Discuss critically distinctions between Islamic finance regulation and Essay

Discuss critically distinctions between Islamic finance regulation and conventional financing of commercial credit - Essay Example Islamic financing was first introduced in the UK in 1990 and has since developed to such an extent that the UK hosts the largest share of Islamic assets (valued at US$18 billion) among all Western countries and is eight worldwide.6 As of 2008, there were five â€Å"stand-alone† Islamic banks in the UK and more than 20 conventional banks offering Islamic products.7 This paper provides a critical analysis of the distinctions between Islamic finance regulation and conventional financing of commercial credit. The modernized form of Islamic finance began in Egypt during 1963 when the Mitt Ghamr savings system was introduced as a â€Å"social banking initiative†.8 By 1975 the first commercial Islamic banks were established: Islamic Development Bank and the Dubai Islamic Bank. The Islamic banking sector grew at a steady pace and by the 1990s there was a growing demand for Islamic financial products in investments and loans. In more recent years, the growth in demand and supply of Islamic financial products has been more expansive. Between 2006 and 2008, Islamic financial assets experienced a growth rate of 30%. As a result, Sharia compliant banking products have been described as the worlds â€Å"fastest growing financial sector†.9 There are at least 614 â€Å"registered Islamic finance institutions† in 47 countries with Islamic assets increasing from US$150 billion during the 1990s to approximately US$700 billion by 2007.10 The growth and expansion of Islamic banking and financial products have been impressive. Holden reports that over the last thirty years or so, Muslims all over the world have demonstrated a propensity for withdrawing billions of dollars from conventional banking systems and transferring them to Islamic banking and financial systems. In addition, conventional banks have shown an increasing willingness to offer Islamic banking and financial products and services.11 Islamic banking is defined as a â€Å"system of

Iran's Military Assessment Essay Example | Topics and Well Written Essays - 750 words

Iran's Military Assessment - Essay Example As discussed above that the Iranian Military strategy has changed since the revolution of 1979 and as such its overall focus in on maintaining the regime and strengthening its hold over the power. 2In order to secure the regime, Iranian military is therefore focused upon the deterrence strategy. Further, the strategy is also focused upon surviving against hard military threats from US and Israel and as Iran continue to hold a military and foreign policy in a manner which is targeted at US and Israel. (Eisenstadt 2001) Iran’s overall composition of forces is based upon holding more than 2 different military build-ups which are focused upon overseeing different strategic objectives of the country. The military as such comprised of Army, Navy and Air force however, it is also supported by the Army of the Guardians of Islamic Revolution. The Army of Guardians of Islamic Revolution has its own factions of air, sea and ground forces. Iran has more than 500,000 ground forces which form the part of Iranian Military whereas the Army of the Guardians of Islamic Revolution has estimated to have more 120,000 personnel. Iran also has a separate paramilitary force which has approximately 100,000 personnel. The paramilitary force is also believed to have more than a million reserve personnel who can be called upon if needed.3 Iran’s naval force, its overall composition as well as proficiency is based upon Islamic Revolution, Iran’s overall relationships with its neighbors and to some extent Petroleum too. Iran’s Navy is also split into two parts i.e. the one which existed during Shah Era and the one which was created after revolution. Iran’s Naval force is mainly based in it’s the Strait of Hormuz which is only 90 nautical miles long and 35 nautical miles wide.4 Iran’s naval proficiency is based upon its doctrine of asymmetric war which Iran