Excitement and enjoyment were the energies filling the room at two local primary schools in Cardiff on the 2nd March 2010 as the Cheshire Jets and Carlyle Finance delivered the Hoops for Health program. The day was packed with fun learning and activities, making it a complete success as the children came face to face with a professional basketball player. James Hamilton, captain of the Cheshire Jets pro basketball team motivated the group as they asked, does that mean your cousin is Michael Jordon?!
The Cheshire Jets is sponsored by Carlyle Finance, one of the leading independent motor finance organisations in the UK, offering loan advice to finance a car, as well as providing quality car finance deals. Carlyle Finance is excited to be able to sponsor The Cheshire Jets and supports their charity, The Jets Foundation. One of their many programs is built around educating young people about healthy living and supporting children with disabilities. On the 2nd March, the focus was about why it is important to be fit, the benefits of a balanced diet through healthy eating and the implications of smoking. The idea is to present a role model to demonstrate to the children the benefits of healthy living, and involving them in key basketball skills.
The children were split into four groups, each group being presented with different teachings about healthy living. The Jets and Carlyle Finance made the lessons as fun as possible by using objects to convey messages, including a Tar Jar to show how much tar a smoker typically creates in their bodies over one year, a beach ball to pass around with questions to inspire thinking about how to be healthy, and of course, basketballs to get the children involved in the sport.
Rachel Sharp, Marketing Executive at Carlyle Finance says, The day was very fulfilling. The children were a smart bunch, and although they already had a good idea about what healthy living requires, it was great to see them inspired by James, screaming I'm never going to smoke! The children seemed so keen to join in with the activities, which is extremely positive. I think it's very important to teach children about healthy living from an early age so that they know to make wise decisions later on.
Having now visited over 100 schools, look out for the Cheshire Jets and Carlyle Finance as they could be coming to a school near you!
Editorial Notes
Carlyle Finance Background
Carlyle Finance, which has been operating for over 30 years is part of WesBank, South Africa's largest financer of cars, itself part of FirstRand Bank Limited.
Carlyle Finance provides a full portfolio of finance products and services including car stocking facilities, relying exclusively upon motor retailers for its sales.
WesBank's main objective is to dominate in whichever market it enters and therefore require people who have the potential, skills, and ability to achieve the organisation's goal. WesBank's mission statement and shared values gives a good insight to its culture.
Mission Statement
WesBank is to be the acknowledged leaders in instalment credit in terms of Customer Service, Profitability and Size.
Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts
Wednesday, January 15, 2014
Sunday, December 22, 2013
Prohibition of Interest Rate in Islamic Finance
Islamic economics is referred to as the application of Islamic Shari'a law in economic activity. This form of economics has attracted banks and financial institutions in more than 56 countries including Europe and the United States; they cater to customers who want to invest in a halal instrument, or according to Islamic teachings.
Muslim authors state that Islam offers solutions to solve problems of human civilization. They view the financial problems facing developed countries in Africa and Asia are caused by interest-based financial instruments which create "unrepayable debt" says Muhammad Ayub, author of Understanding Islamic Finance. Mr. Ayub goes on to say that interest-based system makes "a class of people richer and leaving others poorer and oppressed."
Suppose you deposit in a conventional bank 00, at 4 percent interest for a period of one year. At the end of the year, your return is predetermined at 00+40. The bank will invest your money. If it fell short of 40, the bank will incur a loss. So an interest-based loan places the risk entirely on the borrower, in this case, the bank. Under Islamic economics, this type of investment is prohibited and is considered "un-Islamic" and "unfair."
The source of prohibition of interest is based on the Qur'an. Verse 2:275 reads: ". . .Allah permits commerce and prohibits riba. . ." The etymology of the term riba comes from Aramaic raba meaning increase'. Muslim interpreters define this term as interest'. In pre-Islamic Arabia, a borrower saw his debt double following a default and redouble if he defaulted again. If the borrower was unable to pay off his debt, he would be pushed into enslavement until the debt is paid. Such a situation was creating a social disharmony in Arabia, to which the Qur'an was responding. The ban on riba was therefore an instrument used to avoid mistreatment of fellow citizens, when their financial situation was in distress.
Among the Muslim community in the Middle East and elsewhere, financial transactions involving interest on borrowed money are accomplished, but without mentioning the word interest'. For example, Y wants to borrow from X 0 at 5 percent interest without violating the prohibition. X buys a TV system from Y for 0 but then promptly returns it for 5, payable in one year installments. The additional represents interest but was not mentioned; it was circumvented instead by the purchase of the TV and selling it, immediately, to the borrower at a higher price, which is equivalent to the amount of interest.
The most popular instrument in Islamic banking is Murabaha, a contract of sale in which a commodity is sold for a profit. The contract involves the purchase of real property by the financial institution which then sells them to the client at an agreed mark-up. A repayment is usually in installments. Accordingly, X wants to buy a car from the dealer and finance the transaction through a bank. Under Islamic economics, the bank does not charge interest. So the bank will buy the car on behalf of the buyer, and immediately sells it to X at the dealer's price plus an extra amount of money for the time spent and the paperwork involved to finalize the deal, the extra amount represents interest on the borrowed money, but the contract does not use the word interest'.
All Muslim authors and practitioners of Islamic finance agree that charging interest is a violation to Islamic Shari'a, but there is no agreement on the definition of interest-free' loan. There is no account for the rate of inflation in this Islamic instrument. In order to protect the purchasing power of money, loans are indexed to the rate of inflation, which is absent from Islamic banking and was proclaimed un-Islamic in two international conferences on indexation, one held in Islamabad in 1986 and the other in Jeddah in 1987.
Critics of interest-free banking claim that those who call for prohibition on interest are guilty of misinterpreting the Qur'an and misreading Islamic history. The Qur'an bans, not interest rate, but usury, or exorbitant interest.
Suleyman Uldag, a prominent Turkish author suggests that "even if interest were unlawful, it would be a lesser sin to deal in interest openly than to cloak it in practices aimed at deception." He writes that "Islamic banking is its own worst enemy."
Another attack on the prohibition of interest came in 1989 through a fatwa (Islamic legal opinion) from Muhammad Sayyid Tantawi, the grand mufti of Egypt and head of the top Islamic university, al-Azhar, who said that simple bank interest is permissible in Islam, while excessive interest rates constitute riba (usury) and thus forbidden. Tantawi added that legitimate instruments, including high-yield government bonds and interest-bearing saving accounts are compatible with Islamic Shari'a. Tantawi's fatwa represented the minority view, and provoked considerable discussion among the Muslim community in Egypt and around the world.
Muslim authors state that Islam offers solutions to solve problems of human civilization. They view the financial problems facing developed countries in Africa and Asia are caused by interest-based financial instruments which create "unrepayable debt" says Muhammad Ayub, author of Understanding Islamic Finance. Mr. Ayub goes on to say that interest-based system makes "a class of people richer and leaving others poorer and oppressed."
Suppose you deposit in a conventional bank 00, at 4 percent interest for a period of one year. At the end of the year, your return is predetermined at 00+40. The bank will invest your money. If it fell short of 40, the bank will incur a loss. So an interest-based loan places the risk entirely on the borrower, in this case, the bank. Under Islamic economics, this type of investment is prohibited and is considered "un-Islamic" and "unfair."
The source of prohibition of interest is based on the Qur'an. Verse 2:275 reads: ". . .Allah permits commerce and prohibits riba. . ." The etymology of the term riba comes from Aramaic raba meaning increase'. Muslim interpreters define this term as interest'. In pre-Islamic Arabia, a borrower saw his debt double following a default and redouble if he defaulted again. If the borrower was unable to pay off his debt, he would be pushed into enslavement until the debt is paid. Such a situation was creating a social disharmony in Arabia, to which the Qur'an was responding. The ban on riba was therefore an instrument used to avoid mistreatment of fellow citizens, when their financial situation was in distress.
Among the Muslim community in the Middle East and elsewhere, financial transactions involving interest on borrowed money are accomplished, but without mentioning the word interest'. For example, Y wants to borrow from X 0 at 5 percent interest without violating the prohibition. X buys a TV system from Y for 0 but then promptly returns it for 5, payable in one year installments. The additional represents interest but was not mentioned; it was circumvented instead by the purchase of the TV and selling it, immediately, to the borrower at a higher price, which is equivalent to the amount of interest.
The most popular instrument in Islamic banking is Murabaha, a contract of sale in which a commodity is sold for a profit. The contract involves the purchase of real property by the financial institution which then sells them to the client at an agreed mark-up. A repayment is usually in installments. Accordingly, X wants to buy a car from the dealer and finance the transaction through a bank. Under Islamic economics, the bank does not charge interest. So the bank will buy the car on behalf of the buyer, and immediately sells it to X at the dealer's price plus an extra amount of money for the time spent and the paperwork involved to finalize the deal, the extra amount represents interest on the borrowed money, but the contract does not use the word interest'.
All Muslim authors and practitioners of Islamic finance agree that charging interest is a violation to Islamic Shari'a, but there is no agreement on the definition of interest-free' loan. There is no account for the rate of inflation in this Islamic instrument. In order to protect the purchasing power of money, loans are indexed to the rate of inflation, which is absent from Islamic banking and was proclaimed un-Islamic in two international conferences on indexation, one held in Islamabad in 1986 and the other in Jeddah in 1987.
Critics of interest-free banking claim that those who call for prohibition on interest are guilty of misinterpreting the Qur'an and misreading Islamic history. The Qur'an bans, not interest rate, but usury, or exorbitant interest.
Suleyman Uldag, a prominent Turkish author suggests that "even if interest were unlawful, it would be a lesser sin to deal in interest openly than to cloak it in practices aimed at deception." He writes that "Islamic banking is its own worst enemy."
Another attack on the prohibition of interest came in 1989 through a fatwa (Islamic legal opinion) from Muhammad Sayyid Tantawi, the grand mufti of Egypt and head of the top Islamic university, al-Azhar, who said that simple bank interest is permissible in Islam, while excessive interest rates constitute riba (usury) and thus forbidden. Tantawi added that legitimate instruments, including high-yield government bonds and interest-bearing saving accounts are compatible with Islamic Shari'a. Tantawi's fatwa represented the minority view, and provoked considerable discussion among the Muslim community in Egypt and around the world.
Friday, December 20, 2013
Beauty Salon Finance
In times of economic recession it can be extremely challenging for beauty clinic operators to gain access to a number of types of business funding in order to help their business expand and grow. Let's look at two important types of funding, which can help underpin and strengthen growth in terms of capital equipment and growth, and also point of sale (POS) finances a good way of driving sales and increasing profit for the business owner, In any economic climate.
To start with we'll take a look at operations finance which we can use as an catch all heading which includes business equipment leasing, overdraft facilities, business loans and any other credit that you would use to grow your company. If you want some new equipment or facilities you would most likely finance this with a business loan or a lease, in good economic times there would be dozens of options available, but in recession, most asset lenders who have to fund assets to be in business tend to contract and point their activity to markets such as Gov bodies or the medical sector due to the given perception, and likely reality, that these markets are better covenants from them and therefore offer lower risk.
With less resource and access to funds it can be extremely hard for beauty salon owners to realistically expand their business. A fairly new concept of obtaining a cash advance from credit card machines is sweeping the UK and USA and is an excellent for beauty salons to raise cash to expand. What happens is you can get a cash advance on your future sales that allows you to acquire new equipment to make more sales. There is no credit check as the agreed payback is inputted into your card machine.
The biggest advantage of this is that if sales are low one month, you only make small payments back, therefore eliminating the risk to your business. However, if you have new equipment that increases sales, it makes good business sense because you are paying back out of those higher and more profitable sales. It gives you instant access to growth funds that you would not normally have. You can read more detail about it here
Now let's look at point of sale finance or POS at it is also known. Some treatment courses such as IPL hair removal, skin rejuvenation or Laser lipo can cost upward of a few thousand, which a lot of people simply haven't got the moment. Some clients will apply for finance options if you offer them, but the chances of getting passed for credit these days are getting harder and harder.
Enter your very own instalments plan. Ok, I here the shouts but we are not a finance company Of course you are not, and you don't have to be. If you take cards you can take instalments. If not, uses standing orders, they are simple to set up. The point is this. Offer a plan where to take a reasonable deposit, say 25%, and collect the rest over 9 months.
Do read more about this in a separate article found here
if done properly, it can transform your business and tap into a huge market that is hungry for what you offer, but do not normally believe that they can afford it.
There are a number of finance options available on our website and you are more than welcome to ask for help or advice on selecting which options suits your needs best of all.
To start with we'll take a look at operations finance which we can use as an catch all heading which includes business equipment leasing, overdraft facilities, business loans and any other credit that you would use to grow your company. If you want some new equipment or facilities you would most likely finance this with a business loan or a lease, in good economic times there would be dozens of options available, but in recession, most asset lenders who have to fund assets to be in business tend to contract and point their activity to markets such as Gov bodies or the medical sector due to the given perception, and likely reality, that these markets are better covenants from them and therefore offer lower risk.
With less resource and access to funds it can be extremely hard for beauty salon owners to realistically expand their business. A fairly new concept of obtaining a cash advance from credit card machines is sweeping the UK and USA and is an excellent for beauty salons to raise cash to expand. What happens is you can get a cash advance on your future sales that allows you to acquire new equipment to make more sales. There is no credit check as the agreed payback is inputted into your card machine.
The biggest advantage of this is that if sales are low one month, you only make small payments back, therefore eliminating the risk to your business. However, if you have new equipment that increases sales, it makes good business sense because you are paying back out of those higher and more profitable sales. It gives you instant access to growth funds that you would not normally have. You can read more detail about it here
Now let's look at point of sale finance or POS at it is also known. Some treatment courses such as IPL hair removal, skin rejuvenation or Laser lipo can cost upward of a few thousand, which a lot of people simply haven't got the moment. Some clients will apply for finance options if you offer them, but the chances of getting passed for credit these days are getting harder and harder.
Enter your very own instalments plan. Ok, I here the shouts but we are not a finance company Of course you are not, and you don't have to be. If you take cards you can take instalments. If not, uses standing orders, they are simple to set up. The point is this. Offer a plan where to take a reasonable deposit, say 25%, and collect the rest over 9 months.
Do read more about this in a separate article found here
if done properly, it can transform your business and tap into a huge market that is hungry for what you offer, but do not normally believe that they can afford it.
There are a number of finance options available on our website and you are more than welcome to ask for help or advice on selecting which options suits your needs best of all.
Monday, December 16, 2013
How to Increase Business Profit with Retail Finance
In these hard economic times, most businesses are looking for ways to increase profit and quash the competition. One of the best ways to do this is through retail finance. Many business owners incorporate this method of consumer finance in their business strategy because they know that this will encourage their customers to patronize their products even without cash on hand. With retail financing, customers can now avail of the big ticket items in your store through a payment scheme that will allow them to pay off the full amount on instalment.
Perhaps some of you might be wondering how your business would be able to increase your profit through retail finance. The scheme seems to profit more of the consumers rather than the business owners. Shoppers need not go through the application process of quick loans just to buy the items that they want from your store. With retail financing that your own business offers, they can already make a decision of buying a rather more expensive item even if they could not afford to pay on cash.
As a business owner, you can profit when you offer finance direct to your customers in two ways. One way is by gaining customer loyalty and the second is by making an additional profit through the fee that you will charge for paying in instalment.
For instance, a couple may walk in your store and see a nice dining set that would be perfect for their dining hall. However, the set costs about
Perhaps some of you might be wondering how your business would be able to increase your profit through retail finance. The scheme seems to profit more of the consumers rather than the business owners. Shoppers need not go through the application process of quick loans just to buy the items that they want from your store. With retail financing that your own business offers, they can already make a decision of buying a rather more expensive item even if they could not afford to pay on cash.
As a business owner, you can profit when you offer finance direct to your customers in two ways. One way is by gaining customer loyalty and the second is by making an additional profit through the fee that you will charge for paying in instalment.
For instance, a couple may walk in your store and see a nice dining set that would be perfect for their dining hall. However, the set costs about
Thursday, November 14, 2013
Personal Finance Budgeting Useful Hint
Government Grant Money are Individuals can get ,000 or more in the form of government grants to pay off their financial liabilities.
There are other options for you that can combine and even exceed all the features even the most advanced personal finance spreadsheets can offer.
No one should be surprised to learn this given how the mass media is constantly teaching people in our society to "buy it now- pay later!"
If as related to personal finance budgeting as this article is and it still doesn't answer all your needs, then don't forget that you can conduct more search on any of the major search engines to get more helpful personal finance budgeting information.
However, what happens to be that people have come to compare their income with that of a usual that is also regularly increasing.
Debts are you may not be able to avoid debt totally because you may get loans for buying home, car or business investment.
Online customers benefits include a checking balances and viewing statements, transferring money from one account to another, making payments, paying bills online and requesting for chequebook books, demand drafts and statements online.
It was intriguing to find that many people, oblivious of their background, found this article related to personal finance budgeting and other personal finance excel, tips on budgeting, and even personal finance specialist helpful and information rich.
There are other options for you that can combine and even exceed all the features even the most advanced personal finance spreadsheets can offer.
No one should be surprised to learn this given how the mass media is constantly teaching people in our society to "buy it now- pay later!"
If as related to personal finance budgeting as this article is and it still doesn't answer all your needs, then don't forget that you can conduct more search on any of the major search engines to get more helpful personal finance budgeting information.
However, what happens to be that people have come to compare their income with that of a usual that is also regularly increasing.
Debts are you may not be able to avoid debt totally because you may get loans for buying home, car or business investment.
Online customers benefits include a checking balances and viewing statements, transferring money from one account to another, making payments, paying bills online and requesting for chequebook books, demand drafts and statements online.
It was intriguing to find that many people, oblivious of their background, found this article related to personal finance budgeting and other personal finance excel, tips on budgeting, and even personal finance specialist helpful and information rich.
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