Level 3 Health and Social Care Unit 4 M1

The nature vs nurture debate has been around for many centuries which argues about the role for heredity and environment in human development. Theorists in the past have argued that all humans are born with instincts which we have in life although other theorists have argued that the way we have been brought up, environment, culture around us are influential in what defines our personality traits and characteristics an example of nature vs nurture debate is the gay gene.The nature side of the debate is that gay is heritable a theorist named George Howt had claimed in 1998 that â€Å"being. Gay is in are genes† even though this has not been proven it could be possible that being gay is normal difference which can occur in human nature. The nurture side of the debate is that are sexual orientation is impacted by our environment the theorist who support the nurture side of this debate claim the environment factors involved with our up bringing decide out sexual preference these f actors could be friends, culture and friends.Another example of nature vs nurture debate is the twins studies which argues about how much of a twin personality is controlled by are genes and how much by are environment. The nature side to thE debate is that either that twins are grown up far away from each other or together have the same personality, behavior and preferences. If grown apart from each other nurture will not have much of a big impact on the twins to have them change their characterize this would prove that nature when it comes to twins is more dominant. Level 3 Health and Social Care Unit 4 M1 The nature vs nurture debate has been around for many centuries which argues about the role for heredity and environment in human development. Theorists in the past have argued that all humans are born with instincts which we have in life although other theorists have argued that the way we have been brought up, environment, culture around us are influential in what defines our personality traits and characteristics an example of nature vs nurture debate is the gay gene.The nature side of the debate is that gay is heritable a theorist named George Howt had claimed in 1998 that â€Å"being. Gay is in are genes† even though this has not been proven it could be possible that being gay is normal difference which can occur in human nature. The nurture side of the debate is that are sexual orientation is impacted by our environment the theorist who support the nurture side of this debate claim the environment factors involved with our up bringing decide out sexual preference these f actors could be friends, culture and friends.Another example of nature vs nurture debate is the twins studies which argues about how much of a twin personality is controlled by are genes and how much by are environment. The nature side to thE debate is that either that twins are grown up far away from each other or together have the same personality, behavior and preferences. If grown apart from each other nurture will not have much of a big impact on the twins to have them change their characterize this would prove that nature when it comes to twins is more dominant.

The Development and Sustainability of Group Cohesion

It is important to realize that in all aspects of life, especially the workplace, a person needs to encompass the dualities of professionalism and emotionalism in order to be a successful leader and promote group cohesiveness. Due to the relative traditionalism associated with the application of professionalism, this essay will deal mostly with the recent addition of emotionalism as an important factor in determining the type of leadership style necessary in developing group cohesiveness. Emotions are an essential and unavoidable element of organizational life. Despite the fact that members in organizations experience emotions in many different forms, researchers have often failed to study the effects of emotion in the workplace. This new development in organizational behavior suggests that these types of considerations should be discussed and investigated further when evaluating different approaches to the development of group cohesiveness. Developing a strategy for the development of group cohesiveness is dependent upon many different factors. Group dynamics are influenced by distinctiveness from the organization as a whole, and also in the composition and development of the particular group structure involved. Once isolated, this group structure may present other barriers to the development of effective group cohesiveness such as intra- and inter-group conflicts that arise from the particular merit system established within the group. For example, if group members are â€Å"not evaluated on a per/team basis,† members may develop unhealthy competitiveness within the individual group itself (Briggins 81). One inherent paradox within most group structures is the need for trust to exist before trust can develop. This adds difficulty to establishing group cohesiveness within any group, no matter the form. An example of a loss in group cohesiveness from external group conflicts may arise when there is a lack of distinction between the evaluation of each particular group, with the result of tension being established. Tensions are often fuelled by affective or expressive concerns that have little to do with instrumental or task-focused concerns, and minor disagreements can therefore, quickly escalate into major conflicts with group members polarized into different rival camps. Due to the many potential problems of group dynamics, the considerations involved in developing group cohesiveness take on a different appearance than traditional management decision-making processes. Some of the key considerations one must investigate when discussing the phenomenon of group cohesiveness deal exclusively with the recognition of the different aspects of emotionalism. Many times researchers assume that emotionality and rationality are antithetical, and thus, in the rationally based world of modern management, CEO†s ignore emotional concerns when establishing group standards and leadership. Due to this type of belief, when evaluating group cohesiveness, no normalization or recommendation has generally been given to group leaders in the evaluation of and interaction with the emotions of the group members (Carr 48). In actuality, emotionality and rationality have been found to be interpenetrated and interdependent, because emotions, as well as rational thought (one would hope), are involved in every group decision making process. The concept of â€Å"cohesiveness† itself is defined as â€Å"the attractiveness of a group to its members, highlighting the affective bond between individuals†(Pettit 13). Thus in order for management to develop a consistent policy for the development of group cohesiveness, emotionality must be considered as well as the aforementioned possible difficulties which may arise out of the different forms of groups and the group dynamics associated with each form. There are many possible costs and benefits involved in the development and support of group cohesiveness within any organization. One important consideration that may lead to both benefits and downfalls in the development of group cohesiveness is emotional contagion. Emotional contagion is the tendency for a member of a group to mimic another group member†s emotional experience/expression and thus to experience/express the same emotions his or herself. Emotional contagion underlies such phrases as â€Å"team spirit† and â€Å"electricity in the air†, and it is the same reason why teammates tend to cheer and clap during sporting events in order to â€Å"root teammates on† (Frisch 16). Emotional contagion can be a very constructive or destructive force in organizations. On the positive side, contagion may increase empathy and solidarity, creating a cohesive group. This contagion can be mobilized in the pursuit of organizational goals. It has even been supposed that the interaction and sharing of emotions promote group cohesiveness to the extent that they develop a kind of â€Å"group mind†. On the negative side, though, contagion can also impair performance. It may cause negative emotions such as fear and anxiety to quickly pervade the entire group, and in turn the entire organization. This often results in infighting and factionalism. There are many factors essential to the CEO in the development and sustainability of group cohesiveness. One must evaluate the different dynamical group constructs in order to prevent intra- and inter-group conflicts. It is also essential for any leader of any organization to recognize the emergence of emotionalism as a major factor in the evaluation and implementation of any plan for group cohesiveness. The final and perhaps most important consideration the CEO must undertake, is the evaluation of the impact of emotional contagion and what means may be implemented to help develop effectively transformational leadership processes for the groups in the organization. All of these considerations should help the CEO to establish and sustain group cohesiveness within the entire organization.

Human resource development Assignment Example | Topics and Well Written Essays - 2250 words

Human resource development - Assignment Example Human resource development (HRD) serves the requirement of an organization to provide employees with latest knowledge. Present business environment needs HRD not merely to assist the business strategies but to form the business strategies. Present business environment needs HRD not merely to assist the business strategies but to form the business strategies. HRD plays a strategic part by assuring the proficiency of employees to fulfil the company’s performance needs. The formation of strategies is vital in the corporate performance for almost every successful organisation (Torraco & Swanson, 1995). The report will describe the major components of implementing HRD in a medium-sized service company named ABC Ltd. as well as the conditions that facilitate the implementation of HRD. Components of HRD In the HRD system of ABC Ltd. there will be three major components which are training, education and development. Pareek and Rao (2006) had reformed the components of integrated HRD o f an organization. He described ‘HRD as a process’, rather than set of methods and practices (Pareek & Rao, 2006). In the HRD system of ABC Ltd. there will be three major components which are training, education and development. Pareek and Rao (2006) had reformed the components of integrated HRD of an organization. He described ‘HRD as a process’, rather than set of methods and practices (Pareek & Rao, 2006). Based on his point of view the strategically integrated HRD system will include: Performance appraisal Feedback and performance education Training and development Career planning Worker welfare and working condition Compensation and rewards Organizational and system development Human Resource Information (Jain, 1996) All these instruments are used to instigate, facilitate and encourage the HRD procedure in an incessant approach. The compensation, worker welfare and good working conditions are fundamental components of HRD to ensure a friendly atmospher e in an organization for implementation of strategic HRD. Performance appraisal, training and development, career planning and feedback are motivator components of strategic HRD which help to make the strategic HRD to become successful. The fundamental components of HRD might not assist in the success of HRD but absence of these components can adversely impact on the development plan (Kandula, 2004). Training Cycle (Systematic Approach) Training is a logical improvement of the knowledge, proficiency and approach which is needed by an individual to carry out effectively a given task. The purpose of training is to improve the capabilities of the individual and to fulfil present and future manpower requirements of the company. The systematic approach to training is a kind of tactic for managing training programs. It is an organized reasonable approach to make people understand what is needed from them in a task or profession. The systematic approach of training guarantees that employee s are ready for their jobs by possessing requisite knowledge, talents and approaches (Dhawan, n.d.). For conducting training in ABC Ltd. there are several phases which are described below: Source: (UNODC, 2011). Step 1: Organization’s Objectives: Firstly, the objectives of the organization and needs and the methods by which the organization’s objectives will be fulfilled is recognized by a variety of jobs which the organization provides. Step 2: Investigating Training Needs: The training requirement of ABC Ltd. will be identified after establishing the organizational objectives. If the training needs are not identified then the training will be unable to achieve its desired objectives. For identification of the training needs the following things could be done: Examine the knowledge, talent, and performance which are needed for the job in the organization

Relevance of Palliative Care Training in Nursing Practice Literature review

Relevance of Palliative Care Training in Nursing Practice - Literature review Example Palliative care has generally been linked with end-of-life care of cancer patients, but considering its effectiveness in reducing the suffering of patients and their family the concept has now been extended to include non-cancer population as well. "Dying patients need to be assured that their destiny lies in the hands of well trained, multi-disciplinary, professional team because often the death is no longer capable of caring for themselves and their rights." (Gronemeyer, et al 2005, p.1). Hence, effective implementation of palliative care will be possible only through adequate training and grooming of health care providers. Since nurses interact most with patients and act as intermediaries between other health care providers and patients and their family members it is imperative that addressing the training needs of nurses is crucial for the success of palliative care program. As such, an attempt has been made to analyze select articles related to experimental models of palliative care and training strategies relevant to nursing practice. University of Wollongong Library's electronic resources was searched for locating relevant articles. Though Google scholar has larger volumes of articles, considering the fact that Proquest database covers specific nursing-related peer-reviewed journal articles, the search was limited to Proquest database only. The basic search question used was 'Palliative care', which retrieved 7982 articles from Proquest. A further search of the database for 'medical sciences-Nursing and allied health sources' shortlisted number of articles to 130. When the results were limited to full-text documents of scholarly journals 23 articles have been retrieved. Five articles with different area of coverage, such as (1) Nurses' perceptions around providing palliative care for long-term care residents with dementia; (2) Providing pediatric palliative care through a pediatric supportive care team; (3) Using high-fidelity simulation to educate nursing students about end-of-life care; (4) Enhancing meaning i n palliative care practice: A meaning-centred intervention to promote job satisfaction; and (5) Spiritual development of nursing students: Developing competence to provide spiritual care to patients at the end of life. Since large volumes of research articles (303,000) have been retrieved from Google Scholar using the catchphrase 'Palliative care' and only 5 articles have to be selected for the literature review it has been decided to search Proquest database and cover palliative care experiences in two challenging areas, such as pediatrics and geriatrics (dementia), and three articles covering innovative training approaches; Nurses' perceptions around providing palliative care for long-term care residents with dementia. The study conducted by Kaasalainen et al (2007) explores nurses' perceptions around providing palliative care for long-term care (LTC) residents with dementia, using a qualitative descriptive design. The inspiration for this study was the unprecedented increase in a ged care population with cognitive impairment and identification of 'many barriers to optimal palliative care in LTC homes' in Canada. Dementia is a progressively degenerating physical condition leading to gradual loss of cognitive abilities.

Establish & Adjust the markerting mix3 Case Study

Establish & Adjust the markerting mix3 - Case Study Example Swann was founded in 1988 by David Swann in Melbourne, Australia and now has offices in the USA, Australia, and Hong Kong with global distribution through partners in the UK, Europe, South Africa, New Zealand, the Philippines, Singapore, the Middle East and more. The company will continue its aggressive drive to expand its international distribution network in the future. Swann's reseller network includes some of the worlds largest retailers and distributors including Fry's Electronics, Radio Shack, The Home Depot, Ritz Camera, Brandsmart USA, Makro, Maplin Electronics, Currys, Dixons and Dick Smith Electronics. Swann's sales expectations: "Globally, Swann expected to report sales revenue of between US million and US million this financial year. Around 75 percent of these revenues would be generated from international markets, Lane said". Swann expected CCTV to grow strongly due to concerns about vandalism, crime and even terrorism. CCTV products were used in the arrest of suspected terrorists following the recent bombings in London. The company recently signed an agreement with an unnamed supply partner that would allow it to develop products exclusively for some of the world's largest retailers. Swann was targeting the top 200 retailers around the world, Lane said. Although sales of Swann's traditional IT products such as modems and USB peripherals were still strong, the growth market was security, Lane said." The article also reported that Swann's financial position is good, "'We're in a strong financial position', he said It is believed that the CCTV market worldwide is potentially worth around US billion. Last

Montery Policy Essay Example | Topics and Well Written Essays - 500 words

Montery Policy - Essay Example Monetary expansionary policy is traditionally used to combat unemployment during recession, by lowering interest rates and increase in the total money supply. This is done with a view to increase consumer spending, creating demand for goods and services. However, if checks and balances are not kept in place, increased money supply with inadequate increase in supply of goods and services may lead to inflation, which in turn may accentuate demand contraction and therefore, recession! Mackay and Evans article, ‘Recession fears weigh heavily on the markets’ (WSJ, Nov 26, 2007) deals with the situation of the US economy in the background of mounting worries of market players about the sluggish economic growth and sub-prime crisis in the housing and mortgage markets. The 8.4% drop in the Dow Jones Industrial Average index, during the third week of November 2007 from its all time high and increased interest in the bond market are pointers to the market worries. The Federal officials do not share this gloomy prediction and expect the economy to clock 1.8 to 2.5% growth in the next year and that the sub-prime crisis should bottom out soon. This view is also supported by the Commerce Department, which is revising the Jul. – Sept. 07 GDP growth to 4% and confirming positive income and job growths. J.P.Morgan on the other hand, predicts a much lower growth rate of 1.5% in the first three quarters of 2008. Both The article points out to the delicate balance in the various sectors of the economy which could be upset, if institutions reduce lending to the housing sector and if this is coupled with reduction in spending by consumers on gasoline due to rising fuel prices. A slump in consumer spending is bad for the US economy as well as for the economies around the world, which export their products to the large US market. The contagious effect of the US housing crisis to the European

COM 263 assignment # 3 Essay Example | Topics and Well Written Essays - 500 words

COM 263 assignment # 3 - Essay Example By understanding this, she could choose her words to convey the intellectual meaning without the cultural identity becoming an obstacle. This would extend to her non-verbal communications such as attire, stance, and demeanor. Cross culture communications requires that we look at ourselves and reach beyond our limitations in an effort to fit ourselves into the situational context and become more universal (Fitzgerald, 197). Understanding our own cultural identities is the building block that intellectual communication is based on. Being a woman and returning to school as an older student has influenced my ability to communicate effectively between cultures. As a woman, I must be aware that my communication may become genderized. When speaking to a male or mixed audience, it is imperative that I understand the communication methods I have acquired as a female as well as the perception of the audience. If I am speaking to a diverse audience that has various ethnic groups or races, it is important that I understand how my identity is viewed by their culture. If I were speaking about the right of a woman to equal pay for equal work, my vocabulary and presentation would vary depending on if I am speaking to a black woman or a Muslim man. As an older student, I can be caught mistakenly thinking that I know more than lifes experience has actually given me. My skills at presenting a case for a viewpoint may be lacking even though I have an emotional understanding of the argument. My identity as older does not directl y coincide with that of being a better student. When communicating with other students, age may garner respect or the opposite may occur. Only by understanding my own identity can I find ways to communicate more clearly and effectively deal with this obstacle. In the situation of working in another department temporarily, there are several identities that are brought to the situation. An important identity is that all the people work for the same company.

Dynamics of Leadership Personal Statement Example | Topics and Well Written Essays - 2500 words

Dynamics of Leadership - Personal Statement Example Science Group project: I was a leader in this project. My responsibilities included a selection of topic, distribution of tasks and making sure the tasks were completed in time. I was successful in it as I selected the Solar System project and everyone was happy with my selection. My group which consisted of four students other than I had previously decided which topic to choose from. We decided that we will complete the task in four days and do all the work in Science class as our teacher gave us time to work on our project. Cutting of planets, drawing, coloring, and pasting were all distributed equally. All of us participated equally in the project and it was delivered in time.   English Group Project: the class was divided into 3 groups. We used to sit in three rows so each row consisted of one group. We had a class quiz in which the team which gives most of the answers won. I always used to sit on the front desk, therefore, my teacher made me the leader. This was a difficult task for me because being a Chinese it is difficult to cope up with elective English classes. I tried to answer and make another answer but everyone was scared to do so. I got angry and could not lead my team as well as I did not know how to motivate them.   Group Task (China Day Celebration): This was a national holiday, therefore, we were supposed to decorate our school prior to it. This was a task involving all of the class. We had to make our flag and write enthusiastic messages for our country. Each class was supposed to decorate their own classrooms. The best-decorated classroom was supposed to get the reward. I observed that many students did not take a keen interest in it and tried to put their tasks on others. This added to the delay in the completion of the project and we did not come up with good work as compared to the winning class.

Carl rogers tearey on fear Essay Example | Topics and Well Written Essays - 500 words

Carl rogers tearey on fear - Essay Example As the founder of the "client-centered" therapy, Rogers has said that the counselor is to be "nondirective" in the sessions-his job is to reflect the counselee's responses back to him, and thus, set up a catalytic atmosphere of acceptance. Such an environment is supposed to allow the client to get in touch with the innate resources within himself for successfully dealing with life and developing self-esteem When you are in a situation when there is incongruity between your image of yourself and your immediate experience of yourself (i.e. between the ideal and the real self) you are in threatening situation, feeling fear. For example, if a person is been taught to feel unworthy if he/she does not get A's on all tests at school, and yet that person is not really great a student, then situations such as tests are going to bring that incongruity to light-tests will be very threatening and that person will feel fear in that particular situation. According to Rogers, when a person is expec ting a threatening situation and fear, then that person feels anxiety. Anxiety is a signal indicating that there is trouble ahead, and that a person should avoid that situation. One way to avoid the situation is to run away from that threatening situation by using psychological defense.

Received controllable shocks Essay Example for Free

Received controllable shocks Essay They both said that the extent of a persons social network and their perceived sense of support are positively linked. The role of control in the perception of stress also plays a part. A sense of control reduces the extent to which a situation may be experienced stressful. It has been suggested that control affects the immune system. Laudenslager et al. (1983) showed direct effects on the immune system. He used rats that were placed in three groups, one received controllable shocks, the second group were a yoked control (received the same shocks as the first rat, but they had no direct control over the shocks), a third group received no shocks. All the rats were injected with cancer cells. Laudenslager found that 65% of the controlled shock group rejected the cancer cells, compared with only 27% of the yoked controlled and 55% of the no-shock group. His study suggests that control is important to the functioning of the immune system. Psychological approaches have also been applied in anger management courses since anger has been found to increase vulnerability to heart disease. B) Asses the strengths and weaknesses of two biological approaches (6) One biological approach is biofeedback. It is a technique to learn how to control involuntary muscles, or voluntary muscles that are not normally controlled, such as blood pressure and heart rate. The aim of it is to reduce ANS activity and therefore the bodily sensations associated with stress. In turn this will reduce the consequent effects of stress in terms of illness. An individual is attached to a monitor that produces feedback about some physiological activity. (E. g. The machine would produce an auditory or visual signal to indicate weather an individuals heart rate is too high or about right. ) These machines provide all different feedback to the patient, who is then taught techniques to reduce the levels. (Such as relaxation training. ) This means that physiological activity is brought under control. The key thing is that physiological activities are ones we wouldnt usually be able to control. Biofeedback has been shown to produce short and long-term reductions in heart rate, blood pressure, skin temperature, and brain-wave rhythms. Biofeedback training does fit into three main stages; developing an awareness of the particular physiological response (e. g. heart rate), learning ways of controlling that physiological response in quiet conditions. This can include providing rewards for successful control in addition to feedback. Then transferring that control into the conditions of everyday life. Dworkin and Dworkin (1988) did a study with teenagers who were suffering from curvature of the spine (scoliosis). The teenagers successfully used biofeedback techniques to learn how to control the muscles of their spine and thus alter the posture and overcome the disorder. Another biological approach is Anti-anxiety drugs. The body produces chemicals (hormones) that create anxiety. This can be countered using other chemicals (i. e. drugs) that reduce anxiety. There are several different types of drugs that all work differently. Barbiturates are depressants of the central nervous system, and long-acting barbiturates are effective in reducing anxiety. However, they do have various side effects. They can create problems of concentration, lack of coordination, and slurred speech. They also tend to be addictive. Anxious patients who stop taking barbiturates report numerous symptoms such as delirium, irritability, and increased sweating. The problems with them led them to be replaced by benzodiazepines in the 1960s. These are the most used anti-anxiety drugs, such as Valium and Librium. They promote GABA, the bodys natural relief of anxiety relief which reduces serotonin levels, which will in turn reduce arousal. Although, they are very effective and used by millions of people, they also have some of unwanted side effects. They often have sedative effects, and can make people feel drowsy. They can also cause cognitive and memory impairments, they sometimes lead to feelings of depression. Also, many people become dependent on benzodiazepines, and find it very hard to stop taking them. Sudden removal of benzodiazepines can lead to a return of the initial symptoms of intense stress and anxiety. Ants-anxiety drugs can be very effective at reducing feelings of stress. However, they do not address the problems that are causing stress. They help cope with stress but not to manage it.

Impact of Islamic Banking on Consumer Financing Sector

Impact of Islamic Banking on Consumer Financing Sector Abstract This study finds out the realistic or any factual impact caused by the introduction of Islamic Banking on the consumer financing sector generally, while keeping its main focus explicitly on House Financing and Car Financing through banks in Pakistan. The total banks involved in consumer financing whether Islamic or Conventional where included in this research, keeping 2003 as the base year of data initiation. Since 53% of Consumer financing was being defined by House and Car financing so they were kept in focus. Independent T-Tests were run on the investments as well as the growth of both the sectors that is Islamic and Conventional banking sectors. The data was collected from the Statistical Data Ware House Department of State Bank of Pakistan. The results show that the variances in the investment sectors of both Islamic and Conventional differed from each other where H0 was rejected on the basis of value of t stats where as in the growth comparison the variances were said to be sa me at 10% significant level but the means of growth stood at 29% and 9% in cases of Islamic and Conventional banking respectively proving the positive impact of Islamic Banking on Consumer Financings bulky sector of House and Car Financing in Pakistan . In case of any incongruity to State Bank of Pakistan or the AAOFI standards, the latter shall prevail. Chapter one: Introduction The intent to write this research was to undermine the factual understanding as well as affect caused due to the introduction of Islamic Banking in Pakistan. It was acclaimed by the people related to the industry that Islamic Banking had positively affected the banking sector here and across the globe. The numbers were quoted and percentages claimed but no real research supported the declarations. So the author thought of doing a research to dwell on the issue and conduct a research with respect to Pakistan hence, configure the true standings of the conterparts known commonly as Islamic Banking and Conventional Banking. Islamic Banking though has a mere institutionalised history of 35 years across the globe but has gained tremendous recognition in this short tenure which shall be wittnessed in the literature review ahead in this paper. The evolution of Islamic Banking in Pakistan started as late as 2000 01 after the historical judgement of the Supreme Court of Pakistan in1999 against the prevailing interest based banking system. The Islamic banking emerged, though after a valiant effort which continued over two decades prior to its surfacing. Different reports, articles, awareness sessions, books and other relative material endowed to this very existence of Islamic Banks in Pakistan. Though the clouds of uncertainity have lingered on this newly instigated initiative ever since its emergence, but then again that has always remained a norm for innovative things in Pakistan. Though Islamic Banking has come a long way after its start almost a decade ago but it still has a lot to prove to its spectators with respect to shariah compliance and market effectiveness in the Pakistans lucrative but stingent souk. Consumer Financing is a sector which has its part of exuberance attached to it in the banking and financial sector. When ever the financial markets are flooded with accessive liquidity the first thing that magnetizes the banker is the consumer financing sector specially in Pakistan where the yeilds were as high as 15% on proceeds. The magnitude of House and Car finance together tend to weigh around at almost 53% of this sector so the proceedings in this neighborhood can be established by analysing these mentioned sectors. In view of the fact that the House Car financing sector provide a level playing field for the conterparts that is Islamic and Conventional players, was another reason for this assortment. In the paper further the comparative analysis is conducted as well as the background of both Islamic Banking and Finance with Consumer Financing has been discussed in comprehensive detail. Statement of the Problem Islamic Banking ever since its emergence in Pakistan has raised eyebrows of related and non related players. Is there a difference? Which banking system shall prevail? Does Islamic Banking have enough weight to outset its conterpart? Can Islamic Banking loose the tag of being a parellel banking system and become the prefered banking operation in Pakistan? The researcher answers to these questions in the light of the literature review as well as by testing the viability of Islamic Banking sector to its conterpart Conventional Banking in the asset backed sectors of House and Car finance (through banks) in Pakistan. Objective Basic purpose of this research is to determine the differential impact of Islamic Banking in contrast to Conventional Banking on House Car Financing through Banks in Pakistan. Research Model Hypotheses H0: Islamic Banking does not impact House Car Financing through Banks In Pakistan. H1: Islamic Banking directly impacts House Car Financing through Banks In Pakistan. Chapter Two: Literature Review This segment will appraise the comprehesive literature review with respect to Islamic Banking globally while Consumer Banking Sector in Pakistan. Islam as a Code of Life Islam acclaims its self to be a Deen which provides a complete code of life to its practitioners. According to its claim Islam not only helps its followers rather also those who seek for help without believing in its core essence for day to day hinderances. May it be a name for a believers child or be it the purpose of life, Islam alone tends to answer to all the versatile queries of its disciple. This is the beauty of Islam but it can only lead to enlightenment only if all the resources of Islam are kept in view or an adherent may astray from the righteous path. The main resources of Islam can be categorized as follows: Quran e Karim The Holy Book sent upon Hazarat Muhammad Ahadith e Mubarakah (Sayings of Hazarat Muhammad) Shariah (Implementation of Islam) Lives of Hazrat Muhammad and the Sahaba (Companions of Hazarat Muhammad) Hence the Deen, Islam, can be categorized into three main branches: Beliefs (Aqaaid) Reformation and Rectification (Tassawuf) Islamic Laws and Principles (Fiqha). Since my paper would be coming under the third bough of a healthy hierarchy, that is, Islamic laws and Principle Jurisprudence (Fiqh). Further elaborating this division known as Fiqh (Islamic Laws and Principles) can be further sub-divided into the following sections: Prayers (Forms of submissions to Allah Tallah, Ibadaat) Societal or Civil Laws (Maamlaat) Criminal Laws Constitutional laws Since my paper discusses the Societal or Civil laws (Maamlaat) or rather absolutely specifying it would be dealing with financial aspects of this vast sub branch of Fiqh. Coming to the financial aspects of a Muslim or even an Oriental who believes in the fairness of Islamic laws, the main concern of this individual is to abide by Islamic law and principles while earning bread and butter for himself and his family. The things permissible by Islamic Jurisprudence are referred to as Halal while the things that are prohibited in Islamic Fiqh are known as Haram. It is by obligation that a Muslim or even an Oriental who believes in Islamic laws can earn his living only through Halal ways. One way of distinguishing Halal is by identifying the prohibitions while the rest remains permissible. Prohibitions in Islam for Financial Procedures The two of the main ills identified by Islam in financial procedures are: Riba (Interest) Gharar. Riba (Interest) In perspectives of Shariah money is considered to be a assessing means for value or worth rather than an asset within itself, it necessitates that an investor should not be able to obtain income from capital (or everything that is treated as a kind of money) alone. This production of money from money (commonly known as interest) is Riba, which is prohibited in Islam. Prohibation of Interest (Riba) in Quran Following are the verses where Quran has out rightly identified interest as a prohibition. In the following verse our Creator nullifies the visual increase of wealth earned through interest. And whatever Riba you give so that it may increase in the wealth of the people it does not increase with Allah Subhanahu Tallah (30:39) At another place it has been identified that the Jews werent allowed to indulge in interest. And because of their charging Riba while they were prohibited from it (4:161) A verse which identifies the prohibition of interest and its form whether it be compounded. O those who believe do not eat up Riba doubled and redoubled (3:130) Ribas eminent prohibition can be seen in the following verse while at the same time the permissible alternative of trading has been offered. Another important factor which can be witnessed here is that giving of charity is being encouraged while interest is being regarded as a curse. Those who take Riba (usury or interest) will not stand but as stands the one whom the demon has driven craze by his touch. That is because they have said: Trading is but like Riba and Allah Subhanahu Tallah has permitted trading and prohibited Riba. So, whoever receives an advice from his lord and stops, he is allowed what has passed, and his matter is up to Allah Subhanahu Tallah . And the ones who revert back, those are the people of fire. There they remain forever. Allah Subhanahu Tallah destroys Riba and nourishes charities. And Allah Subhanahu Tallah does not like any sinful disbeliever. Surely those who believe and do good deeds, establish Salah and pay Zakah, have their reward with their lord, and there is no fear for them, nor shall they grieve. O those who believer, fear Allah and give up what still remains of Riba if you are believers. But if you do not, then listen to the declaration of war from Allah and his messenger. And if you repent, yours is your principal. Neither you wrong, nor be wronged. And if there be one in misery, then deferment till ease. And that you leave it as alms is far better for you, if you really know. And be fearful of a day when you shall be returned to Allah, then everybody shall be paid, in full, what he has earned. And they shall not be wronged. (2: verses 275-281) Identifying one of the greatest ills of Interests concentration of wealth the rich becoming wealthier and the poor becoming underprivileged, the verse tends to unfold one of the many aliments caused by going against the prohibition. So that this wealth should not become confined only to the rich amongst you.(59:7) During the tenure of 1984 to 1994, $ 719 Billion dollars were sanctioned as interest based loans while $ 749 Billion were returned during the same tenure still leaving behind a liability of $ 1258 Billion. 225 people possess 47% of the wealth of the world at the same time 1 Billion and 30 Million people earn $ 1 daily while 32% of the population of this world earns $ 4 daily. These facts show that the present financial system has the above mentioned illness known as the concentration of wealth. Prohibation of Interest (Riba) in Hadith The second source of Islam is the sayings of the Holy Prophet MuhammadSallalaho Alaihi Wassallam. Ahadith of ProphetSallalaho Alaihi Wassallam which are on the prohibition of Riba (Interest) are as follows: In the following Saying the excess on either sides is regarded as riba. Gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, must be equal on both sides and hand to hand. Whoever pays more or demands more (on either side) indulges in Riba.1.( Sahih Muslim, Karachi, V.2, P.25) As per the following saying commercial interests existence is exhibited. Ibn Juraij says: in the pre-Islamic period, the tribe of Banu Amr bin auf used to take interest from the tribe of Banu-al-Mughira, and the Banu-al-Mughira used to pay this interest. When islam came,the later owned considerable amount of money to the former. And further on:the Banu-al-mughira used to pay interest to Banu-thaqif. All the people involved in the transaction of riba are found to be guilty and at fault as per quoted saying below. From Jabir: the Prophet,Sallalaho Alaihi Wassallam, may cursed the receiver and the payer of interest, the one who records it and the two witnesses to the transaction and said:they are all alike [in guilt] (Muslim,Kitab-al-Musaqat, Bab lani akili al-Riba wa mukilihi;also in Tirmidhi and Musnad Ahmed) The implication or the inference of sins that a person attains on indulging himself in interest based transactions is emphasized in the following quotes. FromAbdullah ibn Hanzalah:the Prophet,Sallalaho Alaihi Wassallam,said : a dirham of Riba which a man receives knowingly is worst than committing adultery thirty-six times(Mishkat al-Masabih, Kitab al-Buyu,Bab al -Riba,on the authority of Ahmed and Daraqutni) From Abu Hurayrah: the Prophet,Sallalaho Alaihi Wassallam said: Riba has seventy segments, the least serious being equivalent to a man committing adultery with his own mother.(Ibn Majah) Interest based transaction reap no profits here or hereafter. The misery that one is bound to go through after death just for indulging himself in interest based proceeds in visible in the following quote. From Abu Hurayrah: the Prophet,Sallalaho Alaihi Wassallam, said: On the night of Ascension I came upon people whose stomachs were like houses with snakes visible from the out side. I asked Gabriel who they were. He replied that they were people who had received interest ( Ibn Majah, Kitab al-Tijarat, Bab al Taghlizi fi al-Riba; also in Musnad Ahmad) Prohibation of Interest (Riba) in Bible It is not that only in Islam, interest is prohibited even in Christianity, the prohibition of interest is eminent. We have even seen above that even Jews were prohibited from interest based activity according to the Qurans verse. Following are the quotes from the Bible proving the prohibition of Riba. Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury. [Deuteronomy 23:19] Lord, who shall abide in thy tabernacle? Who shall dwell in thy holy hill? He that walketh uprightly, and worketh righteousness and speaketh the truth in his hearth. He that putteth not out of his money to usury, not taketh reward against the innocent.[Psalms 15:1, 2, 5] He that by usury and unjust gain increaseth his substance, he shall gather it for him that will pity the poor. [Proverbs 28:8] Then I consulted with myself, and I rebuked the noble, and rules and said unto them, ye exact usury, every one of his brother. And I set a great assembly against them.[Nehemiah 5:7] After identifying that interest has been prohibited in the past as well as in the contemporary era by the Creator of mankind as He tends to proscribe this act, it would be important to understand the types of Riba which are as follows: Riba Al Jahiliya/ Riba An Nasiyah That type of debt where specified reimbursements period and an amount in surplus of capital is fixed. (Usmani, 2002) Riba Al Fadl / Riba Al Hadees Riba Al Fadl means that the amount or goods paid back in excess other than the Qard (Loan) or which is taken in exchange of explicit homegenous products and are utilized in their hand to hand purchase and sale as explained in the Hadees. (Sahih Muslim, Karachi, V.2, P.25). (Usmani, 2002) Gharar The second of the ailments identified by the Islamic Juriprudence is known as Gharar. Gharar, is usually understood to denote ambiguity in the contractual conditions and/or the uncertainty in the survival of an essential good in an agreement and this creates concerns for Islamic scholars in the light of Islamic Jurisprudence. Shariah does include the ideology of Public benefit, denoting that, if something is tremendously in the public favor, it may be executed and so hedging or alleviation of preventable business threats, do come into this class but further elaboration is as follows by Islamic Scholars: Gharar is where the participants that is the buyer and seller, dont know what one bought and what the other sold. Professor Mustafa Al-Zarqa the researcher of Shariah has written Gharar can be defined as the sale of possible goods whose characteristics or individuality can not be established, due to the dicey character which makes this form of business related to gambling. Hadith for bidding this prototype of trading in Gharar (jeopardy) are available in books of Hadith. Some examples of Gharar transactions are (e.g. trading any fish swimming in the sea or a bird from a collection of species flying in the sky an unborn calf in cows womb, are some of the saleable goods which cannot be probed and examined as their true traits are unknown. Islamic Jurisprudence researchers have given many complete definitions of Gharar. They have also evolved with the idea of Yasir (minor risk); a financial deal with an insignificant risk is believed to be Halal (permissible) while transactions involving significant risk (Bayu-ul-Gharar) is deemed to be Haram. Gharar is one of those impediments which limit the power of decision making. An agreement that has any element of Gharar is not valid from the Islamic Jurisprudence view, irrespective of whether the parties to the agreement agree upon the agreement. The lexical meaning of Gharar is to deceive, cheat, delude, lure, entice and uncertainty. Gharar can be defined as follows: The uncertainty that is present in the basic elements of an agreement, wording, subject matter, consideration and the liabilities. Example of events which have been prohibited in Ahadith because of Gharar are: Sale of unborn Camels baby still in the mother abdomen. Sale of flowers before they appear on the plant. Sale of fish that comes in one throw of net. Sale of wool on the body of the animal. Qimar is that event in which there is a possibility of total loss to one party.Every gambling is a form of Qimar but Qimar is not limited to gambling. The Contract in which the participants, at the moment of implementing the agreement, cannot determine or rather decide as to how much it would give or receive. Causes of Gharar Though the conditions can be many but the most commonly occuring causes can be identified in (Samadani, 2007) are as follows: Uncertainity relating to the existence of thing sold Uncertainity relating to the possession of thing sold Uncertainity relating to the thing sold itself Uncertainity relating to the price Uncertainity relating to the payment of price Uncertainity relating to both thing sold as well as the price Types of Gharar Some types of Gharar are as follows: Baitan fi Bai (Twin sales) Safaqa fi Safaqa (Twin contracts) Bai urban/urboon Forward contract Superficial bull whip effect In the dark ages, many contracts were in vogue, where that condition would turn trade into treasure hunt. Like the seller would have different pieces of cloth and the buyer would cast a stone and would get the cloth where the stone would land. The Holy ProphetSallalaho Alaihi Wassallam has disallowed all such contracts. After identification of the prohibitions in the current financial system where interest and Gharar (Uncertainity) are a part and parcel of day to day proceedings. The need for a system which eliminated such illnesses was required. Another reason was that, after the jolts of 1930s and other economic crisis of 1970 and now of 2008 that followed, the financial world started talking about alternatives to the present systems of (Communism, Socailism and Capitalism). Though Capitalism is the largest spread system across the globe but by all means its jolting has been witnessed since 1839, 1930, 1970 and 2007. Is it at the verge of its end? Nobody knows but people have started looking for options. Islamic Economics Islam provides an economic system based on rules and principles defined by Islamic Jurisprudence. Human being is just a custodian of wealth and the true ownership is with Allah Tallah. Islamic Economics point of difference is that it not only deals with the materialistic needs of human being rather it also fulfills the spirtual needs at the same time. The main theory behind the Islamic economics is that money is only a means of exchange (in other words money tends to serve as an intermediary between the transaction of asset) and not a product that can be sold or discounted. Here it is noteworthy that a human being is not the true owner of wealth as it belongs Allah Tallah rather he has been given only the right to use it as the second owner, keeping in mind that he would be questioned on the day of judgement of his usfruct. Islam doesnt deny the forces of law of demand and supply but does emphasis on the consumer as well as the government to abide by the rules of Islam. Islam as a De en has the capability to accomadate all good things that life has to bring accept those which are outrightly against its divine principles. To summarise Islamic economics can be defined as the humanitarian goal of achieving the well-being of all members of the human family which cannot be attained by concentrating primlairly on the materialistic needs of comfort and creating maximisation of riches as the core intention of economics. Hence it is part and parcel to raise the spirtual content of well being of the whole society and reduce all symptons of anomie, like family disintegration, heavy interest based debt payments, conflict and tension, crime, alcholism, addiction to drugs and psychological illness, all signifying lack of internal delight and satisfaction in the life of human beings. Captialism similar to socialism, both have fallen short to show the way to their followers such an overall welfare. As a prospective measure, it is seems almost inevitable to put down the outlines of a new scheme of operations which helps maximise human well being as per the divine guidelines of Allah Tallah. As per (Khan, 1993) that since the unavailibilty of an Islamic society anywhere in the world the Islamic economics at present is scarely able to express or articulate Islamic position on economic issues as per its connotations. Islamic economics implies a serious execution of the Islamic strategy to raise the spirtual as well as the material well being of all people and to establish socio-economic justice, which is the vital objective of the Islamic message. On the spirtual side, the peace of mind that is fundamental to inner happiness cannot be attained except by increasing the nearness of the human being to his Creator, which Islam is capable of bringing about but secularism doesnot even aspire to. (Chapra, 1992). Islamic Banking Banks serve as the heart of any economy as they pump funds into the economic veins of a country. The four main functions that the bank performs are: lending and deposit business securities issuing asset management and foreign exchange trading. Trading has been given as an alternative to interest based transactions by Quran e Kareem as mentioned above. In the light of this fact the comtemporary Islamic scholars after reviewing the current financial system have comeup with different modes of financing to fulfill the much needed requirement. In the futher discussion we shall discuss those modes of financing. But first we would define Islamic banking as per the State Bank Of Pakistan. Islamic banking has the same utility as of conventional banking except that it asserts to function in agreement with the rules of Islamic Jurisprudence, called Fiqh ul Muamalat (Islamic regulations for transactions). The indispensable law of Islamic banking is the sharing of gain and loss and the prohibition of interest and Gharar. The Islamic concepts, that are mainly used in Islamic banking are profit sharing combination of isolated investor and worker (Mudharabah), safekeeping (Amanah), joint venture (Musharkah), Diminishing Musharkah, cost plus profit (Murabahah), asset finance (Ijarah), manufacturing (Istisna) and agricultural goods (Salaam). Islamic banking proposes to a structure of banking or participatory pooling actions that is dependable on Islamic Jurisprudence (Shariah) and channeled by Islamic economics. Islamic law prohibits interest the collection and payment of Usury. Islamic law also disallows trading in financial risk (since it is a form of gambling) discussed abov e as Gharar. In addition, Islamic Jurisprudence excludes participation in businesses which are deemed Haram (a going concern which deals in pork or alcohol). At the verge of 20th century, quite a few Islamic banks were crafted, to cater to this specific banking market. (Hassan, 2002) In an Islamic mortgage transaction, instead of giving debt to the buyer, money is utilized to purchase the item that is, money is a medium of exchange and not a commodity. Money cannot be rented, is a fact of Islamic Economics. The supplier acts as a direct vendor for the bank, after acquiring the goods the bank proceeds it to the customer at a gain, while allowing the buyer to payback the bank in installments (assets backed financing). However, for any delay in payment the bank cannot charge additional costs as profit or compensation. To mitigate its risk and close in on the vulnerability of the customers default, the bank keeps strict collaterals as its bail out. After the possession of goods the tangible asset is listed in the name of the buyer, by the Islamic banks. Such a bargain is known as Murabaha. Likewise Ijara wa Iqtina or Ijara bi Tamleek, which is alternative to real estate capital finance. Islamic banks handle proportionate income financings for means of transportations in a likewise manner (vending the automobile at a price, which is higher than the current value of the asset in the market, to the lessee and then holding up the title of the medium until the pre-agreed proceeds are paid up). The previous profits are taken into consideration setting up a profit and loss sharing ratio. Consequently the banks profit on the proportionate income financing is equivalent to a specific proportion of the companys revenues. As soon as the investment amount of the proportionate income financing is reimbursed, the earning-distribution arrangement is terminated. This specific exercise is entitled as Musharaka. Supplementary to this, Mudaraba is venture capital financing where a talented worksman who provides labor while funding is offered by the bank, so that one executes business on behalf of the other. Such participatory indulgence between capital and labor reflect the Islamic conceptions that the borrower should not absorb the peril/price of a collapse, since it is Allah Tallah who determines that failure or success, and intends that all those involved reap or bear it as per their obligations. Last, Islamic banking is bounded within Islamically permissible transactions, which eliminate those involving alcohol, pork, gambling, etc. Thus Islamic investing is the only acknowledgeable form of investment, and asset backed transactions are encouraged at the same time the social illnesses are not propped up. The concepts and financing modes in Islamic banking are as follows: Shariah Advisory Council/Consultant Islamic banks and banking organizations that offer Islamic banking products and services (IBPS banks) are required to establish Shariah advisory boards/ consultants to recommend them and to ensure that the procedures, activities and systems of the bank comply with Shariah doctrine. Amanah (Safekeeping) In Amanah, a bank is reckoned as a warden and custodian of endowments. Person deposits money in the bank and the bank assures to repay the whole amount of the belongings, or any portion of the remaining sum, when the depositor claims it. In this situation the Bank becomes the Amin (the Guardian) while the saver is known as Rab-ul-Maal. In Amanah the bank cannot consume this money until and unless the depositor permits its Amin. Mudarabah (Profit Loss Sharing) Mudarabah is a form or contract established between an investor and an entrepreneur, whereby the entrepreneur can finance the investments for its business proceedings. Any gains generated shall be distributed between the investor and the entrepreneur as per the consented ratio, while only the investor stands all the losses if transpired, it has to be bared in mind that the due attentiveness of the entrepreneur will be evaluated and in case of carelessness he/she would have to bear the consequences. The profit-sharing maintained until the proportionate income financing is reimbursed. The bank receives its share for the time value of its money through a set proportion in profit earned that is attached to the debtors profits. (Hassan, 2002) It is a corporation in proceeds between investment and skill, where one provides funds whereas the other supplements proficiency, expertise and administration. The latter is called as the Mudarib. Any profits accumulated are distributed amongst the participants on a pre-settled ratio, while loss is borne only by the investor. It is noteworthy that any increase in capital shall be the property of Rab-ul-Maal the capital provider according majority of jurist. For example if the sheep provided by rab-ul- maal investor and sheep gave birth to lamb, the lambs would be in the ownership of Rab-ul-Maal not the Mudarib (entrepreneur). The capital provider earns profit from the business on the basis of providing capital while the entrepreneur gets his share with respect to his efforts and endeavors. (Usmani T. M., 2004) Musharkah (Joint Venture) This conception is normally applied for business partnerships or mutual ventures. The profits made are shared on a settled ratio, while if losses are sustained they will be divided on the equity funds allocation ratio. This model is different from fixed-income endowing (i.e. proceeds of propotionate income financings). The two different types of Musharkah modes are Shirkat ul Ooqud and Shirkat ul Milk as per Islamic Jurisprudence. Further elaborating the types can be divided into specific main categories with further sub types each. In Islamic finance the things taken into consideration are Shirkat ul Ooqud (Partnership in Trade) and Shirkat ul Amaal (Partnership in Services). Shirkat ul Amwal (Partnership in trade) Shirkat Ul Amal (partnership in services) Shirkat ul Amwal (partnership in trade) is the mode of partnership where all partners invest some capital into a commercial enterprise. Shirkat Ul Ammal (partnership in services) is the form of partnership where all the partners jointly undertake to render some services for their customers and the fee charged from them is distributed among them accordingly to an agreed ratio. (Usmani T. M., 2004) Musharkah translates itself into a relationship established under a pact by the Impact of Islamic Banking on Consumer Financing Sector Impact of Islamic Banking on Consumer Financing Sector Abstract This study finds out the realistic or any factual impact caused by the introduction of Islamic Banking on the consumer financing sector generally, while keeping its main focus explicitly on House Financing and Car Financing through banks in Pakistan. The total banks involved in consumer financing whether Islamic or Conventional where included in this research, keeping 2003 as the base year of data initiation. Since 53% of Consumer financing was being defined by House and Car financing so they were kept in focus. Independent T-Tests were run on the investments as well as the growth of both the sectors that is Islamic and Conventional banking sectors. The data was collected from the Statistical Data Ware House Department of State Bank of Pakistan. The results show that the variances in the investment sectors of both Islamic and Conventional differed from each other where H0 was rejected on the basis of value of t stats where as in the growth comparison the variances were said to be sa me at 10% significant level but the means of growth stood at 29% and 9% in cases of Islamic and Conventional banking respectively proving the positive impact of Islamic Banking on Consumer Financings bulky sector of House and Car Financing in Pakistan . In case of any incongruity to State Bank of Pakistan or the AAOFI standards, the latter shall prevail. Chapter one: Introduction The intent to write this research was to undermine the factual understanding as well as affect caused due to the introduction of Islamic Banking in Pakistan. It was acclaimed by the people related to the industry that Islamic Banking had positively affected the banking sector here and across the globe. The numbers were quoted and percentages claimed but no real research supported the declarations. So the author thought of doing a research to dwell on the issue and conduct a research with respect to Pakistan hence, configure the true standings of the conterparts known commonly as Islamic Banking and Conventional Banking. Islamic Banking though has a mere institutionalised history of 35 years across the globe but has gained tremendous recognition in this short tenure which shall be wittnessed in the literature review ahead in this paper. The evolution of Islamic Banking in Pakistan started as late as 2000 01 after the historical judgement of the Supreme Court of Pakistan in1999 against the prevailing interest based banking system. The Islamic banking emerged, though after a valiant effort which continued over two decades prior to its surfacing. Different reports, articles, awareness sessions, books and other relative material endowed to this very existence of Islamic Banks in Pakistan. Though the clouds of uncertainity have lingered on this newly instigated initiative ever since its emergence, but then again that has always remained a norm for innovative things in Pakistan. Though Islamic Banking has come a long way after its start almost a decade ago but it still has a lot to prove to its spectators with respect to shariah compliance and market effectiveness in the Pakistans lucrative but stingent souk. Consumer Financing is a sector which has its part of exuberance attached to it in the banking and financial sector. When ever the financial markets are flooded with accessive liquidity the first thing that magnetizes the banker is the consumer financing sector specially in Pakistan where the yeilds were as high as 15% on proceeds. The magnitude of House and Car finance together tend to weigh around at almost 53% of this sector so the proceedings in this neighborhood can be established by analysing these mentioned sectors. In view of the fact that the House Car financing sector provide a level playing field for the conterparts that is Islamic and Conventional players, was another reason for this assortment. In the paper further the comparative analysis is conducted as well as the background of both Islamic Banking and Finance with Consumer Financing has been discussed in comprehensive detail. Statement of the Problem Islamic Banking ever since its emergence in Pakistan has raised eyebrows of related and non related players. Is there a difference? Which banking system shall prevail? Does Islamic Banking have enough weight to outset its conterpart? Can Islamic Banking loose the tag of being a parellel banking system and become the prefered banking operation in Pakistan? The researcher answers to these questions in the light of the literature review as well as by testing the viability of Islamic Banking sector to its conterpart Conventional Banking in the asset backed sectors of House and Car finance (through banks) in Pakistan. Objective Basic purpose of this research is to determine the differential impact of Islamic Banking in contrast to Conventional Banking on House Car Financing through Banks in Pakistan. Research Model Hypotheses H0: Islamic Banking does not impact House Car Financing through Banks In Pakistan. H1: Islamic Banking directly impacts House Car Financing through Banks In Pakistan. Chapter Two: Literature Review This segment will appraise the comprehesive literature review with respect to Islamic Banking globally while Consumer Banking Sector in Pakistan. Islam as a Code of Life Islam acclaims its self to be a Deen which provides a complete code of life to its practitioners. According to its claim Islam not only helps its followers rather also those who seek for help without believing in its core essence for day to day hinderances. May it be a name for a believers child or be it the purpose of life, Islam alone tends to answer to all the versatile queries of its disciple. This is the beauty of Islam but it can only lead to enlightenment only if all the resources of Islam are kept in view or an adherent may astray from the righteous path. The main resources of Islam can be categorized as follows: Quran e Karim The Holy Book sent upon Hazarat Muhammad Ahadith e Mubarakah (Sayings of Hazarat Muhammad) Shariah (Implementation of Islam) Lives of Hazrat Muhammad and the Sahaba (Companions of Hazarat Muhammad) Hence the Deen, Islam, can be categorized into three main branches: Beliefs (Aqaaid) Reformation and Rectification (Tassawuf) Islamic Laws and Principles (Fiqha). Since my paper would be coming under the third bough of a healthy hierarchy, that is, Islamic laws and Principle Jurisprudence (Fiqh). Further elaborating this division known as Fiqh (Islamic Laws and Principles) can be further sub-divided into the following sections: Prayers (Forms of submissions to Allah Tallah, Ibadaat) Societal or Civil Laws (Maamlaat) Criminal Laws Constitutional laws Since my paper discusses the Societal or Civil laws (Maamlaat) or rather absolutely specifying it would be dealing with financial aspects of this vast sub branch of Fiqh. Coming to the financial aspects of a Muslim or even an Oriental who believes in the fairness of Islamic laws, the main concern of this individual is to abide by Islamic law and principles while earning bread and butter for himself and his family. The things permissible by Islamic Jurisprudence are referred to as Halal while the things that are prohibited in Islamic Fiqh are known as Haram. It is by obligation that a Muslim or even an Oriental who believes in Islamic laws can earn his living only through Halal ways. One way of distinguishing Halal is by identifying the prohibitions while the rest remains permissible. Prohibitions in Islam for Financial Procedures The two of the main ills identified by Islam in financial procedures are: Riba (Interest) Gharar. Riba (Interest) In perspectives of Shariah money is considered to be a assessing means for value or worth rather than an asset within itself, it necessitates that an investor should not be able to obtain income from capital (or everything that is treated as a kind of money) alone. This production of money from money (commonly known as interest) is Riba, which is prohibited in Islam. Prohibation of Interest (Riba) in Quran Following are the verses where Quran has out rightly identified interest as a prohibition. In the following verse our Creator nullifies the visual increase of wealth earned through interest. And whatever Riba you give so that it may increase in the wealth of the people it does not increase with Allah Subhanahu Tallah (30:39) At another place it has been identified that the Jews werent allowed to indulge in interest. And because of their charging Riba while they were prohibited from it (4:161) A verse which identifies the prohibition of interest and its form whether it be compounded. O those who believe do not eat up Riba doubled and redoubled (3:130) Ribas eminent prohibition can be seen in the following verse while at the same time the permissible alternative of trading has been offered. Another important factor which can be witnessed here is that giving of charity is being encouraged while interest is being regarded as a curse. Those who take Riba (usury or interest) will not stand but as stands the one whom the demon has driven craze by his touch. That is because they have said: Trading is but like Riba and Allah Subhanahu Tallah has permitted trading and prohibited Riba. So, whoever receives an advice from his lord and stops, he is allowed what has passed, and his matter is up to Allah Subhanahu Tallah . And the ones who revert back, those are the people of fire. There they remain forever. Allah Subhanahu Tallah destroys Riba and nourishes charities. And Allah Subhanahu Tallah does not like any sinful disbeliever. Surely those who believe and do good deeds, establish Salah and pay Zakah, have their reward with their lord, and there is no fear for them, nor shall they grieve. O those who believer, fear Allah and give up what still remains of Riba if you are believers. But if you do not, then listen to the declaration of war from Allah and his messenger. And if you repent, yours is your principal. Neither you wrong, nor be wronged. And if there be one in misery, then deferment till ease. And that you leave it as alms is far better for you, if you really know. And be fearful of a day when you shall be returned to Allah, then everybody shall be paid, in full, what he has earned. And they shall not be wronged. (2: verses 275-281) Identifying one of the greatest ills of Interests concentration of wealth the rich becoming wealthier and the poor becoming underprivileged, the verse tends to unfold one of the many aliments caused by going against the prohibition. So that this wealth should not become confined only to the rich amongst you.(59:7) During the tenure of 1984 to 1994, $ 719 Billion dollars were sanctioned as interest based loans while $ 749 Billion were returned during the same tenure still leaving behind a liability of $ 1258 Billion. 225 people possess 47% of the wealth of the world at the same time 1 Billion and 30 Million people earn $ 1 daily while 32% of the population of this world earns $ 4 daily. These facts show that the present financial system has the above mentioned illness known as the concentration of wealth. Prohibation of Interest (Riba) in Hadith The second source of Islam is the sayings of the Holy Prophet MuhammadSallalaho Alaihi Wassallam. Ahadith of ProphetSallalaho Alaihi Wassallam which are on the prohibition of Riba (Interest) are as follows: In the following Saying the excess on either sides is regarded as riba. Gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, must be equal on both sides and hand to hand. Whoever pays more or demands more (on either side) indulges in Riba.1.( Sahih Muslim, Karachi, V.2, P.25) As per the following saying commercial interests existence is exhibited. Ibn Juraij says: in the pre-Islamic period, the tribe of Banu Amr bin auf used to take interest from the tribe of Banu-al-Mughira, and the Banu-al-Mughira used to pay this interest. When islam came,the later owned considerable amount of money to the former. And further on:the Banu-al-mughira used to pay interest to Banu-thaqif. All the people involved in the transaction of riba are found to be guilty and at fault as per quoted saying below. From Jabir: the Prophet,Sallalaho Alaihi Wassallam, may cursed the receiver and the payer of interest, the one who records it and the two witnesses to the transaction and said:they are all alike [in guilt] (Muslim,Kitab-al-Musaqat, Bab lani akili al-Riba wa mukilihi;also in Tirmidhi and Musnad Ahmed) The implication or the inference of sins that a person attains on indulging himself in interest based transactions is emphasized in the following quotes. FromAbdullah ibn Hanzalah:the Prophet,Sallalaho Alaihi Wassallam,said : a dirham of Riba which a man receives knowingly is worst than committing adultery thirty-six times(Mishkat al-Masabih, Kitab al-Buyu,Bab al -Riba,on the authority of Ahmed and Daraqutni) From Abu Hurayrah: the Prophet,Sallalaho Alaihi Wassallam said: Riba has seventy segments, the least serious being equivalent to a man committing adultery with his own mother.(Ibn Majah) Interest based transaction reap no profits here or hereafter. The misery that one is bound to go through after death just for indulging himself in interest based proceeds in visible in the following quote. From Abu Hurayrah: the Prophet,Sallalaho Alaihi Wassallam, said: On the night of Ascension I came upon people whose stomachs were like houses with snakes visible from the out side. I asked Gabriel who they were. He replied that they were people who had received interest ( Ibn Majah, Kitab al-Tijarat, Bab al Taghlizi fi al-Riba; also in Musnad Ahmad) Prohibation of Interest (Riba) in Bible It is not that only in Islam, interest is prohibited even in Christianity, the prohibition of interest is eminent. We have even seen above that even Jews were prohibited from interest based activity according to the Qurans verse. Following are the quotes from the Bible proving the prohibition of Riba. Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury. [Deuteronomy 23:19] Lord, who shall abide in thy tabernacle? Who shall dwell in thy holy hill? He that walketh uprightly, and worketh righteousness and speaketh the truth in his hearth. He that putteth not out of his money to usury, not taketh reward against the innocent.[Psalms 15:1, 2, 5] He that by usury and unjust gain increaseth his substance, he shall gather it for him that will pity the poor. [Proverbs 28:8] Then I consulted with myself, and I rebuked the noble, and rules and said unto them, ye exact usury, every one of his brother. And I set a great assembly against them.[Nehemiah 5:7] After identifying that interest has been prohibited in the past as well as in the contemporary era by the Creator of mankind as He tends to proscribe this act, it would be important to understand the types of Riba which are as follows: Riba Al Jahiliya/ Riba An Nasiyah That type of debt where specified reimbursements period and an amount in surplus of capital is fixed. (Usmani, 2002) Riba Al Fadl / Riba Al Hadees Riba Al Fadl means that the amount or goods paid back in excess other than the Qard (Loan) or which is taken in exchange of explicit homegenous products and are utilized in their hand to hand purchase and sale as explained in the Hadees. (Sahih Muslim, Karachi, V.2, P.25). (Usmani, 2002) Gharar The second of the ailments identified by the Islamic Juriprudence is known as Gharar. Gharar, is usually understood to denote ambiguity in the contractual conditions and/or the uncertainty in the survival of an essential good in an agreement and this creates concerns for Islamic scholars in the light of Islamic Jurisprudence. Shariah does include the ideology of Public benefit, denoting that, if something is tremendously in the public favor, it may be executed and so hedging or alleviation of preventable business threats, do come into this class but further elaboration is as follows by Islamic Scholars: Gharar is where the participants that is the buyer and seller, dont know what one bought and what the other sold. Professor Mustafa Al-Zarqa the researcher of Shariah has written Gharar can be defined as the sale of possible goods whose characteristics or individuality can not be established, due to the dicey character which makes this form of business related to gambling. Hadith for bidding this prototype of trading in Gharar (jeopardy) are available in books of Hadith. Some examples of Gharar transactions are (e.g. trading any fish swimming in the sea or a bird from a collection of species flying in the sky an unborn calf in cows womb, are some of the saleable goods which cannot be probed and examined as their true traits are unknown. Islamic Jurisprudence researchers have given many complete definitions of Gharar. They have also evolved with the idea of Yasir (minor risk); a financial deal with an insignificant risk is believed to be Halal (permissible) while transactions involving significant risk (Bayu-ul-Gharar) is deemed to be Haram. Gharar is one of those impediments which limit the power of decision making. An agreement that has any element of Gharar is not valid from the Islamic Jurisprudence view, irrespective of whether the parties to the agreement agree upon the agreement. The lexical meaning of Gharar is to deceive, cheat, delude, lure, entice and uncertainty. Gharar can be defined as follows: The uncertainty that is present in the basic elements of an agreement, wording, subject matter, consideration and the liabilities. Example of events which have been prohibited in Ahadith because of Gharar are: Sale of unborn Camels baby still in the mother abdomen. Sale of flowers before they appear on the plant. Sale of fish that comes in one throw of net. Sale of wool on the body of the animal. Qimar is that event in which there is a possibility of total loss to one party.Every gambling is a form of Qimar but Qimar is not limited to gambling. The Contract in which the participants, at the moment of implementing the agreement, cannot determine or rather decide as to how much it would give or receive. Causes of Gharar Though the conditions can be many but the most commonly occuring causes can be identified in (Samadani, 2007) are as follows: Uncertainity relating to the existence of thing sold Uncertainity relating to the possession of thing sold Uncertainity relating to the thing sold itself Uncertainity relating to the price Uncertainity relating to the payment of price Uncertainity relating to both thing sold as well as the price Types of Gharar Some types of Gharar are as follows: Baitan fi Bai (Twin sales) Safaqa fi Safaqa (Twin contracts) Bai urban/urboon Forward contract Superficial bull whip effect In the dark ages, many contracts were in vogue, where that condition would turn trade into treasure hunt. Like the seller would have different pieces of cloth and the buyer would cast a stone and would get the cloth where the stone would land. The Holy ProphetSallalaho Alaihi Wassallam has disallowed all such contracts. After identification of the prohibitions in the current financial system where interest and Gharar (Uncertainity) are a part and parcel of day to day proceedings. The need for a system which eliminated such illnesses was required. Another reason was that, after the jolts of 1930s and other economic crisis of 1970 and now of 2008 that followed, the financial world started talking about alternatives to the present systems of (Communism, Socailism and Capitalism). Though Capitalism is the largest spread system across the globe but by all means its jolting has been witnessed since 1839, 1930, 1970 and 2007. Is it at the verge of its end? Nobody knows but people have started looking for options. Islamic Economics Islam provides an economic system based on rules and principles defined by Islamic Jurisprudence. Human being is just a custodian of wealth and the true ownership is with Allah Tallah. Islamic Economics point of difference is that it not only deals with the materialistic needs of human being rather it also fulfills the spirtual needs at the same time. The main theory behind the Islamic economics is that money is only a means of exchange (in other words money tends to serve as an intermediary between the transaction of asset) and not a product that can be sold or discounted. Here it is noteworthy that a human being is not the true owner of wealth as it belongs Allah Tallah rather he has been given only the right to use it as the second owner, keeping in mind that he would be questioned on the day of judgement of his usfruct. Islam doesnt deny the forces of law of demand and supply but does emphasis on the consumer as well as the government to abide by the rules of Islam. Islam as a De en has the capability to accomadate all good things that life has to bring accept those which are outrightly against its divine principles. To summarise Islamic economics can be defined as the humanitarian goal of achieving the well-being of all members of the human family which cannot be attained by concentrating primlairly on the materialistic needs of comfort and creating maximisation of riches as the core intention of economics. Hence it is part and parcel to raise the spirtual content of well being of the whole society and reduce all symptons of anomie, like family disintegration, heavy interest based debt payments, conflict and tension, crime, alcholism, addiction to drugs and psychological illness, all signifying lack of internal delight and satisfaction in the life of human beings. Captialism similar to socialism, both have fallen short to show the way to their followers such an overall welfare. As a prospective measure, it is seems almost inevitable to put down the outlines of a new scheme of operations which helps maximise human well being as per the divine guidelines of Allah Tallah. As per (Khan, 1993) that since the unavailibilty of an Islamic society anywhere in the world the Islamic economics at present is scarely able to express or articulate Islamic position on economic issues as per its connotations. Islamic economics implies a serious execution of the Islamic strategy to raise the spirtual as well as the material well being of all people and to establish socio-economic justice, which is the vital objective of the Islamic message. On the spirtual side, the peace of mind that is fundamental to inner happiness cannot be attained except by increasing the nearness of the human being to his Creator, which Islam is capable of bringing about but secularism doesnot even aspire to. (Chapra, 1992). Islamic Banking Banks serve as the heart of any economy as they pump funds into the economic veins of a country. The four main functions that the bank performs are: lending and deposit business securities issuing asset management and foreign exchange trading. Trading has been given as an alternative to interest based transactions by Quran e Kareem as mentioned above. In the light of this fact the comtemporary Islamic scholars after reviewing the current financial system have comeup with different modes of financing to fulfill the much needed requirement. In the futher discussion we shall discuss those modes of financing. But first we would define Islamic banking as per the State Bank Of Pakistan. Islamic banking has the same utility as of conventional banking except that it asserts to function in agreement with the rules of Islamic Jurisprudence, called Fiqh ul Muamalat (Islamic regulations for transactions). The indispensable law of Islamic banking is the sharing of gain and loss and the prohibition of interest and Gharar. The Islamic concepts, that are mainly used in Islamic banking are profit sharing combination of isolated investor and worker (Mudharabah), safekeeping (Amanah), joint venture (Musharkah), Diminishing Musharkah, cost plus profit (Murabahah), asset finance (Ijarah), manufacturing (Istisna) and agricultural goods (Salaam). Islamic banking proposes to a structure of banking or participatory pooling actions that is dependable on Islamic Jurisprudence (Shariah) and channeled by Islamic economics. Islamic law prohibits interest the collection and payment of Usury. Islamic law also disallows trading in financial risk (since it is a form of gambling) discussed abov e as Gharar. In addition, Islamic Jurisprudence excludes participation in businesses which are deemed Haram (a going concern which deals in pork or alcohol). At the verge of 20th century, quite a few Islamic banks were crafted, to cater to this specific banking market. (Hassan, 2002) In an Islamic mortgage transaction, instead of giving debt to the buyer, money is utilized to purchase the item that is, money is a medium of exchange and not a commodity. Money cannot be rented, is a fact of Islamic Economics. The supplier acts as a direct vendor for the bank, after acquiring the goods the bank proceeds it to the customer at a gain, while allowing the buyer to payback the bank in installments (assets backed financing). However, for any delay in payment the bank cannot charge additional costs as profit or compensation. To mitigate its risk and close in on the vulnerability of the customers default, the bank keeps strict collaterals as its bail out. After the possession of goods the tangible asset is listed in the name of the buyer, by the Islamic banks. Such a bargain is known as Murabaha. Likewise Ijara wa Iqtina or Ijara bi Tamleek, which is alternative to real estate capital finance. Islamic banks handle proportionate income financings for means of transportations in a likewise manner (vending the automobile at a price, which is higher than the current value of the asset in the market, to the lessee and then holding up the title of the medium until the pre-agreed proceeds are paid up). The previous profits are taken into consideration setting up a profit and loss sharing ratio. Consequently the banks profit on the proportionate income financing is equivalent to a specific proportion of the companys revenues. As soon as the investment amount of the proportionate income financing is reimbursed, the earning-distribution arrangement is terminated. This specific exercise is entitled as Musharaka. Supplementary to this, Mudaraba is venture capital financing where a talented worksman who provides labor while funding is offered by the bank, so that one executes business on behalf of the other. Such participatory indulgence between capital and labor reflect the Islamic conceptions that the borrower should not absorb the peril/price of a collapse, since it is Allah Tallah who determines that failure or success, and intends that all those involved reap or bear it as per their obligations. Last, Islamic banking is bounded within Islamically permissible transactions, which eliminate those involving alcohol, pork, gambling, etc. Thus Islamic investing is the only acknowledgeable form of investment, and asset backed transactions are encouraged at the same time the social illnesses are not propped up. The concepts and financing modes in Islamic banking are as follows: Shariah Advisory Council/Consultant Islamic banks and banking organizations that offer Islamic banking products and services (IBPS banks) are required to establish Shariah advisory boards/ consultants to recommend them and to ensure that the procedures, activities and systems of the bank comply with Shariah doctrine. Amanah (Safekeeping) In Amanah, a bank is reckoned as a warden and custodian of endowments. Person deposits money in the bank and the bank assures to repay the whole amount of the belongings, or any portion of the remaining sum, when the depositor claims it. In this situation the Bank becomes the Amin (the Guardian) while the saver is known as Rab-ul-Maal. In Amanah the bank cannot consume this money until and unless the depositor permits its Amin. Mudarabah (Profit Loss Sharing) Mudarabah is a form or contract established between an investor and an entrepreneur, whereby the entrepreneur can finance the investments for its business proceedings. Any gains generated shall be distributed between the investor and the entrepreneur as per the consented ratio, while only the investor stands all the losses if transpired, it has to be bared in mind that the due attentiveness of the entrepreneur will be evaluated and in case of carelessness he/she would have to bear the consequences. The profit-sharing maintained until the proportionate income financing is reimbursed. The bank receives its share for the time value of its money through a set proportion in profit earned that is attached to the debtors profits. (Hassan, 2002) It is a corporation in proceeds between investment and skill, where one provides funds whereas the other supplements proficiency, expertise and administration. The latter is called as the Mudarib. Any profits accumulated are distributed amongst the participants on a pre-settled ratio, while loss is borne only by the investor. It is noteworthy that any increase in capital shall be the property of Rab-ul-Maal the capital provider according majority of jurist. For example if the sheep provided by rab-ul- maal investor and sheep gave birth to lamb, the lambs would be in the ownership of Rab-ul-Maal not the Mudarib (entrepreneur). The capital provider earns profit from the business on the basis of providing capital while the entrepreneur gets his share with respect to his efforts and endeavors. (Usmani T. M., 2004) Musharkah (Joint Venture) This conception is normally applied for business partnerships or mutual ventures. The profits made are shared on a settled ratio, while if losses are sustained they will be divided on the equity funds allocation ratio. This model is different from fixed-income endowing (i.e. proceeds of propotionate income financings). The two different types of Musharkah modes are Shirkat ul Ooqud and Shirkat ul Milk as per Islamic Jurisprudence. Further elaborating the types can be divided into specific main categories with further sub types each. In Islamic finance the things taken into consideration are Shirkat ul Ooqud (Partnership in Trade) and Shirkat ul Amaal (Partnership in Services). Shirkat ul Amwal (Partnership in trade) Shirkat Ul Amal (partnership in services) Shirkat ul Amwal (partnership in trade) is the mode of partnership where all partners invest some capital into a commercial enterprise. Shirkat Ul Ammal (partnership in services) is the form of partnership where all the partners jointly undertake to render some services for their customers and the fee charged from them is distributed among them accordingly to an agreed ratio. (Usmani T. M., 2004) Musharkah translates itself into a relationship established under a pact by the

Elaphurus davidianus :: science

Elaphurus davidianus Pere David’s deer is a rare Asian animal. Its original home is found in northeastern and east central China. In 1865, a French missionary by the name of Father Pere Armand David was visiting China. While looking over the wall of the Emperor’s Imperial Hunting Park he observed a captive herd and later learned that the animals had been extinct from the wild for over 1000 years. He also discovered that this was the last remaining herd in china, and quickly took actions to preserve it. When Father David sent word to Europe about this rare species of deer it aroused much attention and resulted in getting a substantial amount of deer sent to several zoos throughout Europe. This deer is in the tribe of Cervidae, and of the order Artiodactyla. They are a medium sized deer with a height of about 120 cm (male is four feet while the female is slightly smaller.) The weight ranges from 300 (females) to about 550 pounds (males). The Chinese call this deer the â€Å"four unlikes,† because of its odd looking features. Unlike most deer, the Pere has a long bushy tail that resembles a donkey, a hose-like gait, broad, upturned hoofs, small ears, and â€Å"backward† antlers. The most distinctive characteristic would be the antlers. On the Pere, the main stem of the antlers lies forward of the head, while on other deer it lies towards the back. They fork right above the base, the tines point backwards, the last prong is unbranched and the first only branches once. The antlers reach a height of about two and a half feet. In the summer their coats are a reddish brown that dims to a grayish brown in the winter. It is thought that their original homes were in swampy, reed-covered marshlands. Their diets consist of, steppe’s grass, and water plants. They live to the age of 20 in the wild and 23 in captivity, they reach maturity at 14 months and are born around April or May, they spend about nine months with their mothers before they are weaned. The breeding of this species is very difficult and time consuming. Another strange trait of these magnificent animals is their love of water. They will spend hours standing in water up to their shoulders. Most of the deer from the original herd that were left in China were wiped out in 1895 by a severe flood, and the remaining deer were killed during the Boxer Rebellion in the early 1900’s.

Small Treasure Box :: essays research papers

Small Treasure Box   Ã‚  Ã‚  Ã‚  Ã‚  Beneath the glowing sensation of the sun, lies water throughout the miles, but the question Pam would ask herself was what were the really wondered what would lie beneath the sea. Looking out of her balcony, into the ocean she remembered that there might have been human forms, with just no legs. For there where legend of years ago that they had to chooses between the sea and land. They had chosen the sea rather then the land for it was safer out in the water then in land. For what they chose they would give up the ability to walk but they received fins so they could swim. The myth her grandma had told her made her wonder about many things she saw. She became as curious as a cat, she would look in every corner of the house just to what she could find.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  She became more and more curious as she got older. She would look in drawers and books to see what she could learn about each thing she found. On day she was roaming around her house like usual, she was walking so the hall when she spot a small treasure box made out of wood and strange symbols at the sides in a self. It had seemed strange to her that she had never seen it. She took it to her dad and asked if he could open it for her, for it had a slivery and goldish lock on it.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Daddy, Daddy look what I found,† said Pam.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Oh, hold on a minute honey,† respond her father.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Look at this little wooden box that I found, Can you open the lock though† she exclaimed. Her father frozen and stared at the tiny object his daughter was holding.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Oh, dear where did you find this Pam?†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Outside, in the hall way, the one that leads to the patio.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Pam, promise me that whatever people say to you, you won’t open this box!† he explained.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Why, daddy. Why can’t I open it and see whats inside? I found it. So it belongs to,† She replied angrily.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Pam, The only thing I am telling you is that you can’t and will not be opening this box until I have decided that you can, it that understood?† taking the wooden box out of her hands and dismissing her.   Ã‚  Ã‚  Ã‚  Ã‚  While leaving her father’s library she stood outside the door to spy where her father was going to hide it. Small Treasure Box :: essays research papers Small Treasure Box   Ã‚  Ã‚  Ã‚  Ã‚  Beneath the glowing sensation of the sun, lies water throughout the miles, but the question Pam would ask herself was what were the really wondered what would lie beneath the sea. Looking out of her balcony, into the ocean she remembered that there might have been human forms, with just no legs. For there where legend of years ago that they had to chooses between the sea and land. They had chosen the sea rather then the land for it was safer out in the water then in land. For what they chose they would give up the ability to walk but they received fins so they could swim. The myth her grandma had told her made her wonder about many things she saw. She became as curious as a cat, she would look in every corner of the house just to what she could find.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  She became more and more curious as she got older. She would look in drawers and books to see what she could learn about each thing she found. On day she was roaming around her house like usual, she was walking so the hall when she spot a small treasure box made out of wood and strange symbols at the sides in a self. It had seemed strange to her that she had never seen it. She took it to her dad and asked if he could open it for her, for it had a slivery and goldish lock on it.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Daddy, Daddy look what I found,† said Pam.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Oh, hold on a minute honey,† respond her father.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Look at this little wooden box that I found, Can you open the lock though† she exclaimed. Her father frozen and stared at the tiny object his daughter was holding.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Oh, dear where did you find this Pam?†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Outside, in the hall way, the one that leads to the patio.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Pam, promise me that whatever people say to you, you won’t open this box!† he explained.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Why, daddy. Why can’t I open it and see whats inside? I found it. So it belongs to,† She replied angrily.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Pam, The only thing I am telling you is that you can’t and will not be opening this box until I have decided that you can, it that understood?† taking the wooden box out of her hands and dismissing her.   Ã‚  Ã‚  Ã‚  Ã‚  While leaving her father’s library she stood outside the door to spy where her father was going to hide it.