The difference between Islamic and conventional Banks Research Paper

The difference between Islamic and conventional Banks - Research Paper Example Financial scholars have surpassed lasting ambiguous loan contracts practiced by drawing attention of the financial world to the benefits presented by bank products that meet the requirements of Sharia. Most of these products conform to religious backgrounds of the local people; and hence turn out to be attractive to wide fragments of the population in need of financial services they can identify with their cultural beliefs and way of life. Despite these existing trends, little academic evidence and research on the functioning of Islamic banks is recorded. Since its establishment in 1970, Islamic banking has witnessed a significant growth. With the establishment of its operational foundations a few decades ago, the banking model acted as a major vehicle that offer products similar to convenient banks. Numerous academic research and literature have gone further to establish the viability of these types of banks in dealing with finances. It is also evident that the last few decades the banking model has been characterized by an increase in its financial institutions that are spread in all continents. Most importantly financial institutions, in Europe and Asia, operate on Islamic windows and thus provide a convenient banking framework to their clients. Therefore, this paper describes some of the common differences between Islamic and conventional banks (Ali, 2005). Despite the fact that there is growing interest on Islamic banking and Islamic finance literature, a few academic papers about the subjects exist. A policy research working paper by Beck, Demirgà ¼Ãƒ §-Kunt & Merrouche (2010), confirms that there is a deficiency of academic work highlighting Islam finance trends. This trend contrasts with the increased importance played by Islamic banking in a majority of Muslim countries across Asia and Africa. Based on the details presented, this paper will, hopefully, contribute to the rising literature

System Software and Network Security Essay Example | Topics and Well Written Essays - 2500 words

System Software and Network Security - Essay Example The cloud computing has been surrounded by much hype as well as marketing strategies of how the IT infrastructure will eventually be placed in the â€Å"Cloud† if one needs to keep at pace with the technological advances. It’s widely acceptable that there is a wide array of benefits accruing from cloud computing. This includes fast deployment, scalability, business agility, and lower costs (Hurwitz, 2009). Despite these accruing benefits, there is a great danger to a cloud customer. With new providers emerging each day offering the cloud based services, this makes it very difficult for future cloud adopters to undertake due diligence and proper evaluation of the options. Whenever the company decides on the type of cloud (public, private, hybrid) (Furht, 2010) as well as the cloud service(IaaS, PaaS, SaaS) which best suits its specific infrastructure and the business needs, the next major task should be to choose the one specific vendor who is able to provide the above s ervices putting into consideration both cost and performance. At the moment there are no universal standards with which a user can use to evaluate the different cloud service providers which make the entire process quite challenging. Nevertheless there are a few guidelines that a company should put in place before deciding on the best cloud service provider. Most common reasons why companies are being drawn to this type of cloud service is that it offers good choice for companies having complex applications running on the company-owned hardware infrastructure. The companies’ further benefit by avoiding the upfront capital hardware investments since this... The paper tells that most common reasons why companies are being drawn to this type of cloud service is that it offers good choice for companies having complex applications running on the company-owned hardware infrastructure. The companies’ further benefit by avoiding the upfront capital hardware investments since this particular model is based on the pay-per-use model. Before transferring parts or the entire IT infrastructure to the cloud, companies need to state down the specific service requirements the company needs in terms of support, security, monitoring. Required Storage Space: You need to put into consideration the space you require while you are marketing for a cloud storage provider. This helps you calculate the true cost per GB and this will assist in choosing the best provider as well as the best plan that actually fits your business needs at the most affordable price. If the storage space is a limited one, there are a number of free cloud storage services availa ble and can offer anywhere between 1GB to 500GBs. Pricing: this is always another important consideration. Care should be taken when choosing not only the actual price but also the best pricing model. One need to check if the provider offers the pay as you go plans or the fixed price plans. Compatibility: this is also an important factor to consider. You need to establish the number as well as the various types of platforms that the various providers support. This is very important especially if you will be accessing your files using a variety of different devices and platforms.