Application of Salam - Free Essay Example

Sample details Pages: 4 Words: 1326 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Tags: Act Essay Did you like this example? Application of Baià ¢Ã¢â€š ¬Ã¢â€ž ¢ Salam In Baià ¢Ã¢â€š ¬Ã¢â€ž ¢ Salam is a type of product that the bank or financial institution will give the liquidated cash or capital in advance to the needy to produce their commodities and later the commodities will be deliver to them. While in Baià ¢Ã¢â€š ¬Ã¢â€ž ¢ Salam itself it can be divided into three difference type of contracts. They are parallel Salam, Hybrid Salam and also Salam financing working capital. Firstly, the parallel Salam is a common salam that use by the bank and the customer. In a parallel Salam, the bank itself will be entering into two different contracts with two different parties. In this two different contracts, the bank acted as different role. In the first contract the bank will acted as a buyer while entering the second the bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s role had change from buyer to a seller. As we can know from the name of this contract, parallel salam, which also means that both contract t hat entered by the bank or financial institution cannot be tied together with each other. In other words, both contracts must not have any relations and must be independent from each other. All the rights and obligations that had been imposed or set in each contracts will stand alone and independent. Those regulations performance shall not be look as a whole or put together as both contracts must be independent. Therefore, both contracts must not contingent with each other. The flows of this type of contract will be start when the bank acted as a buyer and entered a contract with the another party who acted as a seller by selling his or her commodities to the bank. The bank will first give liquidated cash and capital that need by the seller before he can produce his commodities. The payment will be done in advance and also in full and the delivers of commodities will be done later. Next, after received the commodities from the seller, the bank will change his role to a seller and entered another contract with the customer or buyer who will buy the commodities from the bank. The payment will be given in a purchase price along with the profit margin. The bank will gain from the profit margin that paid by the customer. For example, Islamic Bank had entered a Salam contract with Farmer A to purchase 2000 sack of rice which will be delivered 6 months from the dated the agreement entered. The bank will give RM 500 000 to Farmer A to plant crops until harvest, packaging in advance. Later, Farmer A will deliver the 2000 sack of rice to the bank on the agreed date. Meanwhile, the bank had entered another salam contract with Customer B to sell the 2000 sack of rice in the purchase price RM 500 000 plus the profit margin RM 500 000. As both contract should not have any relation, the delivery of 2000 sack of rice to the Customer B have nothing relations to the delivery 2000 sack of rice from Farmer A to the Bank. So, even when the time to deliver the 2000 sack of rice by the farmer A to the Bank had reached but the Farmer A had not deliver or cannot produce that amount of commodities to the Bank, the bank cannot rid from the liability of failing to deliver the rice. The duty to deliver the 2000 sack of rice to Customer B is bound on the Bank. The bank must take any other way to deliver the rice to customer B for example buy the rice from the ready market. In the same situation, if the Farmer A had gave the Bank the commodities which is defect or had not reached the specifications agreed between the bank and the Customer B, is the duty or obligation of the bank to produce or find another way to deliver the agreed specification commodities to the customer. In parallel salam, it also must have a third party. This means that the seller of the first contract cannot be the purchaser in the second contract. It is not allow as in salam that cannot be a buy-back contract. This type of contract is also not allow or is prohibits in Syariah law. Eve n the purchaser on second agreement is a separate legal entity but is the owner of this entity is belong fully to the seller in first contract is also not allow. For example, Bank A gives cash in advance to Farmer A in return for commodities later. The bank enter an agreement to sell the commodities to Farmer A or a company owned fully by Farmer A. This will be a Buy-back Contract which is not allowed or permissible in shariah law. Second type of contract in Salam will be the hybrid salam. This type of contract also involve third party but slightly different form the parallel salam. In this contract, first the bank will enter a contract with the seller to give capital or cash in advance and exchange the commodities later. The different is here, the bank will not enter another contract with the third party which is the purchaser. The bank will be appoint the seller in the first contract to find a customer to purchase the commodities. In this sense, the seller had been appointed as an agent to buy the product. The commodities will be delivered straight by the seller to the purchaser and not pass through the bank. The payment by the purchaser will be pay to the bank straightly in the purchase price plus the profit margin. While for the seller that acted also as an agent will be give a commission by the bank. For example, Bank A had entered an agreement with the Producer B. The bank will give money in advance for the producer to produce his commodities while after the commodities had been produced, the bank will not find any other customer to buy the commodities. This will be the duty for the Producer B to find third party which is the Customer C to purchase his commodities as the bank had appointed Producer B as an agent. After the commodities had produced, Producer B will deliver the commodities to Customer C rather than delivered to the Bank A. The payment will be made by the Customer C toward the Bank A in a price of the purchase price that the Bank A purchased from the seller plus the profit margin. While the Producer B as a n agent will be given some commission from the Bank A. Therefore, the another different from parallel will be the duty to deliver the goods in a specific date, specific number and also the specific specifications that agreed previously by the customer. Lastly will be the Salam Financing Working Capital, which is much more similar to the Hybrid Salam Financing. In this type of contract, the bank at first will also entered agreement with the seller by giving capital in advance in exchange of goods. At the same time, the seller also will be appointed by the bank as an agent to find a purchaser. Until here the flow is same as the Hybrid Salam Financing. The only different between this two types of contracts will be the purchaser. In hybrid salam financing, the purchaser will be only a single person or a single legal entity. While in Salam Financing Working Capital, the purchaser must be a group of purchaser which means must be more than one person. The contract entered between the seller and the group of purchaser will be a normal sale and purchase agreement. The agent will also be give the commission by the bank when successfully found a group of purchaser and delivered the correct commodities to them. These are the three types of contracts that involved in Baià ¢Ã¢â€š ¬Ã¢â€ž ¢ Salam. These three types of contracts each have their own advantages and disadvantages. The customer can choose between these three contracts which is most fits with him or her requirements. Don’t waste time! Our writers will create an original "Application of Salam" essay for you Create order

The School That I Would Give Temple University Essay

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Faulker vs. Hemingway free essay sample

Compare and contrast: Hemingway v. Faulkner Each writer has its very own and unique style when writing a story. The style a writer uses to write a story shows the tone being use, symbolism, characterization and description, enough for the reader to understand the story. Two well-known writers with completely different styles are Ernest Hemingway and William Faulkner. â€Å"Faulkner uses many words to weave an intricate picture in the readers head of what is going on, and Hemingway uses many monosyllabic words to create a seemingly simple story† (Dayan). Their similarities and differences in style are seen when comparing and contrasting two of their famous short stories, â€Å"A Clean, Well-Lighted Place† by Ernest Hemingway and â€Å"Barn Burning† by William Faulkner. Ernest Hemingway’s story â€Å"A Clean, Well-Lighted Place† uses simple words that directly mean what they stand for. Hemingway uses simple, less complex words to describe both characters and setting. We will write a custom essay sample on Faulker vs. Hemingway or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Examples of it are found in the title, â€Å"A Clean, Well-Lighted Place† (Hemingway 141). The two waiters describe the customer as a â€Å"clean old man a good client† (Hemingway 141). Hemingway’s word choice was blunt and to the point. The word usage does not let the reader get funny ideas or leeway to think anything other than what Hemingway says. Hemingway’s style reflects when the young waiter states the old man is â€Å"drunk† (Hemingway 141). The young waiter does not suggest he was tipsy or that he seemed intoxicated, he simply meant he was drunk. On the other hand, William Faulkner’s use of words are more complicated due to the fact they are slang and misspelled. Some misspelled words and slang are â€Å"kin hisn and hit† (Faulkner 145) which stands for the words can, his, and it. The reason for the use of a southern accent is to set the mood of where the story takes place. Racist slurs such as â€Å"nigger† (Faulkner 146) are used to build a certain attitude toward the character who says them. Faulkner describes the way Abner walks as â€Å"stiffly† (Faulkner 146) which also affects the way the reader feels about the character. Many readers who are not familiar with the south the complex word usage in â€Å"Barn Burning† mean many things and nothing at times; this can also affect the reader’s attitude toward the story. In his writing Ernest Hemingway gives you a clearer and easier image of the setting in the story. It was late and everyone had left the cafe except an old man who sat in the shadow the leaves of the trees made against the electric light† (Hemingway 141). Another image follows instantly, of a girl and a soldier hurriedly passing by, â€Å"The street light shone on the brass number on his collar† (Hemingwa y 141). These images are visualized clearly which helps set the setting. The images Hemingway wants to show and describe in his story are put into simple words, which leave no confusion for the reader not to be able to feel or see the story. However William Faulkner uses a different technique. Faulkner’s images are given in difficult wording with excessive details. An example of this is shown in one of his stories, â€Å"ranked shelves close-packed with the solid, squat, dynamic shapes of tin cans whose labels his stomach read the scarlet devils and the silver curve of fish† (Faulkner 145). His description is longer and harder to understand unlike Hemingway which is easier and understandable to read. â€Å"Ernest Hemingway brings us to the moment with speed†¦In contrast Faulkner gently leads, involves and seduces, and then overwhelms† (Hemingway, Line: Ernest). When reading Faulkner’s story’s one must re-read the story in order to understand. In Ernest Hemingway’s story, the details he wants to describe are done to get the theme across. The details of the cafe and the bar are given so one can compare and understand the character’s loneliness and his need for light and cleanness. The cafe was â€Å"clean well-lighted† (Hemingway 144). The bar on the other hand was unpolished. Other details Hemingway includes are those of the old man’s character. â€Å"Last week he tried to commit suicide,† (Hemingway 141) and â€Å"He has plenty of money. (Hemingway 141) are given to descried the old man and set a setting. Also the language used in Faulkner and Hemingway are completely different. For instance the language used in the story â€Å"Barn Burning† by William Faulkner includes informal and slightly slanged words. â€Å"‘Naw,’ he said. â€Å"Hit don’t hurt. Lemme be. â⠂¬â„¢Ã¢â‚¬  (Faulkner 147). Interior Monologue also makes up the element of language. Interior monologue is a tool through which a writer can exhibit the thoughts of the characters to the readers. â€Å"I could run on and on and never look back, never need to see his face again. (Faulkner 155) is Sarty’s interior monologue. Faulkner uses interior monologue to prove Sarty was not allowed to express himself freely out of fear. The sentence structure used in a story also has an impact on the reader’s attitude. The sentences are structured in a way to get certain points and feelings across. Sentence structure in Ernest Hemingway’s â€Å"A Clean, Well-Lighted Place† includes short, choppy, simple and direct sentences. For example, ‘â€Å"He has plenty of money. †Ã¢â‚¬â„¢ (Hemingway 141) and â€Å"‘Nothing. †Ã¢â‚¬â„¢ (Hemingway 141). Formal, complex and long drawn-out sentences make up the sentence structure in â€Å"Barn Burning† by William Faulkner. â€Å"In the day the street was dusty, but at night the dew settled the dust and the old man liked to sit late because he was deaf and now at night it was quiet and he felt the difference. † (Faulkner 141). His sentences tend to long and breath taking. Faulkner’s style is formal but excessively detailed. He creates sentences extremely complicated that many times the best way to understand them is to go back and re-read the sentence. The boy, crouched on his nail keg at the back of the crowded room, knew he smelled cheese, and more: from where he sat he could see the ranked shelves close-packed with the solid, squat, dynamic shapes of tin cans whose labels his stomach read, not from the lettering which meant nothing to his mind but from the scarlet devils and the silver curve of fish-this, the cheese which he knew he smelled and the hermetic meat which his intestines believed he smelled coming in intermittent gusts momentary and brief between the other constant one, the smell and sense just a little of fear because mostly of despair and grief, the old fierce pull of blood† (Faulkner 145). The style of both Ernest Hemingway and William Faulkner are very different. One style, Hemingway being simple and to the point the other, easy enough for the reader to get a quick understanding and clear image of the story. Faulkner being complicated and full of details makes it complicated for the reader to understand the story. One must be open minded in order to understand Faulkner’s stories and the possible meanings of each one. Works Cited Dayan, Evea. Faulkner Vs. Hemingway: A Comparison of Writing Styles. Associated Content from Yahoo! Associatedcontent. com. Web. 30 July 2011. http://www. associatedcontent. com/article/292995/faulkner_vs_hemingway_a_comparison. html? cat=38 Faulkner, William. â€Å"Barn Burning. † Literature: An Introduction to Fiction, Poetry, and Drama. Ed. X. J. Kennedy and Dana Gioia. 2nd Compact ed. New York: Longman, 2000. 145-158. Hemingway, Ernest. â€Å"A Clean, Well-Lighted Place. † Literature: An Introduction to Fiction, Poetry, and Drama. Ed. X. J. Kennedy and Dana Gioia. 2nd Compact ed. New York:

Mary Rowlandson free essay sample

Carissa DiPietro Professor Ginsburg LIB133. G Exam 1 Essay A 892 Words Through metaphorical analysis of Shakespeare’s â€Å"The Tempest,† Takaki shows how in each geographical area Caliban was perceived as a different race, supporting the idea that the entire foundation of the English’s definition of â€Å"savagery† was not universally based on race but rather the gap in cultural identity and the judging parties own beliefs on what is â€Å"civilized. Takaki analyzes the demonization of the Indians and interprets this as being based upon the natural inability of humans to understand and appreciate those who are unlike themselves. He essentially expresses that the Indians are not, as a whole and based exclusively upon race, â€Å"savages,† but rather a people misunderstood by a culture different than their own. In presenting his interpretation of events in the 1670’s to the reader, Takaki references the captivity narrative of Mary Rowlandson. Takaki utilizes Rowlandson’s first person account of the events in order to support his interpretation based on dual-sidedness of Rowlandson’s account. We will write a custom essay sample on Mary Rowlandson or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Though Rowlandson did, throughout her narrative, reinforce negative stereotypes of the Indians, she also gave credit where it was due; her stories acknowledge the humanity of the Indians. Essentially, Rowlandson’s account highlights that the Indians were people too, though a people of a different culture and spiritual background than the English were familiar with. Rowlandson begins her narrative with harshly worded judgments of the Indian people. She exclaimed, when discussing her first departure with the Indians, â€Å"†¦Away we must go with those barbarous creatures† (Rowlandson 22). Rowlandson does carry these judgments on throughout much of the narrative; however, she soon begins to acknowledge the kindness of several Indians as well. During the second remove, Rowlandson tells the reader, â€Å"One of the Indians carried my poor wounded babe upon a horse†¦ at length I took it off the horse and carried it in my arms till my strength failed and I fell down with it: Then they set me upon a horse with my wounded child in my lap† (Rowlandson 23). She again exemplifies the kindness of the Indians towards her and her child when she shares that after the child’s death â€Å"they went and showed me where it was, where I saw the ground was newly digged and there they told me they had buried it† (Rowlandson 26). The Indians had not just left the child out in the wilderness to be destroyed by animals, nor harmed it in any way. These displays of humanity support Takaki’s claim that â€Å"Rowlandson’s observations, acknowledging the humanity of the Indians, offered possibilities for the English to understand, even empathize with, the people they were dispossessing† (Takaki 44). Rowlandson did not stop there; however. Not only did she continue to exemplify the humanity of the Indians [for example, when her son’s dame brought him to see her while the dame’s master was away (Rowlandson 26) or when an Indian from Medfield â€Å"asked if I would have a bible†¦ I was glad of it, and asked him, whether he thought the Indians would let me read? e answered yes† (Rowlandson 27)] but actually began to outline a relationship that she was forming with the Indians later in her journey. When she was weeping in the eighth remove, one of them asked her why she was upset and gave her food to comfort her (Rowlandson 30). This establishment of a relationship led to a meeting with K ing Philip whom asked that she create some clothing for his son. Soon, many Indians were asking for Rowlandson’s seamstress services and out of this a mutual respect was born. Rowlandson indicates this to the reader when she discusses the twentieth remove. She states, â€Å"But to return again to my going home†¦ At first they were all against it†¦ but afterwards they†¦ seemed much to rejoice in it; some asked me to send them some bread, others some tobacco†¦ not one moving hand or tongue against it† (Rowlandson 31). After establishing a relationship with Rowlandson the Indians wished the best for her. They did not care to hold her captive any longer. In this they showed her a valuable lesson that Takaki attempts to instill in the reader through chapter two. Rowlandson states in her last sentences of her narrative, â€Å"I hope I can say n some measure, as David did, It is good for me that I have been afflicted. The Lord hath showed me the vanity of these outward things† (Rowlandson 34). Here Rowlandson leaves the reader with the idea that because of what she had gone through she could not only better understand another people and another culture, but also better understand herself. She could relate to the struggles of others and became a more empathic person. It is this value that Takaki attempts to instill in his reader throughout his novel.