Importance of Fireplace Parts

A fireplace is an important place in any home. A fireplace can really provides us a lot of warmth in the winter. Another thing about fireplace is it can also be used as ornamental. The fireplace parts are significant in the beauty and outlook of the fire place. They are also very important because they can also enhance the look and raise the durability of the fireplace. If the parts of the fireplace are of high quality then it is very good for the fireplace. The superior quality of the fireplace parts in also essential as well as look of the parts.



There are lots of different parts available that are used in fireplace. The material of the parts varies from part to part. Fireplace’s own material should also be of high quality, it’s not only the parts that should be of superior quality. The Dave Lennox Signature Collection Villa Vista, EPA Phase II Wood Burning Fireplace is one of the masterpieces of fireplace. This fire place is available with superior heat output and high-efficiency operation. It is the ideal choice for large spaces. The high quality fireplace glass is also important because the glass shows the display of fire and transmits heat to the room.

Fireplace mesh screens and there are so many others like custom fiberglass doors are also available in the markets in different quality levels. Fireplace fans and lots of other fireplace parts are also significant to complement your ultimate fireplace. Blowers and doors are also available at online stores and in the markets as well in a very superior quality. If you are looking to buy fireplace parts online then you can easily find a wide range of superior fireplace parts.

Islamic Credit Cards

All forms of banking contain several risks that pose a challenge to banks and management authorities. Islamic banks, like other conventional banks, are financial institutions providing services to depositors and investors and financing companies, public sectors and individuals. Therefore, Islamic banks are subject to the risks similar to those confronted by conventional banks. While Islamic banking has been around for several decades, originating from groundbreaking efforts from the Bahrain, Malaysia, Iran, Sudan and Egypt. At the foundation of Shariah compliance there are two concepts of profitability in Islamic banking: profit and loss sharing and mark-up. Islamic banking is based on the totally Riba (interest) free and there is no transaction involving the interest. In the profit and loss sharing the rate of return on the financial assets is either not known or fixed before the undertaking; in case of mark-up the purchase-resale transaction is determined with reference of the benchmark rate of return. Profit share involves the bank’s ability to secure a high return arises from its own investment decision and input post-investment. By comparison, in conventional banking the borrower of the money become responsible for the entire risk. Poor investment decisions by the bank have a direct bearing on the returns gained by depositors, as the rate of return is determined by the profit-and-loss sharing ratio.

Shariah-compliant instruments differ from conventional banks’ offering in the legal contracts, governance and the liquidity structure.

Moving from evolutionary stage, institutions are structuring and offering a wide range of financial instruments and exploiting new modes of financing and market. On consumer financing side, Islamic credit card based on tawarruq offers all features of a credit card, easy purchases and repayments through a series of commodity transactions. Islam allows the use of credit card so long it does not engage the factor of usury. As an example if the withdrawing cash advance from the credit facility will result payment of an interest, it is forbidden. In the same way if there is an additional interest charge due to delay in payment, it is forbidden also. Therefore, if the credit card works as a charge card, where you only pay the principle amount that you use plus the service charges, it is permitted. However, there are certain questions still to be answered; how does Islam accept the role of credit card as a medium of payment? What are the underlying principles required by Shariah in the functionality of credit card? What would be the possible legal issues and how Islam addresses these issues? What are the differentiation factors in the Islamic credit cards?

Credit cards concept is allowed by the Shariah, if it does not involve the element of usury because 'Allah (SWT) permitted sale and prohibit usury'. AmBank Bank Berhad offered Islamic Credit Card in Malaysia called Al-Taslif and it was launched in 1992. Shariah concept of Bai Inah is being used in Malaysia for issuing Islamic credit cards. Bai Inah is defined as back-to-back sale and purchase transactions entered into, whereby in the first transaction, the bank sells items to the customer on a deferred payment basis keeping some profit. In the second transaction, the bank will repurchase the same asset from the customer at purchase price, which is lower than the selling price, on cash basis (card’s limit), and the difference between the purchase and the selling price is the bank’s ceiling profit. Now ABC Islamic Bank has launched its Islamic credit card named Al Buraq in Bahrain. Maybank Islamic has also rolled out its lkhwan Card, new Islamic credit card series. The cards feature either the international cards franchise of American Express or Visa International. Similarly, Dubai Islamic Bank (DIB) has also launched its first Islamic credit card with the support of Card Tech Limited, a leading UK-based bankcard systems provider and processor.

The expert, who specializes in Islamic law and transactional jurisprudence, considers that the burden of the responsibility belongs to the banks’ Shariah committees that support banks to offer such services which are commonly prohibited by the majority of present-day Muslim scholars. Most banks offering credit cards do so with the purpose of getting interest - which is sternly and clearly prohibited by Islam.

The expert went on to warn people against falling into the trap of the supposed Shariah-compliant cards which begin effectual advertising campaigns nowadays. Moreover, the only Shariah-compliant credit cards are the charge cards which only a limited number of banks offer.

In the meantime, the Shariah committees in banks have issued their defenses in the face of the charges leveled against them and the debate is still ongoing. The expert also explained that credit cards represent a guarantee by the bank to the customer, particularly in places such as hotels which rely more on credit cards than they do on cash.

Looking beyond domestic shores, the Islamic cards based on the Bai Inah concept might not be able to penetrate the Gulf markets, which insist that Bai Inah is not a sufficiently strong basis for issuing Islamic cards. The Banker reported that the concept is ethically flimsy when applied in this manner as the sale transacted is a fake sale and thus, just a means of masking riba. Therefore, the structure or basis for Malaysian Islamic cards has been criticized for not being wholly Shariah compliant as compared to Islamic cards issued by Bahraini banks.

The conflict boils down to differences of belief. There are many interpretations within Islam on what is acceptable, given that the schools of thought on Shariah law are not homogenous. However, local Islamic bankers have referred this conflict to the National Shariah Advisory Board, which ruled that the Bai Inah transaction is indeed acceptable. Malaysia follows the Shafie school of madzhab, which approves the Bai Inah transaction for Islamic cards as it conforms to all the essential elements of a valid sale.

The Islamic cards, like their conventional cousins, are tied to international payment systems companies such as MasterCard and Visa, therefore they offer international recognition and access to ATMs worldwide.

The future of Islamic cards is indeed bright in Malaysia as there is demand for it. The market for Islamic cards is huge and growing in response to the government’s urge to introduce more Islamic financial products in Malaysia. It will take a while for consumers to understand the structure of the products, but once they see and appreciate them, the growth rate of the Islamic products is going to be even better. There is a substantial Muslim population in Malaysia and a number of them seek Shariah compliant products and services. As an aggressive promoter of Islamic banking and finance, AmIslamic Bank is optimistic about the demand for Islamic products including Al-Taslif Card.

Islamic credit cards are emerging tool for the Islamic banking profitability. Now Islamic cards are widely used in Gulf and the popularity is increasing but different banks uses different laws and rules to support their activities. However, in Pakistan the concept of Islamic credit cards is not introduced yet. There is need of one common rule for the Islamic credit cards to solve the controversy and make it a useful tool for the Islamic banking era.

Source: pakistanbanks.org, islamicfinanceupdates.wordpress.com

Profitability in Islamic Banking

Introduction

All forms of banking contain several risks that pose a challenge to banks and management authorities. Islamic banks, like other conventional banks, are financial institutions providing services to depositors and investors and financing companies, public sectors and individuals. Therefore, Islamic banks are subject to the risks similar to those confronted by conventional banks. While Islamic banking has been around for several decades, originating from groundbreaking efforts from the Bahrain, Malaysia, Iran, Sudan and Egypt. According to McKinsey & Co, a management consulting firm, the value of Islamic banking industry is around some $750bn with over 300 dedicated institutions and thousands of Shariah-compliant banking service windows operating in more than 75 countries. Islamic banking and financing has gained a strong grip both nationally in Muslim countries and internationally in the financial world. Regular degree programs are also being offered at the university level almost in all parts of the world.

Profitability Concepts

At the foundation of Shariah compliance there are two concepts of profitability in Islamic banking: profit and loss sharing and mark-up. Islamic banking is based on the totally Riba (interest) free and there is no transaction involving the interest. In the profit and loss sharing the rate of return on the financial assets is either not known or fixed before the undertaking; in case of mark-up the purchase-resale transaction is determined with reference of the benchmark rate of return. Profit share involves the bank’s ability to secure a high return arises from its own investment decision and input post-investment. By comparison, in conventional banking the borrower of the money become responsible for the entire risk. Poor investment decisions by the bank have a direct bearing on the returns gained by depositors, as the rate of return is determined by the profit-and-loss sharing ratio.

Shariah-compliant instruments differ from conventional banks’ offering in the legal contracts, governance and the liquidity structure. The various Islamic financial products practiced in different parts of the world are described below.

Mudarabah

Mudarabah is a kind of contract in which one partner provide money to another partner for investing it in any commercial enterprise. The investment comes from the first partner who is called "rabb-ul-mal", while the management and work is an exclusive responsibility of the other, who is called "mudarib". In this contract bank finance the customer and share the profit or loss.

Murabahah

Murabahah is actually a term of Islamic Fiqh and it refers to a particular kind of sale having nothing to do with financing in its original sense. If a seller agrees with his purchaser to provide him a specific commodity on a certain profit added to his cost, it is called a "murabahah" transaction.

Most of the Islamic banks and financial institutions are using "Murabahah" as an Islamic mode of financing, and most of their financing operations are based on "Murabahah". That is why this term has been taken in the economic circles today as an instrument of banking operations, while the original concept of "Murabahah" is different from this assumption.

Musharkah

'Musharakah' is a word of Arabic origin which literally means sharing. In the context of business and trade it means a joint enterprise in which all the partners share the profit or loss of the joint venture. It is an ideal alternative for the interest-based financing with far reaching effects on both production and distribution. In the modern capitalist economy, interest is the sole instrument indiscriminately used in financing of every type. Since Islam has prohibited interest, this instrument cannot be used for providing funds of any kind. Therefore, 'Musharakah' can play a vital role in an economy based on Islamic principles. The proportion of profit to be distributed between the partners must be agreed upon at the time of affecting the contract. If no such proportion has been determined, the contract is not valid in Shariah.

In spite of all the benefits, Musharakah is almost nonexistent in the Islamic banking and finance markets due to various complexities.

Salam

Salam is a sale whereby the seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advanced price fully paid at spot.

This mode of financing can be used by the modern banks and financial institutions especially to finance the agricultural sector. In Salam, the seller undertakes to supply specific goods to the buyer at a future date in exchange of an advanced price fully paid at spot. The price is in cash but the supply of purchased goods is deferred.

The only problem in Salam which may agitate the modern banks and financial institutions is that they will receive certain commodities from their clients, and will not receive money. Being conversant with dealing in money only, it seems to be cumbersome for them to receive different commodities from different clients and to sell them in the market. They cannot sell those commodities before they are actually delivered to them, because it is prohibited in Shariah.

Istisna

Istisna is a sale transaction where a commodity is transacted before it comes into existence. It is an order to a manufacturer to manufacture a specific commodity for the purchaser. The manufacturer uses his own material to manufacture the required goods.

In Istisna, price must be fixed with consent of all parties involved. All other necessary specifications of the commodity must also be fully settled.

Istisna can be used for providing the facility of financing in certain transactions, especially in the house finance sector. If the client has his own land and he seeks financing for the construction of a house, the financier may undertake to construct the house at that open land, on the basis of Istisna, and if the client has no land and he wants to purchase the land also, the financier may undertake to provide him a constructed house on a specified piece of land.

Ijarah

"Ijarah" is a term of Islamic Fiqh. It means 'to give something on rent' or 'to lease'.

It is defined by jurists as: "Possessing of a usufruct for a consideration"

When interest-free financial institutions were established in the near past, they found that leasing is a recognized mode of finance throughout the world. On the other hand, they realized that leasing is a lawful transaction according to Shariah and it can be used as an interest-free mode of financing. Therefore, leasing has been adopted by the Islamic financial institutions, but very few of them paid attention to the fact that the 'financial lease has a number of characteristics more similar to interest than to the actual lease transaction.

All these financial tools are being used by Islamic banks and financial institutes along with some other instruments to earn profit. Interest is modified in different forms in these tools of Islamic banking for earning profit.

Future of Islamic Banking

Now Islamic banking industry faces issues of a different sort. That is, how to consolidate the gains made so far and sustain itself, ward against any meltdown and grow. But Islamic banks will become pure financial institutions that fill financial gaps standing in the way of real economic transactions at the grassroots level. Islamic banking will be ethical banking for, among others, the following reasons: Islamic banks will stay away from financing Shariah-proscribed activities like producing alcohol or financing speculative activities, for example. There will be transparency in their transactions with the clients, depositors as well as fund-seekers due to compliance with the Shariah.

While the number and operations of Islamic banks are fast expanding, this segment of the market is still small relative to the appetite for Islamic finance. Pakistan, in light of its past experience, is launching a gradual and steady approach to Islamic banking. Despite rapid expansion in industry, the share of Islamic banking in the total banking system is a modest 3.2%.

Findings

Islamic banks need to be integrated globally as global financial markets, encourage competition, and provide a proper climate for ongoing innovation. Islamic banks then can consolidate their position in a range of markets and provide products for more customers.

Islamic banks will need to grow at least by 40-50% annually with its promising prospects and potential to be able to raise its share from 3.5% to about 15% of the total banking system. Given that banking industry as a whole has been growing at a substantively fast pace, the level of effort required for Islamic banks would have to be steeper to claim this share. Given the success of some countries in achieving this share for Islamic banking, it is important that concerted efforts are put in to propel Islamic banking system further and deeper in Pakistan.

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Boilers for Heating Homes

Boiler is essentially a drum shaped vessel. The boiler is used in the homes to fulfill the requirements of heating. Several water heating boilers are used in the homes for heating the water. The heating boilers can be installed in the homes, offices, apartment building and the large universities. There is vast range of home heating boilers, available in the market, to meet the heating needs of all places. The average life of a boiler is 30 to 40 years. The function of a boiler is to generate steam, which is then dispersed in all the rooms through pipes to keep the house warm in winter. Boilers are used to produce hot water for personal or industrial use. Boilers, for industrial use, are normally very big in size, capacity and performance as compared to the domestic boilers or home heating boilers. Many homes in the United States use the home heating boilers. The heating boilers run water heaters and heating systems to provide comfort in the cold winter season. The main purpose of the heating boilers is to warm up the homes or other buildings. The heating boilers are available in the market in wide range sizes and styles. The home heating systems are popular for their high degree of operational competencies that can reach up to 84.5% AFUE (Annual Fuel Utilization Efficiency).

The home heating boilers are well-known for the clean ignition. These boilers have very high level of capacity. The home heating boilers are wonderful source of heating for single and also for many family homes. The heating boilers provide guaranteed and reliable heating for a long time. The modern home heating boilers are compact in design and available in several models.

The home heating boilers are easy to install in any home and very inexpensive to run. There are many different, top brand names available in the market such as Weil-Mclain and Slant Fin. The hot water boilers are also used in lots of different commercial and residential buildings. The hot water boilers are suitable for new buildings, retrofits and for other areas. The home heating boilers can be purchased from the market at very low and affordable prices. Some online stores are also selling many different types of home heating boilers.

Wiring of Car Stereo System

An important part of your whole car audio system consists of just wires. There are variety of cables and wires concerned in installing a car audio system. You have power wires, amplifier cables, speaker wires, power capacitors etc. It is always better to be prepared with at least the basic know how before you go in for car audio system installation. Do it yourself installers are recommended to read the owners manual and basic instructions about the car audio installation anyhow, it’s not a tough job at all. The power wire is an essential part of the amplifier installation. Select the suitable measurement of the wire and fusing. An accurate wire gauge avoids the amplifier from being choked off by the size inadequacy of the power wire.

Always choose power wires with lots of strands, so that all the wires are easier to install and don't be damaged while passing through the various corners and obstacles of the car. The covering jacket of the wire should be of a material, which can easily resist different types of chemicals like oil and battery acids, which can easily cause destruction on poor quality wires. You can go for wires, for installation with large number of strands for the car audio speaker wires. The wire jacket is not that important in this case, because the speaker is not positioned in areas where it could stumble upon chemicals, as in the case of power wires. Oxygen free copper wiring is always suggested for car audio speaker wires for durability and long lasting performance. The measurement of the speaker wiring depends on the power going in to your speakers from the amplifier and the total length between the amplifier and the speakers.

Signal cables are also known as RCA cables and suppose to be important for their noise elimination properties. Try and go in for a good quality RCA cable for your car audio system, which would guarantee trouble free and better performance in the long run. RCA cables are good choice and more reliable way to have extra performance from the car audio system. It is suggested that you go in for "twisted pair" cables for your audio system as they are better at noise reduction. It is unnecessary to say, the quality of wires connecting the car audio power capacitors and batteries should also be good. Make sure you have a good ground wire connection. Be sure that RCA cables or signal wires are running away from any power wires or sources in the car, and are not run side by side to them. One can find widespread information on car audio wiring by visiting online resources on the topic. Possibly car audio professionals and experts are best placed to offer you great advice on car audio wiring. Many online car stereo resources helps a lot in this regard to guide the do it yourself customers for wiring their car audio system properly.