Islamic Finance Essay Example | Topics and Well Written Essays - 1500 words

Islamic Finance - Essay Example In capitalism individuals have more choices where individuals are free to make decisions about their life, family, political involvement and business. In socialism individuals are not in control of their own decisions. In contrast to capitalism and communism; Islamic system also allows free decision making to individual until Islamic teachings and principles are not violated. In Islamic economic system individuals are required to take care of Islamic norms and values that do their actions and decision justify Islamic teachings or not? If individual’s actions are acceptable according to Islamic values only then individuals can decide freely. Information provision in capitalism is not free but has certain cost. In capitalism government does not provide information, it is assumed that information is out there in the market while individuals are required to explore market and extract information. Though information is available in the market but it encourages exploitation of indiv iduals who are not well aware of the prices. In contrast to capitalism; in communism and Islamic system information is freely provided to customers by the government. Under these systems government believes in protection of consumer rights and consider it the responsibility of state to keep people aware of market prices. Since capitalism delegates liberalization hence individuals have every right to own property. Individuals are free to buy and sell property anywhere in the world (LIODAKE?S, 2010). Similarly Islamic teachings preach equality, freedom and liberty by which individuals are free to buy and sell property but beside right to property individuals are bound to pay zakat for their property at the rate of 2.5% annually (AZHAR, 2010). Contrastingly in communism individuals have no right to own any property where as any property within the state is owned by the state. Individuals under communism are allotted piece of land according to their services and responsibilities yet the y cannot declare ownership to that piece of land. In today’s modern world, incentives, innovation, goals, targets, profit, entrepreneur, innovation and growth are common to be heard in capitalism which indicate constructive and developmental nature of capitalism. Western life style can be quoted against where innovation, goals and incentives are deep rooted in their daily conscious. Capitalism promotes concepts of open economy (REDWOOD, 1993). No doubt communism brought enormous growth, incentives and progress to Russia but that cannot be announced open because all incentives were available to the ruling elites and to the party members while commoners were only the workers (RESNICK & WOLFF, 2002). Islamic system promotes equality where theoretically layman has the same rights and opportunities as of elites. Under Arabs, Islamic system got much popularity, growth and success but in modern world, Islamic system is hardly in practice to defend its theoretical principles (MIRAKHO R & ZAIDI, 1988). The role of government in the capitalistic economy has no existence but even in United States, this principle has never been truly practical. The idea of free market in reality means government rules and regulations because without regulations, capitalism can never exist (HEILBRONER, 1993). Free market economy is faced with some market imperfections that are needed to be corrected by external authority whereas government is the third party to fix the bugs. Unlikely in modern communism

Lab6 Essay Example | Topics and Well Written Essays - 500 words

Lab6 - Essay Example The next largest amount of energy consumed is by the clothes dryer, which averages about 1000 kwh per year. An average refrigerator appears to use, approximately, 700 kwh per year. Using the information provided on the website the cost to run an average refrigerator in one year is about $110 per year (Tips: Appliances) â€Å"Green pricing† is the prices given to those individuals that wish to purchase renewable energy directly from their company that provides it. This is something that I would consider participating in, however I would be more likely to invest in energy alternatives on my own and eliminate the need for anymore middle men. Visual inspections inside and outside your home can help you determine if you possibly have a air leak, check the areas around light switch plates and sockets. You can also the household cable lines, which can also lead to air leaks (Detecting Air Leaks). Two very simple things that one can do to save energy in the fall and winter months includes, opening up all the southern facing windows during the day to allow the sun to help naturally heat your home and turning town the temperature on the hot water heater (Fall and Winter Energy-Saving Tips). There are three ways the heat flows through house. Conduction, which is how heat moves through a material, Convection, which is the way that heat moves around through liquids and gases, and finally, radiant heat is the heat absorbed by things in its path. The use of insulation is helpful to primarily reduce the conduction of heat throughout the home (Insulation). Tankless water heaters are exactly as they sound they are a heating element for the water demands without an actual tank. One great positive is that these systems can lead to greener energy efficiency and the negative includes the fact that more water is wasted while one must wait for the water to get hot. In order to determine