Accounting Essay Example | Topics and Well Written Essays - 1000 words - 11

Accounting - Essay Example Consistency can only be maintained in the companies throughout, if the accounting standards are itself consistent. Even though the establishment of the accounting standards has eradicated the ambiguity to some extent but it does not provide much uniformity in the judgmental matters. The rules and principles must be given much importance in this regard as well as their application, in order to maintain the coherence of the application of the accounting standards. In addition, judgmental matters must also be dealt with great regard such that the basis is not distorted. Only the internal consistency cannot assure the consistency of the accounting standards which is because the principles do not guide the managers in judgmental matters which in the end becomes a hurdle in the coherency of the accounting standards. There is vast importance of the consistency of the Accounting standards used all over the globe. The rapid change is also resulting is ambiguity on part of the investors and other users of the financial statements which must be eradicated. â€Å"The boards have also acknowledged the need of coherence of the accounting standards as well as the accounting policies which would benefit the creditors, investors and other users of the financial statements.† (Helium, 2010) It is very necessary that all the financial statements give a familiar representation of the policies and procedures applied as well as the results reached, which would lead to the user of the financial statement to reach a better conclusion. â€Å"There is an immense need for the consistency of the accounting standard’s application in areas of revenue and expenses through internal consistency.† (Mourik) The IASB has also taken a vast initiative in this regard in order to urge the makers of the financial statements to invoke consistency in their financial statements. IFRS 8, in this regard has stated â€Å"All the entities

Marketing Research Proposal Example | Topics and Well Written Essays - 1500 words

Marketing - Research Proposal Example The information will be collected using secondary and primary data collection methods, in which the latter will be conducted using focus groups. The collected data will then be analysed using grounded theory analysis methods. The soft drinks industry in the UK is a mature sector, which includes firms that market non-alcoholic items. Because there are so few opportunities for growth as compared to existing business, most of the companies in this sector seek to diversify existing offerings so as to gain market share and a competitive edge (Santos, 2013: p33). Others also seek to pursue acquisitions and/or lucrative arrangements for distribution of their products to expand their geographic reach, product portfolios, and operations. The largest companies, including PepsiCo and Coca-Cola, offer reliable dividends with an above-average stability of stock prices and regular increases. In addition, for those that are more venturesome, a number of selections exist, such as developing overseas markets and energy drinks in order to serve niche markets. In general, while soft drink manufacturers are able to turn in steady performances across the entire business cycle, stressful economic times and consumer awareness portend threats to their profitability and overall business performance (Walker, 2013: p44). Historically, PepsiCo and Coca-Cola have been the major players in the non-alcoholic beverage industry, distributing well-renowned non-carbonated and carbonated drinks globally using sizeable bottling companies. Related capital spending for these companies amounts to billions of dollars annually. By using lucrative distribution agreements and acquiring smaller players in the market, both companies are able to boost their results, especially as consumers tend to favour the more famous soft drink brands (Tremblay & Tremblay, 2012: p59). Sales,

Information Management Systems That Support Organizations

Information Management Systems That Support Organizations ABSTRACT â€Å"An information system can be defined as a set of interrelated components that collect (or retrieve), process, store, and distribute information to support decision making, coordination, and control in an organisation. In addition to supporting decision making, coordination and control, information systems may also help managers and workers analyse problems visualise complex subjects, and create new products† (Laudon Laudon, 2001) 1. Introduction In order for an organisation to fully appreciate the information systems available to them they must appreciate the value of information available. Information Technology and Information Management have experienced tremendous growth. Information is available everywhere and anytime. The Internet has certainly devalued information, before its creation many organisations benefited from gathering, sorting and selling information to stakeholders in need information to grow their business. When printed information is turned into digital information the price drops. Take for example newspapers. It is the norm that Newspapers today publishes part of its information on the Newspapers website for free, if you want to view the rest of the articles you must pay for it at a premium. Meta information providers such as Google pick up this digital information and provide it free over the internet. The value of the information to the providers is obviously monetary but to the consumer of these online products it is ease of access and less time consuming to purchase online information. Although much of information provided is considered to be free, we do pay the internet provider, and the internet provider charges a third party for access to the information. The internet today has turned into the largest library in the world. In the past students when looking for information for assignments, research projects and exams gathered information from books, newspapers and research journals. The internet has made attaining information uncomplicated. 1.1 The Value of Information to the Organisation It does not matter what type of business you are running whether it be a manufacturing business or providing a service the vital ingredient for any organisation is information. It is an organisation most vital asset. Information enables us to determine the need to create new products and services. â€Å"Information tells us to move into new markets or to withdraw from other markets. Without information, the goods do not get made, the orders are not placed, the materials are not procured, the shipments are not delivered, the customers are not billed, and the business cannot survive.† www.referenceforbusiness.com [2] 2. Information Management Systems An Information System (IS) is more than hardware or software. The most important components of the system are the people who design it, maintain it, and use it. While the overall system must meet various needs in terms of power and performance, it must also be functional for the organisations employees. Regardless which Information System an organisation chooses it is a major investment for any firm in todays business environment. A poorly chosen or designed Information System can become an impediment to an organisation in attaining its goals. If the Information system if not capable of collecting, storing and transferring vital information for the business then the outcome can be catastrophic. Customers of the business may be discontented or worse lost. Valuable revenue may be lost due to increased overheads and the business may lose desired business direction due to an ineffective Information System. 2.1 Information Management Challenges It may be essential to design different systems aimed at different levels of the organisation, firms are likely to find rewards in integrating systems, although integrating systems for different levels to freely exchange information can be complicated and expensive. Organisations need to decide what level of systems integration is required and how much it is going to cost. Sustaining a competitive advantage does not necessarily last long. Competitors can reproduce a competitors strategic information management system. Changing market conditions, changes in what the consumer wants today and changes in the business environment all add to the loss of competitive advantage within an organisation if previous standards are not maintained. Updated technology from rival companies can lead to your organisation losing its competitive advantage. Operational Level Systems Knowledge Level Systems Management Level Systems Strategic Level Systems 3. Operational Level Systems 3.1 The Transaction Support System TSS supports managers in the day to day running of the business. It keeps track of basic transactions such as sales figures, lodgements to bank, payments to creditors, payroll etc. The main purpose of the system is to answer questions which arise on a daily basis. Information must be easily obtained and precise. These are fundamental systems that serve the operational level of the organisation. Transaction Support System is a computerised system that executes the daily routine transactions necessary to carry out the day to day tasks of running a business. At the operational level duties, resources and goals are predefined and form the foundation of daily business. Example of which is a bank lending money to customers, the predetermined questions are on the computer if the customer has the capacity to fund the repayments of the loan the transaction support system will give the answer as to whether the loan can be grant or not as the case may be. Typical TPS have five major functional categories, sales marketing, manufacturing production, finance accounting and Human Resource. 3. 2 Knowledge Level Systems Knowledge Work Systems (KWS) supports the organisation employees involved in data processing. The knowledge based system helps integrate new information into the organisation and controls the flow of paper. Knowledge Level Systems are found in workstations throughout the organisation. Normally knowledge workers are people who hold formal university degrees and are often members of professional bodies such as doctors, engineers, lawyers and scientists. Their main role is to primarily create new information and knowledge. KWS, such as scientific or engineering design work stations, promote the creation new knowledge and ensure that new knowledge and technical expertise are properly integrated into the business. 4. Management Level Systems Management Information Systems (MIS) are used to monitor and control decision making and administrative activities. Management level reports provide regular intelligence rather than information on operations. Some management systems centre on less structured decisions from which the information received may not always be clear. These systems often answer the question â€Å"what if† an example of which would be â€Å"what will happen if our sales figures double in the next two months†. Answers to questions often need new data from outside the organisation as well as the readily available data found from the existing operational level system. MIS primarily serve the function of controlling, planning and decision making at management level, depending on transaction processing system for their data. The MIS condense and report on the companys basic operations. This system usually provides managers with weekly, monthly and yearly results. It will provide specified answers to routine questions that have been prepared in advance and have a predefined formula for answering them. For instance, MIS reports might list the amount of coffee used last quarter in a chain of coffee shops, or it can make comparisons between one quarter and another. Management information systems are usually not flexible and they have little diagnostic capabilities, they use simple routine reports such as summaries and comparisons. 4.1 Decision Support Systems DSS also supports management level in the organisation. DSS assist managers make decisions that are exclusive, briskly adjusting, not easy to specify beforehand. They address problems where the procedure for arriving at a solution may not be fully predefined. Even though DSS use internal information from TPS and MIS, they frequently bring in information from external sources, such as product price of competitors or current stock price. By design the Decision Support System have more analytical power that the other systems. Built for the sole purpose with a variety of models to analyse data, or compress large amounts of data into a form where they can then be studied by the decision makers. â€Å"DSS are designed so that users can work with them directly; these systems explicitly include user-friendly software. DSS are interactive; the user can change assumptions, ask new questions, and include new data† (Laudon Laudon. 2001) 4.2 Strategic Level Systems Executive Support System (ESS) assists senior managers attempt to address strategic issues and long term goals within the internal and external environments. The main concern is matching changes in the external environment to organisational capabilities. Information systems also supply major business functions as in sales, marketing, manufacturing and finance, accounting and human resource. A classic system will have each of the information systems designed to give the information required from each of the various departments. The sales function has a sales system on the operational level to record daily sales figures and to process customers orders. A management level system can track monthly sales, can send reports and calculate if there is an increase or decrease in sales. The system can complete sales forecasts for specific periods of time depending on the strategic structure the organisation requires. The ESS serves to address non routine decisions requiring evaluation, judgement and insight as there is no agreed procedure to find a solution. The system creates a sweeping computing and communications environment rather than supplying any fixed application or specific capabilities. The design is such; that the system incorporates data about external events like new tax laws or competitors, but they also illustrate information from the MIS and DIS. The system filters, compresses and track significant data, highlighting the reduction of time and effort in finding information of value to the executives. Within the Executive Support System there is the most advanced graphics software with the ability to deliver graphs and data from many sources without delay. 5. Integration of Information Systems The Transaction Processing Systems plays a key role in turning raw data into information it also provides data to the other systems. The ESS system relies on data from the lower level systems. Data is exchanged between the different functional areas. To aid the exchange of information many organisations are now building enterprise systems, also known as Enterprise Resource Planning (ERP) systems. Enterprise software models mechanise many of the business processes, such as filling an order, or planning a shipment, with the objective of integrating information across the organisation and getting rid of complex, highly priced connections between computer systems in various areas of the business. The flawless stream of information which was previously uneven throughout the organisation can now be sent throughout the various departments seamlessly. The system will collect data from a range of sources within the business process and accumulate them in a single comprehensive data repository where it can be retrieved by other departments of the business. For the managers it means that information is attained in a precise and timely manner. Enterprise systems can improve organisational effectiveness and efficiency, help the managers in the decision making process the difficulties are that the system is extremely complex and difficult to construct. Organisations will need to restructure their business practices to improve how information flows throughout the organisation. In reviewing their practices employees need to be trained to use the system and take on new responsibilities. Enterprise systems require intricate pieces of software and large investments of time, money, and expertise. 5.1 Industrial Networks Some companies are extending their enterprise systems beyond their internal enviroment to share information and synchronise their business practices and proccesses with other other businesses withing their industry. Industrial Networks can also be known as Extended Enterprises, connect together the enterprise systems of businesses within an entire industry. â€Å"For instance, Proctor and Gamble (PG), the worlds largest consumer goods company, have been developing and integrated industry -wide system that coordinatesthe grocery store point-of-sale systems with grocery store warehouses, shippers, its own manufacturing facilities, and its suppliers of raw materials. The single industry-spanning system effectively allows PG to moniter the movement of all its products from raw materials to customer purchase† (Laudon Laudon. 2001)[4] 6. Discussion Depending on the type of business the organisation may have several different types of Information Systems. For Example: An Accounts firm whose main activity is the collation of figures, with a large volume of clients would have various different departments working off a mainframe. Each department within the organisation will have various different levels of access to the centralised computer system. The Human Resource department will have access to the files of the employees working for the company but would not have access to the clients business records. The accountants working for the firm have access to the clients files but do not have access to the files of the employees. Because there are different interests in a firm no single system can give all the information an organisation requires. Information Systems can be made to provide different organisational interests. The use of these systems can provide an organisation with a strategic competitive advantage although unless a business can keep up with technological advances competitors may in fact remove the advantage an organisation has worked hard to retain. 7. Conclusion This report is titled â€Å"Information Management Systems that support organisations† But in order to appreciate what an Information system and integration can do for an organisation it was worthwhile to investigate the value of information. The advantages to organisations are clear raw data processed through Transaction Report Systems and reports are generated to the specifications required for managers. Knowledge Work Systems which is specialised system creating new information operated by professional employees. Organisations and information influence each other. Information systems must be aligned to provide information that is important to each department in the organisation. In order for the organisation to work efficiently and effectively it must be open to the influence of the Information Systems. Keeping abreast of new technologies will essential for organisations in order to sustain competitive advantage. Interaction between information technologies is complex and is influenced by interceding issues, including the structure of the organisation, operating procedures, culture, politics, internal and external environment, and managers decision making. Unless it is understood that Information system changes life in the organisation, they are unable to successfully design new systems or understand active systems within the organisation. Within the organisation managers will decide what systems will be built, what they will do, and how the implantation of the systems will occur. However the cost involved in building Information Management Systems has to take into consideration but can any organisation afford to be without one.

Epic of Beowulf Essay - Beowulf as the Ideal Anglo-Saxon :: Epic of Beowulf Essay

Beowulf as the Ideal Anglo-Saxon Beowulf is a hero who embodies the ideal characteristics in the Anglo-Saxon culture; these characteristics all come together to make up an epic tale. He possesses the virtues, traits and beliefs that were respected in the Anglo-Saxon culture. Beowulf displays these virtues in his own actions and words during different circumstances throughout the tale. Beowulf was "the strongest of the Geats" and also "greater and stronger than anyone anywhere in this world". Beowulf is shown to be the strongest among the strong. Physical strength was very much envied by the Anglo-Saxon culture. Beowulf could slay the greatest monster of all, Grendell. Beowulf killed Grendell; Grendell had never come to such a match among a stronger person "That shepherd of evil, guardian of crime knew at once that nowhere on earth had he met a man whose hands were harder". This shows the physical strength that Beowulf embodied. Beowulf was fearless of all opponents and fought to defend his fame and glory. Beowulf did not need to tell anyone that he was fearless; he showed them how fearless he was. Beowulf needed no sword or shield to protect him from Grendell when he killed Grendell with his own hands "My lord Higlac might think less of me if I let my sword go where my feet were afraid to, if I hid behind some broad linden shield: my hands alone shall fight for me, struggle for life against the monster". Beowulf jumped in the water to fight Grendell's mourning mother, he did not know where he was going yet, he went for glory and fame showing no fear. Beowulf displayed that he was very resourceful, as well as, the other traits listed. He shows how intelligent he can be when he was fighting Grendells mother and he became weary and became stumbling. In the midst of a battle, Beowulf almost dies if it were not for his woven mail shirt he wore on his chest. "Then he saw, hanging on the wall, a heavy sword, hammered by giants, strong and blessed with their magic, the best of all weapons", "lifted it high over his head and struck with all the strength he had left, caught her in the neck and cut it through, broke bones and all.

War Criminals

â€Å" War Criminals are still in this country just because of political unrest and corruption† ‘The flag of independent Bangladesh flies at the front side of the car of war criminals (? ) of 1971.. ‘(Manik 2008). It’s the most hatred truth now-a days like story or poetry to the Bangladeshis who got a huge loss of lives, properties and threat in existing their lives during and after the war only for the unexpected conspiracy of those war criminals among whom many are surprisingly involved till today in leading our country. Who’ have given them rights to rule and even impose laws on us Why are they still in this country with more than all facilities where even a freedom fighter who sacrificed his life for this country can not Theanswer of those questions is commonly known to the people now a days. Do not you also guess the greater interest for being stable in politics, the corrupted political parties allow them to live peacefully in Bangladesh?Exactly due to the political unrest and corruption, the war criminals are still here in our country whose conspiracy is not finished yet. This is the national fact for what I am going to show that the political unrest and corruption gives strong position to the war criminals to be here. Before having my stand let me clarify about the powerful war criminals of our country under whom other criminals are being hidden for years.The most marked war criminals of our bloody War of 1971 are specifically present in Bangladesh with strong handling power and voice from Jamaat e-islami along with others involved directly in forming RazakarBahini, Al-Shams, AL-Badar who heavily drawn into mass murdering, rape, arson, looting and especially killing of intellectual during the last part of our glorious liberation war. Jamatis were related with most genocide that happened during nine months of liberation warthat is proved to us from the different sources and ‘MuktiyuddhaCetanaBikasa Kendra’.As hraf Hossain, a leader of Jamaat's student wing IslamiChhatraSangha, created the Al-Badar militia in Jamalpur District on 22 April 1971 (Editorial, DailyPurbodesh, 23 April 1971). In May, 1971, Jamaat leader Mawlana Yusuf created the Razakar militia in Khulna (Editorial, Daily Sangram, 14 November 1971). As getting information from the book ‘Genocide '71, an account of the killers and collaborators’ by AhamadaSharif and MuktiyuddhaCetanaBikasa Kendra (1987) , the large group of ilitia named AL-Shams was also created at the mid of the war led byJamat leader Ali AhsanMujahid who did the same massacre during the war. However, some people say, here in Bangladesh we have a quite sustainable constitution which is representing a complete freedom of country. But in that constitution there is nothing about war criminals and their definition. Constitution of Bangladesh does not make any specific words about the existence of the war criminals. From the ISN report 4thNovember, 1972 we get the whole overview of our constitution easily.Here according to The Article-6 (1) and (2) [talks about ‘Citizenship’] ,Article-19 (1) [talks about ‘Equality of opportunity’] and Article-32 [talks about ‘Protection of right to life and personal liberty’] of the constitution, war criminals along with everyone after the war got the clear acknowledgement to be a citizen of Bangladesh. So they deserve to be with all facilities like us. Therefore the clarification of Constitution is responsible to give the opportunity to the war criminals to be still here in Bangladesh. So justonly the political interest and corruption is not thefact.Butmany Specialists and intellectuals gave different types ofopinions opposing the above logic . Ema. E. Hasana and War Crimes Facts Finding Committee (Bangladesh) in their combined and most acceptable book ever ‘Papers on genocide, war crime and crime against humanity in Bangladesh(2001) proved having many statistics and incidentsthat for political and individual soft corner, the makers of constitution who were the only political power at that time made a diplomatic composition of Constitution which had not given any specific definition for the war criminals.That is why war criminals are the citizens of Bangladesh now. Besides, for political interest they changed and amended many parts of constitution (Malik 2009). We have seen that in the elections, those political leaders use the war criminals for having privilege. Kabir (1998) said from the report of Primary Resource in International Affairs(PRIA) that three specified war criminals (Ahmed Sarwer, Kamal Azam, Ruhitbillah) were appointed in the Local administration on September, 1972.So we see the ultimate cause of staying of war criminals strongly in country is the political corruption and interest for having power. In addition, the position of the war criminals has been lastingfor years by the strong influences of the foreign coun tries. Blackburn (2008) indicates a matter thatUSA has less concentration on the illegal terrorism happened in the poor countries where they have no profit.Absolutely it’s true that to overpower the developing and underdeveloped countries like our country Bangladesh the powerful and developed countries like USA and UKdo not assist the Government of us being informed about theunfair activities of the many fundamentalist parties who always opposed the national war in the name of peace as wrong way having brutal massacre on innocent patriotic people rather they try to take advantages from the cases and if they can not make their self-interest from us then they threat us with their rich nuclear power as a complain of having fundamentalist terrorists.That is the chance for the fundamentalist war criminals of our country getting indirect influence from them and for this some of us argues that it’s not all about thepolitical corruption which is only responsible for the presen t position of the war criminals in our country. Yes it may be right and correct that the foreign influence has. But the latent history is, Bangladesh Govt. is not supposed to become an undertaker govt. Rather, to get the support from the strong foreign govt. , for holding the power and having more favour and self-interests doing corruptions within own country, our politicians lose their soveiregnity and own character.For the greater political interests they have been using the war criminals as their partner. So again the main cause is political corruption for what still the war criminals are here in Bangladesh. Moreover, the war criminals have the international networks in many countries. Jamaat-Bangladesh has the direct control under the Jamaat-Pakistan(Blackburn 2009). According to the report of Blackburn (2009), both two groups get supports including financial aids from the Islamic Circle of North America (ICNA).He found that MueenUddinChowdhury and Asrafuzzaman Khan from Jaamt-B angladesh who are involved in war crimes make funds in UK, US, Germany and Austrialia and keep it to the Al-Khidmat Foundation that helps to support the HizbulMujahideen, Jamaat's armed wing and other groups which are designated by the US and UK as a terrorist organization. Those groups have very strong supports in almost many countries of Asia. That is the weak point for Bangladesh to stop those war criminals involved with them. But we see at present we have no strong political strength where the political parties are busy with their own interests.That is why Bangladesh did not either make its enough image as stand internationally. As political parties just think about their own interest, they always hope to get assistances from the different sources as well as those groups. For that reason they do not have any bravery say against those strong networks getting money from them. The most important thing is that the unconsciousness and unwillingness of the general people who always si lently has been allowing the war criminals to freely live in peace.Besides, many of us directly support the war criminals and try to give them the power to lead the country. But we all experience that we the general people are bound to be silent under the power of corrupted political parties. It is well planned to rehabilitate the war criminals in Bangladesh. Here war criminals are given power to control politics and given the post of minister of this country. And by this, the public are cheated so that they can not remind the matter again. So frequently under the only political corruption war criminals are still existingin this country.However the key volume of the strength of war criminals increased from 1972 while they were pardoned as a ‘General Bail 1972’ by Sheikh Mujib which was said to be having a great political advantages and supports for them (Ahmed 2010). But the most favourable chance came to the war criminals during 1975, 1977, 1979 as those years when the acceptation of religion based politics started. kabir (1994) thinks that MAJOR JIA and ERSHAD tried to make the people more emotional and made them more sentimental by religion in a wrong way with the wrong explanation of Islam by the fundamentalistsJamaatis .They invitedthose war criminalsto take pure political support and they both gave chance to them to be their political partner. Going to do that they changed the constitution for the betterment of the war criminals but not more than any development. That is why they rehabilitated the war criminals. On the other hand, no step has been taken till now to make trial of the war criminals due to political interest of the the major political parties after the liberation. So many govt. leaders came and gone but not tried to trial the war criminals only for political cause.Even some of the political parties made Joint Group to win the election which is a practical example. We saw the Ameer of Jamaat-Islami had been the minister of our c ountry. Mohaiemen (2003) found that an alleged war criminal SalauddinQuaderChy. has just became Bangladesh’s nominee for Secretary General of the Organization of the Islamic Conference (OIC) with his power getting the support from the own political parties.To sum up, it’sinfact necessary to say that the war criminals are used as a great vote bank in elections which actually increases unrests among the political parties. abir (1994) realized that the supporters of the war criminals were increasing day by day by the chance of the corrupted politics. The consequence of it reflects very soon. It is impossible to determine how much support the Jamat actually had in the 2001 election as it was part of an alliance whose various members voted for each other against the Awami League, but its 17 seats in the new parliament – and two ministers in the government – suggest a dramatic increase. So it’s clear to know that just for the political unrest and corrupt ion the war criminals are existing in our country still now.

Islamic Studies

ISLAMIC STUDIES Topic:- Islamic Principle Of business And Marketing & Present Business Evils GROUP MEMBERS:- Nauman Mushtaq Raja Hammad Ahmed kiani Farhad Shareef Shamsher Ali Daniyal Haider The teaching of Islam describe that Islam is a complete code of life. Since we talking about business and marketing therefore Islam give brief explanation about it. From the Islamic point of Islamic the first priority of business should be pleasing Allah and establishing Halal as a way of life. Seeking profit is not a bad aim, but it should be secondary.By making Allah the goal, and implementing Islamic rules of honesty, truthfulness, and good behavior with customers, Insha Allah, any Muslim business is bound to boom. Following are the characteristic that should need to present in Islamic business and marketing:- (1)Honesty (2)Trust (3)Fair and Kind (4)Truthfulness (5)Justice HONESTY IN BUSINESS The Holy prophet (pbuh) was declared not only Sadiq and Amin but he was an honest business man. This i s proved by Hazrat Khadija who was richest lady of Makkah. She gave a few things to sell and she sends her servant with him.But Holy Prophet (pbuh) proved his honesty brilliantly. Honesty is needed in everything we do. From the domestic work of daily routine or office work to studies, honesty makes the real difference. Honesty makes it easy for us to survive because an honest person is truthful and such a person does not fell into any trouble. The sad fact of the present day is the lack of honesty in people. Lies, and dishonesty has become standard in everyday matters and it is a common perception that no one can get rid of them now.This point of view is wrong, why cannot we live like honest humans? If one thinks that honesty cannot be achieved or truthfulness is a dream now this is wrong, just by practicing Islam truly in its true spirit we can achieve all this without devising any special plans or any complex system of morals. The world today is a big business hub, i. e. it is a b usiness market now. There are some main stock exchanges that control the money inflow and out flow of the world for example, wall street etc. these stock exchanges are actually business centers where whole world trades.Unfortunately, with the Jewish intervention in the business and introduction of riba in business, there has left no honesty and no halal money in the business any more. The best examples of the honesty in business are the prophets of Islam. From Quran we learn that prophet Yusuf a. s. used to look after the financial matters of the state as His own choice. That’s why It is called that honesty is the best policy, indeed honesty is the best policy. When a business man is honest, he will never sell a low quality product and will never earn unjustified profit.Thus, an honest business man will be God fearing and will never ever dodge his customers over the selling. An honest business man will never like to go for unjust means to increase his earnings neither will he ever like to give bribes or accept bribes thus with honesty in business, the curses of bribery and riba can be shunned. Hazrat abu bakar siddique r. a was one of the best and honest business men of Arabia. He was very rich and his financial as well as moral help was appreciated by Muhammad s. a. w. w as well. He was much honored in his region because he was honest in business.There are several examples in the Muslim world who did not only do business honestly but also earned much more than those who like to earn black money. In honest business ALLAH gives His blessings, thus honesty indeed is the best policy. The Prophet has said the honest and truthful businessman will be in Jannah amongst the Prophets the Truthful and the martyrs. Honesty and truthfulness are essential in this business. And when it comes to Muslim businesses, it means building a relationship of trust with customers, which cannot be done with lies and eceit. The Holy Quran already explains the factor of honesty in business and in every matter of life. The Holy Prophet (pbuh) has a great business skill due to which he was offered marriage. But unfortunately our current business values have been changing day by day. Our environment is lacking in honesty. For having a good business policy we should need to be honest. The Holy Prophet (pbuh) said,if you sell goods on lie basis then your goods would be sold with your faith.For instance if there is any medicine who will get expire any shop keeper sell to any uneducated person and he got infection, a person who got infected will complain to doctor not to pharmacy shop keeper. Today lie become the trend we just to sell a 300Rs shirt would lie many time. The Holy Prophet (pbuh) said selling thing upon lie basis would break trust of others. TRUST IN BUSINESS For having a successful business a trust of people is require. This does not mean that only one sided trust is require but from both seller and buyer. This enhances better understanding and good c ommunication.A Unit Trust is an investment vehicle that allows investors to take advantage of investing in a diversified group of stocks which manages risk and exposure to one or a few stocks. It also offers the opportunity to participate in the long-term performance of the stock market. Islamic Unit Trusts add other aspects that are a screening process to remove stocks of companies deemed to be inappropriate for Muslim investors and cleansing or purification of a company’s profits by removing any income derived from non-Shariah complaint sources, such as interest a company would earn on its bank accounts and donating them to charities.Therefore, Islamic unit trust schemes are required to additionally appoint a Shari’ah committee or to ensure that their operations are in accordance with Shari’ah. Islamic Unit Trusts can invest in many financial products in conventional financial markets which are not interest-based, or where the element of interest could be elim inated, such as property funds, commodities, financial options and futures and forward transactions in foreign currency. They can take advantage of international markets growth by giving priority to equity investments in Islamic banks and financial institutions, stock markets ofMuslim countries; and companies managed under the Islamic system. The manager of a Unit Trust mutual fund would typically invest the pooled money in a portfolio which may include the asset classes such as cash, bonds and deposits, shares, property and commodities; tangible assets represent more than 51% of the portfolio. Islamic Unit Trusts have also a wide range of investment options based on growth and income, open-ended, redeemable, etc. Their investments can cover international equity markets, currencies and properties.A Mudarabah fund can invest in a specific business activity on the basis of profit and loss sharing; Murabahah fund invest in companies whose transactions are undertaken on a cost-plus basi s; Through Musharakah the Unit Trust and the third party contribute funds in a joint venture, producing equity participation; And in Ijarah fund, the Islamic Trust finances equipment, building or entire project for a third party against an agreed rental. Besides, there will be no restriction to stop non-Muslims investing in an Islamic Unit Trust.A good analogy with Islamic Unit Trusts is one of ethical and green Unit Trusts. Here the universe of investable securities is limited by certain criteria based on moral and ethical considerations (muamalah. com; 2009). An ethical investment is the principle of investing in companies which make a positive contribution to the world and avoiding those which harm the world, its people or its wildlife. Society's increasing awareness of its environmental and social responsibilities is impacting on financial services, more and more investments based on ethical principles are now available.Some may think that the restrictions imposed by ethical inv estment with strict criteria may result in weaker performance; however ethical funds have often matched or beaten their non-ethical counterparts. Ethical investments are generally made through managed funds such as unit trusts which specialty is to seek profits for investors while conforming to certain ethical criteria such as that the company is not involved in activities like illegal armaments, gambling or pornography, or that it doesn’t produce or distribute alcohol, tobacco or drugs.Before buying shares of companies in a chosen sector, an ethical fund manager will run checks on that company to find out if it has interests in a number of areas according to pre-determined criteria. Accordingly, clients who invest in ethical funds can be sure that their money will be invested in companies that engage in legal and ethical activities. Islamic Unit Trusts investments are also based on specific criteria based on morality, the main criteria is to not deal in transactions which in volve the paying and receiving of interest.Islamic Unit Trusts should be run on a transparent and modern corporate basis and up-to-date accounting and within a legal framework in conformity with the Shari’ah. In the same way the decision to invest in the case of ethical unit trusts is made by the fund managers, based on information received from various professional bodies and specially constituted committees of reference, the decision in the case of Islamic unit trusts is conditioned by the a binding approval from the Shari’ah Boards which consist of established religious scholars who make a decision based on the interpretations of particular operations and contexts.A person can earn money by two means; one is agriculture and the other is business. If business is not done according to the ethics then there will always be inflation and shortage of goods. As it can be seen in the case of many commodities like wheat, sugar etc. It is due to the stocking in, speculation a nd the selfishness of some businessmen. The government has also become a trader itself, while the shariah has stopped the Islamic government from trading. As it can be seen that business is an important part of life, the Prophet Muhammad (P.B. U. H) said, â€Å"People get 9/10 of their daily bread by trade. † Islam explains the concept of righteous trade by telling business ethics. If trade or any other thing is done against the morals and creed then this will lead to the bad end on the day of resurrection. Also by the law the person guilty of illegal business would end up nowhere. Islam emphasizes on the importance of the business ethics a lot. Allah says in the Quran, â€Å"they say that buying is also like interest but Allah has declared buying as permissible and interest as forbidden. And â€Å"When you buy or sell then make someone a witness of it. † The Holy Prophet Muhammad (P. B. U. H) said, â€Å"If trade was not there then you would have become a burden on others. † He also said that â€Å"A trader is the guardian of the means of daily bread and a keeper of the dignity of himself and other people. † The Holy Prophet Muhammad (P. B. U. H) encouraged the trust worthy traders by these words, â€Å"A trustworthy and truthful merchant shall be with the prophets and the truthful and the martyrs and the righteous. â€Å"God shows mercy to a person who is kindly when he sells, when he buys and when he makes a claim† The prophet emphasized on the truthfulness and the righteousness of the businessmen a lot. He said that â€Å"Verily, merchants shall be raised up sinners on the day of resurrection, except he who fears God, and is good, and speaks the truth. As Muslims, we have to adhere to ethical standards, not only in business but also in all aspects of life. Both business and ethics are interrelated. There is a reference to this point in the Qur'an, â€Å"For you in the Messenger of Allah is a fine example to follow. Al lah Almighty says, â€Å"To the Madyan people (we sent) Shu'aib, one of their own brethren: he said: ‘O my people! Worship Allah. You have no other god but Him. And give not short measure or weight. I see you in prosperity, but I fear for you the penalty of a day that will compass (you) all rounds. And O my people! Give just measure and weight, nor withhold from the people the things that are their due: commit not evil in the land with intent to do mischief. That which is left you by Allah is best for you, if you (but) believed!But I am not set over you to keep watch! † At one Place Hazrat Ali said, if you dog your friend then don’t think you had brilliantly dodged but think that how much he still trust upon you. FAIR IN BUSINESS Fair is another quality which is also needed for business. WE shouldn’t concern with business whether it is small or big, but we should be fair and kind with people and people with you. The Holy Qur'an and Prophet Mohammad (PBUH) have made it clear that a Muslim must be honest and upright in his business and monetary dealing.Also the true Muslim should keep his word and fulfill his promises, shun fraud and avoid deceit and perfidy, encroach not upon the rights of others, nor take part in wrongful litigation. Also a good Muslim does not give false testimony, and abstains from making unlawful money as from usury and graft. According to Islam whoever is not free from these vices, is not a true believer but a renegade and a worthless transgressor. And the Qur'an is rich with verses that confirm all this. Allah says in the Quran, â€Å"Eat not up each other's property by unfair nd dishonest means. † Allah forbids all unclean and corrupt means of making money, such as, dishonest trading, gambling, and bribery. And the Holy Quran has explained and described such practices in many of its verses. He says, â€Å"Woe to those that deal in fraud, – those who, when they have to receive by measure from men, exact full measure, but when they have to give by measure or weight to men, give less than due. Do they not think that they will be asked on a Mighty Day when (all) mankind will stand before the Lord of the lords. Another example is given in the coming verse, where Allah urges Muslims to be very particular about their trusts and about other people's rights. â€Å"Allah does command you to render back your trust, to those to whom they are due. † Major principles of fair business dealings According to Islam, the following things must be avoided to commence fair business. 1. No fraud or deceit, the Prophet (P. B. U. H) is reported to have said, â€Å"When a sale is held, say, there’s no cheating† 2. Sellers must avoid making too many oaths when selling merchandise. The Prophet (P. B. U.H) is reported to have said, â€Å"Be careful of excessive oaths in a sale. Though it finds markets, it reduces abundance. † 3. Mutual consent is necessary. The Prophet (P. B . U. H) is reported to have said, â€Å"The sale is complete when the two involved depart with mutual consent. † 4. Be strict in regard to weights and measures. The Prophet (P. B. U. H) said, â€Å"When people cheat in weight and measures, their provision is cut off from them. † He told the owners of measures and weights, â€Å"You have been entrusted with affairs over which some nations before you were destroyed. † 5. The Prophet (P.B. U. H) forbade monopolies. â€Å"Whoever monopolizes is a sinner. † 6. Free enterprise, the price of the commodities should not be fixed unless there is a situation of crisis or extreme necessity. 7. Hoarding merchandise in order to increase the prices is forbidden. 8. Transaction of forbidden (Haram) items, such as intoxicants, is forbidden. Fraud and dishonesty in business Prophet Muhammad (P. B. U. H) has stressed the importance of honesty in most of his sermons, saying, â€Å"Remember, there is no faith in him who is n ot trustworthy; there is no place for him in religion who cares not for his ledged word or promise. He (PBUH) also said, â€Å"The signs of a hypocrite are three, when he speaks, he is false, when he promises, he fails; and when he is trusted, he plays false. † Condemning those who cheat in business Prophet Mohammad (PBUH) has said, â€Å"He who cheats is not of us. Deceitfulness and fraud are things that lead one to Hell. † Once Prophet Muhammad (P. B. U. H) came upon a heap of corn in the market of Medina and thrust his hand onto it. His fingers felt damp. On being asked, the trader replied that rain had fallen upon it. The Prophet (P. B. U.H) observed, â€Å"Why did you not then keep (the wet portion of) it above the dry corn, so that men may see it? He, who deceives, is not one of us. † Thus traders who deceive by showing to customers a false sample or by concealing from them the defects of the product they're selling are not true Muslims in the judgment of Allah Prophet (PBUH) and, they are going to end up in hell. Prophet Muhammad (P. B. U. H) said, â€Å"The seller must explain to the buyer the defects, if any, in the quality of the article offered for sale. Should this not be done, the seller will permanently be caught in the Wrath of Allah. In short, all manner of deceit and dishonesty in business is prohibited in Islam. The Holy Prophet has expressed his strong dislike for those who do so. The Prophet's general advice to all people was that, â€Å"What is lawful is clear and what is unlawful is clear, but between them are certain doubtful things which many people do not recognize. He who guards against the doubtful things keep his religion and his honor blameless, but he who falls into doubtful things falls into what is unlawful, just as a shepherd who pastures his flocks round a sanctuary will soon pasture them in it.Every king has a sanctuary, and God's sanctuary is the things he had declared unlawful. â€Å"Before the Proph et invited his people towards Islam, it was his truthfulness and trustworthiness which had earned for Muhammad (S. A. W. ) the glorious titles of â€Å"Sadiq† (truthful) and â€Å"Amin†. Therefore, one must follow the teachings of the Holy Prophet (P. B. U. H) in regard to business and all other aspects of life; to become a good Businessman and hence, a better Muslim. Islam puts certain conditions and restrictions to obviate the chances of bitterness between the employer and employees.Islam encourages and promotes the spirit of love and brotherhood between them. According to the Islamic teachings it is the religious and moral responsibility of the employer to take care of the overall welfare and betterment of his employees. Fair wages, good working conditions, suitable work and excellent brotherly treatment should be provided to the workers. The last Prophet of Allah (sws) has explained this principle in the following words: Those are your brothers [workers under you] who are around you, Allah has placed them under you.So, if anyone of you has someone under him, he should feed him out of what he himself eats, clothe him like what he himself puts on, and let him not put so much burden on him that he is not able to bear, [and if that be the case], then lend your help to him. The Prophet (sws) also said: I will be foe to three persons on the Last Day: one of them being the one who, when he employs a person that has accomplished his duty, does not give him his due. The Prophet (sws) is also reported to have said: The wages of the laborers must be paid to him before the sweat dries upon his body. TRUTHFULNESS IN BUSINESSIn order to earn profit and making things Halal truthfulness is essential. People to buy things where ethics like truthfulness is present. Islam encourages truthfulness in business transactions and raises the status of a truthful merchant so much so that he will be at par with the holy warriors and martyrs, in the Hereafter. The Prophe t (sws) is reported to have said: The truthful merchant [is rewarded by being ranked] on the Day of Resurrection with prophets, veracious souls, martyrs and pious people. The Prophet (sws) has also exhorted the believers to strictly adhere to truthfulness in business transactions.He says: The seller and the buyer have the right to keep or return the goods as long as they have not parted or till they part; and if both the parties spoke the truth and described the defects and qualities [of the goods], then they would be blessed in their transaction, and if they told lies or hid something, then the blessings of their transaction would be lost. The tradition implies that Allah blesses business dealings if both the buyer and the seller are true to each other. Telling lies and hiding facts will result in the loss of divine blessing. A tradition reads. The Holy Prophet said: ‘Traders are wicked people’.The Companions asked: ‘O Messenger, has Allah not permitted business? ’ The Messenger replied: ‘Of course He has declared trading lawful. But they (i. e. the traders) will swear by Allah and do evil, they will not speak but tell lies’. JUSTICE IN BUSINESS The Quran also emphasizes on the concept of justice. It is another types of ethics which is deeply needed for running on the business. The Holy Prophet (PBUH) said, He who deals unfairly with others can never become useful member of society. Among the set of values the Qur'an and the Prophet's sayings emphasize are the concepts of justice and benevolence.The concept of justice (‘Adl) occupies a central place in the economic system of Islam. This value is prescribed in legal, social, moral and economic dealings. It is to be practiced with individuals, orphans, wives, tribes, communities and nations and even with peaceful enemies. It is applicable to speaking, giving witness, acting as a guardian, writing an agreement, arbitrating between parties, dealing with other people, j udging in a court of law and making business transactions. The concept of justice in an economic context encompasses fairness, equity, balance and equilibrium, symmetry and impartiality.The Quranic verses address individuals not only in their personal capacity but also in their capacity of being rulers, administrators, directors, employers, and all who deal with others. Justice, like truth, is a Divine virtue. Islam does not compromise on this value as it does not compromise on truth. While the Qur'an lays great emphasis on the value of justice, the Prophet has repeatedly persuaded the Muslims to stick to the value of Ihsan, which stands for benevolence, generosity, proficiency and magnanimity. The absence of ‘Adl inflicts harm and disturbs peace and harmony, but the absence of Ihsan does not harm anybody.It implies a more liberal treatment than justice demands. It begins where the limits of justice end. Absolute justice is a legal requirement and, therefore, essential, but th e Prophet, in line with the Quranic requirement, has persuaded his followers to behave magnanimously in claiming their rights and be generous in discharging their duty. ‘While ‘Adl eliminates injustice and exploitation and strikes a real balance between rights and responsibilities in society, Ihsan decorates the society with generosity, kindness, mercy, forgiveness, self sacrifice, mutual cooperation and affection. Adl is the primary condition for setting up an Islamic government, while Ihsan plays a vital role in building up a truly Islamic society; the former is a legal phenomenon while the latter is moral and religious. When we say that prices must be just, or fair, does this justice or fairness involve a moral value? Wholesale prices for all the dealers are almost the same. Can we then justify price variations at different centres? In Islamic law, if anybody charges an extraordinarily high price, it is termed as grave deception and is unacceptable.The Ottoman Code of Civil Law defines grave deception as higher than 5% (profit) on goods, 10% on animals and 20% on immovable property. The concept lays down the rate of profit but not the sale price. As a matter of fact, the wholesale price alone does not determine the sale price. It is determined by locality, standard of intramural decoration, packing, service, environment and other overhead costs. A trader has to add all the incurred and accrued expenses to the wholesale price, in addition to a profit for himself/herself.What rate of profit he should charge is determined largely by market forces and the nature of the competition, given a normal or prevailing price. All this proves that the concept of a just price is not a moral concept except where monopolies or oligopolies arbitrarily fix an unrealistically high price quite out of proportion with costs. The concept of the right to justice is mentioned repeatedly in the Qur'an. There is quite a lot of detail in the passages relating to the freedom to justice.In Islam there are two concepts which are considered, Ihsan and Adl. While Adl is typical of monotheistic religions, referring to the need for balance and equality when judging and individual, in Islam perhaps the more important term is Ihsan. Ihsan refers to making up an imbalance or an injustice by returning or giving back something to the person that is at disadvantage. As such, it is not only important to treat all people equally, but to allow those that are at an objective disadvantage compensation.These relate to the two most basic attributes of God, mercy and compassion (Al-Rahman and Al-Rahim. ) These two concepts are often compared to the love of a mother to her offspring. A parent must love equally all of his offspring, but if one of them has a handicap or requires special attention Ihsan dictates that a loving parent will give that child more to help him make his way in life. In the ideal Islamic society, the concept of justice necessarily reflects helping the disadvantaged, like widows, orphans, and those living with handicaps or in poverty. If Musharakah principle† was applied to a bank which holds a huge amount of depositors’ money and no interest rates permitted to earn income, banks will be forced to invest in different projects whether it is new or current. But the bank here is exposed to a risk of loss! It encourages a bank to diversify its investments since interest is prohibited and that leads to a growth in the economy since money is injected in several business and projects. If the economy grows on average, the investment pool will make profit.Banks here make income from investment not form interest by lending money. No interest rates for the depositors but their income increase in line with the growth in the economy. Thus, Islamic system based in â€Å"cooperative† (Sharing) and does not favor rich people. But it works on the principle of sharing which in a way or another leads to justice. The current news is that Sweden government is awarded as best governance. When people asked reason behind this success. They replied, we followed the Hazrat Umar (R. A) Rule of law.