COUNTRY FOCUSIslamic Capitalism in TurkeyFor years now Turkey has been dịch - COUNTRY FOCUSIslamic Capitalism in TurkeyFor years now Turkey has been Việt làm thế nào để nói

COUNTRY FOCUSIslamic Capitalism in

COUNTRY FOCUS
Islamic Capitalism in Turkey
For years now Turkey has been lobbying the European Union to allow it to join the free trade block as a member state. If the EU says yes, it will be the first Muslim state in the Union. Manycritics in the EU worry that Islam and Western style capitalism do not mix well, and that as aconse quence, allowing Turkey into the EU would be a mistake. However, a close look at whatis going on in Turkey suggests that this view may be misplaced. Consider the area around the city of Kayseri in Central Turkey. Many dismiss this poor, largely agricultural region of Turkey as a non-European backwater, far removed from the secular bustle of Istanbul. It is a region where
traditional Islamic values hold sway. And yet, it is also a region that has produced so many thriving Muslim enterprises that it is sometimes called the “Anatolian Tiger.” Businesses based here include large food manufacturers, textile companies, furniture manufacturers, and engineering enterprises, many of which export a substantial percentage of their production. Local business leaders attribute the success of companies in the region to an entrepreneurial spirit that they say is part of Islam. They point out that the Prophet Muhammad, who was himself a trader, preached merchant honor and commanded that 90 percent of a Muslim's life be devoted to work in order to put food on the table. Outsider observers have gone further, arguing that what is occurring around Kayseri is an example of Islamic Calvinism, a fusion of traditional Islamic values and the work ethic often associated with Protestantism in general, and Calvinism in particular. Within Kayseri, the influence of Islam is plain to see. Many companies set aside rooms and time for 15-minute prayer breaks. Most of the older businessmen have been to Mecca on the Haji, the pilgrimage that all Muslims are meant to make at least once in a lifetime. Few of the cafés and restaurants in Kayseri serve alcohol, and most women wear a headscarf.
At the Kayseri sugar factory, one of the most profitable in the region, a senior manager claims that Islam has played a large part in improving the profitability of the enterprise. For a long time the factory bought most of its sugar beets from a single monopoly supplier, who charged a high price. But because Islam preaches equal opportunity in business, managers at the sugar factory decided that the Islamic thing to do was diversify the supply base and encourage small producers to sell beets to them. Today the factory buys sugar beets from 20,000 small growers. Competition between them has lowered prices and boosted the factory's profitability. The same manager also noted that “If you are not a good Muslim, don't pray five times a day and don't have a wife who wears a headscarf, it can be difficult to do
business here.”However, not everyone agrees that Islam is the driving force behind the region's success. Saffet Arslan, the managing director of Ipek, the largest furniture producer in the region (which exports to more than 30 countries), claims that another force is at work—globalization. According to Arslan, over the last three decades local Muslims who once eschewed making money in favor of focusing on religion are now making business a priority. They see the Western world, and Western capitalism, as a model, not Islam, and because of globalization
and the opportunities associated with it, they want to become successful. At the same time, Arslan is a practicing Muslim who has built a mosque in the basement of Ipec's headquarters building so that people can pray while at work. If there is a weakness in the Islamic model of business that is emerging in places like
Kayseri, some say it can be found in traditional attitudes toward the role of women in the work place, and the low level of female employment in the region. According to a report by the European Stability Initiative, the same group that holds up the Kayseri region as an example of Islamic Calvinism, the low participation of women in the local workforce is the Achilles heel of the economy, and it may stymie the attempts of the region to catch up with the countries of the European Union. 34 In the previous chapter, we noted that one economic principle of Islam prohibits the payment or receipt of interest, which is considered usury. This is not just a matter of theology;
in several Islamic states, it is also becoming a matter of law. The Koran clearly condemns interest, which is called riba in Arabic, as exploitative and unjust. For many years, banks operating in Islamic countries conveniently ignored this condemnation, but starting about 30 years ago with the establishment of an Islamic bank in Egypt, Islamic banks started to open in predominantly Muslim countries. By 2005, some 176 Islamic financial institutions worldwide managed more than $240 billion in assets, making an average return on capital of more than
16 percent. Even conventional banks are entering the market—both Citigroup and HSBC, two of the world's largest financial institutions, now offer Islamic financial services. While only Iran and the Sudan enforce Islamic banking conventions, in an increasing number of countries customers can choose between conventional banks and Islamic banks. Conventional banks make a profit on the spread between the interest rate they have to pay to depositors and the higher interest rate they charge borrowers. Because Islamic banks cannot pay or charge interest, they must find a different way of making money. Islamic banks have experimented with two different banking methods—the mudarabah and the murabaha. 35 A mudarabah contract is similar to a profit-sharing scheme. Under mudarabah, when an Islamic bank lends money to a business, rather than charging that business interest on the
loan, it takes a share in the profits that are derived from the investment. Similarly, when a business (or individual) deposits money at an Islamic bank in a savings account, the deposit is treated as an equity investment in whatever activity the bank uses the capital for. Thus, the depositor receives a share in the profit from the bank's investment (as opposed to interest payments) according to an agreed-on ratio. Some Muslims claim this is a more efficient system than the Western banking system since it encourages both long-term savings and long-term investment. However, there is no hard evidence of this, and many believe that a mudarabah system is less efficient than a conventional Western banking system. The second Islamic banking method, the murabaha contract, is the most widely used among the world's Islamic banks, primarily because it is the easiest to implement. In a murabaha contract, when a firm wishes to purchase something using a loan—let's say a piece of equipment that costs $1,000—the firm tells the bank after having negotiated the price with the equipment manufacturer. The bank then buys the equipment for $1,000, and the borrower
buys it back from the bank at some later date for, say, $1,100, a price that includes a $100 markup for the bank. A cynic might point out that such a markup is functionally equivalent to an interest payment, and it is the similarity between this method and conventional banking that makes it so much easier to adopt.



câu hỏi: a. Can you see anything in the values of Islam that is hostile to
business?
b. What does the experience of the region around Kayse
0/5000
Từ: -
Sang: -
Kết quả (Việt) 1: [Sao chép]
Sao chép!
COUNTRY FOCUS
Islamic Capitalism in Turkey
For years now Turkey has been lobbying the European Union to allow it to join the free trade block as a member state. If the EU says yes, it will be the first Muslim state in the Union. Manycritics in the EU worry that Islam and Western style capitalism do not mix well, and that as aconse quence, allowing Turkey into the EU would be a mistake. However, a close look at whatis going on in Turkey suggests that this view may be misplaced. Consider the area around the city of Kayseri in Central Turkey. Many dismiss this poor, largely agricultural region of Turkey as a non-European backwater, far removed from the secular bustle of Istanbul. It is a region where
traditional Islamic values hold sway. And yet, it is also a region that has produced so many thriving Muslim enterprises that it is sometimes called the “Anatolian Tiger.” Businesses based here include large food manufacturers, textile companies, furniture manufacturers, and engineering enterprises, many of which export a substantial percentage of their production. Local business leaders attribute the success of companies in the region to an entrepreneurial spirit that they say is part of Islam. They point out that the Prophet Muhammad, who was himself a trader, preached merchant honor and commanded that 90 percent of a Muslim's life be devoted to work in order to put food on the table. Outsider observers have gone further, arguing that what is occurring around Kayseri is an example of Islamic Calvinism, a fusion of traditional Islamic values and the work ethic often associated with Protestantism in general, and Calvinism in particular. Within Kayseri, the influence of Islam is plain to see. Many companies set aside rooms and time for 15-minute prayer breaks. Most of the older businessmen have been to Mecca on the Haji, the pilgrimage that all Muslims are meant to make at least once in a lifetime. Few of the cafés and restaurants in Kayseri serve alcohol, and most women wear a headscarf.
At the Kayseri sugar factory, one of the most profitable in the region, a senior manager claims that Islam has played a large part in improving the profitability of the enterprise. For a long time the factory bought most of its sugar beets from a single monopoly supplier, who charged a high price. But because Islam preaches equal opportunity in business, managers at the sugar factory decided that the Islamic thing to do was diversify the supply base and encourage small producers to sell beets to them. Today the factory buys sugar beets from 20,000 small growers. Competition between them has lowered prices and boosted the factory's profitability. The same manager also noted that “If you are not a good Muslim, don't pray five times a day and don't have a wife who wears a headscarf, it can be difficult to do
business here.”However, not everyone agrees that Islam is the driving force behind the region's success. Saffet Arslan, the managing director of Ipek, the largest furniture producer in the region (which exports to more than 30 countries), claims that another force is at work—globalization. According to Arslan, over the last three decades local Muslims who once eschewed making money in favor of focusing on religion are now making business a priority. They see the Western world, and Western capitalism, as a model, not Islam, and because of globalization
and the opportunities associated with it, they want to become successful. At the same time, Arslan is a practicing Muslim who has built a mosque in the basement of Ipec's headquarters building so that people can pray while at work. If there is a weakness in the Islamic model of business that is emerging in places like
Kayseri, some say it can be found in traditional attitudes toward the role of women in the work place, and the low level of female employment in the region. According to a report by the European Stability Initiative, the same group that holds up the Kayseri region as an example of Islamic Calvinism, the low participation of women in the local workforce is the Achilles heel of the economy, and it may stymie the attempts of the region to catch up with the countries of the European Union. 34 In the previous chapter, we noted that one economic principle of Islam prohibits the payment or receipt of interest, which is considered usury. This is not just a matter of theology;
in several Islamic states, it is also becoming a matter of law. The Koran clearly condemns interest, which is called riba in Arabic, as exploitative and unjust. For many years, banks operating in Islamic countries conveniently ignored this condemnation, but starting about 30 years ago with the establishment of an Islamic bank in Egypt, Islamic banks started to open in predominantly Muslim countries. By 2005, some 176 Islamic financial institutions worldwide managed more than $240 billion in assets, making an average return on capital of more than
16 percent. Even conventional banks are entering the market—both Citigroup and HSBC, two of the world's largest financial institutions, now offer Islamic financial services. While only Iran and the Sudan enforce Islamic banking conventions, in an increasing number of countries customers can choose between conventional banks and Islamic banks. Conventional banks make a profit on the spread between the interest rate they have to pay to depositors and the higher interest rate they charge borrowers. Because Islamic banks cannot pay or charge interest, they must find a different way of making money. Islamic banks have experimented with two different banking methods—the mudarabah and the murabaha. 35 A mudarabah contract is similar to a profit-sharing scheme. Under mudarabah, when an Islamic bank lends money to a business, rather than charging that business interest on the
loan, it takes a share in the profits that are derived from the investment. Similarly, when a business (or individual) deposits money at an Islamic bank in a savings account, the deposit is treated as an equity investment in whatever activity the bank uses the capital for. Thus, the depositor receives a share in the profit from the bank's investment (as opposed to interest payments) according to an agreed-on ratio. Some Muslims claim this is a more efficient system than the Western banking system since it encourages both long-term savings and long-term investment. However, there is no hard evidence of this, and many believe that a mudarabah system is less efficient than a conventional Western banking system. The second Islamic banking method, the murabaha contract, is the most widely used among the world's Islamic banks, primarily because it is the easiest to implement. In a murabaha contract, when a firm wishes to purchase something using a loan—let's say a piece of equipment that costs $1,000—the firm tells the bank after having negotiated the price with the equipment manufacturer. The bank then buys the equipment for $1,000, and the borrower
buys it back from the bank at some later date for, say, $1,100, a price that includes a $100 markup for the bank. A cynic might point out that such a markup is functionally equivalent to an interest payment, and it is the similarity between this method and conventional banking that makes it so much easier to adopt.



câu hỏi: a. Can you see anything in the values of Islam that is hostile to
business?
b. What does the experience of the region around Kayse
đang được dịch, vui lòng đợi..
Kết quả (Việt) 2:[Sao chép]
Sao chép!
COUNTRY FOCUS
Islamic Capitalism in Turkey
For years now Turkey has been lobbying the European Union to allow it to join the free trade block as a member state. If the EU says yes, it will be the first Muslim state in the Union. Manycritics in the EU worry that Islam and Western style capitalism do not mix well, and that as aconse quence, allowing Turkey into the EU would be a mistake. However, a close look at whatis going on in Turkey suggests that this view may be misplaced. Consider the area around the city of Kayseri in Central Turkey. Many dismiss this poor, largely agricultural region of Turkey as a non-European backwater, far removed from the secular bustle of Istanbul. It is a region where
traditional Islamic values hold sway. And yet, it is also a region that has produced so many thriving Muslim enterprises that it is sometimes called the “Anatolian Tiger.” Businesses based here include large food manufacturers, textile companies, furniture manufacturers, and engineering enterprises, many of which export a substantial percentage of their production. Local business leaders attribute the success of companies in the region to an entrepreneurial spirit that they say is part of Islam. They point out that the Prophet Muhammad, who was himself a trader, preached merchant honor and commanded that 90 percent of a Muslim's life be devoted to work in order to put food on the table. Outsider observers have gone further, arguing that what is occurring around Kayseri is an example of Islamic Calvinism, a fusion of traditional Islamic values and the work ethic often associated with Protestantism in general, and Calvinism in particular. Within Kayseri, the influence of Islam is plain to see. Many companies set aside rooms and time for 15-minute prayer breaks. Most of the older businessmen have been to Mecca on the Haji, the pilgrimage that all Muslims are meant to make at least once in a lifetime. Few of the cafés and restaurants in Kayseri serve alcohol, and most women wear a headscarf.
At the Kayseri sugar factory, one of the most profitable in the region, a senior manager claims that Islam has played a large part in improving the profitability of the enterprise. For a long time the factory bought most of its sugar beets from a single monopoly supplier, who charged a high price. But because Islam preaches equal opportunity in business, managers at the sugar factory decided that the Islamic thing to do was diversify the supply base and encourage small producers to sell beets to them. Today the factory buys sugar beets from 20,000 small growers. Competition between them has lowered prices and boosted the factory's profitability. The same manager also noted that “If you are not a good Muslim, don't pray five times a day and don't have a wife who wears a headscarf, it can be difficult to do
business here.”However, not everyone agrees that Islam is the driving force behind the region's success. Saffet Arslan, the managing director of Ipek, the largest furniture producer in the region (which exports to more than 30 countries), claims that another force is at work—globalization. According to Arslan, over the last three decades local Muslims who once eschewed making money in favor of focusing on religion are now making business a priority. They see the Western world, and Western capitalism, as a model, not Islam, and because of globalization
and the opportunities associated with it, they want to become successful. At the same time, Arslan is a practicing Muslim who has built a mosque in the basement of Ipec's headquarters building so that people can pray while at work. If there is a weakness in the Islamic model of business that is emerging in places like
Kayseri, some say it can be found in traditional attitudes toward the role of women in the work place, and the low level of female employment in the region. According to a report by the European Stability Initiative, the same group that holds up the Kayseri region as an example of Islamic Calvinism, the low participation of women in the local workforce is the Achilles heel of the economy, and it may stymie the attempts of the region to catch up with the countries of the European Union. 34 In the previous chapter, we noted that one economic principle of Islam prohibits the payment or receipt of interest, which is considered usury. This is not just a matter of theology;
in several Islamic states, it is also becoming a matter of law. The Koran clearly condemns interest, which is called riba in Arabic, as exploitative and unjust. For many years, banks operating in Islamic countries conveniently ignored this condemnation, but starting about 30 years ago with the establishment of an Islamic bank in Egypt, Islamic banks started to open in predominantly Muslim countries. By 2005, some 176 Islamic financial institutions worldwide managed more than $240 billion in assets, making an average return on capital of more than
16 percent. Even conventional banks are entering the market—both Citigroup and HSBC, two of the world's largest financial institutions, now offer Islamic financial services. While only Iran and the Sudan enforce Islamic banking conventions, in an increasing number of countries customers can choose between conventional banks and Islamic banks. Conventional banks make a profit on the spread between the interest rate they have to pay to depositors and the higher interest rate they charge borrowers. Because Islamic banks cannot pay or charge interest, they must find a different way of making money. Islamic banks have experimented with two different banking methods—the mudarabah and the murabaha. 35 A mudarabah contract is similar to a profit-sharing scheme. Under mudarabah, when an Islamic bank lends money to a business, rather than charging that business interest on the
loan, it takes a share in the profits that are derived from the investment. Similarly, when a business (or individual) deposits money at an Islamic bank in a savings account, the deposit is treated as an equity investment in whatever activity the bank uses the capital for. Thus, the depositor receives a share in the profit from the bank's investment (as opposed to interest payments) according to an agreed-on ratio. Some Muslims claim this is a more efficient system than the Western banking system since it encourages both long-term savings and long-term investment. However, there is no hard evidence of this, and many believe that a mudarabah system is less efficient than a conventional Western banking system. The second Islamic banking method, the murabaha contract, is the most widely used among the world's Islamic banks, primarily because it is the easiest to implement. In a murabaha contract, when a firm wishes to purchase something using a loan—let's say a piece of equipment that costs $1,000—the firm tells the bank after having negotiated the price with the equipment manufacturer. The bank then buys the equipment for $1,000, and the borrower
buys it back from the bank at some later date for, say, $1,100, a price that includes a $100 markup for the bank. A cynic might point out that such a markup is functionally equivalent to an interest payment, and it is the similarity between this method and conventional banking that makes it so much easier to adopt.



câu hỏi: a. Can you see anything in the values of Islam that is hostile to
business?
b. What does the experience of the region around Kayse
đang được dịch, vui lòng đợi..
　
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