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Babiker Abdalla

Pro, Edward Engh

Bus 1050-807

Nov 15, 2019

Signature Assignment: My Discovery of Critical Thinking

Accessible foundations of business course that I am taking it at the Salt Lake community

college I tilted the method of critical thinking, critical thinking is the process of making an

objective analysis before deciding. Critical thinking is motivating since it leads to better decision

making, especially, in business. In foundations of business, critical thinking allows me to

understand difficult concepts in a manner that is clearer and more defined. I can more readily

understand those concepts (foundations of business) if they employ critical thinking. In all

portions of everyday life, a person expected to make independent judgment. Those judgments are

based on experience and knowledge. Without the ability to think critically, every position that a

human being comes across would have to analyzed in isolation from all other circumstances.

When an individual meets a conundrum that is a new one, he or she may be able to use critical

thinking to solve those obstacles.

In foundations of business class chapter five I discovered religious perspectives on

questions of Finance. Today most people do not distinguish between different kinds of finance.

Different cultures and countries treat finance in quite different ways, because they have different

religious views. For example, the Bank of Saudi Arabia does not charge interest on loans.

However, lending institutions require various economic activities in place of charging interest on

a loan, such as requiring community service, for example, take part by doing the cleaning in that

area.
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I have discovered critical thinking by studying the Religious perspectives on Charging

Interest, from religious points of view. I personally am Muslim, and my parents divide when it

comes to religious issues: my mother is Christian while my father is Muslim. In our home there

is deep disagreement on the issue of usury or charging interest.

While we moved to America we have significant issues in our house hold to purchase or

buying anything without cash money for the purpose that our religion does not tolerate us to take

interest and western banks traditionally make money by charging interest on lent money or

through a finance transaction with debtors. Islamic law (in the form of Quran) expressly forbids

usury or charging interest as a method of making money. (Reba is a concept in Islam that refers

broadly to the concept of growth, increasing or exceeding. It has also been translated as illegal,

exploitative gains made in business or trade under Islamic law) Therefore, in order to become

feasible and profitable businesses, Islamic banks found alternative and innovative methods of

using depositors’ funds or providing finance without breaching the four main prohibitions.

“Ahmed Hassan (6 March 1990) “journal of Islamic economics, banking and finance”. New

York, E. J Brill.” notes, they by taking advantage of the fact Sharia law allows profit for labor or

for the taking of risk, but not merely for the use of money. Sharia compliant products depend

their validity on the sale of assists or the receipt of rent for the use occupation of property.

Therefore, the product that have arisen are ways that banks have inventively avoided the prohibit

within western banking to create practical and profitable Islamic financial product.

Sharia signifies the “way to the watering hole” symbolically meaning that in the harsh

and difficult environment of the Arabian desert, following the path to the watering hole would

ensure survival. Hence, in an Islamic religion context, if the sharia were followed devotedly then

it would lead the faithful into a pleasurable afterlife. Sharia law (or Islam law) is based up two
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foundations: the Quran- which Muslims believe to be the direct word of God sent down from

angle Gabriel to the prophet Mohammad. The second is the sunnah and hadith.

One of the most extensively used product is beneficiary, effectively a finance agreement.

Traditionally, western banks would charge interest at the market rate London interbank offered

rate, labor over and above the cost of purchase and this would be charged to the debtor over a

fixed period along with payment is cost of the product. However, this agreement would be

interest. Instead, the bank and the customer reach agreement. Then the purchases the pre-

identified product, and ownership is transferred to the bank, a pre-agreed mark-up is placed on

the price of the product and it is sold to the customer at a fixed price to be paid bank over

instilments.

Critical thinking encompasses evaluating and analyzing data to form a satisfactory

judgment about a subject matter or concept. It is not simply believing a subject matter since

someone in authority or ability said it but challenging those arguments to form a well thought out

conclusion. A critical thinker will normally not accept an answer without reasoning they require

evidence to confirm or prove their conclusion. The ability to reason logically is a fundamental

and disciplined skill that can be learned over time.

foundations of business strategy in my point of view it is like daily life can have more

novelty thanks to creativity in each human thinking, it is difficult to find success today. We can

simply study proved ways to develop more theories. But it is not comfortable to do. It requires

you must have a carful critical thinking to assess ideas from your reflections and experiences to

determine those concerns are right or wrong. It depends on the performance of everyone.

Citizens lack critical thinking skills, they are easy to follow, speaking, lack of opinion and
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differing on the spiritual life of others. For a life autonomy, there are indispensable skills of

careful critical thinking such as recognizing problems, focusing observations and estimating

facts.