One of the most distinguishing times for the U.S. Islamic home financing industry began in February 2007. The Federal Home Loan Mortgage Corporation (Freddie Mac) sent out a press release announcing that it would no longer buy the most risky subprime mortgages and mortgage backed securities. Two months after the announcement, a leading subprime mortgage lender filed for Chapter 11 bankruptcy protection. Three months after that bankruptcy filing, nationwide financing entities warned of “difficult conditions” ahead. Manifestations of such difficult conditions appeared on the horizon of the financial market when once well-established mortgage companies suddenly began to file for Chapter 11. Similar circumstances reached the U.K. as the Bank of England cleared an authorization to provide liquidity support to Northern Rock, the country’s fifth largest mortgage lender. Five months later, Treasury of the United Kingdom became the owner of Northern Rock.Up until that point, the gravity of these “difficult conditions” was not fully understood by most of the populace. Late in 2008, the Federal Reserve Bank of New York was authorized to lend $85 billion to the AIG. This was the beginning of the most serious recession in the United States since the Great Depression. What followed was a chain reaction that led to an unprecedented global financial crisis, as the world suffered from rising unemployment, rampant foreclosures, and severe skepticism of financial instruments.This led to a renewed spotlight on an unfamiliar market segment that appeared comparatively more stable and, more importantly, far more ethical: the Islamic financing sector. From the financial centers in Malaysia to the Middle East, spanning across over seventy countries, Islamic finance in the U.S. increased from $5 billion in the 1980s to $1 trillion in 2010. This phenomenal growth caught the attention of global investors who were seeking to safeguard their investments through more ethical and reliable financial instruments. When financial sector workers realized that these Shariah-compliant instruments avoided many of the worst effects of the global financial crisis, it became an attractive investment vehicle to support a more diverse portfolio. The Shariah-compliant financial sector has avoided investment in predatory lending businesses and overly leveraged financial instruments due to the strict ethical nature of the Shariah governance system. News and media outlets started to cover this ancient yet unfamiliar industry in hopes of learning from the mistakes of the conventional banking sector.The concept of the modern Islamic financial services industry is rooted in the principles of Islamic legal jurisprudence that deals with financial transactions, a branch of Islamic jurisprudence called Fiqh Al Muamalat. Fiqh Al Muamalat is a framework under Islamic Law that charts the conduct of Muslims in commercial or economic endeavors. Islamic finance products and rulings are based on specific injunctions from the Quran that prohibit certain features of financial transaction models and related economic activities.The Quran forbids interest, also called usury or riba. The underlying reasoning is that Islam considers lending to be a charitable act to help another member of the society in his/her time of need – therefore, profiting from someone’s hardship is strictly forbidden. In the conventional banking system, when interest is charged on a loan, the risk of that transaction is transferred to the borrower while the lender gains profit from the interest-based transaction. There is no consideration for the hardships endured by the borrower in the event they undergo any loss from the transaction.By its nature, Shariah law prohibits unethical financial practices. It also promotes wealth distribution among all people to reduce poverty and inequity. This is manifested in the prohibitions of activities such as excessive speculation, gambling, and investing in products that are harmful for society as deemed by Islamic law (alcohol, pornography, etc). The structure of Islamic financial products and services, especially its prohibition in speculative transactions, has helped the industry escape most of the adverse effects of the global financial crisis. The governance model of Islamic financial institutions has been praised as an ethical alternative by institutions such as the International Monetary Fund and the World Bank. Economic experts have suggested that Islamic financial principles can be leveraged to promote financial inclusion that uplift the quality of life in developing nations. Islamic financial principles can also contribute to financial stability and economic development around the world.
The problem of drug addiction is posing a major threat to the modern society these days. In fact, the point is that these days the problem of drug addiction has increased to such an extent that there is no certainty who would be the next victim to the addiction of some sort of drugs or the other. Other than that, it is also essential to note that this addiction may sometime often result in being fatal or even may sometimes become incurable if necessary measures are not taken in time. In this respect it is essential to note that the problem of any sort of drug addiction not just only concerns the addicted but also does a good deal of damage to the family members as well.However, if anyone in the family is found to be falling victim to any sort of drug addiction the best thing that can be done is to look for the inpatient drug rehab centers. The reason behind this that the best drug addiction treatment is best possible at some drug addiction rehab center. Now the fact is that for the best treatment for the addiction problems it is very much essential to make the proper choice of the addiction rehab center. And in this context there are several important factors to be paid proper attention to in order to get the best results in the drug addiction treatment.However, it is always better to make the choice of specific treatment centers in order to get the best results. Say for example in case of alcohol addiction problems the best thing that can be done is to choose an inpatient alcohol rehab for the best alcohol addiction rehabilitation. However, in this respect the drug rehab centers in Florida worth mention for their specific treatment facilities and the availability of the best drug addiction rehab.Other than these while making the choice of the addiction rehab centers one of the most important thing that should be kept in mind is to gather proper information about the treatment facilities available there. In fact the point is that getting proper information about the treatment facilities offered by the drug addiction rehab helps a lot in your judgment of the choice of the treatment center. However, there are certain things that should always be kept in mind before making your choice of the drug rehab center. One of the most important things to remember in this respect is that not all addiction rehab centers can provide equal treatment facilities and a wrong choice may even have disastrous effects. In fact the point is that if you make the wrong choice of the drug addiction rehab it may even have more harmful effects on the patient and a failure at the rehab center can result in problems like depression and other such problems. And the most threatening fact is that a depressed patient may even develop suicidal tendency which is far more harmful.However, in this respect to make the best choice of the rehab center the best thing that can be done is to get the recommendation of your family physicist or from someone close who have already gone through similar problems. And it should always be kept in mind that with the proper choice of the drug addiction rehab you can provide the best help assistance to the patient.