Performance between Islamic bank performance and commercial banks - Free Essay Example

Sample details Pages: 5 Words: 1522 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Banks are a one of vital institution in the development of an economy (Jairus 2007), since they are the key drivers of the economy in terms of ensuring that the financial system is running and there is money in circulation (Ayub 2007). From the primitive set-up, that was banks in the past, to the present set up of the same, banks have continued to demonstrate their pivotal role in ensuring that businesses are conducted through the provision of credits, savings facilities, safe holdings, intermediary in local and international transactions and even advisory roles (Mahlknecht, 2009). Some of the best known banks in the world like Barclays and HSBC have been in operations for many years (Rahman 2010) and are hence shaping the way in which business is conducted, by shown the best practices in the banking sector. Unlike the other sectors of the economy, banks operate on two fundamental different rules, first, banks hold money and monetary instruments and they trade on these as opposed to the other businesses which operate on other forms of goods and services against money, secondly, banks mainly operate in liabilities and not assets and their strength is indirectly gauged by this (Jairus 2007), for instance, banks take up deposits from investors and account holders (this is a liability that the banks undertake to keep other peoples money) and using this money, the banks lend to borrowers and other banks and charge interest on the same therefore, they create a financial system that is developed on the basis of liabilities (Akgunduz 2009). This mode of trading is what separates the banks from the other financial institutions and as such make the banks to be increasingly relied upon by other stakeholders in the business environment (Rahman 2010). The increased usage of money as opposed to the old aged barter system has also made the banks to be imported in all major activities of selling and buying of goods and services and in reality, riches and success are measured in terms of money (Iqbal , Llewellyn 2002, Timur 2005). As stated earlier, the normal or conventional banking system is based on the premise of interest charges that the banks have to levy in order to remain in trade, and therefore, different banks have in the recent past, made significant effort to tailor their products in such a way that the interests and other charges will be accumulated and contribute to their profits (Mahlknecht, 2009). This is not to say that interests alone make their profits, since, according to Ayub (2007), profits can also in increased by identifying the business units that require cuts and implementing these cuts. Now, the conventional way of trading as given above, is mainly based on the Western worlds model of banking which to some extent is hinged on Capitalism and has been called by (Akgunduz 2009) as a simple way to rip other off. This does not really fell well with certain ideological leanings and certainly not with th e Islamic ideology, which mainly advocates welfare and support to the have nots by the haves, and on this premise, the banks have a duty to provide to those who are lacking (Jaffer 2005). According to Islamic teachings the Riba and usury or interest is not to be levied and is prohibited in certain terms hence it is Haraam unfair or prohibited (Timur 2005). However, this concept seem to have started just in the near past, since according to Lewis , Algaoud (2001) , a look at the works of Qureshi Annwar (1946), Naiem Siddiqi (1948) and Mahmud Ahmad (1952) show a tendency to profit sharing and not interest charges, so the company is expected not to charge interest as a way of sharing its profits (Schoon 2009). The first Islamic bank was later on formed in Egypt, but this was held secret for fear of being seen as an Islamic fundamental group and this was in 1975 (Rahman 2010). At present Islamic banking institution are worth about $400 billion and Saudi Arabia has world known ban ks like the Al Rajhi, and the bank Mellat. Being an Islamic nation as most of the MENA region (Middle East and North Africa) , it could only follow that it is a good idea to ensure that this banking concept develops in this region to serve those clients in a way that responds to their religious needs (Hassan, Lewis, 2007). This is not to say that Islamic banks can run in isolation, especially in the wake of international business and with the recent accession of KSA to the World Trade Organisation (WTO), thereby making business between KSA and the world to increase (Rosly, 2006), besides, KSA is the largest producer of crude oil (Timur 2005), which is a product in demand all over the world and in this inter-national trade, banks must act as underwriters or even agents to the buyers and sellers (Hassan , Lewis 2007). Also, according to (Jaffer 2005), and as seen earlier, Islamic banks have been developed along the principles of conventional banks with a few but important differ ences. From an investors point of view, the choice of investing in an Islamic bank or a conventional commercial bank in KSA is therefore an issue that requires careful thought (Timur 2005), this is because, while an assumption can be made that being an Islamic bank in an Islamic nation, there are obvious advantages to the investor (Pock 2007), this assumption may be disputed, since, in the same environment, the conventional commercial banks may ensure that they counter the advantages of Islamic banks with tailor made products that respond to the clients needs and therefore, they may be more beneficial to the clients (Lewis , Algaoud 2001). It also depends on what the investor is looking for, because, individual investors like the corporate investors have varied investment objectives, and while it can be said that in general, corporate investors may be patient and hence looking for long-term investment, individual investors may need quick benefits (Mahlknecht, 2009). Again, suppos e the investors are considering monetary benefits, which is often the case for many (Khan 2010), what banking concept are they likely to invest in and at what investing limit (threshold or minimum investment) must they commit in order to achieve their objectives? (Iqbal , Llewellyn 2002). THE PROBLEM These are important questions that have driven the interest in conducting this study. The researcher wishes to find out what bank or banking concept is more likely to benefit investors. In this context, investors will be viewed as individual investors who have the power to save their money in the hope of achieving certain benefits in due time. According to (Akgunduz 2009), and also (Rosly, 2006), there is a need to find out what might motivate investors to consider investing in Islamic banks, even though, the concept of interest is forbidden and hence they are unlikely to earn any, or what might motivate them to invest in conventional commercial banks although there are charges and minimum amounts to be invested to realise some benefits. It is therefore important to ensure that a comparative analysis is conducted between Islamic and Conventional Commercial banks is undertaken with a view to fully establish the major differences in various operational aspects of these banks and also to evaluate what banking concept of the two would be most beneficial to the investors. Hypothesis: In this study, the research is based on the premise that conventional banks still provide the best option to investors compared with Islamic banks and that as time goes by and competition in the banking sector increases, there appears to be more differences between the operations of these banks as each bank seeks to provide more diverse products and services to their clients. The research sought to evaluate the following research questions; Are there fundamental differences between Conventional commercial and Islamic banks? What are they? What are the differences in operations of Islamic and Conventional commercial banks, in KSA? What are the monetary benefits to the investors in the Islamic and Conventional banks in KSA? What banking concept would you consider for the investor in KSA in terms the general benefits? The following objectives have been evaluated: Identifying the operational differences between Islamic and conventional banks in KSA. This involves an investigation into the functional areas of these banks as they seek to get and keep their clients including other functions that support business both locally and internationally. Discuss the performance between the Islamic and commercial banks in KSA: In this section, the financial ratios will be evaluated including liquidity, gearing and profitability ratios. Assessing the monetary benefits to the investors in investing in either Conventional or Islamic banks in the KSA. Assessing and recommending the best banking concept to the investor in terms of the long t erm, and short term benefits: In this section the research considered the issues of interest, duration, benefits of tailor made banking to the investors, other collateral benefits that say and account holder would be given, that non account holder would not have. The Scope: This research will mainly consider investment benefits while comparing the banking sector in KSA with relations to the banking conventions in the KSA. The focus will be on KSA, which has strong Islamic and Conventional banking sectors. CHAPTER 2 2.1 LITERATURE 2.2. METHODOLOGY CHAPTER 3 3.1 METHODOLOGY 3.2 CASES AND ANALYSIS CHAPTER 4 4,1 PROJECT MANAGEMENT METHODOLOGY CHAPTER 5 5.1 DISCUSSION 5.2 CONCLUSION CHAPTER 6 Don’t waste time! Our writers will create an original "Performance between Islamic bank performance and commercial banks" essay for you Create order

The Reconstruction Era - 990 Words

The Reconstruction Era was from around 1865-1877, during that time many laws were passed to break down the color barrier. The 13th Amendment which officially abolished slavery and involuntary servitude was passed on April 8th, 1864. Then came the 14th Amendment passed on July 9th, 1868 which granted citizenship to everyone born in the U.S. Finally came the 15th Amendment passed in 1870 which gave freedmen the right to vote and could not be denied on account of race or previous condition of servitude. There were many cases of brutality against African Americans after the Emancipation Proclamation and following the Reconstruction Era but why did Boyle pick this story and this case? Unlike most accounts you hear which end with the individuals being killed this story ends on a somewhat better note. If one were just to skim a majority of the book they would get the gist of what it was about and even then would be moved, but still left unhappy because of the wretched state in which Ossian was left in. However, if someone was to read the book thoroughly they would be able to see exactly why Boyle picked this story. The tale of Ossian Sweet is in depth and complex; it goes over a lot of his life and experiences. On some occasions it depicts how Ossian gained freedom and opportunities new to him, although with each new freedom society and other variables made those accomplishments less satisfying. 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Should You Agitate Innovate Or Orchestrate -Myassignmenthelp.Com

Question: Discuss About The Should You Agitate Innovate Or Orchestrate? Answer: Introduction There are millions of social issues dug deep in our society, few of them surface every now and then. However, only a few manage to erupt out loud and spread their lava across an entire geography. What is central to note is that this eruption does not happen overnight solely on the basis of passion, rather it requires strong determination, consistent efforts, effective leadership, efficient management transparent communication. This report throws light on the leadership that makes way for a social revolution. The leadership of a social movement is unique from the leadership that we see in organizations today. There can rarely be a single leader to bring about a change alone. Such movements often require an agitator, an innovator and an orchestrator. An agitator notices a problem in the society and communicates it to the public at large. Innovators strategize and devise unique ways and an action plan to bring that change. Lastly, orchestrators carry out that action plan through effici ent coordination among various stakeholders of the movement (HBX, 2017). Every successful societal change movement starts with an agitation, followed up effective innovation, leading up to planned orchestration and finally resulting in the adoption of desired change. This report has established various characteristics of these three leadership styles, the importance of communication in each leadership style as well as the challenges face by them all. Styles of leadership There have been many great leaders across the globe who are renowned for their actions but either of these leaders have hardly stirred things solely by their might. Hence, after detailed research and analysis, it has been established that any societal change that takes place at a grand scale, requires three kinds of leaders whose characteristics and roles are explained as below (Stanford social Innovation Review, 2017). Agitator Agitator is the person who identifies a problem and spreads awareness about the existence of the problem to a wider audience. The agitator is the beginning of every societal revolution because it is the agitator who has first set eyes on the problem (Rucht, 2012). As a leader, agitators have an inquisitive mind and are highly optimistic. They believe in breaking the barriers of status quo and bringing about change in the society. Agitators have a sense of initiation and excellent leadership qualities. They believe strongly in making the first move towards any change and being the trailblazer for the change. Agitators are ideally orators and possess excellent communication skills. It is inherent in them to be able to persuade and convince people with their words and actions (Stewart Smith, 2012). Their communication in terms of their speech as well as their body language is largely flamboyant. They easily become the center of attention and when they speak people tend to listen carefully. It is highly significant for an agitator of any social movement to have immense knowledge about the issue (Toch, 2013). They must also work upon building deep relationships and take leverage of their strong network as and when required. Agitators are known for bringing diverse people together against a common problem. Their skills are able to convince people that the problem in reference requires attention, modification as well as mutual action. Agitators marketing sure that they communicate in a manner that demonstrates that the problem faced in genuine and affects everyone equally. They ensure that people feel that the problem affects everyone and hence everyone must work towards changing it. Agitators stir the movement in the very initial stage. Another characteristic of agitators is their consistent ability to raise their voice in case of a problem rather than adjusting to it. Hence they are crucial to initiate and bring about any social change in the society since they take the first step in making that change. Innovator Once the problem has been identified and communicated to the public at large by the agitators, the innovators come into the picture and work upon taking the first step to solving the problem. As the name indicates, innovators gauge the current situation, identify the best way ahead to deal with the situation and innovate a unique strategy to accomplish it. The solution of the problems identified by agitators is devised by the innovators. As leaders, innovators are highly motivated and tremendously creative. They have a tendency to forecast the upcoming situations and work towards changing them to the best of their ability (Dhomne Hall, 2012). In the process of selecting the best alternative to any given problem, it is imperative that the innovators possess the necessary convincing skills and abilities of persuasion in order to attract a wider audience and instil their belief in the movement. Innovators are largely creative and have tendency as well as the ability to think out of the box (Chatterjee, 2014). They believe in finding the solution to every problem. They are often deep thinkers and efficient decision makers. They have a vibrant personality and hence they are able to create a trail of believers who execute their ideas. Innovators are visionaries and hence they see a clear picture about the future. They are well aware of their consequences and take calculated decisions. They are crucial to any movement because absence of innovation forms the backbone of any societal change. It is important that the innovators can anticipate roadblocks in their movement well in advance and can hence prepare for them. There are many decisions that must be taken by the innovators at the drop of a hat and hence they must be calculated, informed, prepared as well as possess a can-do attitude. The innovators are passionate about the cause and therefore they work towards bringing the desired change at any cost. In order to ensure that the ideas they formulate are executable, the innovators are practical in their thoughts and well aware and informed of their surroundings. This makes it easier for people to trust them and follow them in their movement. Orchestrator Orchestrators are executers and hence are largely responsible for the completion of the movement that has been started by agitators and designed by innovators. The responsibility of the orchestrator is to be able to spread as well as execute the idea laid out by the innovator. Orchestrators lead the change and hence have a major role to play in the success of the movement. Orchestrators are active and highly charged up individuals who believe in taking actions (Friedrich, Griffith Mumford, 2016). They have a can-do attitude towards every problem and hence they are the ones leading. For the success of any movement, communication plays a vital role. The orchestrators must make sure that they possess excellent communication skills that can hold the people together and convince them to work towards a shared goal. Orchestrators are leaders who must lead by example and hence they are extremely passionate towards the cause of the movement. This passion comes from having the right knowledge as well as the right attitude towards the issue. These effective communication skills of the orchestrator also includes the ability to ensure that the message of the movement as well as the agenda remains the same throughout the journey of the movement. Orchestrators must work on cultivating their social ties and building deep relationships with all the stakeholders of the movement. Orchestrators possess the ability to coordinate different parties and ensure they work together in a conflict free manner (Forbes, 2017). For any social movement to succeed, it is largely valuable that the ones creating this change are united among each other and believe in the same end goal. It is hence the responsibility of the orchestrator to bring about this unity. Therefore, an orchestrator is often characterized as being a peoples person. Importance of communication in leadership Communication forms the backbone of any movement and hence is crucial to all leaderships. A transparent and honest communication system is focal for the success of a movement. It enables leaders to take the movement forward and achieve the desired results (Men, 2014). Agitators need excellent communication because they form the first step. They need to communicate the necessity of a social change. They need to mold as well as motivate people to bring about a change in status quo. Innovators on the other hand, need to formulate unique ideas and then management these ideas further so that they can be implemented. They require communication to ensure that people understand their idea and are convinced about its efficiency. Lastly, Orchestrators are the executers. They lead by example and ensure that the ideas generated have desired impacts. Orchestrators need communication to ensure that the starting message is not lost during the entire movement. They need communication to create trans parency which can instil trust and honesty in the entire course of the movement. The importance of communication to these three leaders is as given below: Flow of information For any societal movement to take place, a large number of people must unite and work towards bringing the desired change. Hence, it is also imperative that these people must have a transparent flow of information amongst each other. This ensures that all those who are a part of the movement are on the same page. Any discrepancy may lead to miscommunication and conflicts which may lead to failure of the movement and wasted efforts (Ulmer, 2012). Trust A clear flow of communication instils trust in people. Trust is crucial for the success of any movement. It is often a difficult task to challenge the status quo and such actions are faced by immense criticism. Confidential information is shared between the groups and decisions are made, often against societal norms. While undergoing such circumstances, trust in the group plays a vital role and this is only possible when honest communication is propagated within the group (Hackman Johnson, 2013). Consistency The course of any social movement can take up to several years. This is a long time and hence it is crucial that throughout the course of the movement, the main agenda as well as the process to accomplish that agenda remains the same. Long movements often witness emergence and exits of various people. Different people have a different thought process. Therefore it becomes the responsibilities of the leaders of the movement to ensure that people do not lose sight of the original idea. The movement must not water down to such an extent that it fails to address the issues that originally existed. To ensure the same, consistent, coherent and cautious communication is vital. Challenges faced by different leadership roles Agitators face many challenges in playing their role. Often, agitators find it difficult to find the right audience who believe in the issue propagated by them. They may end up triggering multiple issues that cannot come together as a cohesive cause and hence making it arduous to arrive at any conclusion. Agitators need to bring together a group of people who believe in their issue, this is not always possible. The fear of authority as well as reluctance to change are both challenges faced by agitators while addressing any societal problem. Agitators also face immense opposition and criticism from different part of the society since they become the trailblazers for change (Johnson, 2017). Being the stepping stones, they are often targeted and disparaged for creating a disruption in the status quo. Another challenge faced by agitators could be a lack of clarity of the issue. This may lead to reaching a stalled solution which affects no one. Agitators may find it difficult to gather complete knowledge of the issue at hand. They are given the responsibility to ensuring that every person involved works together towards a shared issue. However, the inability of agitators to communicate the issue effectively to the public at large will hamper the end goal and lead to the failure of the movement. Innovators Innovators lead by the responsibility of creating a plan and devising unique ideas to address the issues raised by the agitators. The innovators as well face various challenges which may cause disruption in the movement. These challenges vary from the inability to devise an executable plan to a lack of understanding of the issue raised by agitators (Smith, Fressoli Thomas, 2014). In the process of making an innovative plan, it is largely plausible that the innovators are unable to foresee the negative implications of the plan. They might also be unable to forecast the impact of their plan if implemented. The innovators may make a brilliant plan but if that plan is not executable or looks good only on the computer, then it is of no use whatsoever (Latham, 2014). There are various assumptions that need to be made while devising a plan for a social change. Also there is immense knowledge that the innovators need to possess in order to ensure that the approach devised by them is effective. Lack of that knowledge of the ability to assume is also a challenge faced by innovators. There can often be a difficulty in communication and innovators may not fully gauge the expectations of the agitators of the movement. This will make it difficult for the two to coordinate together and the strategy devised by innovators will be redundant. While proposing any solution to a problem, it is also important to understand the level of competency and ability of the orchestrators. This is often difficult and may lead to their plan not being effectively executed. Orchestrators Orchestrators are people who widespread the solution proposed by the innovators. They are consistently strategizing about how to coordinate with various stakeholders of the movement which exist both within as well as outside the movement. As the movement at hand grows, in terms of people and cost involved, as well as when the movement becomes largely complex, challenges faced by orchestrators increase drastically. Orchestrators need to bring about a massive level of coordination among various people in order to make sure that the movement is on track throughout its course and the unity among the people is maintained. Orchestrators also face the challenge of the movement drifting away from its original agenda. Most social movements often take a long time until the end goal is effectively achieved. In the meanwhile, it is plausible that the agenda of the movement shifts and the focus on shorter term objectives enhances. Sometimes, it may also happen that the passion and the aggression among people may water down with time and it then becomes the responsibility of the orchestrator to keep the bunch motivated. There are a large number of people who would be joining the movement and different times and hence it would be difficult for the orchestrator to ensure that all of them have the same vision for the movement. Orchestrators need the required patience and persistence to face the challenges and oppositions thrown at the movement by authorities in charge. They also need to resolve conflicts created within and outside the movement which leads to further challenges. Moreover, they need to take the mov ement till the end and ensure bear the brunt of the negative impact caused by the movement, which is rarely in an easy task to accomplish. Conclusion Our society has seen innumerous changes since the beginning of time. Some of these changes were mutually agreed upon by people. Some of the decisions were made by those in charge. However, majority of the changes were a result of societal revolutions which were brought about by revolutionary leaders that noticed a problem in the society and put efforts to change it. This report throws light on the three kinds of leaders that are required by every social movement. These leaders are agitators, innovators and orchestrators. Agitators articulate and identify social issues that impact people at large. They, then, put efforts into spreading awareness about the issue and motivating people to work towards bringing the change in the system. They act like disruptors who shake the status quo. Innovators device practical plans and strategies to ensure that the issues are addressed in a manner that leads to greatest impact and most efficient solutions. Orchestrators finally lead the movement and work towards bringing the desired change. They bring the plan to life and ensure its effective execution. Communication plays a key role in the successful civil-engineering of the movement. This communication involves both the communication within the movement as well as that necessary to be done outside. A transparent and honest flow of communication between various stakeholders of the movement helps in building trust and leads to a rapid as well as amicable growth of the movement (Groysberg Slind, 2012). The leaders of the movement must make sure that they the communication style, structure and message remains consistent throughout the movement. Lastly, there are various challenges faced by leaders of social revolution. Agitators may raise various issues and find it difficult to address them together. Innovators may make a beautiful but largely impractical plan of action. Orchestrators may be incompetent to follow the action plan created by the innovators. Along with these, there are various other challenges including the risk of dilution of the movement and a lack of visible result for a long time. These challenges are often demotivating for the leaders as well as other participants of the movement. Needless to say, bringing about a social change requires a large amount of persistence, patience and perseverance. Yet, they form an important aspect leading to the growth of our society. References Chatterjee, D. (2014). Leadership in innovators and defenders: the role of cognitive personality styles.Industry and Innovation,21(5), 430-453. Dhomne, S., Hall, S. P. (2012). The impact of teambuilding and leadership styles on successful project management.Journal of Computing Sciences in Colleges,28(2), 65-72. Forbes, 2017, Conflict Resolution Requires Innovators and Orchestrators As Well as Agitators, https://www.forbes.com/sites/rogertrapp/2017/10/01/conflict-resolution-requires-innovators-and-orchestrators-as-well-as-agitators/#56328acb438a, retrieved on 22 January, 2018. Fowler, A. Section 3.1: Change actors and civic innovators: who triggers change? Systematizing the role of interlocutors in civic innovation processes. Friedrich, T. L., Griffith, J. A., Mumford, M. D. (2016). Collective leadership behaviors: Evaluating the leader, team network, and problem situation characteristics that influence their use.The Leadership Quarterly,27(2), 312-333. Groysberg, B., Slind, M. (2012). Leadership is a conversation.Harvard business review,90(6), 76-84. Hackman, M. Z., Johnson, C. E. (2013).Leadership: A communication perspective. Waveland Press. HBX, 2017, THE THREE TYPES OF LEADERS WHO CREATE RADICAL CHANGE, https://hbx.hbs.edu/blog/post/the-three-types-of-leaders-who-create-radical-change, retrieved on 22 January, 2018. Johnson, C. E. (2017).Meeting the ethical challenges of leadership: Casting light or shadow. Sage Publications. Latham, J. R. (2014). Leadership for quality and innovation: Challenges, theories, and a framework for future research.Quality Management Journal, 21 (1),5. Men, L. R. (2014). Strategic internal communication: Transformational leadership, communication channels, and employee satisfaction.Management Communication Quarterly,28(2), 264-284. Rucht, D. (2012). Leadership in social and political movements: a comparative exploration. InComparative Political Leadership(pp. 99-118). Palgrave Macmillan UK. Smith, A., Fressoli, M., Thomas, H. (2014). Grassroots innovation movements: challenges and contributions.Journal of Cleaner Production,63, 114-124. Stanford Social Innovation Review, 2017, Should You Agitate, Innovate, or Orchestrate? https://ssir.org/articles/entry/should_you_agitate_innovate_or_orchestrate, retrieved on 22 January, 2018. Stewart, C. J., Smith, C. A., Denton Jr, R. E. (2012).Persuasion and social movements. Waveland Press. Toch, H. (2013).The Social Psychology of Social Movements (Psychology Revivals). Routledge. Ulmer, R. R. (2012). Increasing the impact of thought leadership in crisis communication.Management Communication Quarterly,26(4), 523-542.