The Stages in Learning

Explain own role and responsibilities in lifelong learning The four stages of the learning cycle are as follows 1) The Initial assessment Identifying needs can be accomplished by reviewing previous courses attended Depth of knowledge, experience, perceptions and level of ability, disability awareness, Considering learning needs/styles which can help produce an Individual learning plan. ) The planning and design Deciding aims/learning outcomes which in turn will enable to help the tutor in auging the level and ability of the learners by using the IA/ILP of their learners, and will then also assist the tutor to come up with a schedule of work and then a focused lesson plan that is relevant to their learners, it will also help the tutor to select the appropriate resources and learning environment for the learners and will also assist the tutor to produce/purchase the required resource material needed. )The delivery of the course When we deliver the course or session we must always consi der the pace of delivery ,the pitch ,and we must always adjust them to meet the learners needs, as utors we must always take into consideration the group dynamics ,we should always try to establish and maintain a positive rapport with our learners , we can accomplish this by using icebreakers and teach the sessions with enthusiasm and with positive energy thus energising the learners so they have and gain a positive attitude towards the subject they are learning. ) Recorded evaluation for both learner and tutorsAs tutors we must continually evaluate all areas and levels that have been completed by the learners and the tutors and all evaluations should be acted upon in a easonable timescale this will in turn help us as tutors to adopt a Continuous professional development, When ever we carry out assessments we must always make sure that it is constructive and not destructive and also we must make sure that it is accurately recorded, we must always make sure that this is carried out a ll the way through the teaching cycle.In summary the teaching cycle is a systematic approach to training that comprises four interlinked stages, it is vital that continuous assessment with constructive feedback and accurate recording must occur throughout each and every stage.

The Importance of Maqasid Al-Shariah in Islamic Finance – a Short Essay by Nadifa Abdulhalim Mohamed

The Global University of Islamic Finance CERTIFIED ISLAMIC FINANCE PROFESSIONAL (CIFP) Part One SHARIAH ASPECTS OF BUSINESS AND FINANCE Assignment Topic The importance of Maqasid al-Shariah in Islamic Finance June 2012 Semester Lecturers: Dr. Yong Bao Wang Dr. Ahcene Lahsasna Student Name: Nadifa Abdulhalim Mohamed Student ID: 1200331 Abstract Maqasid Al-Shariah is one of the very important aspects in Islamic jurisprudence. Maqasid Al-Shariah is taking a crucial position in Ijtihad in order to process a valid examination of the text and provide intact interpretation to achieve the Islamic ruling.The aim behind that is to comprehend the Shariah in all aspects. The primary objective of Maqasid al-Shariah is the realization of benefit to the people, connecting their affairs both in this world and hereafter. It generally held that the Shariah in all of its parts aims at securing a benefit for the people or protecting them against corruption and evil. The aim of this paper is to elaborate the importance Maqasid al-Shariah in Islamic finance. The study found that Maqasid al-Shariah is the most important Shariah aspect in Islamic finance because protection of wealth is one of the five major elements of Maqasid l-Shariah. Objectives of the research: ____________________________________________ †¢ Definition of Maqasid Al-Shariah. †¢ Identification of the importance of Maqasid Al-Shariah in Islamic finance. †¢ Classification of Maqasid Al-Shariah Key terms of the research: 1. Qur’an 2. Sunnah 3. Maqasid Al-Shariah 4. Islamic finance 5. Islamic law 6. Fiqh 7. Usulfiqh TABLE OF CONTENTS TOPIC PAGE NUMBER [pic] 1. Abstract†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 1 2. Objectives of the research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3. Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 1. 1 History and background†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 2. Identification of Maqasid Al-Shariah†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦8 3. Definition of Maqasid Al-Shariah†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦11 4. Objectives of Maqasid Al-Shariah†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 13 5. Classi fication of Maqasid Shariah†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 15 5. Essential (Al-daruriyat)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 16 6. Complementary (Al-hajiyat)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦19 7. Embellishments (Al-Tahsiniyat)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦19 8.Maqasid Al-Shariah in Islamic Finance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦19 9. Advantages of Shariah compliance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 24 10. Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦25 11. References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 26 1. Introduction The linguistic meaning of the word Maqasid is as follows: Maqasid is the plural of the word Maqsad and comes from the verbal root qa-sa-da which has several meanings, some of which are: ‘to intend,’ ‘to take a middle course’ and ‘to walk towards. ’ From this root comes the noun, Qasd which means ‘a goal,’ ‘an aim,’ or ‘an aspiration. The second part of the title is the word Shari’ah, which is a noun meaning ‘a path to a water hole,â€℠¢ and in its more common usage, ‘the law of God as revealed to Muhammad. ’ Together, the term Maqasid al-Shari’ah carries the meaning, based on its constituent parts, of the ‘goals and objectives which are the reason for the legislation of the rules of Islam’ or more simply, ‘The Objectives of Islamic Law’ The Maqasid theory is based on an inductive reading of the Quran in order to identify the higher objectives, intent, and purpose of the divine laws, which are intended to preserve human interests in both this world and the next. This theory asserts that no commandment of God is intended to cause harm for its own sake, although some actions may require struggle and hardship. All legal rulings are intended to achieve ‘balance' and ‘moderation' by steering Muslims toward a middle course between various types of extremes. Also it gives consideration for outcomes or consequences. He explains that part of the objective-oriented approach is considering the outcomes of actions, in accordance with the Sunnah of the Prophet who would consider outcomes and consequences before passing judgment or taking action. 1. History and background As a theme of the  Shari’ah in  its own right, the  maqasid  did not receive much attention in the early stages of the development of Islamic legal thought and, as such, they represent rather a later addition to the juristic legacy of the  madhahib. Even to this day many a reputable textbook on Usul al-Fiqh  does not mention  maqasid al-Shari’ah  in their usual coverage of familiar topics. This is partly due perhaps to the nature of the subject, which is largely concerned with the philosophy of the law, its outlook and objective, rather than the specific formulations of its text.Although the maqasid  as a distinctive theme of the  Shari’ah  are obviously relevant to  ijtihad,  they have not been treated as such in the conventional expositions of the theory of ijtihad. Islamic legal thought is, broadly speaking, preoccupied with concerns over conformity to the letter of the divine text, and the legal theory of  Usul al-Fiqh  has advanced that purpose to a large extent. This literalist orientation of the juristic thought was generally more pronounced in the approach of the tendency – the traditionist – the  Ahl al-Hadith  Ã¢â‚¬â€œ than that of the Rationalists – the  Ahl al-Ray.The literalists thus tended to view the  Shari’ah  as a set of rules, commands and prohibit ions that were addressed to the competent individual  mukallaf  and all that the latter was expected to conform to its directives. The precedent of the leading Companions indicated, on the other hand, that they saw the  Shari’ah  both as a set of rules and a value system in which the specific rules were seen as tangible manifestations of the overriding values. The textualist tradition of the first three centuries did not take much interest in  maqasid al-Shari’ah  and it was not until the time of al-Ghazali (d. 05/1111) and then al-Shatibi (d. 790/1388) that significant developments were made in the formulation of the theory of  maqasid. The basic outlook that was advocated by the theory of the  maqasid  was not denied by the leading schools, yet the  maqasid  remained on the fringes of the mainstream juristic thought that was manifested in the various themes and doctrines of  Usul al-Fiqh. Except for the  Zahiris  who maintained that the  maqasid  are only known when they are identified and declared by the clear text, the majority of  Ã¢â‚¬Ëœulama’  did not confine the  maqasid  to the clear text alone.For they perceived and understood the  Shari’ah  to be rational, goal-oriented and its rules generally founded on identifiable causes. A mere conformity to rules that went against the purpose and outlook of the  Shari’ah  was. , therefore, generally considered unacceptable. A totally different approach to the  maqasid was  taken by the Batiniyyah who held, contrary to the Zahiris, that the essence and objective of the  nusus  were always to be found, not in the explicit words of the text, but in its hidden meaning (i. . batin),  hence their name, the Batiniyyah. There were also differences of orientation among the leading  madhahib  toward the  maqasid:  some were more open to it than others, but elaboration into the goals and objectives of the  Shari’a h  was generally not encouraged. This rather unspoken attitude contrasted with the fact that the Qur’an itself exhibits considerable awareness of the underlying purposes and objectives of its laws and often expounds the causes and rationale on which they are founded.The general reticence of the  Ã¢â‚¬Ëœulama’  in respect of the identification of the  maqasid  might have partly been due to the elements of projection and prognostication that such an exercise was likely to involve. Who can tell, for sure, for example, that this or that is the purpose and overriding objective of the Lawgiver, without engaging in a degree of speculation, unless of course, the text itself declared it so. But then to confine the scope of the  maqasid  only to the clear declaration of the texts was also not enough, as I shall presently elaborate. It was not until the early fourth century that the term  Ã¢â‚¬Ëœmaqasid’  was used in. he juristic writings of Abu ‘Ab d Allah al-Tirmidhi al-Hakim (d. 320/932) and recurrent references to it appeared in the works of lmam al-Haramayn al-Juwayni (d. 478/1085) who was probably the first to classify themaqasid al-Shari’ah  into the three categories of essential, complementary and desirable (daruriyyat, hajiyyat, tahsiniyyat)which has gained general acceptance ever since. Juwayni’s ideas were then developed further by his pupil, Abu Hamid al-Ghazali who wrote at length on public interest (maslahah)and ratiocination (ta’lil)in his works,  Shifa’ al-Ghalil  and  al-Mustasfa.Ghazali was generally critical of  maslahah  as a proof but validated it if it promoted the  maqasid of  the  Shari’ah. As  for the  maqasid  themselves, Ghazali wrote categorically that the  Shari’ah  pursued five objectives, namely those of faith, life, intellect, lineage and property which were to be protected as a matter of absolute priority. A number of prominen t writers continued to contribute to the  maqasid,  not all of them consistently perhaps, yet important to the development of ideas. Sayf al-Din al-Amidi (d. 31/1233) identified the  maqasid  as criteria of preference  al-tarjih  among conflicting analogies and elaborated on an internal order of priorities among the various classes  of maqasid. Amidi also confined the essential  maqasid  to only five. The Maliki jurist, Shihab al-Din al-Qarafi (d. 684/1285) added a sixth to the existing list, namely the protection of honour (al-‘ird)and this was endorsed by Taj al-Din ‘Abd al-Wahhab ibn al-Subki (d. 771/1370) and later by Muhammad ibn ‘Ali al-Shawkani (d. 1250/1834).The list of five essential values was evidently based on a reading of the relevant parts of the Qur’an and the  Sunnah  on the prescribed penalties (hudud). The value that each of these penalties sought to vindicate and defend was consequently identified as an essential valu e. The latest addition (i. e. al-‘ird) was initially thought to have been covered under lineage (al-nasl,  also  al-nasab),  but the proponents of this addition relied on the fact that the  Shari’ah  had enacted a separate  hadd punishment for slanderous accusation (al-qadhf),  which justified the addition. ‘Izz al-Din ‘Abd al-Salam al-Sulami’s (d. 60/1262) renowned work, Qawa’id al-Ahkam,  was in his own characterisation a work on  Ã¢â‚¬Ëœmaqasid al-ahkam’  and addressed the various aspects of the  maqasid  especially in relationship to  Ã¢â‚¬Ëœillah  (effective cause) and  maslahah  (public  interest) in greater detail. Thus he wrote at the outset of his work that â€Å"the greatest of all the objectives of the Qur’an is to facilitate benefits (masalih) and the means that secure them and that the realisation of benefit also included the prevention of evil. † Sulami added that all the obli gations of the  Shari’ah  (al-takalif) were predicated on securing benefits for the people in this world and the next.For God Most High is Himself in no need of benefit nor is He in need of the obedience of His servants. He is above all this and cannot be harmed by the disobedience of transgressors, nor benefit from the obedience of the righteous. The  Shari’ah is,  in other words, concerned, from the beginning to the end, with the benefits of God’s creatures. Taqi al-Din ibn Taymiyyah (d. 728/1328) was probably the first scholar to depart from the notion of confining the  maqasid  to a specific number and added, to the existing list of the  maqasid,  such things as fulfilment of contracts, preservation of the ties of kinship, honouring the rights of ne’s neighbour, in so far as the affairs of this world are concerned, and the love of God, sincerity, trustworthiness, and moral purity, in relationship to the hereafter. Ibn Taymiyyah thus re vised the scope of the  maqasid  from a designated and specified list into an open-ended list of values, and his approach is now generally accepted by contemporary commentators, including Ahmad al-Raysuni, Yusuf al-Qardawi and others. Qardawi has further extended the list of the  maqasid  to include social welfare and support (al-takaful),  freedom, human dignity and human fraternity, among the higher objectives and  Maqasid of the Shari’ah.These are undoubtedly upheld by both the detailed and the general weight of evidence in the Qur’an and the Sunnah. 2. Identification of Maqasid As already indicated the  Ã¢â‚¬Ëœulama’  have differed in their approach to the identification of the  maqasid. The first approach to be noted is the textualist approach, which confines the identification of the  maqasid  to the clear text, commands and prohibitions, which are the carriers of the  maqasid. The maqasid,  according to this view, have no separat e existence outside this framework.Provided that a command is explicit and normative it conveys the objective  maqsud  of the Lawgiver in the affirmative sense. Prohibitions are indicative of the  maqasid  in the negative sense in that the purpose of a prohibitive injunction is to suppress and avert the evil that the text in question has contemplated. This is generally accepted, but there are certain tendencies within this general framework. While the Zahiris tend to confine the  maqasid  to the obvious text, the majority of jurists takes into consideration both the text and the underlying  Ã¢â‚¬Ëœillah  and rationale of the text.The chief exponent of the  maqasid,  Shatibi, has spoken affirmatively of the need to observe and respect the explicit injunctions, but then he added that adherence to the obvious text should not be so rigid as to alienate the rationale and purpose of the text from its words and sentences. Rigidity of this kind, Shatibi added, was itself contrary to the objective (maqsud)of the Lawgiver, just as would be the case with regard to neglecting the clear tent itself.When the text, whether a command or a prohibition, is read in conjunction with its objective and rationale, this is a firm approach, one which bears greater harmony with the intention of the Lawgiver. Shatibi elaborated that the  maqasid  that are known from a comprehensive reading of the text are of two types, primary (asliyyah)and secondary (tab’iyyah). The former are the essential  maqasid  or  daruriyyat  which the  mukallaf  must observe and protect regardless of personal predilections, whereas the supplementary  maqasid -hajiyyat- are  those which leave the mukallaf with some flexibility and choiceA comprehensive reading of the textual injunctions of the  Shari’ah  has given rise to such questions as to whether the means to a  wajib  or  haram should also be seen as a part of the objective that is pursued by t hat injunction; whether the means to a command, in other words, is also an integral part of that command. Another question raised is whether avoiding the opposite of a command is integral to the goal and objective that is sought by that command.The general response given to these questions is that the supplementary aspects of commands and prohibitions are an integral part of their objectives, although disagreements have emerged over details. There is a general agreement that the opposite of a command amounts to a prohibition in the event where that opposite can be clearly identified. Most of the injunctions of the  Shari’ah  are easily understood, and their objectives as well as their opposites can be known and ascertained from the reading of the clear text. It is thus noted that whatever might be necessary for the carrying out of a command or a  wajib is  also a part of that  wajib.Shatibi has similarly concluded that whatever is complementary to the  maqasid   and in the service thereof is also a part of the  maqasid. The question then arises regarding the silence of the Lawgiver in respect of a certain conduct in situations especially where a general reading of the relevant evidence sheds light on the value of that conduct. The question may be put as follows: We know that the  maqasid  are known from clear injunctions, but can they also be known from a general reading of the  nusus  by way of induction?This is where Shatibi has given an original response. Induction (istiqra’) to Shatibi is one of the most important methods of identifying the  maqasid  of the  Shari’ah. There may be various textual references to a subject, none of which may be in the nature of a decisive injunction. Yet their collective weight is such that it leaves little doubt as to the meaning that is obtained from them. A decisive conclusion may, in other words, be arrived at from a plurality of speculative expressions. Shatibi illustrates this by saying that nowhere in the Qur’an is there a specific declaration to the effect that the  Shari’ah  has been enacted for the benefit of the people. Yet this is a definitive conclusion which is drawn from the collective reading of a variety of textual proclamations. Shatibi then adds that the benefits (masalih) are to be understood in their broadest sense which is inclusive of ail benefits pertaining to this world and the hereafter, those of the individual and the community, material, moral and spiritual, and those which pertain to the present as well as the interests of the future generations.This broad meaning of benefits also includes prevention and elimination of harm. These benefits cannot always be verified and ascertained by human reason alone without the aid and guidance of divine revelation. The typical classification of the  maqasid  into the three categories of essential,-complementary and desirable, and the conclusion that the Lawgiver has intended to protect these are based, once again, on induction-as there is no specific declaration on them in the textual sources.On a similar note, the ruling of the  Shari’ah  that the validity of an act of devotion (‘ibadah) can not be established by means of  ijtihad is  an inductive conclusion which is drawn from the detailed evidence on the subject, as there is no specific injunction in the sources to that effect. These conclusions are, in the meantime, of great overall importance; they are not open to doubt, nor is their credibility a matter of speculative reasoning.It is also the same inductive method which has led the  Ã¢â‚¬Ëœulama’  to the conclusion that the protection of the five values of faith, life, intellect, property and lineage is of primary importance to the  Shari’ah – there  being no textual ruling to specify any category or number of values in that order. Shatibi’s inductive method is not confined to the identification of objectives and values but also extends to commands and prohibitions, which may either be obtained from the clear text, or from a collective reading of a number of textual proclamations that may occur in a variety of contexts.Shatibi then goes a step further to say that the inductive conclusions and positions that are so established are the general premises and overriding objectives of the  Shari’ah  and thus have a higher order of importance than specific rules. It thus becomes evident that induction is the principal method of reasoning and proof to which Shatibi resorted in his theory of the  maqasid  and it is also in this regard that he has made an original contribution to this theme.Shatibi’s approach to induction is reminiscent of the knowledge that is acquired of the personality and character of an individual that is based on sustained association with that individual and observation of his conduct over a period of time. This kind of knowledge is broad and holistic, as it is enriched with insight, and likely to be more reliable when compared to the knowledge that might be based only on the observation of specific, isolated incidents in the daily activities of the individual concerned. 3. Definition of Maqasid al-ShariahThe term is a possessive construction, known in Arabic grammar as an Idafa, by which the meaning, â€Å"The Maqasid of the Shari’ah† is conveyed. We shall look at the first component in this construct first. The linguistic meaning of the word Maqasid is as follows: Maqasid is the plural of the word Maqsad and comes from the verbal root qa-sa-da which has several meanings, some of which are: ‘to intend,’ ‘to take a middle course’ and ‘to walk towards. ’ From this root comes the noun, Qasd which means ‘a goal,’ ‘an aim,’ or ‘an aspiration. The second part of the title is the word Shari’ah, which is a noun meaning ‘a path to a water hole,’ and in its more common usage, ‘the law of God as revealed to Muhammad. ’ Together, the term Maqasid al-Shari’ah carries the meaning, based on its constituent parts, of the ‘goals and objectives which are the reason for the legislation of the rules of Islam’ or more simply, ‘The Objectives of Islamic Law’. Technically, many definitions have been given, particularly, by contemporary scholars.Al Imam Al Shatibi who is the founder of Maqasid al-Shariah in Islamic jurisprudence did not provide a definition for this Islamic discipline. There are two other major definitions of Maqasid al-Shariah provided by two other scholars who came after Al Shatibi. They were behind the development of Maqasid al-Shariah in Islamic jurisprudence. These two definitions are provided by Ibn Ashur defined Maqasid al-Shariah base on two aspects: 1: The general aspect which is the purpose and wisdom behind th e enactment of all or most of the Shari’ah ruling.This definition is more related to the general objective of Shariah and those overall principles that guide the enactment of Islamic law in their totality. 2: The second definition of Maqasid al-Shariah is very specific. It is related to specific objective to those objectives that are designed to achieve specific benefits to people in their daily activities, such as the importance validation of contracts. Alal al-Fasi defined Maqasid Shariah as the end sought behind the enactment of each of the ruling of Shariah and the secret involved.This definition covers the public Maqasid (ama) and the private Maqasid (khasa). The definition focus on the end sought behind the enactment of each of the rulings of Islamic law, and the secret of these rulings. The secret of the Islamic rulings means the goals intended by Allah in the law. Maqasid al-Shariah aims to protect the interest of mankind and prevent the evil from them, and also reali ze the public benefit for the society and encourage virtues and avoid vices.Al-Raysuni (2006) stated that â€Å"al Maqasid are the purposes which the Law was established to fulfill for the benefit of humankind†. Therefore the Law is not an end in itself; it serves to attain an objective, a purpose which is the Maslahah (benefit). The word benefit in this context means the achievement of profit or the prevention of harm. Ibn Ashur (2006) maintained that: â€Å"This (the knowledge of Maqasid al-Shariah), in fact, ensures the continuity of the rules of the Islamic Shariah throughout the ages and generations following the age of Revelation until the end of the world. It is important to notice that, even though, Maqasid al-Shariah was not known as a discipline in the early generations of Muslims, the scholars were aware of the danger of neglecting the spirit of the law and only sticking to its literal form. The knowledge of the higher objectives of Shariah is to help preserve the essence of the Islamic law. Maqasid Al-Shari’ah is the objectives and the rationale of the Shari’ah .A comprehensive and careful examination of the Shari’ah rulings entails an understanding that Shari’ah aims at protecting and preserving public interests (Maslahah ) in all aspects of life. Many Shari’ah texts state clearly the reasoning behind certain Shari’ah rulings, suggesting that every ruling in Shari`ah comes with a purpose, which is to benefit the Mukallaf. In-depth comprehension of the objectives of Shari`ah is important for analogical deduction and other human reasoning and its methodology.Indeed, Maqasid al-Shari’ah allows flexibility, dynamism and creativity in social policy, According to Imam Al-Ghazali definition â€Å"The objective of the Shari’ah is to promote the well-being of all mankind, which lies â€Å"in safeguarding their faith (din) , their human self (nafs), their intellect (‘aql), their posteri ty (nasl) and their wealth (mal). Whatever ensures the safeguard of these five serves public interest and is desirable†. 4. Objectives of Shariah (Maqasid Al-Shariah) Maqasid al-Shariah is the objectives and the rationale of the Shariah.A comprehensive and careful examination of the Shariah rulings entails an understanding that Shariah aims at protecting and preserving public interests (maslahah) in all aspects and segments of life. Many Shariah texts state clearly the reasoning behind certain Shariah rulings, suggesting that every ruling in Shariah comes with a purpose, which is to benefit the mukallaf (accountable person), for example, when Quran prescribes Qisas (retaliation), it speaks of the rationale of it, that applying retaliation prevents further killing as Allaah says in Qoran â€Å"There is life for you in Qisas† Surah Baqarah Ayah No 179.Similarly when Quran prohibits wine it says that wine is the works of devil as it causes quarrel and instills hatred and e nmity among Muslims, Allaah said in Qoran â€Å"The devil only wants to excite enmity and hatred between you in intoxicants and gambling and hinder you from remembrance of Allah and from prayer†, Surah Ma’idah Ayah No. 91. In depth comprehension of the objectives of Shariah is important for analogical deduction and other human reasoning and its methodology (Kamali, 1999). Indeed, Maqasid al-Shar ’ah allows flexibility, dynamism and creativity in social policy.According to Imam Al-Ghazali â€Å"The objective of the Shariah is to promote the well-being of all mankind, which lies in safeguarding their faith (Din), their human self (Nafs), their intellect (‘Aql), their posterity (Nasl) and their wealth (mal). Whatever ensures the safeguard of these five serves public interest and is desirable. † Al-Shatibi approves al-Ghazali’s list and sequence, thereby indicating that they are the most preferable in terms of their harmony with the essence of Sh ariah.Generally, Shariah is predicated on benefits of the individual and that of the community, and its laws are designed so as to protect these benefits, and facilitate improvement and perfection of human lives’ conditions on earth. This perfection corresponds to the purposes of the Hereafter. In other words, each of the worldly purposes (preservation of faith, life, posterity, intellect and wealth) is meant to serve the single religious purpose of the Hereafter. The uppermost objectives of Shariah rest within the concept of compassion and guidance, that seeks to establish justice, eliminate prejudice and alleviate hardship.It promotes cooperation and mutual supports within the family and society at large. This is manifested in the realization of maslahah (public interest) which the Islamic scholars have generally considered to be the all-pervasive value and objective of the Shariah and is to all intents and purposes synonymous with compassion. Maslahah sometimes connotes th e same meaning as Maqasid and the scholars have used the two terms almost interchangeably. To further shed light on our discussion of the objectives f Shariah, especially with regard to their application in the preservation of public interest, the following section elaborates on the principles of Maslahah, serving as an important tool to uphold Shariah. 4. 1Maslahah Maslahah is one of the juristic devices that have always been used in Islamic legal theory to promote public benefit and prevent social evils or corruption. The plural of the Arabic word maslahah is ‘Masalih’ which means welfare, interest or benefit. Literally, Maslahah is defined as seeking the benefit and repelling harm. The words maslahah and manfa`ah are treated as synonyms.Manfa`ah (benefit or utility), however, is not technical meaning of maslahah. What Muslim jurists mean by maslahah is the seeking of benefit and the repelling of harm as directed by the Lawgiver or Shariah. 4. 2Other General Objective s of Shariah Through studies of the Qoran and Sunnah will reveal that apart from the above objectives of Shariah, there are several other general objectives of Shariah these objectives include: 4. 2. 1Educating the Individual (Tahdhib al-fard) One of the primary objectives of the Shariah is to educate the individuals.Shariah seeks to educate the individual and inspire them with faith and instill in them the qualities of being trustworthy and righteous, Islam aims to achieve its social goals through reforming the individual All the different aspects of IBADAH involve both mental and physical training, it leads to inner perfection. All punishments mentioned in the shariah was done because the main objective was not only to penalize the person as such, but it is to discipline the criminal and the whole of society to teach them and to prevent such crimes from being committed by others. This is the reason why Qoran has ordered that punishment for those ho commit some crimes must be execu ted in public so as to create awareness to the society of the implication in committing such crime. 4. 2. 2Upholding of Justice (AL-ADL) Upholding the principle of justice or ADL is another objective of Shariah. It is to establish a balance by the way of fulfilling rights and obligations and by eliminating excess and disparity in all spheres of life. Allah has sent scriptures and messengers in order to establish JUSTICE among people, the Qoranic message of justice is objective, and is not tainted by considering of racial, tribal, national, or religious sentiments.In dealing with friends of foes, Muslims and non-muslims, Islam orders all must be treated with justice. 5. Classification of Maqasid al-Shariah Two general categories of maqasid al-shariah were recognised: the Purposes of the Allaah the lawgiver, maqasid al-shari’ah, and the Purposes of the human, maqasid al mukallaf. In an ideal situation the purposes of the law-giver conform to the purposes of the human. Humans do not always know what is in their best interest because of personal whims, hiwa al nafs. The good may appear bad and vice versa. Humans may see immediate benefit while ignoring long-term harm.The Purposes of the Lawgiver are divided into two types: primary and secondary. The primary purposes of the lawgiver, maqasid al-sharia ibtidaa’an, are the most important and are a basis for the secondary purposes. The secondary purposes can be described in three types: the purpose of law as understanding, maqasid al-shariat li al ifhaam; law as injuctions and obligations, maqasid al-shariat li al-takliif; and the law as implementation, maqasid al-shariah li al-imtithaal. This classification shows that the law is not only commands but also has secondary rules that help understand and execute the commands of the primary rules.The primary purposes of Maqasid al-Shariah are divided in to three levels of priority according to its inner strength and all the Islamic legal ruling refers to real ize one of the categories namely:- 1) The necessities or essentials (Daruriyyat). 2) The needs (Hajiyyat). 3) The complementary (Tahsiniyyat). Each of the three have complements, mukammilaat. Each of these three can be divided into private and public purposes. Each of them can also be described in three categories: right of Allah, haqq al-llaah; rights of the human, haqq al-‘abd; rights of the community, and rights of the state, haqq al-sultan.Wants are not mentioned at all in this scheme because they are based on hiwa al-nafs. 5. 1The Essentials (Al-Daruriyyat) The essentials are the matters on which the religion and worldly affairs of the people depend upon, their neglect will lead disruption and disorder and also evil ending and must be protected whether by the individuals, or the government authorities, the essentials can be further divided into the protection of the five fundamental values (Al-Daruriyyat Al-Khamsah).These essential five values are:- ? Protection of Religi on (Al-Din) ? Protection of Life (Nafs) ? Protection of Dignity (Ird) ? Protection of Intellect/Mind (Al-Aql) ? Protection of Property (Al-Mal) 5. 1. 1Protection of Religion (AL-DIN) Al-Din is the most important value that must be protected by the Muslims, protection of al-din at a personal is achieved through the observance of the IBAADAAT, such as five praying, fasting, paying Zakah and performing hajj.Also the protection of Al-Din at wider scope involves defending Islamic faith particularly if it is attacked by the enemy of Islam. The process of protecting can be done through various means such as writings, in speeches and other practical means. If the situation demands waging of war with the enemy of Islam, then it should be done for the sake of protecting. Islam from being destroyed by others Allah S. W. T has enacted the law of JIHAD and commanded the Muslims to defend their faith. 5. 1. Protection of Life (AL-NAFS) Life is essential and valuable to everyone, and it must be pr otected in all circumstances and in this respect, between the life of the rich and poor, between the leader and subordinates, Muslims and non-muslims. Protecting everyone’s life is equally important and obligatory to each and every individual and society, the Shariah has enacted severe punishment for those who kill each other, the punishment for those who kill an innocent human being is the death penalty in Islam.In the punishment of the murderer, even though one life is killed because of the crime, this will lead to saving many more lives as the punishment will deter other from committing such crime, saving one’s life is required and it should be done at the expense of other lives, but if the saving of this live might lead to losing of another life then it should be done as the principle of Shariah states â€Å"a particular harm shall not be removed by inflicting another harm†. . 1. 3Protection of Dignity (AL-IRD) Islam is very concerned about the dignity of a person and emphasizes the importance of protecting dignity. Protection of dignity includes the protection of individual rights to privacy and not exposing or accusing others of misbehaviors. It means ensuring that the relationship between men and women is done in a respectful and responsible way; Islam has enacted a number of guidelines in order to protect the dignity of mankindIslam prohibits its followers committing adultery or other immoral behaviors; any accusation toward a crime, a proof must be confirmed. Otherwise the punishment will be imposed for false accusations. Islam also regulates the relationship between men and women in order to protect their dignity; also Islam disallows the manipulation of women or making women sexual objects and commercial objects by portraying them as an attraction for purchasing such commercial products.Islam tells followers to cover their â€Å"AURAH† and is one of the ways to protecting their dignity. 5. 1. 4Protection of the Intellect/ Mind (AL-AQL) Al-Aql or the intellect is a great gift from Allah S. W. T to mankind; it is one of the human capacities that differ from animals. Allah has ordered protecting this gift by utilizing the mind for the benefit of all and not for any kind of evil, on the other hand Islam gives freedom to express their views, and it must conform that views with the moral and ethical values provided in the Qoran and Sunnah.Protection of the mind requires safeguarding it from anything that might harm the ability and function of the brain, this includes consumption of liquor or similar substance that will disturb the function of the brain, a punishment will be imposed for those who consume liquor. These are made in order to prevent the spread of such habits that could damage the mind and the brain. 5. 1. 5The Protection of Property (AL-MAL) Acquiring property is one of the necessities of mankind. Islam encourages its followers to acquire wealth through Halal borders.Islam has ordered that no one should transgress and acquire the property of others without a legitimate reason and without proper contract, and there will be severe punishment in the Day of Judgment against those who acquire the properties of others unlawfully. Acquiring the property of others illegitimately can be done through, when engaging usury (Riba), cheating in transactions, breaking the trust in matters related to property, stealing the property of others and other similar means. . 2The Complementary (Al-Hajiyyat) There are many examples of Al-Hajiyyat such as the dispensations or legal excuses (Rukhsah), travelers are allowed to combine and shorten their five obligatory prayers and also break their fast in Ramadan month. A sick person is allowed to pray in a sitting or sleeping position and break his fast in Ramadan, also the basic permissibility regarding the enjoyment of victuals and hunting also fall under this category. 5. 3The Embellishments (Al-Tahsiniyyat)The embellishments refer to interests whose realization lead to the improvement and attainment of that which is desirable. The observance of cleanliness in personal appearance and in IBADAH, moral virtues, avoiding extravagance and measures that are designed to prevent proliferation of false claims of false claims in the courts, all these fall under this category. The disappearance of al-tahsiniyyat may not interrupt the normal life but it might lead to the lack of comfort in life. 6. Maqasid Al-Shariah in Islamic FinanceThe objectives of the Shariah in financial transactions refer to the overall goals and meaning that the Shariah aims at achieving from its rulings related to financial activities and transactions. Looking deeply and constantly into several texts of the divine book and the Sunnah of prophet Mohamed (PBUH) on financial activities. It can be stated that the Shariah has observed specific objectives in the enactment of financial laws and principles, these objectives include:- 1. The Objective of Continuity of the Circulation of WealthThis objective refers of preserving the transactional nature of the financial dealing so as to enable large sectors of population to become a part of the monetary cycle of wealth and to avoid the concentration of wealth in a few hands. It is underlined in several verses and Hadiths which call for giving Zakah, the generous donation and spending for the sake of Allah and to refrain from hoarding and monopolizing the wealth. This can be strengthened by several ruling and commands including those contractual transfers of money and other financial transactions like Mudarabah, Musharakah, Muzara’ah and e. . c. this will protect the entire society against crimes and greediness of opportunities, and also surely and definitely bring prosperity and happiness to the whole society. 6. 2The Objective of Continuity of the Investment of Wealth When societies develop, also economic activities and transactions develop. A society develops their finances to the bene fit and prosperity of their members, this is done when wealth must be invested and should be available in many hands for its investment and increment.In support of this objective, there are several verses in the Qoran and Hadiths of prophet (PBUH) which address the issue of necessity and obligation of the continuity of the investment of wealth as they call upon all Muslims to earn, strive and continue to extend themselves to the corners of the earth in search of the bounty of Allaah S. W. T. 6. 3The Objective of Achieving Comprehensive Communal Prosperity This objective is directed at fulfilling the basic material needs of all members of society by achieving personal satisfaction and social tranquility and security.The achievement of this objective will also rid society of negative social attributes such us stratification of the population into privileged and non-privileged classes. The verses and Hadith that call upon Muslims to pay Zakah and cooperate and also help each other in b usiness transactions, upholds all the objective of achievement of prosperity in society. 6. 4The Objective of Validation of Financial Ownership This objective aims the lawful authentication of the rights of lawful financial ownership.Numerous verses and Hadiths verify the right of lawful ownership and spending and they serve the purpose of safeguarding Islamic economic activity. Earlier objectives of Shariah discussions was based on reading and looking deeply into verses on trade, expenditure, investment and consumption, this objective is governed by permissiveness (Halal) of such activities like sales and purchases, cooperate business undertakings, farming activities, financial activities and other pertained activities like forgiving minor uncertainties and binding contracts by witnesses. . 5Protection of the wealth in Islamic Business Transactions Preservation of wealth in finance and business transactions is one of the primary Maqasids in Shariah. The verses from the Qoran and al so Sunnah have very strong statements indicating very clearly the importance of wealth whether for individuals or for the community and the society at large. The right to own and earn, Shariah gives the right to the Muslim community to own and earn, thus creating wealth, Muslims can acquire wealth through owning (Tamaluk) or earning (Takasub).Owning (Tamaluk) consists of possessing anything from which they can gain satisfy their needs, whether from their produce or their substitutes, on the other hand Earning (Takasub) consists of exerting one’s self to gain its own needs whether by physical labor or by mutual consent with others. 6. 6Transparency in Wealth and Finance Transparency is very objective in Shariah for business and finance, this objective seeks to rid Islamic finance from misuse and squander and to prevent disputes, arguments and grudges among the community on financial matters.Islamic law requires security in some business transactions, the main purpose of transp arency is to avoid dispute among people in daily business activities as much as possible. In this respect transparency in finance is applied, especially if it is related to the subject matter of the contract which must be known to both parties including specification, quality and quantity. Such business activities which clearly understood make the contracting parties more comfortable to conclude the deal and execute the business transactions with mutual consent and understanding. . 7Development and Investment of Wealth in Business Transactions The Shariah is very concerned about the development of economic and finance. In supporting this objective the Qoran and Sunnah urge Muslims to look at this aspect respectively. The development of wealth and investment in finance is an obligation not an option, because it contributes to the growth of wealth and protection of property of the society. Shariah considers money as a potential capital rather than a capital, meaning that money becomes capital only when it is invested in a business.Thus the investments and development of wealth will enhance the financial status of members of the society respectively. 6. 8Prevent Harm and Hardship in Wealth and Finance Maqasid al-Shariah tries to achieve command prosperity in the society as a whole, if this is achieved every member of society will be satisfied and safe, as a result from that, all harm and hardship will be either removed from the society or minimized in the finance and business transactions.It is understood that preventing harm in finance comes from putting in to practice most of the objectives of the Shariah in business finance, because those objectives are the key factors. 6. 9Ensure Justice in the Circulation of Wealth in Business Transactions Justice is a prime in human life in all aspects; it is also a vital objective due to its implication in the business community and social activities as well. However justice in terms of wealth starts from earning wealth an d possessing property by right, without any harm.In order to implement justice the Shariah has imposed some rules and regulations and has prohibited all elements that may lead to injustice in business such as bribery, fraud and deception, gambling, uncertainty, Riba and so on. To ensure the establishment of justice in all aspects of business and finance, meanwhile shariah encourages all types of business activities which create justice and benefits the business community and social life as well. 6. 10Objective of Individual Economic ActivitiesThe question of why to produce or why to get involved in economic activities in the first place, is that Shari'ah wants individuals to look after their welfare. Shatibi has used the maslahah (welfare-benefit) to describe this objective of Shari'ah. Human beings have been required by Shari'ah to seek maslahah. Economic activities of production, consumption and exchange that involve maslahah (welfare) as defined by Shari'ah have to be pursued as a religious duty to earn one's betterment not only in this world but in the world hereafter.Also all such activities that have maslahah for human beings are called needs. These needs have to be fulfilled. â€Å"Fulfilling needs† rather than â€Å"satisfying wants† is the objective of economic activities, and the pursuit of this objective is a religious duty. Man is, therefore, obligated to solve his economic problems. The approach that unlimited wants relative to scarce resources defines the economic problem of man may be explaining the economic behavior of a capitalistic society, but it certainly fails to explain the behavior of several traditional societies of the world.The members of traditional societies do not feel motivated to maximize the satisfaction of their wants with the resources available with them, because they find their needs adequately fulfilled and they do not feel obliged to look for the satisfaction of wants beyond their needs defined by themselves or by their environment. All development strategies thus fail to bring development in such societies because of the lack of motivation to earn more or to expand resources at one's disposal. Islamic economic theory, on the other hand, is on more sound footing.It defines economic problem in the light of the objective that Islam assigns to human activities. The fulfillment of this objective is made a religious duty. Islam, thus, becomes a force of economic development even for such traditional societies that are not motivated by the materialistic approach, to maximize the satisfaction of wants. The economic problem of human beings is, therefore, to â€Å"fulfill needs† with the available resources which most of the time may turn out to be scarce relative to needs.The inconsistency that was pointed out in the concept of â€Å"satisfying human wants† is not present in the concept of â€Å"fulfilling human needs†. If the resource constraint is relaxed, the human needs can be fulfilled as they are objectively defined. 7. Advantages of Shariah Compliance in Islamic Finance Current literature proclaims that Islamic financial system differs significantly from conventional system, not only in the ways it functions, but above all the values which guide its whole operation and outlook.The values which are prevailed within the ambit of Shariah, are expressed not only in the minutiae of its transactions but in the breadth of its role in realizing the Maqasid al-Shariah (objectives of Shariah). Indeed, Maqasid al-Shariah reflects the holistic view of Islam which has to be looked at as a whole not in parts as Islam is a complete and integrated code of life and its goal encompasses the whole life, individual and society; in this world and the hereafter (Dusuki ; Abozaid, 2007).Hence, a deep understanding of Maqasid al-Shariah entails intense commitment of every individuals and organizations to justice, brotherhood and social welfare. This will inevitably le ad to a society whereby every member will cooperate with each other and even compete constructively, as success in life is to obtain the ultimate happiness (falah). Thus mere maximization of profits cannot, therefore, be sufficient goal of a Muslim society.Maximization of output must be accompanied by efforts directed to ensure spiritual health at the inner core of human consciousness and justice and fair play at all levels of human interaction. Only development of this kind would be in conformity with the Maqasid al-Shariah. Despite progress in the improvements and introduction of an enabling Islamic capital market environment through various Shariah-compliant product innovations like sukuk, some structure which attempt to achieve the same economic outcome like conventional bond distort the Maqasid al-Shariah.This distortion stems from the restricted view of understanding Shariah, by only focusing on the legal forms of a contract rather than the substance especially when structurin g a financial product. The overemphasis on form over substance lead to potential abuse of Shariah principles in justifying certain contracts which in fact contradictory to the Shariah text and ultimately undermining the higher objectives of Shariah. Conclusion The methodology of interpreting the Quran integrates three approaches: Maqasid, contextualization, and social science research.The maqasid- oriented approach promotes a focus on the higher objectives intent, and purpose of the text. Contextualization offers insight as to the both the historical and contemporary circumstances relevant to the text, while social science research provides an understanding of the contemporary conditions and realities that enables the interpretation and application of the text to be directed towards achieving the higher objectives. The purposes of Islamic Law are not all equally evident. Some are clear to the general public, like basic ethical principles and the essential necessities of life.Others, however, require a trained jurists’ eye, because they are more subtle, and require deeper investigation to discern. This is where juristic reasoning really needs to be exercised. This is where the jurist qualified to engage in juristic reasoning – the mujtahid – comes into play, someone who can understand the sacred texts in conjunction with the broad purposes of Islamic Law and then apply this knowledge to the actual circumstances of the outside world in order to come up with an appropriate legal ruling.Our present need is all the more acute due to the paucity of understanding that Muslims have regarding what Islam wants for Muslim society and for the people – the protection of their liberties, the effective management of their affairs, the cultivation of virtue among them, the prohibition of vice, the development of their resources, the advancement of their capabilities, and the inculcation of the value of being a productive member of society.Todayâ₠¬â„¢s Muslims are in need of all of these things, people who often know a lot of Islamic legal rulings but know very little about the purposes behind them. I also propose to add economic development and strengthening of Research and Development in technology and science to the structure of  Maqasid al-Shariah as they are crucially important in determining the standing of the ummah in the world community. Lastly Maqasid al-Shariah remains open to further enhancement which will depend, to some extent, on the priorities of every age.We should understand that Maqasid Al-Shariah is an important discipline which can play a crucial role in economics, finance and business transactions nowadays. It is time to go forward with full implementation of Maqasid Al-Shariah in finance, business and economic activities to achieve the noble adjectives of the Shariah. These objectives give value to finance, banking, trade and all business transactions. We believe that the implementation of Maqasid Al -Shariah will enhance the performance of finance and trade, and establish justice in the business community and society at large.Furthermore, the achievement of Shariah objectives in business transactions creates happiness and satisfaction, and fulfills the needs of society in terms of wealth. Islam allows all financial activities and transactions leading to the actualization to its noble objectives. Furthermore, investment is considered as an obligation upon all Muslims. This means Muslims have to make use of the wealth in their hands in order to make it grow and gain more profit and benefits. Wealth which is not invested as hoarded.Although the underlined main principles are closely linked to the main objectives of the Shariah in financial activities and transactions, one cannot deny that there are other subsidiary principles, such as prohibition of making money from money, or prohibition of Najash and certain types of sales.References: 1. Dr. Ahcene Lahsasna (2011). Shariah Aspec ts of Business and Finance: INCEIF CIFP. Part 1, January Semester, 2012: Kuala Lumpur: International Centre for Education in Islamic Finance. . Dr. Ahcene Lahsasna (2011). Shariah Aspects of Business and Finance: INCEIF CIFP. Part 1, January Semester, 2012: Online Class Lectures. Kuala Lumpur: International Centre for Education in Islamic Finance. 3. Dr. Asyraf Wajdi Dusuki. â€Å"Challenges of realizing Maqasid Al-Shariah in Islamic Capital Market† 4. Dr. Mohammad Hashim Kamali. â€Å"Maqasid Al-Shariah: The objectives of Islamic law† ———————– The Global University of Islamic Finance

Human Resource Management And Pakistan - 869 Words

Name: Maria Zohaib Roll no.: 14E00040 MBA for professionals, Sec. B Submitted to: Professor Fareedy HUMAN RESOURCE MANAGEMENT IN PAKISTAN 1) Since 1990’s, after the deregulation in public sector and in a climate where privatization was being fostered, the HRM practices in Pakistan can be analyzed within three broad categories; firstly national factors, business environment conditions and institutions. 2) In 1999, out of 15 large multinationals in Pakistan, only 3 were focusing on the HRM practices, whereas the major incentives was linking salaries to performance. But despite the efforts due to lack of communication and centralized structure the value or HRM isn’t attained 3) Religion has a massive influence in all aspects, even in†¦show more content†¦8) The influence of the west, religion and the social structure are the three major determinants that influences an individual’s behaviors within the organization as well as organizational practices depending upon which factor takes the lead in influencing the most. 9) No merit -hiring; unions had political protections to have a major influence, heavy staffing, no planning for training and development of employees, were some of the issues before implementation of privatization program in 1990. 10) In 1990’s, the multinationals started reinvesting and adopted the modern practices to run business such as trainings, planning, HRM practices, goal and objective setting which was then encouraged and then adopted to some extend by the government institutions. 11) Corrupt political system and its influence on the economic sector have left the working people of Pakistan with a pessimistic outlook towards the future. 12) Bad governance is the major determinant of the economic instability of Pakistan, despite being abundant in the low-cost labor and massive land its FDI has been one of the lowest in the developing countries. It has 2.61 million of its labor unemployed. 13) The allocation of budget to education is sub-standard; the budget allocated to education is as low as 2.25% of GNP. Also the uneven distribution between primary, secondary and tertiary levels , where universities at tertiary levels for elite take away the portion of primary level budgetShow MoreRelatedRole of Human Resource Management in Organizational Productivity in Context of Pakistan2528 Words   |  11 PagesROLE OF HUMAN RESOURCE MANAGEMENT IN ORGANIZATIONAL PRODUCTIVITY IN CONTEXT OF PAKISTAN â€Æ' EXECUTIVE SUMMARY Despite some negative perceptions among the international, including European, public, Pakistan has shown remarkable political and economic developments since the late 1990s when the country was on the verge of bankruptcy. With a rapidly growing population of about 150 million, Pakistan is a major country, recognised by the international community, and is one of the most important actorsRead MoreLeadership Effectiveness and Business Management792 Words   |  3 PagesManagement in business, organizations and even in politics is the function that coordinates the efforts of people to accomplish goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing and controlling an organization or initiative to accomplish a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources. 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Essay Romans and Barbarians Dbq - 716 Words

Romans and Barbarians DBQ According to the Romans nomads were considered to be barbarians, however over time Romans began to develop nomadic customs which were no longer considered barbaric but civilized. To the Romans a ‘barbarian’ was anyone who was an outsider of their land, and in that case nomads were considered to be barbaric. Nomads are known as a small group of people that don’t have a permanent settlement, and travel and migrate from place to place. Nomadic people also had a different type of lifestyle from the Romans, for example the nomads hunted and gathered their food, and which was considered cave man like. Before the fall of Rome the Romans were considered to be civilized people with a respectable religion and†¦show more content†¦She also begins to go on and says, â€Å".. and massacre everyone you conquer.† According to these statements I would consider these actions to be barbaric based on the fact that it sounds more like a surprise attack for war. I say this because they use the word ‘conquer’ like they are going to go over there, kill everyone and everything, and take over without any reason. Based on what I’ve read I don’t believe that there is an honest yes or no answer to the question, â€Å"Can these nomads be called barbarians?† According to Salvian, a Christian priest, he says, â€Å".. almost all barbarians, at least those who are of one race and kin, love each other, while the Romans persecute each other.† However, many of these reads go into detail about the nomadic people never sparing the people of which they conquered or went to war with, and killing them all off one by one. As for the change over time; there was one. After the fall of Rome when the nomadic people took over around 476 CE they kept the same Roman customs, but began introducing nomadic ways of life that, over time, turned out to not be barbaric at all. Over the course of many years you will see the Romans perspective of the nomads and their culture began to change over the course of many years, and after the Fall of Rome. In the beginning the nomadic people were not given a good name due to the way they did things and theirShow MoreRelatedDBQ Barbarian Invasions1902 Words   |  8 PagesKelly Mr. Waterman DBQ – Barbarian Invasions Introduction: Much of the Roman frontier followed the natural boundaries of the Rhine and Danube rivers across Europe. On the other side of these rivers were territories the Romans never brought under their control and tribal peoples such as the Goths, Franks, Vandals, and Huns. By the middle of the fourth century CE, many Roman governors had allowed these so-called â€Å"barbarians† to settle on the Roman side of the rivers, and Roman generals had even recruitedRead MoreDBQ essay1481 Words   |  6 Pages Silk Road DBQ    The Silk Road in World History (Suggested writing time – 40 minutes) You should spend at least 10 minutes reading, analyzing, and grouping the sources.    Directions:  The following question is based on the accompanying Documents 1-6. (The documents have been edited for the purpose of this exercise.) Write your answer on the lined pages of the Section II free-response booklet. This question is designed to test your ability to work with and understand historical documents. Write anRead MoreHistory 9th Grade2275 Words   |  10 Pageschurch) They split because of conflict involving icons Barbarians came and destroyed it Famous for architecture 1Assertion 3evidence 3commentary. A thesis is a broad statement that can be expanded on. Thesis statement-Yes the barbarians are barbaric because political,social,and cultural. The mongols deserve their title as barbarians because political,social,and cultural. The Mongols deserve their title as barbarians because in document B it states that they expected children

Why Study Management - 821 Words

0 Why Study Management Feb 19, 2009 by Rashid Javed You may be wondering why you need to study management. If you are an accounting major, a marketing major, or an major other than management, you maynot understand how studying management may help you in your career. We can explain the value of studying management bylooking at the universality of the management, the reality of work, and the rewards and challenges of being a manager. The Universality of Management: Just how universal is the need of management in organizations? We can say with certainty that management is needed in all types and sizes of organizations, at all organizational levels and in all organizational work areas, andin all organizations, no matter what country they are†¦show more content†¦In addition, you shall be able to recognize good management and encourage it, whether it is in an organization with which you are simply interacting or whetherit is in an organization in which you are employed. The Reality of Work: Another reason for studying management is the reality that for most of you, once you graduate from college and being you career, you will either manage or be managed. For those who plan on management careers, an understanding of the management process forms the foundation upon which to build your management skills. For those of you who don\ t see yourself in a management position, you are still likely to have work with managers. Assuming that you will have to work for a living and recognizing that you are verylikely to work in an organization, you shall probably have some managerial responsibilities even if you are not a manager. Our experience tells us that you can gain a great deal of insight into the way your boss behaves and the internal workings of organizations by studying management. Our point is that you don\ t have to aspire to be a manager to gain something valuable from a course in management. Rewards and Challenges of Being a Manger: We cannot leave our discussion of the value of studying management without looking at the rewards and challenges of being a manager. What does it mean to be a manager? Being a manager in today\ s dynamic work place provides many challenge.Show MoreRelatedWhy Is It Important For Study International Financial Management?1928 Words   |  8 PagesWhy is it important to study international financial management? In our globalized world, it is crucial for the international companies understand the complexity of the international financial management that shape the size and the rank of each multinational company in a very aggressive competitive market. 2. How is international financial management different from domestic financial management? 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Financial Market Developments Influence †Free Samples to Students

Question: Discuss about the Financial Market Developments Influence. Answer: Introduction: The research paper on Accounting information on financial contracting reviews empirical and theoretical work on accounting that is of relevant to accounting researchers. Motivation behind this particular study is to discuss how contracting efficiencies are enhanced by using accounting information in such contracts. It has been argued that accountants are able to understand the mechanism of gaining efficiency and role of accounting information broadly with the help of incomplete contract theory (Amiram Owens, 2016). Future research are motivated using theoretical implications of the research paper. Some of the key words of this research paper is incomplete contract, financial contracting, contracting in accounting information, control allocation and account based covenants (Minnis Sutherland, 2017). To identify the importance of Accounting information among stakeholders To investigate different types of financial contracting To evaluate the essence of accounting information on financial contracting To provide insight into accounting information efficiency role in financial contracting What is the importance of accounting information among stakeholders? How transactions financier and those requiring financing is facilitated by accounting information. What are different types of financial contracting? How designs and choice of financial claims ate affected by accounting information? What is the essence of accounting information on financial contracting? Research hypothesis development: Hypothesis are required to be conducted in empirical studies and there is two types of hypothesis that is null hypothesis and alternative hypothesis. H01 = Capacity of borrower is reduced by high quality financial reporting and consequently it mitigates cost of agency. H11=Borrowers capacity is not reduced by high quality financial reporting and consequently it mitigates cost of agency. H02 = High quality financial reporting is associated with longer maturity and lower interest spread H22 = High quality financial reporting is not associated with longer maturity and lower interest spread. It was found in research paper as evident by number of studies that there exists association between use of contract provisions and accounting signals quality that assist in allocating control rights on state of borrower. One of the central question in accounting research is the capability of accounting information to facilitate financial transactions between borrowers and lender (Martin Roychowdhury, 2015). However, the focus of this research paper is incomplete contract theory. Rich theoretical predictions are provided in paper that helps in further advancing the researcher understanding of importance of contracting value of information and motivating additional empirical evidence. Reference: Amiram, D., Owens, E. L. (2016). Debt contracts, loss given default and accounting information. Christensen, H. B., Nikolaev, V. V., WITTENBERG?MOERMAN, R. E. G. I. N. A. (2016). Accounting information in financial contracting: The incomplete contract theory perspective.Journal of accounting research,54(2), 397-435. Martin, X., Roychowdhury, S. (2015). Do financial market developments influence accounting practices? Credit default swaps and borrowers? reporting conservatism.Journal of Accounting and Economics,59(1), 80-104. Minnis, M., Sutherland, A. (2017). Financial statements as monitoring mechanisms: Evidence from small commercial loans.Journal of Accounting Research,55(1), 197-233.

Strategic Implications of Apple Ipad on Toll Brother Operations Essay Example

Strategic Implications of Apple Ipad on Toll Brother Operations Paper Strategic Implications of Apple Pad on Toll Brother Operations Managerial Applications of Information Technology (lolls) BY Italy Abstract This paper explores the strategic Implications of supporting and implementing the Apple pad into Toll Brothers, Inc. Operations. The articles cited in this paper discuss the merits of the Apple pad, Toll Brothers operations, and the increasing place of the notebook com-putter in the workplace. The articles, however, do not intentionally support the arguments of one another, but rather serve as a basis of analysis of the rewrite of supporting the tech-oenology and implementing it into the equipment lifestyle program. Forrester (2008) jug-gets that the notebook computer is the future of workplace dynamics facilitating increased productivity, mobility, responsiveness, and customer satisfaction. Other articles suggest that the Apple pad could economically serve the role of notebook computer in enterprises. This analysis discusses these articles and makes recommendation to how the future of the equipment lifestyle program should be modified for future growth. Strategic Implications of Apple pad on Toll Brothers Operations Apple introduces the pad Apple introduces the pad and with it states Giber (2010) has officially become a media company. Media refers to all facets of mass communication from print to electronic affecting the way we receive news, communicate with family, friends, and coworkers, mar-get our products, and share Information. We will write a custom essay sample on Strategic Implications of Apple Ipad on Toll Brother Operations specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Strategic Implications of Apple Ipad on Toll Brother Operations specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Strategic Implications of Apple Ipad on Toll Brother Operations specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Capitalizing on success found with Its smart-phone, the phone, Apple has decided to expand its offering with the Pad, a product poss.-tooled to compete with notebook and laptops seeking to redefine the mobile computing ex-parlance. With Apple controlling 7% (and growing) f the enterprise smartened market and the similar platform shared by the Pad according to McLean (2010) this newest offer-ins prompts the need for an analysis of the strategic implications of implementing this technology into Toll Brothers operations. The pad just a new product for consumers; the company is targeting the new device at business users with features designed to make it attractive suggests McLean (2010). Ted Schedule, an analyst at Forrester Research, is quoted as stating that the pad most likely will enter the enterprise through the consumer door, much as the Phone did (Humble, 2010). Evidencing the emergence of Phones within corporate enterprise Humble (2010) notes that 20% of companies support Phones and that the requirements to accommodate and Implement the Pad are McLean (2010) supports Humbleness? similar In context to that of the phone. Assessment Day noting Tanat Apple silence Opinion 2. 0 NAS Marlene Its security profile, added Exchange support, and created mass congou-ration and deployment tools at the enterprise level. Moreover, with the release of the pad Apple has added further enterprise refinements such as file sharing and multiple file for-mat reading tit future features such as network printing and VP N forthcoming according to McLean (2010). McLean (2010) further notes that this foray into the enterprise market is being met with acceptance by corporate America with 70% of the Fortune 100 comma-nines now actively piloting or deploying support for phone (the same operating platform as the pad). This requires a proactive position by Toll Brothers to be aware of current position in the enterprise market, future ambitions, and address them head on as the technology enters into enterprise use through consumer hands. Toll Brothers an Innovative Company Toll Brothers, an innovative company, holds the title as the largest luxury home builder, has been building and selling residential product since 1967. Operating in the midst of a five-year recession, the company has watched its revenue decline from $6. 12 billion in fiscal year 2006 to $1. 76 billion for fiscal year 2009. This decline in revenue is attributed to reduced absorption of product into the marketplace causing a peak of 8,800 delivered units in fiscal year 2006 to fall to 3,000 residential units in fiscal year 2009. Fish-cal year 2010 projects to deliver between 2,100 and 2,750 units to market. Despite this De-cline Toll enjoys strong credit ratings from SP, and Fitch of EBB-, Bal, and EBB- respectively (Toll Brothers, 2010). In the face of a slow economy, Toll Brothers is stilled recognized as a good invest- meet by Wall Street. This is due to praise worthy navigation of its operations in the midst of a five year housing recession. Fueled by a buyer demographic that possesses an average PICO score of 751, higher median incomes, and greater net worth (Toll 2010) Toll has witnessed more resiliency against mortgage defaults on product they have developed compared to the industry. This statistic coupled with the power of their brand has pro-vided Toll with the leverage necessary to continue to develop product and restructure all of its capital to more favorable terms. In fact, Toll has no public debt maturing until 2013 thanks to these efforts (Toll 2010). Furthermore, Toll has continued the disposition of built product and undeveloped lots in vulnerable markets reducing its undeveloped lot in-venture to 31,743 for IQ 2010 the same level of inventory as 2000 before the boom-bust of the housing market (Toll 2010). This has allowed Toll to create the financial stability to theater the recession, create a more conservative production model, and increase market share over competitors. Toll continues to operate it primary business as a premier home-builder in all operational regions creating sustained demand for technology investment and support. In addition, its unique capital position and Advertorial TTY know street give It TTY to seek ways to Invest In new technology in an effort to increase efficiency and effectiveness of its mission. Current Operations Toll Brothers operates in 4 United States regions, encompassing 20 states and over 50 markets. Building in over 205 communities is accomplished by end-to-end AP-approach of residential development. End-to-end begins with the acquisition of the develop-moment site, site engineering, home design, construction, customization, financing, and sales. Toll facilitates this through a number of subsidiaries with SEES tasked with engineer-ins functions, Toll Architecture to introduce over 70 new home designs every year, Toll In-degraded to prefabricate building components for over 1 50 models and oversee local sub-contractors, Toll Sales to market, sell, and interface with buyers, and TAB Mortgage to originate retrogress (Toll 2010). Employing a mixed strategy of regional operations with centralized subsidiaries serving all regions requires technology coordination, integration, and extensive travel for a number of key team members. Homes constructed in the West coast receive prefabricated pieces from Toll Integrated located in Philadelphia, Virginia, and Indiana. Furthermore, Toll Integrated acts as the Construction Manager over subcontractors nationally. SEES is tasked with land entitlements nationally, while Toll architects is responsible for creating diverse product responding to local design tastes. The underpinnings and foundation for the successful interaction of the centralized subsidiaries and regional operations rests with robust IT infrastructure (Toll 2010). Toll employs Customer Management Systems (SMS), Supply Chain Management Systems (SCM), and Knowledge Management Systems (SMS) to eliminate redundancy in data and create consistency to allow for more efficient economies of scale, however, with a workforce that is as mobile as finding, implementing, and supporting the right mix of hardware to access these systems is always important and necessary. Certain invest-meets in video-conferencing have been dad to connect the four operational regions, however, the nature of the industry requires physical attendance to a number of functions related to the development process. Proposed Solutions As a function of a normal IT management strategy certain technologies exhaust there useful life and need to be replaced either due to wear and tear, obsoleteness, or other miscellaneous conditions. The useful life for a laptop averages 4-6 years with 5 considered the average (Gush 2004). As the equipment in use by our workforce approaches this threshold a review of what that equipment is replaced tit is ordinary and necessary to IT management. Proposed Solution #1 According to Forrester Consulting (2008) the workforce is becoming increasingly decentralized and enterprises encourage employees to work from home to increase me-people productivity, responsiveness, flexibility, efficiency, and both external and internal customer satisfaction. Therefore, shifting capital investment from desktop computers to notebook computers as a part of the equipment lifestyle program is responsive to the changing work place dynamic. Furthermore, this shift in Investment snouts Increase me-people proactively, responsiveness, Ana inclemency enervating faster results and increased customer satisfaction (Forrester 2008). Notebook users already comprise a notable percentage of enterprise users thus re- squiring previous investment in security solutions for VPN access, file sharing, and ex- change servers. In addition, certain legacy systems have already been designed with web interfaces using internet encryption standards. Therefore, whether entering the system by way of VPN or Web security concerns are mitigated under the standing IT plan (Forrester 2008). This solution while increasing the mobility of the workforce would require funding additional capital to the equipment lifestyle program as laptops can cost up to 40% more than desktops possessing the same components (Computer Buy 2007). Proposed Solution #2 According to Crux (2010) citing a Citric survey: 80% of pad purchases were for business use 84% of organizations will support personal pads; 50% expect their organize-actions to purchase them. 87% cited the primary application to be used on pad as productivity APS. 90% cited the largest benefit of the pad as an increased mobility to work re-mote, at home, or anywhere, 74% cited improved productivity. Forrester (2008) finds that Enterprises could stand to make further notebook in- vestments across all worker segments. Furthermore, Forrester (2008) finds that notebook computers represent almost 40% of enterprise PCs today and that productivity increases by 51 minutes per day compared to desktop users. Computer Buy (2007) finds that the downside to this investment rests with 40% cost increases to invest in a notebook over a desktop causing Capital Budgeting analysis to evaluate the two alternatives. The Apple pad could overcome the downside of notebook pricing given its low cost of investment. With pricing between $500-829 (pre-software) the pad is below most notebooks and below or comparable to desktop computers.