Just as with the general public, Muslim Americans may have a household income of $100,000 or more as well as a household income of $30,000 or less (Nowrasteh, 2016) so they will have the same challenges as any other American when it comes to finances and wealth management. One of the fundamental duties and obligations of their culture is aimsgiving (Esposito) which is giving to others which can result in them putting themselves in a situation that could impact their own financial well being. They value family and respect the women of the household and the elderly. Individuals in the banking industry will need to ensure they recognize, respect, and address these values in order to assist them in their financial needs and well-being.
Credit unions, in particular, have more of a member focus as the members are the true owners. It is not only about making a profit for their members which are paid back in dividends but it is about educating them so that they can make good decisions about their finances.
Banking professionals need to ensure that they keep accurate records on each member’s account; that they educate them on ways to improve their financial positions; and that they make smart decisions for their members when it comes to lending money regardless of the member’s religion (or other group status). Therefore, it is important to the leaders of financial institutions that their Tellers, Financial Services Representatives, and Customer Service Representativ...
... middle of paper ...
...pecting the importance of their strong family bond.
• Ways to communicate respectfully about an individual’s financial matters, especially in those situations where a member has a low credit score or was declined for a loan due to their credit history as it could mean that they may not be able to help others as they want to.
• How to assist a member with improving their score so that they may be approved for future loans that could allow them to help others.
• Video examples of appropriate and inappropriate behavior when working or waiting on someone of a different race, religion, ethnic group, gender, etc.
A resource, or handout, provided at training would be a top 10 list of what to remember about diversity and its importance to the company and the member. It would include key take-aways to remember in reference to the training and the Muslim culture and beliefs.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Legal documentation in Islamic Financial Transactions. Introduction The rapid growth of Islamic finance industry of the Islamic banking industry has been complemented and supported by an equally parallel comprehensive development in the legal infrastructure, integrating Shari, ah principles, legislation, and complex legal documentation matters. Thus, understanding these issues is very crucial for bankers and legal professional practicing in Islamic finance as a profession. As the Islamic finance industry keep expanding further, and become more innovative, keeping yourself updated on impending legal issues is of paramount importance.... [tags: banking, documentation, contract]
2875 words (8.2 pages)
- ANALYSIS OF A CAREER IN INVESTMENT BANKING ANALYSIS OF A CAREER IN INVESTMENT BANKING INTRODUCTION What is Investment Banking Dictionary defines ‘investment’ as “the money that people or organizations have put into a company, business, or bank in order to get a profit, or to make a business activity successful” (Longman). An investment banker is someone whose job is to make investments as successful and as profitable as possible. It is investment banker’s job to use the knowledge of the market and economy in advising his/her clients on a variety of financial matters.... [tags: essays papers]
2361 words (6.7 pages)
- Accountancy is based on an intricate and detail-oriented profession. Accounting professionals deal with numerical figures on a daily basis, and the slightest error could cause major issues within a company’s financial department. Accountants prepare and analyze financial documents. Ensuring a business’s financial records and taxes are paid properly and efficiently is a major part of an accountant’s job. In addition to preparing financial records, an accountant may also perform audits, process monthly payrolls, prepare budgets, and implement new and improved accounting control procedures (“What Does an Accountant Do”, 2015).... [tags: Certified Public Accountant, Accountant, Finance]
1184 words (3.4 pages)
- The Enron Implosion and the Loss of Respect for the Accounting Profession On the surface, the motives behind decisions and events leading to Enron’s downfall appear simple enough: individual and collective greed born in an atmosphere of market euphoria and corporate arrogance. Hardly anyone—the company, its employees, analysts or individual investors—wanted to believe the company was too good to be true. So, for a while, hardly anyone did. Many kept on buying the stock, the corporate mantra and the dream.... [tags: essays research papers]
5463 words (15.6 pages)
- Discuss the advantages and disadvantages of international expansion the banking industry may encounter. In June 1852, American railroad bonds were issued in London and used to finance the 705-mile long Illinois Central. The issuance was so successfully executed that three-quarters of the Illinois Central assets were held British investors . This early example of investment banks tapping into international funds was the beginning of a global banking revolution in which banks would increasingly rely on foreign markets to raise funds, expand their business across continents and redefine financial innovation.... [tags: Bank, Finance, Banking, Retail banking]
742 words (2.1 pages)
- Introduction Households, businesses and governments all use banking of one form or another and chances are the bank you use has been part of a consolidation. Competition in the banking industry is extremely intense and one method banks use to improve their competitive advantage, increase their market power, grow their customer base, increase revenues and hopefully achieve greater profits is through consolidations. This report discusses consolidation in the banking industry, including an overview of the industry, explanation of mergers and acquisitions, motivation behind and factors affecting consolidations, as well as a look at some significant consolidations at well-known financial institut... [tags: insurance, comercial, asset banking]
1859 words (5.3 pages)
- 1. The chief economic characteristics of the online banking industry for those using only Internet banking the leading factors that affect their decision of banking online are security, convenience and rates. With regards to the economic characteristics the main difference with online banking is that the rates tend to be higher for those companies that only offer Internet banking and no branches. Some of the other economic characteristics might be that all the banks are beginning to offer online banking, which makes it easier to conduct different types of transactions such as bill payment; money transfers and keeps track of your accounts individually.... [tags: Economics Online Banking]
932 words (2.7 pages)
- Abstract E-Banking is a recent phenomena emerged after Internet Evolution .Internet has changed our lives in a numerous ways it has brought our world closer and made us close to the things which to due to geographical boundaries were far from us. Apart from making flow of information and communication easier for us Internet helped in significant evolution in the sectors like Commerce and Banking. E-Banking is the backbone of the E-Commerce industry worldwide. Due to payment by E-banking we are able to trade cashless with online retailers.... [tags: Bank, Online banking, Credit union, Money]
1059 words (3 pages)
- 1. The Usage of IT in The Banking Industry Information technology has dramatically changed the way banking is done over the last 15 years or so. The era of change banking in Canada began from the establishment of Interac's national Automated Teller Machine (ATM) network in 1986. National Debit Card network was introduced in 1994. First full service virtual bank came into being in 1997. Most recently voice recognition banking has begun to emerge in the Canadian business scene. One of the enabler of this Information technology revolution in Canadian financial service industry is Automated Teller Machine, which is essentially a date terminal with two input and four output devices.... [tags: Information Technology Finance Banking]
1525 words (4.4 pages)
- Hungary’s Attempts at Modernizing its Banking Industry It has been over a decade since Hungary has transitioned into the market economy. Its banking system has gone through numerous changes in order to accommodate an ever competitive world of financial innovation. Today, we see a Hungary that has adopted much of financial structure seen in Western Europe and whose banking sector is finally starting to see profits. Early transitional privatization saw an assortment of problems for state-owned banks including inadequate regulation and an agglomeration of non-performing loans.... [tags: Hungary Banking Economics Essays]
1411 words (4 pages)