in the context of home purchasing Ijarah wa Iqtina extends the concept of Ijarah to a hire and purchase agreement. It is a contract under which the Islamic bank finances equipment and machinery, building or other facilities for the customer against an agreed rental together with a unilateral undertaking by the bank or the customer that at the end of the lease period, the banks ownership in the leased asset would be transferred to the customer. The rental is so fixed that the bank recovers its investment plus a profit. Ijarah wa Iqtina extends the concept of Ijarah to a hire and purchase agreement. It is a contract under which the Islamic bank finances equipment and machinery, building or other facilities for the customer against an agreed rental together with a unilateral undertaking by the bank or the customer that at the end of the lease period, the banks ownership in the leased asset would be transferred to the customer. The rental is so fixed that the bank recovers its investment plus a profit. Ijarah wa Iqtina e xtends the concept of Ijarah to a hire and purchase agreement. It is a contract under which the Islamic bank finances equipment and machinery, building or other facilities for the customer against an agreed rental together with a unilateral undertaking by the bank or the customer that at the end of the lease period, the banks ownership in the leased asset would be transferred to the customer. The rental is so fixed that the bank recovers its investment plus a profit. Ijarah wa Iqtina extends the concept of Ijarah to a hire and purchase agreement. It is a contract under which the Islamic bank finances equipment and machinery, building or other facilities for the customer against an agreed rental together with a unilateral undertaking by the bank or the customer that at the end of the lease period, the banks ownership in the leased asset would be transferred to the customer. The rental is so fixed that the bank recovers its investment plus a profit (Institute of Islamic Banking and In surance website, 2010) â€Å"A form of leasing contract in which there is a transfer of ownership of service (for use of an asset) for a specified period for an agreed upon lawful consideration. Instead of lending money on interest, Ijarah allows a financial institution to earn profits by charging rentals for the use of the asset. Often used by Islamic banks for financing. Under this scheme of financing an Islamic bank purchases an asset as per specification provided by the client. The period of lease and the lease rental fee are set in advance and may be determined by mutual agreement according to nature of the asset. During the period of the lease, the asset remains in ownership of the bank (as lessor), but the client (as lessee) has the right to use it (Institute of Islamic Banking and Insurance website, 2010) 2.3.5 Salam (advance purchase) According to Khan (1996) salam is essentially a transaction where two parties agree to carry out a sale/purchase of an underlying asset at a predetermined future date but at a price determined and fully paid for today. The seller agrees to deliver the asset in the agreed quantity and quality to the buyer at the predetermined future date. This is similar to a conventional futures contract however, the big difference is that in a Salam sale, the buyer pays the entire amount in full at the time the contract is initiated . The contract also stipulates that the payment must be in cash form. The idea behind such a ‘prepayment requirement has to do with the fact that the objective in a Bai Salam contract is to help needy farmers and small businesses with working capital financing. The buyer in a contract therefore is often an Islamic financial institution. Since there is full prepayment, a Salam sale is clearly beneficial to the seller. As such, the predetermined price is norma