Why Islamic Financial Institutions in Need for Corporate Governance Essay

Why Islamic Financial Institutions in Need for Corporate Governance Legal Framework - Essay Example Islamic finanical systems were particularly sucessful in the pre-colonial era but were methodologicaly replaced by conventional financial institutions during the colonial era. However over the last thirty or so years, Islamic financial institutions have been making a formidible comeback. Today Islamic financial systems have not only been established in Islamic states, but also internationally. Moreover, a number of conventional banks are also offering Islamic financial services evidencing the global acceptance of Islamic financial institutions. According to the World Bank, Islamic fiancial services are offered globally via 284 financial institutions in 38 countries which are Islamic and non-Islamic states. Like any financial institution, good and effective corporate governance is necessary for the effective and efficient functioning of the institution and for the protection of stakeholder interests. The stakeholder insterest are not always monetary in nature and can include ethics, values and/or religion. For Islamic financial institution, the amin interests of stakeholders is that the institution offering Islamic financial services comply with Shariah principles. Thus Shariah-compliant functioning in an Islamic financial insitution is the key component of corporate governance in Islamic financial institutions. ... However over the last thirty or so years, Islamic financial institutions have been making a formidible comeback. Today Islamic financial systems have not only been established in Islamic states, but also internationally. Moreover, a number of conventional banks are also offering Islamic financial services evidencing the global acceptance of Islamic financial institutions.1 According to the World Bank, Islamic fiancial services are offered globally via 284 financial institutions in 38 countries which are Islamic and non-Islamic states.2 Like any financial institution, good and effective corporate governance is necessary for the effective and efficient functioning of the institution and for the protection of stakeholder interests. The stakeholder insterest are not always monetary in nature and can include ethics, values and/or religion. For Islamic financial institution, the amin interests of stakeholders is that the institution offering Islamic financial services comply with Shariah p rinciples. Thus Shariah-compliant functioning in an Islamic financial insitution is the key component of corporate governance in Islamic financial institutions.3 The challenge for Islamic financial institutions in formulating good and effective corporate governance constructs is reconciling Shariah-compliant principles with the interests of all stakeholders.4 The stakeholder relationship in Islamic financial institutions is different from conventional financial institutions because profit and risk sharing principles change the nature of the stakeholder relationship.5 Moreover, the definition of property also changes the Islamic financial institution’s perspective on corporate

Healthy Grief Essay Example | Topics and Well Written Essays - 750 words - 5

Healthy Grief - Essay Example Kubler-Ross described grief as occurring in five stages. In the stage of denial according to Ross, the individual facing grief attempt to shut the reality of the loss incurred for a false reality that’s assuring. This stage has characteristics of isolation according to Ross. In the Bible, the depiction of Denial is absent in the account of job. Job on hearing different servants report of the loss that had befallen his house immediately gives God glory and declares that he came naked, and he will return to God naked (Mason, 2002). In Islam, the Quran commands Muslims of true faith to acknowledge that God owns it all and can call anyone home as He pleases (Irish, Lundquist, & Nelsen, 2014). From this comparison, it is clear that the denial lacks in the religious accounts. In the second stage of anger according to Ross, emotions and the masking effects that were applied in denial fade overwhelm the individual. Wailing may occur and intense anger that is directed at self, others of objects like animals around. Even though, rationally it is clear that the dead cannot feel the blame for emotional sake the grieving may do so. According to the account of the bible of job, it is clear that Job felt anger. This is manifested in Job 3; 25 when he said that his fears had come finally even though he either rested or was quiet about preventing them (Johnson, 2010). In Islam, the Quran prohibits wailing but acknowledges sadness that is a form of anger manifestation. An account of prophet Mohamed’s son talking and asking the mountain in it would not break to pieces if it had such grief as he had is a perfect example of anger (Kristiansen & Sheikh, 2012). The third stage on the account of Ross is bargaining. Here the grieving regains hope that maybe perchance the loss can be undone. At times, the grieving may offer to give any possible thing to any agency or God to restore the life of the deceased. In the