How Effective Islamic Mortgage Market In The Uk Finance Essay - Free Essay Example

Sample details Pages: 3 Words: 855 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? When I was started to write a report on how effective Islamic mortgage market in the UK, I was surprised that I have a very few knowledge about this subject being as a Muslim. It happened to most of the Muslims as it was described before and most of the Muslims do not know about and even keep confidence to go for the Islamic Sharia complaint products. One of the main principles of Islamic finance is Musharakah, profit-loss-sharing implication where if the bank makes a loss then the customer also have to share the loss. Don’t waste time! Our writers will create an original "How Effective Islamic Mortgage Market In The Uk Finance Essay" essay for you Create order The Islamic financial institutes should take initiation to spread the knowledge and faith to all over the community both Muslim and non-Muslim as it is not like a religious activity and it may bring benefit in their financial life. Currently Islamic Mortgage in UK is in the beginning level and in the growth situation as analysed in the previous chapters. Now Islamic banks in the UK act as financial intermediaries providing capital for home purchase, they are not dealing in properties. However, it is to be commended that conventional regulators, moving with times, are helping to create a level playing field for the Islamic finance industry. The UK financial regulatory body, the Financial Services Authority (FSA) has clearly mentioned that it is not favouring nor discriminating in regulating Islamic banks. Because of the different nature of contracts there are practical problems for Islamic banks. For this reason most of the Islamic banks use Sharia-compliant instruments such as murabaha, ijara and diminishing musharakah, but not Sharia-based like mudarabah and musharakah. It was discussed in the previous chapters that the Islamic mortgage market remains positive, with all the Islamic financial lenders expending their business to attract more and more customers. The Islamic Bank of Britain remains competitive despite a loss in the last financial year and continues to develop its product portfolio by introducing new product home purchase plan, recently expanding its market out of the Muslim majority cities into the Scottish market. But the average Islamic mortgage customers will still have to pay more money to buy a home comparatively with the conventional mortgage for a property value of 150000. According to Sharia making money from money is called Riba, such as charging the interest, is usury and therefore it is not permitted. In order to be in Islamic Sharia complaint the mark-up cost or the marginal cost should be reduced so that general customers can be relieved from extra monetary burden. Present situation indicates that many conventional bank who are involved in interest (riba) based business adapting and developing Islamic Sharia complaint products with a different window to attract a minority community Muslim which is a niche market or they can use the interest free fair trade and ethical finance to attract the all human being. As it was shown, the UK can provide the highest numbers Islamic financial education providers in the world. These could be helpful to the people as well as the employees of the Islamic mortgage lenders. Same type of Islamic mortgage product are marketing in different rates by the different lenders where as Islam is the same to all believers. Difference in accounting standards and financial reporting standards should be resolved to get the transparency about the financial transactions. Many of the Islamic and the conventional providers online service is not clearly presented, so most of the people do not get the accurate rate and the calculation of lending expenses of the properties. It will make many people interesting about the product by providing uniform information and database materials by the Government departments and the Islamic financial institutions of the UK. There is a proposal to set up a central Sharia supervisory board in the UK in order to combine all the Islamic fina ncial rules and instrument together. As the UK Islamic financial services industry is still very small compared to some other countries in the World, it would be more practical and cost effective for the Islamic financial institutions in UK to adopt the standards of the existing international standard setting bodies like Islamic Financial Services Board (IFSB), Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), International Islamic Rating Agency (IIRA), International Islamic Financial Market (IIFM) and Liquidity Management Centre (LMC). Areas for Further Research In this paper, I have presented How effective Islamic mortgage market in the UK. The concept of Islamic mortgage, the growth, limitation of Islamic financial instruments and other relevant topics were discussed to get a conclusion. There are many other Islamic financial instruments and Islamic financial products like Sukuk (Bond) market which is another fastest growing Islamic product in the UK and another one is Takaful (Insurance) is not so much familiar with the general people of this country. There are some difficulties of Islamic finance to comply with the regulation, legal frame work, the financial reporting standards and audit assurance of this country and different parts of the World. So in near future extensive, exclusive research and in-depth analysis may be taken to adapt these principles with the Islamic finance.

The Married Life - 1132 Words

Marriage is crucial to all adults. Couples need to value their marriage so that they can remain happy and enjoy life while they are married. For a family to be well established, the couples need to place more value in their marriages. The reason why most families break up is that most of the couples do not value or prioritize their family issues. Most of the couples take their personal interests as their first priority, which make them to neglect their families and this becomes the source of conflict. A good example is seen in families where the husband loves football more than his family thus, he spends a lot of time watching football. Such a husband will most likely neglect his family because family just in order to enjoy watching football. If there are problems in such a family, the wife will not solve them alone, as she requires the husband’s effort. For a family to live well, both husband and wife need to commit themselves to each other first in their relationship. This i s very important in every marriage because good relationship between the husband and wife helps to ensure unity and success of the family. There is need to establish a good relationship between couples because this helps them in solving their marriage and family problems harmoniously. Statistics show that a family with good relationship among the partners will solve their problems harmoniously (Guest, 32). The reason for a couple to get married is to give each other mutual relationship where each ofShow MoreRelatedThe Reality of Married Life946 Words   |  4 PagesTHE REALITY OF MARRIED LIFE John J. Robinson in his book Of Suchness gives the following advice on love, sex and married life. Be careful and discreet; it is much easier to get married than unmarried. If you have the right mate, it s heavenly; but if not, you live in a twenty-four-hour daily hell that clings constantly to you, it can be one of the bitterest things in life. Life is indeed strange. 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A Blind Man Makes Him See Free Essays

â€Å"Cathedral† (28) is Raymond Carver’s short story about the anticipation and fulfillment of one man’s encounter with his wife’s blind friend. The man, who is also the narrator, is wary of this rendezvous, having known no blind people in his own life up to that point. His ignorance is apparent as he thinks of blind people only from a cinematic perspective. We will write a custom essay sample on A Blind Man Makes Him See or any similar topic only for you Order Now He tells us â€Å"My idea of blindness came from the movies. In the movies the blind moved slowly and never laughed† (28). From his cynical and insecure tone, we can tell that the main character is a complacent man full of self-doubt with an inability to think outside of world that he knows. The narration, however, changes unexpectedly after the blind man has been at their home for the evening. He undergoes an epiphany as the blind man opens our narrator’s eyes to an existence he did not know was possible. The main character’s insecurity is underscored by his inability to acknowledge the significance of another man in his wife’s life, whether an ex-husband or simply an old friend. This is exemplified by the fact that he avoids mentioning the name of his wife’s ex-husband. While this may seem like a negligible factor, it would not be so important if the narrator did not make it aware that this omission of detail was entirely and defiantly intentional. He harps â€Å"Her officer—why should he have a name? He was the childhood sweetheart, and what more does he want? †(29). Additionally, during the visit he morosely sits and watches his wife and Robert, the blind man, converse hoping to hear her mention his name. â€Å"I waited in vain to hear my name on my wife’s sweet lips: â€Å"And then my dear husband came into my life† –something like that. But I heard nothing of the sort. More talk of Robert† (32). When the conversation does turn toward him, he at first cannot engage due to these insecurities and discomfort with the blind man. â€Å"From time to time, he’d turn his face toward me, put his hand under his beard, ask me something. How long I had been in my present position? (Three years. ) Did I like my work? (I didn’t. ) Was I going to stay with it? (What were the options? )† (33). Clearly our narrator is not thrilled with his life and does not care to do anything about it where as the blind man so far had a life that seemed more fulfilling in spite of his impairment. The narrator admits that Robert was â€Å"regular blind jack of all trades† (32). He also makes note of Robert’s ability to function as a normal human being – something he never realized was possible. Robert ate, drank, and smoked just like anyone else and could even tell if the TV was color or black and white. It is this attention to Robert’s ability to function that begins the narrator’s change. The narrator’s epiphany crystallizes with his attempt to describe the cathedrals appearing on a late-night television program to Robert. Robert suggests that the he draw the cathedral and envelops his hand as he draws in order to physically trace the silhouettes as they are drawn. The narrator is then instructed to close his eyes and keep drawing. At that moment, the narrator shares a commonplace with the blind man as they both trace the silhouettes of the drawing without being able to see. The narrator says â€Å"It was like nothing else in my life up to now† (37). Even after told to open his eyes and look at the picture he had drawn, the narrator does not. He says â€Å"My eyes were still closed. I was in my house. I knew that. But I didn’t feel like I was inside anything† (37). At that point the narrator is released from the captivity of his ignorance and insecurity. He was not impaired by his closed eyes as he was still able to draw the cathedral and even though he was at home, it is as if the confinement of walls and boundaries did not exist. It is at this point that he is able to see the way the blind man sees – without his eyes, with all other senses liberated. Work Cited Carver, Raymond. â€Å"Cathedral† The Norton Introduction To Literature. By Alison Booth and Kelly J. Mays. New York, 2010. 929-42. Print. How to cite A Blind Man Makes Him See, Essay examples