Saturday, August 22, 2020
Clarify what implied by the term Ricardian Equivalence. Does it implied that open charge doesn't make a difference Discuss - Essay Example It proposes that obligation the board frameworks that an administration utilizes can't influence the complete interest in an economy. Accordingly, the open will ceaselessly spare its abundance fiscal motivating forces to cook for the future increment in charge commitment. The hypothesis has been instrumental in a few countries remembering US for the administration of financial entanglements, for example, expansion. It gives essential motivations and rules that empower speculators in different economies to grasp the applications. Notwithstanding, it has been presented to analysis from different researchers and people who question validity. The partners express that the hypothesis is loaded with speculations and suppositions however need verifiable rules. They attest that it can't give verifiable answers for the current monetary elements. The importance ofÃ Ricardian Equivalence, conversation on open charge and its significance to financial expert Ricardian proportionality hypothesis holds that shoppers in different monetary set ups are consistently disguising their administration spending limitations. Monetarily, the hypothesis has genuine spending imperatives and capacities that speak to consumption in different monetary or financial periods as dictated by a legislature. Typically, the limitations are given in two periods (period1 and 2). They give a tenable methodology of how government use is shown up at and how key capacities that incorporate loan cost and estimation of property influence use rates. g1 + b1 = (1+r) b0 + t1 and g2 + b2 = (1+r) b1 + t2. As demonstrated g1 and g2 are key meanings of government spending in the two time frames while t1 and t2 indicate genuine duty income that an administration can gather inside the periods. Thus, b0, b1 and b2 speak to the estimation of the genuine resource property that an administration has toward the finish of the periods. As common r speak to the genuine financing cost between the monetary periods or period one and two separately. These compels gives a reasonable comprehension on how government consumption and allotment of assets is finished. It additionally encourages the comprehension of the commitment of every component in computing government consumption. This engages them to avoid the impacts of any expense changes that may impede their burning through ability. Duty varieties don't influence request levels since purchasers make satisfactory arrangements to counter the impacts of assessment increments. The hypothesis proposes that it is not, at this point a monetary issue if an organization funds its expenses with obligation or assessment raise (Ghosh and Ghosh 2008 p. 279). This is recommendable as indicated by the hypothesis in light of the fact that the wellsprings of fund can't influence the degree of interest for different protections and different wares in a monetary framework. This clarifies why open obligation stays a key wellspring of obligation account. It guarantees that buyers are padded from the impacts of monetary threats. To be sure, the hypothesis underlines the hugeness of obligation financing and increment in tax collection in guaranteeing the accomplishment of adjusted economy. Its improvement empowered business analysts to deal with the equalization of reward shortage successfully. This is basic in guaranteeing that a nation works inside its cutoff points and reinforces its inner asset selection parts. It additionally guarantees that customers and speculators consistently concentrate how financial plan is run, and make capital hold for future expense builds (Ghosh and Ghosh 20
Friday, August 21, 2020
In the journey for coherent, legitimate and irrefutable logical answers there are two fundamental techniques for thinking used to move toward the topic to be contemplated. These are known as the deductive and the inductive methodologies. The two methodologies give very various lines of assault when endeavoring to demonstrate or invalidate social speculations. The data that is accumulated is utilized by social work scientists as supporting proof to build up associations among speculations and observational information. Rafael Engel and Russell Schutt, The Practice of Research in Social Work, clarify Ã¢â¬Å"Theories assist us with seeing how social issues develop; they control us in the structure of mediations to support people, gatherings or communitiesÃ¢â¬ (Rafael. Schutt. 2005. p. 39). On account of deductive thinking examines the exploration is started from a hypothetical premise, concentrated on a subject, and afterward limited to a; Ã¢â¬ËIf-ThenÃ¢â¬â¢ theories that can be tried. Research is directed to assemble information through perceptions, to affirm or negate the speculations. Inductive thinking is it could be said an opposite report, all things considered through perceptions made that have at first gotten on specific patterns, or built up regularities that the speculations or hypothesis is created. In the field of Social work look into it isn't at all exceptional to use the two strategies for research, and Engel and Schutt allude to this as the Ã¢â¬Å"Research CircleÃ¢â¬ (2005. p. 45). Research frequently includes factors, and speculations regularly should confront different investigations to show up at a definitive answer. The creators refer to the Sherman and BerkÃ¢â¬â¢s, 1984, investigation of aggressive behavior at home Ã¢â¬Å"as a case of how the examination circle worksÃ¢â¬ (2005. p. 43). They said that initially dependent on information with respect to spousal maltreatment a speculation was created in regards to capture rates. After information was explored that related with the hypothesis, the investigation was then caught up with inductive research dependent on the insights of the information assembled. As noted regularly the scientists will circumvent the circle various time, as Sherman and BerkÃ¢â¬â¢s study did, changing factors and techniques, to test a large number of speculations. As indicated by Engel and Schutt the Ã¢â¬Å"Inductive research process is all the more frequently the system utilized in subjective methodsÃ¢â¬ (2005. p. 38), and that deductive is Ã¢â¬Å"Most frequently utilized in quantitative methodsÃ¢â¬ (2005. p. 38).
Monday, June 29, 2020
Part 1: The Best Laid Plans Competition for coveted medical school seats increases every year and with it the pressure on aspiring physicians to meet the ever-rising expectations of admissions committees. Whether you knew you wanted to become a physician since you could want anything at all or are planning on making a career change into medicine, it can be overwhelming to think about everything you will need to do just to be ready to start writing your application. George R. R. Martin once said there are two kinds of writers: gardeners and architects. Architects like to draw up blueprints, measurements, grand plans before even thinking about laying down a foundation. Gardeners, on the other hand, plant a seed, water it, and watch it grow, tending to the needs of the sprout as they arise. Your medical school application is the story of why you want to (and should) become a physician, so how are you going to go about putting it together? I don't think there is a single, right answer to that question, but I do bel ieve that every premed should strive to find their own balance between master planner and rolling stone. In this two part post, I'll talk about how each mindset might shape your premedical career. Part 1: The Best Laid Plans The bare minimum requirements for any medical school application consist of about two yearsÃ¢â¬â¢ worth of coursework (which varies from school to school), ample experience in the clinical setting, and, of course, an MCAT score. It is critical that you set yourself a timeline for hitting these milestones. Whether you are in an undergraduate or post-baccalaureate course, you need to understand the sequence and pace through which you'll complete the required coursework. This is where your academic advisor at your home institution can be an invaluable resource. The quality of academic advising can vary from institution to institution (indeed, from advisor to advisor), but every advisor at your institution should, at the very least, be familiar with the school's course catalog and hurdles faced by their premed students. Finding that first engaging and participative clinical experience is even more important, not merely because it is expected of you but because it is precisely this kind of experience which will tell you Ã¢â¬â very quickly Ã¢â¬â if medicine is right for you. I strongly advise all of my students to seek out clinical volunteering or shadowing before pursuing any other extracurricular activity. Medicine isn't for everyone and your undergraduate education is partly about discovering what kind of life, work inspires and drives you Ã¢â¬â locking in or ruling out medicine as early as possible can only benefit you. Reach out to a physician you know (even your own) and ask to shadow them or if they can recommend you to another physician who might be more willing. Avoid hospital volunteering positions unless they are explicitly patient-care oriented. Instead, look for volunteering positions in free clinics, community health centers (in my experience, they are always looking for help), or, if you can spare the time, as a medical scribe. You've laid out your course schedule far in advance and have had some encouraging patient-care experiences...it's time to start thinking about the MCAT. Don't be so eager that you start reading MCAT review books starting your freshman year; similarly, it would be an error to think that there is nothing you can do to prepare for the exam from your first day as a premed. MCAT review books are just that, review books. Without a strong foundation, you'll merely be cramming information into your head instead of absorbing the critical relations between concepts, themes, biological mechanisms and physical principles which the MCAT will ask you to apply. How do you build this foundation? By investing yourself in your coursework! It goes without saying that your GPA is important but if you make the effort to go above and beyond in your coursework to truly understand and internalize the material then your GPA will reflect that. Some students want to start reviewing MCAT flashcards alongside th eir regular coursework, but I'm here to tell you that your attention is best invested fully in the coursework itself. The MCAT is mainly an application exam, not a knowledge exam, so conceptual understanding, not rote memorization, is where you ought to focus your efforts until it comes time to study for the exam in a dedicated fashion. One last note about the MCAT: plan to give yourself time. Many students attempt to study for the exam for the first time alongside their regular coursework either because they feel rushed or don't want to sacrifice a full summer to the exam. I can understand that mindset. However, this single eight hour exam will be weighed as heavily as your entire collegiate academic career. Medicine is a marathon and not a sprint Ã¢â¬â there is always more time to bolster a sparse rÃ ©sumÃ © but your academic metrics are far more time consuming, difficult, and expensive to alter beyond the first attempt. Although not ideal, it's not the end of the world if you need to take the MCAT more than once to be a competitive applicant, but trust me when I tell you that nobody should plan to take that test twice, even if just for the sake of their own sanity. Part 2: Gardening "In the first place, in the physician or surgeon no quality takes rank with imperturbability...Imperturbability means coolness and presence of mind under all circumstances, calmness amid storm, clearness of judgment in moments of grave peril, immobility, impassiveness, or, to use an old and expressive word, phlegm.Ã¢â¬ - William Osler, Aequanimitas The path to medicine is long. Things happen; doors open and close; crises come and go; life intervenes. Flexibility and equanimity is just as valuable as thorough planning, if not more so. Aequanimitas, what Osler called imperturbability, is a cultivated trait. One must be prepared to face possibility head on and this includes the possibility that your plans may be stalled or fail completely. A common scenario I see is a student overburdening themselves with courses, commitments, activities, responsibility and unwittingly making undue, unwise compromises under the pressure of progressing as quickly as possible toward their imagined goal. These students have a mindset similar to that of a track runner preparing for hurdles: they see the obstacles in front of them and know they must jump so high and see themselves surrounded by others preparing to do the same. In hurdling, the goal is to clear the track as quickly as possible with the fewest errors; premed is similar in that you should work to clear each hurdle as cleanly as possible, but the race is an illusion in the mind of the competitor. So, the when our overburdened student starts to see a dip in their grades or fail to accomplish anything meaningful in their activities, they become discouraged, damaged even, and begin to flake on their responsibilities, health instead of responding to the problems at hand. Equanimity, or more simply grit, will help you through those tough times but merely weathering the storm is not enough to be a good gardener. If the student was, instead, a good gardener, they would plant a single seed at a time (starting with academics) and open themselves up to possibility, waiting for the right time and opportunity to diversify their efforts. This is what I mean by flexibility. It's this gardening mindset that helps you build a standout extracurricular rÃ ©sumÃ ©. The most impressive applicants will not necessarily have the most activities or hours, but they will have made a significant contribution to, and grown from, every project or organization they have chosen to involve themselves with. If you are filling each of your days with meetings and busy work on top of your academic responsibilities then you will never give yourself the chance reflect on what you do, to internalize the fruits of your labor, to glean the possibilities hiding all around you. It's those moments of leisure and reflection which open us up to ideas which might allow us to have a positive impact on the people and world around u s. You need to allow yourself that space. It's good for your health, too! Are you interested in learning more about medical school admissions? ; Want to read more about the process? Read on, dear reader, read on! How to Apply to American Medical Schools While Travelling Abroad (no matter how remote!) Constructing and Communicating Your Narrative as a Medical School Applicant How to Choose a Medical School Personal Statement Topic
Tuesday, May 19, 2020
Sample details Pages: 1 Words: 430 Downloads: 2 Date added: 2019/10/30 Category Medicine Essay Level High school Tags: Lung Cancer Essay Did you like this example? We believe that your diagnosis is lung cancer. Lung cancer is the growth of abnormal cells in your lungs that spread to lung tissue which causes the formation of a tumor. These abnormal cancer cells can also spread to other parts of your body, including your lymph nodes. DonÃ¢â¬â¢t waste time! Our writers will create an original "Lung Cancer: Symptoms, Treatment" essay for you Create order Being a heavy smoker, it was highly probable that you would acquire lung cancer. When the lungs are constantly exposed to the smoke from cigarettes, which is full of carcinogens (cancer-causing materials), it damages the epithelial cells of the lungs, and therefore causes the cells to develop cancer. Currently, you have a persistent cough, shortness of breath, and fatigue. The dyspnea can be caused by the tumor blocking your airway. Additionally, lung cancer may cause fluid to build up which also leads to shortness of breath. With shortness of breath, not enough oxygen is able to enter the body, therefore it is more difficult for cellular respiration to occur. This means that not enough carbon dioxide is being released from your body and not enough ATP is being produced for your cells. Seeing as your cells are are unable to access a sufficient amount of energy, youÃ¢â¬â¢ve become lethargic and fatigued. After doing a chest x-ray and a CAT scan, we found that you have a tumor on your upper-right lung field. We also did a sputum cytology, examining your mucus to look for cancer cells, which usually detects the cells 60% of the time, but it came out falsely negative. We also suspected you to have Bronchitis or Pneumonia. We ruled out Bronchitis because that would require you to have a persistent cold for two weeks prior, which to our knowledge, you did not suffer from. Additionally, after doing the chest x-ray and a CAT scan, the possibility of Bronchitis was eliminated because it would not cause you to have a tumor. Pneumonia was initially our first guess, but similarly to Bronchitis, it isnÃ¢â¬â¢t probable because it would not cause you to have a tumor. For treatment, you may want to seek surgery or get chemotherapy. Chemotherapy is a medicine used to kill the cancer cells. It can be taken as a pill, an injection, or a catheter. Another option is radiation. Radiation is using x-rays to kill cancer cells as well as shrink tumors either externally or internally. Luckily, your cancer has not spread outside of your lungs, so hopefully the surgery will be effective. This process is very difficult, so we suggest keeping close and talking to your loved ones, as well as a psychologist and support groups.
Wednesday, May 6, 2020
Arjan Singh Mrs. Woolcock English IV-CP May 19 2016 Homelessness: Difficulty Escaping Poverty A homeless person is someone who lacks housing, including an individual who lives in a supervised public or private facility (What Is the Official Definition of Homelessness?). Being homeless means not having a place to call home, not having a stable income. It is not just individuals that can be homeless. There are millions of families living in poverty and on the streets all around the world, contrary to popular belief it is not an easy process to get out of homelessness. Homelessness is a problem that exists in every country in the world even extremely progressive countries like the United States. Habitat for Humanity states in their article about housing facts from 2015 that Ã¢â¬Å"Today, 1.6 billion people live in inadequate shelter around the world; 1 billion of those live in informal settlements. More than 100 million people worldwide are homeless.Ã¢â¬ (World Habitat Day 2015 Key Housing Facts). Which means that about 20% of the worldÃ¢â¬â¢s population does not have adequate shelter to live in. A lot of these people live in conditions that may harm their health and deprive them from opportunities. According to habitat for humanityÃ¢â¬â¢s article on homelessness, Ã¢â¬Å"by 2030 three billion people which is about 40% of the worldÃ¢â¬â¢s population is going to need housingÃ¢â¬ and by 2050, 70% percent of the worldÃ¢â¬â¢s population is going to need help accessing housing for them and their families. A Lot of theShow MoreRelatedHomeles s People And The United States1648 Words Ã |Ã 7 Pagesthe highest rates of homelessness among developed countries, homelessness in the U.S. is at epidemic levels in large cities (Agans 1). With the number of homeless people rising, the attitude of the general population towards the unhoused grows to be increasingly negative. Regardless of the difficulty of tracking and recording data on homeless people, one fact remains clear: Despite efforts to end homelessness in the United States, homeless people are are often held in poverty by the negative socialRead MoreCauses Of Homelessness1405 Words Ã |Ã 6 Pagesthey all share in common are the factors why a specific type of population became homeless. The interrelation of homelessness and mental illness are informed by many factors such as; the lack of support, extreme poverty, substance abuse, lack of affordable health insurance, and lack of affordable housing. The homeless population shares different struggles when dealing with ho melessness and mental illnesses because there are not enough resources for them to be able to come back to their normal selfRead MoreThe Causes Of Homelessness1656 Words Ã |Ã 7 PagesHomelessness is defined as the situation of an individual or family without stable, permanent, appropriate housing, or the immediate prospect, means, and ability of acquiring it. It is the result of systemic or societal barriers, a lack of affordable and appropriate housing, the individual/householdÃ¢â¬â¢s financial, mental, cognitive, behavioral or physical challenges, and/or racism and discrimination. Most people do not choose to be homeless, and the experience is generally negative, unpleasant, stressfulRead MoreHomelessness Is A Growing Problem Essay1121 Words Ã |Ã 5 Pageslatest definition of homelessness is, people who live in temporary house, have no tenure and do not have enough space for social relations (Justin 2006). Homelessness is a growing problem in Australia and it has spread qui ckly and influences to different kind of people. The rapid increase of homeless issues has influenced various people and the government should put forward corresponding solutions for these causes. This essay will introduce five main reasons which cause homelessness and the governmentRead MoreAn Evaluation Of The Government Solution On Homelessness Essay1133 Words Ã |Ã 5 Pagessolution on homelessness Family is such a simple word and many people take their own family and home for granted. However, Australian society still has people, who can not enjoy the advantage of a family life, and do not have shelter. On census night in 2011, 17% in every 10,000 people were estimated to be homeless. The present situation is, 39% of the homeless people live in overcrowded houses and approximately 20% people live in supported houses (ABS 2012). The latest definition of homelessness is,Read MoreThe Narrative Paradigm And Family Systems Theory1333 Words Ã |Ã 6 Pagesdecreasing interpersonal responsiveness, increasing passivity, and increasing dependence on others outside the family systemÃ¢â¬ (Davey, p. 326, 2004). As stated earlier, the family system can be immediately effected by an external change, such as homelessness. The communication between the family will look different than the way it was prior to the familyÃ¢â¬â¢s new situation. Family Background There are numerous reasons as to why a family becomes homeless. Ã¢â¬Å"Most families were living in unstable situationsRead MoreA Feminist Perspective On Women s Homelessness1956 Words Ã |Ã 8 PagesMuch literature explaining women s homelessness in the United Kingdom, have argued from a feminist perspective which highlighted that the market dominated housing policies disadvantage female-led households based on a gendered division of labour, (Watson and Austerberry, 1986) . Furthermore (Pleace, and Quilgars, 1996), asserted that dominant family model assumes domestic roles for women, such that family care, child care and other domestic duties as solely that responsibility for women. (RazzuRead MoreHomelessness : A Social Issue2081 Words Ã |Ã 9 Pageschosen Homelessness. I chose this because it is a very serious issue not only here in Australia but all over the world. In Australia there are is about 105,000 Australians that are homeless on any given night, all of which are eithe r living in a makeshift home or sleeping on the streets. In my essay I am going to look at whom homelessness affects the reasons why, and what is being done to help and raise awareness 1.0 What is homelessness? 1.1 Homelessness the social issue: Homelessness is a seriousRead MoreThe Issues Of Homelessness Around The World2250 Words Ã |Ã 9 Pages1. Introduction This report will be discussing the issues of homelessness around the world and in Australia. Homeless people are people who are living under rough circumstances due to money issues and other problems in the society, there are 100 million people estimated worldwide who are homeless. Those who are homeless all have a different story as to how they got there, usually having no support from their friends or family leaving them isolated and unwanted. This report will be covering theRead MoreThe Hardships Of The Great Depression1345 Words Ã |Ã 6 Pageswhen Ã¢â¬Å"Millions of men were thrown out of workÃ¢â¬ (Smart, 1975), those employed by the government were able to keep their job, and even improve their lives, whereas factory and other mainstream workers were fired. Every Australian citizens had faced difficulties at one point during the Great Depression, however it is obvious people experienced different levels of hardships. Women were discriminated during the Great Depression, making it difficult for them to gain an occupation, even employed, they had
The best way to gain self-confidence is to do what you are afraid to do. This is a quote I have often heard, but only recently began to understand and apply within my own life. This past summer I participated in GirlÃ¢â¬â¢s State, and there among the brightest young ladies and future leaders within Virginia I discovered a shocking and life-changing finding. These girls, the girls I have always tried to emulate, are successful because they are not afraid to challenge an idea or personify the change that they want to see. I have always been terrified of socializing because of a lack of self-confidence that has haunted me since elementary school. With this in mind and a conviction within my heart to enact the change that I wanted to see within myself, I ran for Governor of GirlÃ¢â¬â¢s State. Running for Governor entailed giving a speech in front of 300 young ladies who had spent a great portion of their day listening to continuous speeches. We will write a custom essay sample on GirlÃ¢â¬â¢s State or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Needless to say, I was intimidated not only by the size of the crowd but also by the state of irritability I assumed they would be experiencing. As I approached the podium, my heart was racing and my mind was flashing from one prepared point I wanted to make to another, but, as I looked across the crowd, I realized that before me sat 300 peers who werenÃ¢â¬â¢t going to throw tomatoes at me but instead genuinely wished to hear what I had to say. Throughout my speech, I could see a sea of smiles, and as I walked off stage, I even heard a girl say Ã¢â¬Å"I like her.Ã¢â¬ As the caucusing took place, the other thirteen candidates and I were sequestered in a room across the hall where we stayed for about forty minutes. Sitting there surrounded by those girls, a feeling of belonging overtook me, and I was suddenly reminded of how afraid I had been to even attend GirlÃ¢â¬â¢s State. The entire experience of GirlÃ¢â¬â¢s State gave me a confidence I will cherish and refer back to for years to come. Being thrust into a crowd of 600 girls I had never had any sort of contact with before was one of the most terrifying things I had ever experienced, but, as I grew to know some of them, I came to understand that my fear of rejection was founded in a completely ludicrous assumption. As I walked out of that room and heard the name of the Federalist candidate for Governor, I must admit that I was saddened to hear that it was not my name. However, I soon overcame my sadness as the girls from my city came up to me that night and the following morning to tell me that they were delightfully surprised and inspired because of the speech that I gave. I have never been as proud of myself as I was after losing that campaign because within my loss there was a win. I had won my campaign to a more confident self.
Tuesday, April 21, 2020
Interest-free Banking and Islamic Banking in Nigeria By: Salim Salihu Muhammed NigeriaÃ¢â¬â¢s quest for a virile banking reform had led to the adoption of several policies and strategies that would truly give the nationÃ¢â¬â¢s economy an edge towards growth and sustainability. No doubt, the bail outs of Ã¢â¬Å"failed banksÃ¢â¬ and the acquisition of toxic assets from bad banksÃ¢â¬â¢ books did saved the economy and Nigerians to a large extent from such kind of economic blows suffered in the Scandinavian banking crises.Without minding words as a follow up to an earlier publication, Zero Interest Banking in Nigeria: Identifying a Sustainable Module, I still emphasis on the identification of an achievable element for an Interest-free Banking System as well as supporting it to its plausible fullest, rather than introducing religious sentiments or interest that could harm the Nigerian financial sector. Less I forget in a hurry, do the NigeriaÃ¢â¬â¢s economic policy fault finders understand what Interest-free Banking entails? It is true that the Central Bank of Nigeria (CBN) had emphasized on its readiness to establish or give licence to banks wishing to operate Interest-free Banking system (which is popularly known by many as Islamic Banking because of its tandem with Islamic jurisdictions and beliefs that prevent dealings in interest (Riba) or usury). We will write a custom essay sample on Interest-Free Banking and Islamic Banking in Nigeria or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page It is also true that the Apex Bank has the jurisdiction, as provided in its Act to allow such financial or banking practice; but what should not be seen as true is the perceiversÃ¢â¬â¢ believe that the CBNÃ¢â¬â¢s policy was meant to enforce Islam or ShariÃ¢â¬â¢ah on Nigerians or construed as a personal agenda of the Apex BankÃ¢â¬â¢s Chief. For the avoidance of doubts, as it were with conventional commercial banks, Interest-free banking system has its inherent pros and cons which affects the Muslims and non-Muslims alike.A first glance of how Interest-free banking system operates could set a pace of reasonable understanding to its fault finders. The bank is operated by, and has Muslims and non-Muslims customers; its lending principle is based on the belief that the provider of capital and the user of capital should equally share the risk of business ventures. Translated into banking terms, the depositor, the bank and the borrower should all share the risks and the rewards of f inancing business ventures.However, Nigeria as well as any other country wishing to practice Interest-free banking system may design a module that fit its economy, so far that its applications does not go contrary to the Islamic jurisdictions of Riba or interest, the use of money and capital; and also, identify the key challenges facing the model such as the dearth of knowledge, skills and technical capacity to regulate, supervise, or operate non interest banks. Also, higher quality personnel with experience in project management and Islamic jurisprudence are required for financing and marketing activities.Interestingly, the flexible nature of Islamic finance provides enormous opportunities; it has positive and far-reaching impact for the Nigerian economy. The interest-free banking principle in Islam allows only one kind of loan and that is qard-el-hassan (literally good loan) whereby the lender does not charge any interest or additional amount over the money lent. In conventional terms, it means a bank will not change interest on loan or stipulate a certain amount to be paid back together with the loan given. What is more?The lender (the bank) also shares in the profits or losses arising out of the enterprise for which the money was lent. Islam encourages the economy of wealth redistribution; customers (Depositors) are thus encouraged to invest their money and to become partners in order to share profits and risks in the business instead o f becoming creditors. This is unlike the interest-based commercial banking system, where all the pressure is on the borrower: he must pay back his loan, with the agreed interest, regardless of the success or failure of his venture. The present day multi-rich Nigerians can hoard money, thereby limiting or eliminating the purchasing power of money. This practice have negatively marred the efforts at keeping inflation at bay, as this idle money are not utilized in economic events that could improve the countryÃ¢â¬â¢s Gross Domestic Product (GDP) over time. Under the Islamic Banking system, human effort, initiative, and risk involved in a productive venture are more important than the money used to finance it. Customers are encouraged to purchase and are discouraged from keeping money idle so that, for instance, hoarding money is regarded as being unacceptable.This purchasing power (money) cannot be used to make more purchasing power (money) without undergoing the intermediate step of it being used for the purchase of goods and services. Although the system encourages customer to purchase, it also prohibits or discourage investment in practices and products that are considered forbidden. The Apex Bank could make policies for the financial system and operators, as much as it is provided by enabling laws, the countryÃ¢â¬â¢s Constitution, the Bank and Other Financial Institutions Act (BOFIA) and other relevant financial laws. We must understand that the countryÃ¢â¬â¢s Assembly need not pass a bill for the proposed banking system (Interest-free banking), which is a product of CBN, to take effect if the listed legal provisions and other careful indices are put in place to make the system meet the economic objective for which it is meant for. All that is needed is a careful and extensive capacity building through collaboration among various stakeholders to develop cognate expertise in non-interest banking, development of an adequate regulatory and supervisory framework for the effective operation of non-interest banking in Nigeria.As it stands, it is fair to say that Interest-free banking system and Islamic banking system refers to the same policy as they operates in line to the provisions and jurisdictions of the Islamic ShariÃ¢â¬â¢ah system; nevertheless, it does not connotes a means of enthroning control over the sovereignty of Nigeria but a mere banking policy aimed at salvaging the countryÃ¢â¬â¢s financial system as seen to be practiced in the United Kingdom, America and parts of Europe. In many countries where series of financial crisis had led to the implementation of monetary and financial policies, the adoption of an Interest-free regime was considered.London is the leading Islamic banking centre in the West, HSBC, Lloyds TSB, and Citigroup have opened Islamic banking units and branches throughout England. Middle Eastern Islamic banks have also set up shop in the United Kingdom (UK). These banks also targeted non-Muslims with the message that their services are ethically superior to those of the West, pushing the idea that interest Ã¢â¬â and capitalism Ã¢â¬â is unethical and should be replaced in Europe by the Islamic financial model; patronage by non-Muslims have received a continuous increase in the UK. WasnÃ¢â¬â¢t England the birthplace of the Industrial Revolution and creator of the common law, the most successful and equitable legal system in history? One thing I must emphasis here is, any bank, be it Islamic or conventional, risks running losses if it does not charge some form of interest; Islamic banks circumvent this danger by extending a type of Islamic Ã¢â¬Å"creditÃ¢â¬ that shifts risk to the borrower in a manner similar to interest. In the UK Islamic Banking model, the banksÃ¢â¬â¢ ShariÃ¢â¬â¢ah boards legitimate the charges by renaming them Ã¢â¬Å"commissionsÃ¢â¬ or Ã¢â¬Å"profits. Some of us could be wondering why Islamic banks could remain profitable Ã¢â¬â or ideologically influential Ã¢â¬â if they complied with the QurÃ¢â¬â¢anic injunction again interest. An Islamic bank is no different. It must partake in the money creation business. And it must therefore fix its financial rate of return at the outset in most of its business. Thats why Islamic bank ing cannot succeed in being Islamic, at least, not in the way that we understand the terms Ã¢â¬Å"bankingÃ¢â¬ and Ã¢â¬Å"IslamicÃ¢â¬ today. Islamic finance is not a product to be offered to a niche market. It is a system. It must be promoted and implemented as a system as did the UK. Nigeria could buy from the West, especially with the United StatesÃ¢â¬â¢ strategy in understanding the system and how US Deputy Secretary of the Treasury Robert M. Kimmitt showed the world that the U. S. was interested in learning more about Islamic finance through holding an Islamic Finance 101 course in Washington to educate government officials on its ins and outs. Whatever the system that the Apex Bank deems fit to aid in strengthening the banking reforms, it is left for the customers and Nigerians to decide on which financial product to explore. As it stands today with NigeriaÃ¢â¬â¢s conventional banks increasing minimum cash balance in savings (deposit) accounts to N25,000. 00 and thereabout, the Islamic Banking could be a succour towards Sustaining Competition in Banking Reforms for a surviving economy whose average citizens earns far less than N18. 000. 00 per month. Salim Salihu Muhammed [emailprotected] com