Jesus saves, Moses lends, Muhammad invests – Islamic finance accounts for 1 trillion in banking

“The interesting thing about Islam,” says Professor Constant Mews, “is that it was a much more commercial culture from the outset than Christianity.”

And from around the middle of the eighth century to the middle of the 13th, while European Christians were struggling through the Dark Ages, the Islamic world enjoyed a golden age.

Arab merchants had a lot to do with it.

“They developed alternative ways of regulating funds,” says Mews.

“In particular the core Islamic principle is simply one of sharing profit and loss. The desire is to promote investment by taking commercial risk.

“Risk, incidentally, is an Arabic word, referring to where you lend money to others without requiring a return unless there is profitable growth.”

And for some 500 years, this financial model underpinned advances in science, the arts, architecture, and innovation generally. Then came the Crusades and the Mongol hordes, and the Islamic model of finance declined, the space becoming filled by that other model.

Islamic finance, however, is undergoing something of a renaissance.

It is now a USD1 trillion industry…Mohamed Ariff continues the litany of statistical growth: there are 57 majority-Muslim nations, 76 countries which already practice Islamic banking, 350 banks, 15 insurance companies and about 1,200 mutual funds.

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Who’s having a fantastic struggle? Show me your struggle. That is something that should be rewarded. (changing praise in schools)

For decades, the prevailing wisdom in education was that high self-esteem would lead to high achievement. The theory led to an avalanche of daily affirmations, awards ceremonies and attendance certificates — but few, if any, academic gains.

Now, an increasing number of teachers are weaning themselves from what some call empty praise. Drawing on psychology and brain research, these educators aim to articulate a more precise, and scientific, vocabulary for praise that will push children to work through mistakes and take on more challenging assignments. Consider teacher Shar Hellie’s new approach in Montgomery County.

To get students through the shaky first steps of Spanish grammar, Hellie spent many years trying to boost their confidence. If someone couldn’t answer a question easily, she would coach him, whisper the first few words, then follow up with a booming “¡Muy bien!”

But on a January morning at Rocky Hill Middle School in Clarksburg, the smiling grandmother gave nothing away. One seventh-grade boy returned to the overhead projector three times to rewrite a sentence, hesitating each time, while his classmates squirmed in silence.

Via Washington Post: In schools, self-esteem boosting is losing favor to rigor, finer-tuned praise