ENHANCING ISLAMIC BUSINESS ETHIC OF INSURANCE UNDERSTANDING TOWARDSHIGH QUALITY FINANCIAL ADVICE AMONGSTTAKAFUL AGENTS

El Dinar ◽  
2015 ◽  
Vol 3 (2) ◽  
Author(s):  
Adi Anuar Azmin ◽  
Azizi Abu Bakar ◽  
Abdullah Hj. Abd Ghani ◽  
Hanita Kadir
Keyword(s):  
Financial Services ◽  
Ethical Problem ◽  
Financial Advice ◽  
Insurance Agents ◽  
Financial Gain ◽  
Long Run ◽  
Islamic Financial Institutions ◽  
Modern Business ◽  
Islamic Principle

<p>In modern business, one way to reduce risk of damage caused by accidents, illness, ordeath is through insurance. This concept does not necessarily contradict with Islamic principle as it also highlights the importance of high moral standing and high ethics level practiced by individuals. In particular, for insurance agents who have better positions in havingpersonal contacts with consumers, Cooper and Frank (1990) argue that the key ethical problem for agents was due to lack of knowledge or skills to competently perform one's duties as well as conflicts of interests between their duties andopportunities for personal financial gain. A Malaysianstudy by Mohamad and Mohd (2009) revealed that <em>Takaful</em> agents are the major source of information to create awareness. However, the basic concept of <em>Takaful</em>is still very ambiguous among <em>Takaful </em>agents, thus, it would influence the quality of advice delivered to customers.The role of <em>Takaful</em> agents is undeniable especially during the recent enforcement of Islamic Financial Services Act (IFSA 2013), introduced by Malaysian government. The enforcement whichrequires Islamic financial institutions to fully comply to<em>Sharia</em>principles would mostly affectthe Takaful and conventional market.One of the <em>Sharia</em>principles is transparency. The new legislations thus enhance the level of confidence among stakeholders. The concept paper attempts to embark the role of Islamic business practice indetermining financial advice among <em>Takaful</em> agents. If they fully appreciate the<em> Takaful</em>concept, the financial advice to customers could be improved which will gradually boost the Malaysian <em>Takaful</em> industry in the long run.</p>

McMeel and Virgo On Financial Advice and Financial Products

2014 ◽  
Keyword(s):  
Financial Services ◽  
Consumer Credit ◽  
Regulatory Environment ◽  
Fair Trading ◽  
Financial Advice ◽  
Financial Products ◽  
Twin Peaks ◽  
Book Covers ◽  
The Impact

This book covers the legal and regulatory environment in which claims concerning sales of and advice on financial products for individuals and businesses are brought and defended. This edition has been updated to include an explanation of the impact of the twin peaks regulation under the Financial Services Act 2012. It also analyses the role of the Financial Conduct Authority and considers its activities to date. The book covers both statutory claims and traditional professional negligence claims based on contract and tort against financial advisers, brokers, other intermediaries, and product providers. Also included is a new chapter on consumer credit, considering the transfer of responsibility for the consumer credit regime from the Office of Fair Trading to the Financial Conduct Authority.

scholarly journals Brand management of a modern organization as a factor of competitiveness

2020 ◽  
pp. 10-13
Author(s):  
Viktoriia BORSHCH ◽  
Viktoriia KLIMENKO
Keyword(s):  
Business Processes ◽  
Brand Management ◽  
Added Value ◽  
Management Tool ◽  
Outdoor Advertising ◽  
Marketing Department ◽  
Long Run ◽  
Modern Business ◽  
Image Production

Authors have revealed and analyzed the importance of the role of branding for the company’s successful functioning and its influence on the company’s competitiveness. The purpose of the paper is to formulate the theoretical foundations of branding and brand management, as well as to determine the role of investment in the brand of the organization. In the paper prerequisites for the development of the concept of brand management are investigated and this topic’s relevance of the study is proved. Modern business actively uses the benefits of branding worldwide and in Ukraine. The content of the term "brand" is revealed as well as the essence and management levels of the company’s brand. The study proves that the management of brand assets is one of the most important processes. Brand management consist of administrating the relationships between the company’s clients and its brand, management of the extent of consumer attraction to a particular brand, management of the brand’s popularity, and, consequently, the brand’s financial value. This study proves the connection of branding with all business processes and its impact on all hierarchical levels and organizational units at the organization. Brand management tool such as a “brandbook” is explored and its components are analyzed in details. The study provides opportunities of effective brand management in the modern conditions. Also, it is described, how a brand book affects the organization using the brand’s ideology, target audience, logbook, guideline, business documentation, company’s presentations, polygraph, souvenir and image production, outdoor advertising and soon. The presence of brandbook proves that it keeps managers from making poorly qualified decisions, reduces the cost, time to develop and manufacture advertising tools, which makes their relevance much higher. Branding in modern conditions is a necessary decision for the company’s development in the conditions of goods and services markets’ oversaturation. Its creation is not only a task of the marketing department, but is an important element of managing the modern organization for gaining the loyalty of the company’s clients, suppliers and employees. The study proves that brand management in the long run should stimulate brand development, which in the future will provide reliable and stable added value of the product and will increase the company’s market value.

The Problem of Identifying and Modeling the Relationship between Monetary Factor and Inflation in the Russian Economy

2008 ◽  
pp. 61-76
Author(s):  
A. Porshakov ◽  
A. Ponomarenko
Keyword(s):  
Money Supply ◽  
Money Demand ◽  
Russian Economy ◽  
Long Run ◽  
Complex Approach ◽  
Wide Range ◽  
Long Time ◽  
The Relationship ◽  
Supply Side Factors

The role of monetary factor in generating inflationary processes in Russia has stimulated various debates in social and scientific circles for a relatively long time. The authors show that identification of the specificity of relationship between money and inflation requires a complex approach based on statistical modeling and involving a wide range of indicators relevant for the price changes in the economy. As a result a model of inflation for Russia implying the decomposition of inflation dynamics into demand-side and supply-side factors is suggested. The main conclusion drawn is that during the recent years the volume of inflationary pressures in the Russian economy has been determined by the deviation of money supply from money demand, rather than by money supply alone. At the same time, monetary factor has a long-run spread over time impact on inflation.

The Role of Technological Change in the Long-run Global Economy Forecasting

2013 ◽  
pp. 97-116 ◽  
Author(s):  
A. Apokin
Keyword(s):  
Technological Change ◽  
Data Quality ◽  
Long Range ◽  
Global Economy ◽  
World Economy ◽  
Qualitative Approaches ◽  
Long Run ◽  
The World ◽  
National Economies

The author compares several quantitative and qualitative approaches to forecasting to find appropriate methods to incorporate technological change in long-range forecasts of the world economy. A?number of long-run forecasts (with horizons over 10 years) for the world economy and national economies is reviewed to outline advantages and drawbacks for different ways to account for technological change. Various approaches based on their sensitivity to data quality and robustness to model misspecifications are compared and recommendations are offered on the choice of appropriate technique in long-run forecasts of the world economy in the presence of technological change.

STATE REGULATION OF THE FINANCIAL SERVICES MARKET IN UKRAINE

2018 ◽  
Vol 1 (11) ◽  
pp. 30-47
Author(s):  
Lyudmila Nikolayevna Akimova ◽  
Alla Vasilievna Lysachok
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Credit Unions ◽  
State Regulation ◽  
The State ◽  
Existing Problems ◽  
Insurance Contracts ◽  
State Pension

The essence of such concepts is “financial service”, “financial ser- vices market”, and “participants of the financial services market”; determined the purpose of state regulation of the financial services market; forms of state regu- lation of the financial services market; financial services that are present in the financial services market; the structure of state regulation bodies of the financial services market in Ukraine is given; The role of state bodies in the regulation of the financial services market was studied; to characterize the regulatory le- gal regulation of the financial services market in Ukraine; the main problems of functioning of the domestic market of financial services are revealed; ways to solve existing problems. It is grounded that the state regulation of financial ser- vices markets consists in the state’s implementation of a set of measures aimed at regulating and overseeing financial services markets to protect the interests of financial services consumers and preventing crisis phenomena. It is concluded that the financial services market is an important element of the development of the economy as a whole, in particular, it concerns not only the state but also society. We must understand that when this market is settled, that is, all bodies that carry out state regulation are competent in their powers, only then will we make informed, effective decisions about the normal and effective functioning of the RFP. It is important that the data of the subjects of control do not overlap, their activities should be fixed at the legislative level. It is also worth bearing in mind that appropriate conditions must be created to create compensatory mecha- nisms in the financial services markets by developing a system for guarante- eing deposits and providing for payments under long-term life insurance contracts, non-state pension provisions, deposits with deposit accounts to credit unions, etс.

The U. S. Dollarization Approach to Regional Currency Consolidation: Second-Best in the Short Run, Doomed in the Long Run

2011 ◽  
Vol 30 (119) ◽  
Author(s):  
George M. Von Furstenberg ◽  
Alexander Volbert
Keyword(s):  
Latin America ◽  
Financial Services ◽  
Free Movement ◽  
Monetary Unions ◽  
International Currency ◽  
Second Best ◽  
Long Run ◽  
Short Run ◽  
Free Movement Of Capital

Free movement of capital and trade in financial services are driving regional currency consolidation. We compare the relative merits of adopting an international currency unilaterally or multilaterally. While EMU is the exemplar of the multilateral approach characterized by assured seignior age sharing and co-management of the joint monetary asset, unilateral monetary unions are represented by the proposed formal dollarization of some countries in Latin America. This paper finds that while such dollarization could be useful for the period ahead, it carries the seeds of its own destruction because peripheral countries that lose their currency need not support this one-sided arrangement indefinitely

Literalism and Moral Status

2018 ◽  
Author(s):  
Carrie Figdor
Keyword(s):  
Moral Status ◽  
Moral Standing ◽  
Short Term ◽  
Long Run ◽  
Moral Boundaries ◽  
Psychological Capacities

Chapter 9 presents the idea that Literalism undermines current social and moral boundaries for moral status. Possession of psychological capacities, moral standing, and respectful treatment are a standard package deal. So either many more beings enjoy moral status than we now think, or the relative superiority of human moral status over other beings is diminished. It introduces the role of psychological ascriptions in drawing social and moral boundaries by examining dehumanization and anthropomorphism. It argues that in the short term Literalism does not motivate us to do more than make minor adjustments to current moral boundaries. We can distinguish the kinds of psychological capacities that matter for moral status from the kinds that best divide nature at its joints. In the long run, however, Literalism prompts us to reconsider the anthropocentric standards that govern current moral boundaries.

scholarly journals Why do informal markets remain informal: the role of tacit knowledge in an Indian footwear cluster

2021 ◽  
Author(s):  
Yugank Goyal ◽  
Klaus Heine
Keyword(s):  
Tacit Knowledge ◽  
Informal Markets ◽  
Market Institutions ◽  
Market Structures ◽  
Long Run ◽  
External Pressures ◽  
Propositional Form ◽  
The City

AbstractWhy do informal markets resist formalizing, even when the gains of doing so outweigh its costs in the long run? While a number of responses to this question have been advanced, we discover that part of the reason could be located in the tacit knowledge (attributed to Polanyi, Hayek) embedded in the marketplace, on which market institutions run. This factor is not fully explored yet. Tacit (idiosyncratic, inarticulate, nonconscious) knowledge is acquired personally through experience and cannot be transferred or conveyed to anyone. This is the knowledge we use to act without knowing it in a propositional form. We present the case of one of India’s largest informal footwear cluster, located in the city of Agra. We show that informal markets, hinged on tacit knowledge, cannot evolve easily and therefore may remain locked-in, despite external pressures or incentives to formalize. The study shows that efforts to overcome informality and reaping the benefits of formalized market structures cannot be done without taking cognizance of the sticky intangible knowledge on which these markets rest.

scholarly journals Shades between Black and Green Investment: Balance or Imbalance?

2021 ◽  
Vol 13 (9) ◽  
pp. 5024
Author(s):  
 Vítor Manuel de Sousa Gabriel ◽  
María Mar Miralles-Quirós ◽  
José Luis Miralles-Quirós
Keyword(s):  
Risk Factor ◽  
Oil Prices ◽  
Oil Price ◽  
Short Term ◽  
Environmental Indices ◽  
Long Run ◽  
Green Investment ◽  
Bounds Test

This paper analyses the links established between environmental indices and the oil price adopting a double perspective, long-term and short-term relationships. For that purpose, we employ the Bounds Test and bivariate conditional heteroscedasticity models. In the long run, the pattern of behaviour of environmental indices clearly differed from that of the oil prices, and it was not possible to identify cointegrating vectors. In the short-term, it was possible to conclude that, in contemporaneous terms, the variables studied tended to follow similar paths. When the lag of the oil price variable was considered, the impacts produced on the stock market sectors were partially of a negative nature, which allows us to suppose that this variable plays the role of a risk factor for environmental investment.

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