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Over the years many nations have survived via their domestically generated incomes while others have increasingly relied on external sources of finance which adversely results in increased foreign debt. As rightly stated by Hameed et al(2008) , too much of external debt could dampen economic growth by hampering investment and productivity growth which is the resultant effect of the fall in exchange rate. Although foreign debt as a topic is not the focus of this work its necessary to understand its effect as earlier stated. The term "Monotonous Economy" as used in this article defines an economy whose income source is strictly limited to a single major source. In other words it's an economy were diversification is absent. Nigeria for instance has over the years relied on crude oil for the financing and running of the entire government ever since the late 1970s.According to Anyanwu (1986), the major problems of the economy such as external debt obligation, unemployment, i...
My mates are this my mates are that, weldon oh🤠, I greet you! I have read stories, watched documentaries and seen a couple of successful people. One thing that strikes about most of them is that, they didn't become successful the day they started. Did you hear that🤔 ? ✍️The desperate desire to make it now, now has over time cost us more than we would have gained, why🙄? Because we failed to appreciate time and growth. I don't in anyway discredit possiblities of sudden breaks, but our tenacity in expectation of sudden breaks must not be allowed to becloud our understanding of growth and development. Some people are of the believe that it is easier to make money from the poor than the rich or should I rather say, exploit the poor than the rich instead🤔. The reason is not far fetched it is because of the gullibility of the poor. Scriptures says the vision is for an appointed time which means there are things that will happen between the discovery of the vision and t...
Islamic banking is a system of banking that is based on the sharia laws also known as the Islamic laws. The Islamic banking as guided by the Islamic economics is operated based on two major principles * The sharing of loss and profit and, *The prohibition of the collection and disbursement of interest as is not permitted in the Islamic law The worlds first full fledged Islamic bank was and is the Dubai Islamic Bank established in 1975 Its major advantage is hinged in the fact that it protects borrowers from paying any form of interest on some kind and types of loans. So the borrowers just pay a little sum of money as gratuity to the lenders. While on the disadvantageous side all activities under this system of banking are based on Islamic Morales since its principles are from Islamic laws therefore it exempts investments in some kind of commodities like investment on alcohol, pork and some other materials.
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