Study On The Sources Of Islamic Jurisprudence Finance Essay - Free Essay Example

Islamic Finance is dealing in financial matters based on the Islamic Jurisprudence (Shariah), therefore it is important to understand what Islamic Jurisprudence (Shariah) is. The main sources of Islamic Jurisprudence are as follows: For Muslims, the first and foremost ruling for any matter, social, economical, and religious, comes from the Holy Quran followed by the Hadith and the Sunnah of the Prophet Muhammad (p.b.u.h). If the matter is not clarified within the mentioned, Shariah allows the use of Ijma, Qiyas and Ijtihad. With regards to financial matters, the rulings are mentioned clearly in the Quran and the Sunnah. Principles of Islamic Finance As already mentioned, the Holy Quran does not only act as guidance for the religious issues but also for the working of an individuals daily life. A Muslim is obliged to follow the commandments that are laid down in the Holy Quran and also by the Prophet Muhammad (p.b.u.h). Financial issues are considered one of the m ore important issues that the Islamic Jurisprudence controls in order to maintain a more equitable society (Gait and Worthington, 2007). According to Gait and Worthington (2007), many scholars have studied the Islamic finance in great depth and have generally established that the fundamental principles of Islamic Finance (based on Shariah) are (a) the prohibition of Riba (excess amount on the principle lent) and the elimination of debt based financing, (b) the prohibition of Gharar (uncertainty, risk and hazard) therefore elimination of asymmetric information in contracts, (c) The prohibition of financing or investing in activities deemed sinful and socially irresponsible for example, gambling and alcohol, (d) the sharing of risk between the owners of the business and the sharing of profit and losses (this is considered to be an important part of Islamic Finance and hence will be looked at in detail later on in the essay), (e) there should be materiality and the transaction needs to be real and (f) justice should be maintained and it has to be made sure that exploitation does take place due to the transaction (Gait and Worthington, 2007). Prohibition of Riba (Interest) There are various different definitions that are given for the term Riba. According to Al Jarhi and Iqbal (2001) Riba is an Arabic word meaning any increase in the amount of loan that a debtor has to pay to a lender. Metwally (2006) on the other hand related Riba to usury. According to Usmani (2002: p.6) Riba means excess, increase or addition and as interpreted by the Shariah, it implies any excess compensation without due consideration. Nonetheless, Riba has been clearly prohibited in the Quran and the Sunnah. Following are some of the commandments worth mentioning: Those who devour usury will not stand except as stands one whom The Evil One by his touch hath driven to madness. That is because they say: Trade is like usury. But Allah hath permitted trade and forbidden usury (Quran: 2: 275). O Ye who believe! Fear Allah and give up what remains of your demand for usury, if Ye are indeed believers. If Ye do it not, take notice of war from Allah and His Apostle. But if Ye turn back, Ye shall have your capital sums: Deal not unjustly and Ye shall not be dealt with unjustly. (Quran: 2:278-279). That which you give in usury in order that it may increase in other peoples property has no increase with Allah; but that which you give in charity, seeking Allahs countenance, has increase manifold. Allah is He Who created you and then sustained you, then causes you to die, then gives life for you again. Is there any of your (so called) partners (of Allah) that does aught of that? Praised and exalted be He above what they associate with him. Corruption does appear on land and sea because of (the evil) which mens hands have done, that He may make them taste a part of that which they have done, in order that they may return. (Quran: 30: 38-41) With regards to Hadith, Mu slim narrated on the authority of Abu Said Al Khudriy; the Messenger of God (p.b.u.h) said: Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, and salt for salt; like for like, hand to hand, in equal amounts; and any increase is Riba. The above mentioned commandments clearly declare Riba as unlawful and hence prohibited. Although the reasons for the prohibition of riba are not clear, scholars have provided numerous reasons as to why riba is declared as unlawful by the Shariah. According to Sarker (1999), riba creates injustice between the borrower and the lender where the lender is clearly at an advantage. The lender does not only get a positive and fixed rate of return, but also no share in the risk which then completely becomes a burden for the borrower. Another reason why riba is forbidden is because Shariah does not allow making money from money as it is a medium of exchange (Gait and Worthington, 2007). Furthermore, riba not only create s hardships for the borrower who has to make additional payments as well as return the original principle amount borrowed, it is in a way unfair for the lender as well who is entitled to a fixed return even though the profits made by the borrower are far greater (Iqbal and Molyneux, 2005). It has to be noted however, that Islam is not the only religion that forbidden riba (interest). The Torah (Holy Book for Jews) and the Bible have forbidden dealings based on interest (Gait and Worthington, 2007). Following are a few verses translated from the Hebrew Bible prohibiting interest (Cohen and Meislin, 1964: p 250-251) Exodus XXII: 25-27 25. If thou lend money to any of My people, even to the poor with thee, thou shalt not be to him as a creditor; neither shall ye lay upon him interest. 26. If thou at all take thy neighbours garment to pledge, thou shalt restore it unto him by that the sun goeth down; 27. for that is his only covering, it is his garment for his skin; wherein shall he sleep? and it shall come to pass, when he crieth unto Me, that I will hear; for I am gracious. Leviticus XXV: 35-37 35. And if thy brother be waxen poor, and his means fail with thee; then thou shalt uphold him: as a stranger and a settler shall he live with thee. 36. Take thou no interest of him or increase; but fear thy God; that thy brother may live with thee. 37. Thou shalt not give him thy money upon interest, nor give him thy victuals for increase. Deuteronomy XXIII: 19-20 19. Thou shalt not lend upon interest to thy brother: interest of money, interest of victuals, interest of anything that is lent upon interest. 20. Unto a foreigner thou mayest lend upon interest; but unto thy brother thou shalt not lend upon interest; that the Lord thy God may bless thee in all that thou puttest thy hand unto, in the land whither thou goest in to possess it. Gamoran (1971) based on the above verses argues that the law prohibiting interest was applicable to Israelites. The Pr ohibition of Gharar Gharar is generally translated as risk, hazard or uncertainty (Gait and Worthington, 2007). According to Professor Mustafa Al Zarqa (cited by Gamal, 2000), Gharar is a sale of probable items whose existence and characteristics are not certain, due to the risky nature which makes the trade similar to gambling (Gamal, 2000: p 7). Uncertainty can also be caused due to asymmetric information especially in case of a contract. Since Shariah believes in the fair dealing between the two parties and as uncertainty leads to injustice, if such uncertainty is not declared, it will be considered unlawful (Omar and Haq, 1996). Gamal (2000) also argues that sale of any item for which the existence and characteristics are risky or uncertain, will also be defined as Gharar, as this uncertain nature will make the trade similar to gambling. According to a Hadith narrated by Ahmad and Ibn Majah on the authority of Abu Said Al Khudriy: Muhammad has forbidden the purchase of the unborn animal in its mothers womb, the sale of milk in the udder without measurement, the purchase of spoils of war prior to their distribution, the purchase of charities prior to their receipt and the purchase of the catch of a diver. Gamal (2000) states in this regard, that since the sale of fish that has not actually been caught, or an unborn calf (as mentioned in the Hadith) account for uncertainty and hence it is in the best interest of the contracting parties to be sure of the nature and characteristics of what is being traded. In conventional banking, two areas where Gharar is said to be applied is the insurance and financial derivatives. In insurance contracts, a premium needs to be paid regularly to secure against something that is uncertain. In this case, it is possible that the insurance company keeps receiving premium if nothing happens or the insurance company might end up paying a huge amount of money possibly after receiving the first premium (Gamal 2000). Proh ibition of gambling and games of chance (Maysir) Maysir, also known as gambling and other games of chance by many jurists, is another form of transaction that is explicitly forbidden in the Holy Quran. Iqbal and Molyneux (2005:p 15) provide the following evidence from the Holy Quran regarding Maysir: O, you who believe! Intoxicants (all kinds of alcoholic drinks), and gambling, and Al Ansab (animals that are sacrificed in the name of idols on their altars) and Al Azlam (arrows thrown for seeking luck or decision) are an abomination of Satans handiwork. So avoid that (abomination) in order that you may be successful (Holy Quran 5:90). Although the rules of shariah are accepted by Muslims without any questions with regards to why something is forbidden, Iqbal and Molyneux (2005) provide some reasoning as to why games of chance and gambling are forbidden. They argue that such activities are associated with high risk in that a person can either gain a lot by sacrificing very littl e as well as lose everything. This according to Iqbal and Molyneux leads to financial and societal problems and these activities do not generally add to the wealth of the society. Prohibition of investing in activities that are considered sinful Like gambling, the Shariah law does not allow an individual to invest in activities that are considered to be sinful or harmful to the society. Such activities can be investing in alcohol, pork or drugs which are considered to be forbidden for consumption by the Islamic Doctrine (Gait and Worthington, 2007). Accordingly Lewis and Algaoud (2001) argue that the aim of shariah is to promote ethical investments and therefore, any individual or an organisation is not allowed to trade in any commodity or activity that has been declared Haraam (forbidden). As we have seen that Islamic law (Shariah) has forbidden trading based on riba (interest), gharar (uncertainty and hazard), maysir (gambling and other games of chance) and investment in activites and commodities deemed unlawful, it is interesting to see what alternatives Islamic finance and Islamic banks have provided especially to replace riba (interest) which is a common variable that is used to attract investments and savings not only in the western economies but also in many eastern economies as well. A unique feature that is provided by the Islamic finance is the profit and loss sharing system. In theory, this is the main difference in the working of conventional banks and the Islamic banks. Although there are other modes of financing available through Islamic banks, the profit and loss sharing system is considered to be the heart of Islamic banking (Chong and Liu, 2009). ISLAMIC MODES OF FINACE As already mentioned, theoretically, Islamic banks differ from conventional banks in that they are not allowed to trade riba and are based on the profit and loss sharing system. There are two types of contracts that are based on this profit and loss sharing syste m provided by the Islamic banks: Musharakah (joint venture or full equity partnership) and Mudarabah (profit sharing or partial equity partnership). Musharakah (joint venture or full equity partnership) It is narrated in Hadith Qudsi that God Almighty has declared that He will become a partner in a business between two Mushariks until they indulge in cheating or breach of trust (Usmani, 2002) Musharakah is a concept that is based on the profit and loss sharing system. According to Usmani (2002), the literal meaning of the word musharakah is sharing. Iqbal and Molyneux (2005: p 2) define musharakah as an arrangement where two or more parties establish a joint commercial enterprise and all contribute capital as well as labour and management as a general rule. It is quite clear for the definition that in musharakah arrangement, the partners have to provide the capital and the labour as well be involved in the decision making process. Hence in a way all the partners involved in a musharakah arrangement do not only share profits but also the risks associated with the venture. In the context of Islamic banking, musharakah is an agreement between the Islamic bank and the customer who then become partners or a joint venture agreement. The profits and loss that come about from a musharakah setting are shared equally among the parties or on a pre determined ratio (Gait and Worthington, 2007). The Islamic bank can however terminate the joint venture agreement after a certain time period or upon completion of certain conditions (Chong and Liu, 2009). According to Lewis and Algaoud (2001), musharakah contracts can be made in two ways, through permanent contract and a diminishing musharakah. A permanent contract in a musharakah setting that provides an equitable share of the annual profit and losses to its parties or on terms originally agreed. The second type, as Lewis and Algaoud (2001) state, is a musharakah setting that is a diminishing contract. This diminishi ng musharakah is generally preferred by Islamic banks as it allows them to reduce their share of the project annually and obtain periodic profits as well, while the share of the joint partner (the banks customer) increases till the point of full ownership. In drawing a musharakah contract, the parties might usually require the help of legal experts in order to avoid riba and Gharar (Gamal, 2000). Mudarabah (profit sharing or partial equity partnership) Mudarabah is a very old form of profit sharing that was used by the tradesmen even at the time when Muhammad (p.b.u.h) was not declared a Prophet. The best example of Mudarabah is the fact that the Prophet Muhammad (p.b.u.h) himself practiced it with Khadija (r.a) almost fifteen years before the establishment of Islam (Adbul Gafoor, 2006). According to Obaidullah (2005), Mudarabah is a setting through which an owner of capital provides finance to fund a specific venture or business that has been indicated by the borrower. Theref ore, in an Islamic bank setting, the bank will provide the entire amount of capital that is needed for the venture, while the expertise, labour and decision making will be provided by the customer (Chong and Liu, 2009). Mudarabah can hence be seen as a silent partner agreement. In another way, an individual may wish to deposit capital in the bank which can then use it to invest in accordance to Mudarabah. Mudarabah differs from musharakah on the profit and loss sharing. Where in musharakah both the profit and the loss are shared by the parties, in a Mudarabah setting or contract, the profits are shared on a pre determined ratio while the loss is completely born by the owner providing the capital (Chong and Liu, 2009; Gait and Worthington, 2007). However it has to be noted that only loss that occurs in the normal working and not due to the negligence of the entrepreneur will be borne fully by the capital owner (Sarwer, 1999: p 4). In a banking setting, the Islamic bank as a provider of finance will face the entire loss. This in a way keeps the banks more disciplined as they have to distinguish between good and bad customers and not involve in deliberate risk taking (Chong and Liu, 2009). This characteristic of Mudarabah has also been recognised by Gamal (2000) who argues that Mudarabah can be a very risky method of financing as the entrepreneur does not invest anything in the business but merely gives his time and skills. Therefore, the Islamic banks have to carefully analyse the project before the decision regarding investment is made. The two mentioned modes of financing are based on the unique feature of the profit and loss sharing. In Islamic banking and finance, there are other modes of financing that are not particularly based on the same profit and loss sharing basis as musharakah and mudarabah. Murabaha Murabaha is not particularly a mode of finance as musharakah and mudarabah but is more like a sale. In a murabaha setting for the Islamic banks , the customer can ask the bank to buy a good (for example car, machinery etc) on their behalf and agree to pay a profit margin when making the payments to the bank (Gamal, 2000). For this to take place, the customer usually provides the bank with the specification and the prices of the goods that it wants the bank to purchase. The bank on the other hand studies the prices that it has been given and forms conditions of payment. Only when the customer and the bank have agreed on the terms and conditions will the sale take place. The bank will then purchase the goods and then sell it to the customer (Gait and Worthington, 2007). In a murabaha contract, the profit that the bank obtains from the sale of the contract has already been agreed by the customer (Metwally, 2006). Although in the murabaha contract the profit margin may be considered to be a form of interest, the reason why it is not considered so is because the profit is made from the exchange of goods for money rather than mon ey for money (Mills and Presley, 1999). Furthermore, to comply fully with Shariah, in a murabaha contract, goods must be specified clearly, the bank must have ownership of the goods before making the sale, the original cost price must be known by the customer and the customer must also agree on the profit margin which in turn has to be de linked to the repayment period (Gait and Worthington, 2007; Mills and Presley, 1999). However, Saleem (2005) argues that although murabaha is being widely used by the Islamic banks, it is not being done so in compliance with the Shariah rules and regulation. Usmani (2000a) on the other hand states that murabaha has only been allowed by scholars under very strict conditions. If these conditions are not fulfilled, murabaha will not be allowed. Bai Muajjall (deferred payments) Bai Muajjall is somewhat similar to the murabaha but is structured on the basis of deferred payment. Where the delivery of goods will be immediate, the payment for the goo ds will be made on a later agreed date either in instalments or lump sum. This price that needs to be paid will be agreed upon at the time of sale and will not include any charge for deferred payments (Chong and Liu, 2009). This kind of sale can be seen as a sale on credit which, as accepted by Islamic scholars, is permissible and does account to riba. This is because the increase in the price is due to deferment of payment and is agreed by the buyer and seller at the point of the sale. However, it the amount of debt increases as a result of deferment, then it would not be allowed (Gamal, 2000). Bai Salam According to Iqbal and Molyneux (2005: p 25), Salam is a contract for sale or purchase of goods at a specified future date with the price of these goods paid in advance at the time of the contracting. Although as a general rule, the goods that are being purchased or sold must physically exist to avoid Gharar, Bai Salam is one such exception. Gamal (2000: p 17) provides eviden ce on this from Hadith narrated on the authority of Ibn Abbas: The Messenger of Allah came to Madinah and found its inhabitants entering salam contracts (with the price paid in advance) in fruits for one, two and three years. He said: Whoever enters a salam contract, let him specify a known volume or weight and a known term of deferment. According to Usmani (2000a: p 185-187), the Prophet Muhammad (p.b.u.h) allowed salam contracts on very strict conditions. Therefore, for the salam contract to be permissible, the commodities must not be available at the time of the contract, the quality and the quantity of the goods must be known, the date and the place of delivery must be clearly defined and the full purchase price must be paid at the time of the contract (Gait and Wothington, 2007). Istisna (Manufacturing Contracts) Istisna contracts are a form of manufacturing contracts where one party agrees to produce or manufacture goods which are to be delivered at a future date a t a predetermined price (Chong and Liu, 2009). Gamal (2000: p 17) translates Istisna as commission to manufacture. It is a relatively new concept in Islamic banking and allows a party to obtain industrial goods on either a full upfront payment or deferred payment for a deferred delivery (Gait and Worthington, 2007). The advantage of istisna is that since the cost price is either prepaid or deferred as instalments, it helps in the creation of the a product at a cheaper price than buying the complete product (Gamal, 2000; Gait and Worthington, 2007). Although the permissibility of Istisna has been adopted through the use of Qiyas (analogy) by the scholars with the permissibility of Bai Salam (Gamal, 2000), the two are different. Istisna involves a commodity that needs manufacturing, the payment can either be lump sum or deferred instalments but the time of delivery could be unknown (Iqbal and Molyneux 2005).

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Bilingual Scholars Academic Writing Competency - 1312 Words

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Due to the increased use of English as â€Å"lingua franca† for academic publication, they are aware of the importance of publishing in English, at the same time, they also keep their commitment to French because of â€Å"identity and linguistic loyalty† (Gentil Seror, 2014, p.26). Indeed, they both have certain advantage of living and working in Canada where both English and French are widely used, however, they still consider English as their second language. As a true bilingual, Seror thinks in French whileShow MoreRelatedWho Do You Choose the Major of English to Study?1336 Words   |  6 Pagesthan smaller, national networks, and you can watch them everywhe re in the world. In terms of academic, English is the language most commonly spoken by academics worldwide. Of course, some important research and work occurs in all countries and in a variety of languages, but the vast majority tends to have been conducted, composed and published with the English language as its basis. 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Business writing. 5. Harvard Business School. 1. Sullivan, Lauren. II. Harbus. III. Title: Sixty...five successful Harvard Business School application essays. HF1131.A1352009 808.06665-dc22 2009012531 First Edition: August 2009 10 9 8 7 6 5 4 3 2 1 CONTENTS Read MoreHuman Resources Management150900 Words   |  604 Pagesnonscientific fields rather than engineering or computer sciences, where the greatest gap between job growth and worker supply exists. On the lower end, far too many students graduating from U.S. high schools lack the basic mathematical, reasoning, and writing skills needed for many jobs. Unless major efforts are made to improve educational systems, especially those serving minorities, employers will be unable to find enough qualified workers for the growing number of â€Å"knowledge jobs.† A number of employers

The Foundations Of Counseling And Guidance Essay - 1340 Words

The foundations of counseling and guidance may be traced back to the teachings of Plato and Aristotle in ancient Greece and Rome. Some argue that modern techniques also branch from Catholic priests’ practice of confidentiality within the confessional in the Middle Ages. However, The history of school counseling, as we know it, formally started at the turn of the twentieth century (Krumboltz Kolplin, n.d.). Counselors only began playing a role in special education in the late 1970’s to early 1980’s. This was a time of strict evaluation of education and counseling programs in particular. In order for schools to provide adequate educational opportunities for individuals with disabilities, school counselors were trained to adapt the educational environment to the students’ needs. This was a new concept in education. The duties and roles of many counselors changed significantly. Counselors started finding themselves as gatekeepers to Individualized Education Programs (IEP) and Student Study Teams (SST) as well as consultants to special education teachers (Krumboltz Kolplin, n.d.). As a result of the progress made in the last 40 years, about 13% of children ages 3-21 receive special education services nationwide (â€Å"The Condition of Education,† 2015). History Prior to Educational Rights In the olden day, children born with disabilities were hidden or even killed. Shame and guilt often followed the birth of a child with disabilities. Most people believed that the disability wasShow MoreRelatedA Brief Note On Professional Counseling And Its Unique Disciplines1395 Words   |  6 Pagesincluding the profession of counseling. Professional counseling, and its unique disciplines, has a past that is over a century old. As a result, it has developed into a distinguishably important profession. 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History and Uses of Marijuana Essay Example For Students

History and Uses of Marijuana Essay Whether you call it Hemp, Mary Jane, Pot, Weed; it doesnt matter. It is still Cannabis Sativa, or cannabis for short. And it isstill illegal. The use of marijuana as an intoxicant in the United States became a problem of public concern in the 1930s. Regulatory laws were passed in 1937, and criminal penalties were instituted for possession and sale of the drug. Marijuana refers to the dried leaves and flowers of the cannabis plant, which contains the non-narcotic chemical THC at various potencies. It is smoked or eaten to produce the feeling of being high. The different strains of this herb produce different sensual effects, ranging from a sedative to a stimulant. The term marijuana is a word with indistinct origins. Some believe it is derived from the Mexican words for Mary Jane; others hold that the name comes from the Portuguese word marigu-ano, which means intoxicant. The use of marijuana in the 1960s might lead one to surmise that marihuana use spread explosively. The chronicle of its 3,000 year history, however, shows that this explosion has been characteristic only of the contemporary scene. The plant has been grown for fiber and as a source of medicine for several thousand years, but until 500 AD its use as a mind-altering drug was almost solely confined in India. The drug and its uses reached the Middle and Near East during the next several centuries, and then moved across North Africa, appeared in Latin America and the Caribbean, and finally entered the United States in the early decades of this century. Marijuana can even be used as Biomass fuel, where the pulp (hurd) of the hemp plant can be burned as is or processed into charcoal, methanol, methane, or gasoline. This process is called destructive distillation, or pyrolysis. Fuels made out of plants like this are called biomass fuels. This charcoal may be burned in todays coal-powered electric generators. Methanol makes a good automobile fuel, in fact it is used in professional automobile races. It may someday replace gasoline. Marijuana has many medical purposes also. The cannabis extract was available as a medicine legally in this country until 1937, and was sold as a nerve tonic-but mankind has been using cannabis medicines much longer than that. Marijuana appears in almost every known book of medicine written by ancient scholars and wise men. It isusually ranked among the top medicines, called panaceas, a word which means cure-all. The list of diseases which cannabis can be used for includes: multiple sclerosis, cancer treatmen t, AIDS (and AIDS treatment), glaucoma, depression, epilepsy, migraine headaches, asthma, pruritis, sclerodoma, severe pain, and dystonia. This list does not even consider the other medicines which can be made out of marijuana-these are just some of the illnesses for which people smoke or eat whole marijuana today. There are over 60 chemicals in marijuana which may have medical uses. It is relatively easy to extract theseinto food or beverage, or into some sort of lotion, using butter, fat, oil, or alcohol. One chemical, cannabinol, may be useful to help people who cannot sleep. Another is taken from premature buds and is called cannabidiolic acid. It is a powerful disinfectant. Marijuana dissolved in rubbing alcohol helps people with the skin disease herpes control their sores, and a salve like this was one of the earliest medical uses for cannabis. The leaves were once used in bandages and a relaxing non-psychoactive herbal tea can be made from small cannabis stems. Also cannabis, as any other biomass fuels, are clean burning and do not increase the amount of CO2 the atmosphere, therefore making breathing easier for may people. .ue5bd54c214574181bfdd4692243c0516 , .ue5bd54c214574181bfdd4692243c0516 .postImageUrl , .ue5bd54c214574181bfdd4692243c0516 .centered-text-area { min-height: 80px; position: relative; } .ue5bd54c214574181bfdd4692243c0516 , .ue5bd54c214574181bfdd4692243c0516:hover , .ue5bd54c214574181bfdd4692243c0516:visited , .ue5bd54c214574181bfdd4692243c0516:active { border:0!important; } .ue5bd54c214574181bfdd4692243c0516 .clearfix:after { content: ""; display: table; clear: both; } .ue5bd54c214574181bfdd4692243c0516 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ue5bd54c214574181bfdd4692243c0516:active , .ue5bd54c214574181bfdd4692243c0516:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ue5bd54c214574181bfdd4692243c0516 .centered-text-area { width: 100%; position: relative ; } .ue5bd54c214574181bfdd4692243c0516 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ue5bd54c214574181bfdd4692243c0516 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ue5bd54c214574181bfdd4692243c0516 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ue5bd54c214574181bfdd4692243c0516:hover .ctaButton { background-color: #34495E!important; } .ue5bd54c214574181bfdd4692243c0516 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ue5bd54c214574181bfdd4692243c0516 .ue5bd54c214574181bfdd4692243c0516-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue5bd54c214574181bfdd4692243c0516:after { content: ""; display: block; clear: both; } READ: The Civil Rights Movement EssayAttempts at legalizing marijuana in the US going on for a long time. But just recently two states, California and Arizona, voted to legalize it for medical purposes only, but the US government still enforces the federal law, stating that federal law overrules state law. As said by Dr Cliff Schaffer: In all my study and review of the information regarding this issue, one question keeps coming back to me. Lets assume for the sake of argument that marijuana has no medical value whatsoever, despite the fact that it has a several thousand year history of medical use and that a prescription drug is made from its primary active ingredient. Lets as sume for the sake of argument that all these medical marijuana patients are just fooling themselves. Even in that case, what would we stand to gain as a society by punishing sick people and putting them through an already overloaded criminal justice system? Even if they are deluding themselves-what benefit is there to prosecuting sick people?In conclusion to this, it is important to state that there have been hundreds of studies showing that smoking cannabis ispotentially harmful to the brain and body and the same number of studies almost, if not totally, contradicting what these have stated.

Accounting Related To Pension

Question: Describe about the Pension schemes, Pension calculation and Salary calculation in USA? Answer: Introduction The report will focus on the calculation of the pension amount of an individual graduate student starting his career at the age of 25 years. The pension will be provided from the savings of the student and will act as a source of salary income for the period of 20 years (65 to 85 years). The calculations of the pension are mad e in accordance to section 401 (k) of IRS that allows employees to contribute a portion of their salary to individual accounts. Manjoo (2012) opined that salary sacrifice is a tax efficient way that can be employed by an individual to make pension contributions as well reduce the amount of taxable income. As per the taxation rules Pension offer tax relief on money paid by the individual as well as tax relief on the amount of returns. Hence it is advisable for individuals experiencing high increments in their career to make pension savings which will help them to save a portion of their income from tax liability and also helps them to enjoy the retirement benefits in terms of the saved money. Apart from individual pension saving scheme the students can also get an offer from the employer to contribute a certain amount of money for the pension scheme. This is known as occupational or company pensions. Menzefricke Smieliauskas (2012) stated that the major benefit of occupational pension schemes is that the employer as well as the employee both will contribute to the pension fund. Pension schemes in USA A retirement plan is effectively a substitute financial arrangement to replace employment income upon retirement. The groups like employers, insurance companies, trade unions and government sets up the effective pensions schemes for the individuals in order to secure funds for the future use purpose (Menzefricke Smieliauskas, 2012). The retirement and the pensions plans in USA are based on the regulations provided under the Internal Revenue code which is regulated by the department of Labor under the provisions of the Employee Retirement Income Security Act. The contributions to qualified pensions plans can be made on a pre tax basis. The employees are allowed to transfer a part of their contribution to a 401(k) plan as designated Roth contribution. The various types of pension system design are namely Public pensions: The Public pensions scheme in USA operates on the basis of pay as you go. The public sector pensions are offered by Federal, state and local levels of government in USA. The pensions in this system are financed by social security taxes paid by employers and employees both. Manjoo (2012) opined that social security taxes are shared by equally by employers and employees. As per the US law the contributions in this fund are exempted from any taxation however the benefits are taxed if the total income of pension at the time of retirement exceeds a specified amount then the benefit is taxable. The statutory retirement age of the individual is regarded to be between 65 to 67 years depending upon the year of birth. Occupational pensions: The occupational pensions are provided by the private companies of USA. The plan used in the occupational pension scheme is the 401 (k) plan under the IAS retirement plans. This plan enables the employees and the employers to make tax deferred contributions from their salaries to the plan (Sandu, 2012). Other plans namely the 403 (b) plan also known as the employer sponsored retirement plan, 457 plan also known as the employee sponsored pension plan and the thrift savings plan are the major plans to be used as pension schemes under this system. Pension calculation (a) Working tenure of the student Graduating age 25 years (starting of career) Working career 40 years Retirement age (40+25) = 65 years The students are expected to retire at the age of 65 years and start the career at the age of 25 years and continue work for 40 years without any breaks. Salary calculation The salary calculation is shown on the basis of the assumptions made by the student. However the rate of increment and the expectation of the student to get an increment of $15000 every 10 years due to shifting of the job can vary in the reality. Moreover the inflation rate assumed to be affecting the salary structure of the student will also vary and hence this may reduce the actual salary amount of the student. The inflation rate has been reduced from the annual salary because the inflation will decrease the amount of money earned by an individual. Particulars Amount ($) Amount ($) Starting salary (Basic) 50,000 Add: 2% increase every year for 40 years (2% * 50000 = 1000) (1000*40 = 40000) 40,000 Add: salary increment on job shift every 10 years First increment at the age of 35 years Second increment at the age of 45 years Third increment at the age of 55 years Fourth increment at the age of 65 years Total 15000 15000 15000 - 15000 60000 Less: rate of inflation @ 3% every year (50000* 3%) = 1500 * 40 years = 60000 (60000) Total salary the student is expected to receive 90000 To calculate the amount of money required for saving each year by the students for contribution towards final retirement scheme two different techniques may be adopted namely Final salary pension scheme or Career average schemes. Sandu (2012) opined that the average of the salary throughout the career of a student is calculated in case of Career average schemes whereas the Final salary pension scheme helps to calculate the amount of money that the individual will receive at the end of final retirement. Under the Final salary pension scheme the annual pension of the given student under the given salary can be calculated as follows: Assumptions: Final salary at the time of retirement that is at an age of 65years after including and excluding all increments and inflation is around $ 90000. The total working tenure of the student is 40years. The accrual rate or the percentage of salary expected to receive as pension = 50 % or 1/50th Keeping the above factors in calculation the annual expected pension can be calculated as follows: (40 years * 1/50th * 90000) = $ 72000 For an annual pension of $ 72000 the individual will have to save around $ 1800 ($ 72000 / 40) per year within the total working tenure of 40 years. The students are expecting to have a actuarial life till 85 years after the retirement. Hence it may be said that the individual is expected to have a further life expectancy of (85-65) 20 years after retirement. Thus saving of around $ 1800 per year from the total salary will help the individual to get a capital amount of $ 72000 which will cover the 4% annuity as well as the 50% of the final salary which the individual will receive at the end of his retirement year. Conclusion The report shows the calculation of the individual pension fund of a student who is expected to start his career at the age of 25 years. The problem shows that the student will receive a 2% increment every year followed by a 15000 increment every 10 years in the existing salary structure of 50000.Hence saving of $ 1800 each year will help the individual to accumulate an approximate amount of $ 72000 which will act as a pension fund for the student for the next expected 20 years of his life. References Manjoo, F. (2012). The UK legal reforms on pension and the opportunity for Islamic pension funds,J Islamic Acc And Bus Res, 3(1), pp- 39-56. Menzefricke, U., Smieliauskas, W. (2012). Incorporating Uncertainty into Accounting Estimates of Pension Liabilities, Rotman International Journal Of Pension Management, 5(1), pp- 26-32. Sandu, M. (2012). Economic Consequences of Pension Accounting, International Business Research, 5(8), pp- 172