Islam Essay Example | Topics and Well Written Essays - 500 words - 10

Islam - Essay Example The focus in the paper "Islam" is on present day problems that can be solved by focussing on the spiritual democracy where only powerful minority or only majority is not to do with the whole system rather every individual is important in the whole fabric of the system of world and what is in it, that is implied in the rhythmic and systematic rituals of pilgrimage. As pilgrimage is having rituals like staying and camping, revolving, running and throwing stones at evil symbol, and to refrain from every evil and to be oriented only towards inner self and to behave in a good way, in the same way the whole practice of life is actually symbolic of the essence of the will and faith of ours which can best be polished by bringing the sense of equality, solidarity, spiritual purity and freedom seen during the pilgrimages in Makkah. The nation making process can also be considered that how people can best be amalgamated and disciplined by making them warmly spiritual at heart. It brings one to ponder about the ideal state which may be the most peaceful, rhythmic, systematic and spiritually and physically healthy of which rituals of the pilgrimage may be referred as symbolic. Pilgrimage is the pillar of Islam which gives support to the religion of peace by establishing the bonds of sisterhood and brotherhood in order to bring equality, solidarity and freedom from intruding, underestimating and horrible activities from others, that is all implied in the whole journey which is done during the pilgrimage and all activities as well.

International Financial Management - Currencies and Costs Essay

International Financial Management - Currencies and Costs - Essay Example That is, the probability of issuing foreign debt is highly correlated with the degree of foreign operations. Their results are consistent with those of Kedia and Mozumdar (2003), who conclude that firms have to satisfy a demand to hedge via foreign debt. Kedia and Mozumdar (2003), also conclude that the correlation between foreign operations and the probability of issuing foreign debt is consistent with both the role of foreign debt as a hedging instrument and the existence of information barriers. The integration of capital markets implies that financial assets traded in different markets should possess the same risk/return characteristics. Kedia and Mozumdar (2003) however note that the segmentation of capital markets and barriers to international investment could result in opportunities for choosing the currency of debt to minimize funding costs (interest rates). Kedia and Mozumdar (2003) identify two sources of segmentation including legal barriers and Informational sources. According to them legal barriers which constitute a broad variety of restrictions such as differences in tax treatment for foreign and domestic investments, capital controls, security law, and ownership restrictions could give rise to opportunities for multinational companies to reduce their funding rates. It is also evident in the study by Kedia and Mozumdar (2003) that foreign investors face high costs of gathering information about capital markets in different countries and as such domestic companies take advantage of this information asymmetry to issue debt at a low cost than they would have issued to domestic investors. According to Keloharju and Niskanen (2001), issuing in the Euromarket may be more economical since it helps to mitigate withholding taxes and capital controls. They further illustrate that borrowing cost in two currencies can be reduced by borrowing the weaker currency and that tax laws in Finland encourage companies to borrow the foreign currency. Allayannis et al (2003: pp 2669) in their study of the capital structure and financial risk of East Asian Firms with particular emphasis on foreign-currency debt use, provide evidence that differences in home country interest rates and foreign interest rates such as the London Interbank Offered Rate (LIBOR), are important determinants for both home country and foreign debt use. The study finds that the higher (lower) the difference in interest rates, the