Comparison between financial engineering and Islamic financial Essay

Comparison between financial engineering and Islamic financial engineering and is financial engineering support the banks and financial company in the credit crunch - Essay Example El-Gamal has pointed out that Islamic financial jurisprudence has aimed at enhancing human welfare but transaction costs have been substantially reduced rendering contract-based jurisprudence incoherent (2007, p. 1). El-Gamal (2007) provides a basis for Islamic financial engineering aiming for an Islamic law compliant as well as legal risk compliant financial instruments. An authority on the Islamic financial system is the Islamic Financial Services Board (IFSB) based in Kuala Lumpur, Malaysia. The Islamic Financial Services Board is an international standard-setting organization that seeks to promote stability of the Islamic financial services industry by issuing standards and guiding principles (IFSB 2009, p. 1). The member central banks/countries of the IFSB include Saudi Arabia, Malaysia, Bahrain, Iran, the Islamic Development Bank, Pakistan, Qatar, Singapore, Sudan, and the United Arab Emirates. A key dimension of Islamic financial services pertains to Shari-ah governance. Unfortunately, according to IFSB documents (2009, p. 1), Shari-ah governance, despite being an often used word within the Islamic financial service institutions (IFSI), has never been â€Å"properly† defined. Nevertheless, Shari-ah governance is deemed to have been realized when a Shari-ah board believes so (IFSB 2009, p.1). El-Gamal (2003, p. 4), however, associates the Shari-ah with the Islamic Law. Following El-Gamal, Shari-ah compliance is therefore compliance with Islamic Law as judgment of competent authorities of the Shari-ah or the Islamic Laws. Gait and Worthington (2007, p. 27) clarified, however, that the main sources of the Shari-ah law are the Qu’ran, Hadith, Sunna, Ijma, Qiyas and Ijtihad. According to the latest available IFSB (2009) document on the Shari-ah, the Shari-ah board is usually composed of scholars on the Shari-ah (alternatively known as the Shari-ah Committee or the Shari-ah Supervisory Board) but the practice over the years is

HS2- cost vs benefits Dissertation Example | Topics and Well Written Essays - 2750 words

HS2- cost vs benefits - Dissertation Example TABLE 1: Report of HSR Documents in the UK YEAR REPORT AUTHOR KEY NOTES February, 2004 High Speed Rail: International comparisons Commission for Integrated Transport (CfIT) Geographical and demographic factors created differences in international markets. The current railway network in Britain’s network was in order. The rail network capacity was good. 2005 High Speed Line Study WS Atkins A forecast made on overcrowding of lines. There was need for investment in HSR with a check on economic case. 2016 proposed as the opening date for the project. December, 2006 The Eddington Transport Study Sir Rod Eddington The long distance connections never provided better connectivity in relation to the local connections that are short distanced. Doubts on real benefits of HSR considered. HSR could not reduce carbon emission. Other viable options for transport in long distances considered of lower costs than HSR. June, 2007 HS2 Proposition, the WCRL corridor Greengauge21 Due to capacity sh ortfall, HS2 proposed as the best option to solve the crisis. The costs earlier predicted about HSR seen as not logical. HSR network offered a continuation for HS1. A growth predicted on demand for WCML which will boost connection in the corridor and boost economic growth. January, 2009 High Speed Two Department for Transport The new government to consider construction of HS2. HS2 Company to be created so that it deals with network planning. HSR to address the problem of overcrowding. September, 2009 The case for new lines Network Rail A network configuration and service pattern proposal created. London was considered to be the main area in focus. WCML was the first HST alignment to be built. September, 2009 A step forward Greengauge21... This research will begin with the background knowledge on high speed rail. The high speed rail entered the UK in 2007 following the completion of Channel Tunnel to London. It was called Channel Tunnel Rail Link, currently referred to as High-Speed 1 or HS1. A political consensus on the construction of HSR network in UK for trains running with a maximum speed of 350 kmph is currently preferred. The next project is the construction of High Speed 2 that will connect London and the northern parts of UK. According to UK transport policy, HS2 is viewed as the most appropriate mode of transport for the region in relation to the increased demand for rail network and transport. An extensive study on the program in the year 2004 by different countries in the world revealed that UK had not implemented the High-Speed rail. Other countries like Germany, Japan, France and Spain had already adopted it. The study revealed that UK had not seen the need for High-Speed rail because of demand in the tra nsport sector. The available modes of transport were in a position to hold the capacity. Several reports drawn from the table show that a growing demand for rail transport cannot be met with the current network and therefore a viable solution should be sought to hold the situation. A further forecast for the future has enhanced its implementation. The reason backing HS2 was lack of capacity in UK rail network. The proposal for HS2 by Rail Network was after careful consideration on possible alternatives using WCML alignment.