Analysis of Japans Economic Structure

Analysis of Japans Economic Structure The Japanese economic structure has always been perceived to be both stable and reliable. Despite periods of difficulty, the rules and regulation surrounding the Japanese banking industry have always attempted to deal with any potential problems and to manage them both on an international and national level. However, there is an argument that the stringent nature of the regulation in itself has caused some problems for the sector, with many banks finding themselves in distressed positions having followed the approaches advocated by the central Ministry of Finance. Prior to the difficulties faced in the 1980s, which will be discussed in greater detail later, the Japanese banks largely followed the guidance of the Ministry and felt safe in the knowledge that there was a safety net in place should they fall into financial difficulties. Japanese banking, as a whole, was not particularly profitable and instead operated a cautious, yet extremely stable service. Despite this approach, the Japanese banking sector hit a substantial crisis in the 1980s, shocking not only those within the Japanese banking system, but also those involved in banking arond the globe. By studying the events that caused this period of difficulty and looking more specifically at the activities of one banking group, in particular, it is hoped that lessons can be drawn from the scenario that will prevent similar events happening again. Background to Japanese Banking The bursting of the bubble in the 1980s did not just come from nowhere; in fact, when the banking system within Japan is studied, for many decades before the bubble burst, it is clear to see that the foundations for this difficult time had been laid some considerable time in advance of the events themselves. Post war Japan took a very segmented and internal approach to banking. Very few transactions were conducted internationally, with almost all financing products being offered to Japanese corporations. This worked in the main due to the mentality of the Japanese people; they were keen savers, therefore, the banks in Japan had a steady flow of funds available to offer financing to Japanese corporations. As a general rule, city banks offered financing to larger corporations, whereas regional banks offered financing to smaller and more local businesses. In fact, international trading was so low down on the agenda that the government used the Bank of Tokyo in the 1950s and 1960s to deal with the foreign exchange needs of the country and to act as the main foreign representative. Banks within Japan worked together, with the long term credit banks offering completely different services to the commercial banks. The banks were very customer orientated, offering financing at incredibly cheap rates to stimulate the economy, often at the expense of the banks’ profitability. All elements of the banking sector were managed closely by the Ministry of Finance which was largely responsible for all rate setting and banking relationships. Mergers between banks rarely happened and when they did they were often unsuccessful due to the segregated nature of the different banks, thus making it difficult for companies to merge successfully in terms of culture, administration and ethos. Stability and low costs were the cornerstones of the Japanese banking sector and in this context Japan slowly became recognised on the international capital market radar due to the low cost of borrowing and the large amount of funds available. For example, when RJR Nabisco was taken over with a financing package of $25 billion, Japanese banks were central to providing the necessary funds. Increasing global involvement led to six out of the ten top banks in the world based on asset size being Japanese, in the early 1990s. Bursting of the Bubble Despite what seemed to be an extremely solid and stable banking system, the Japanese banking system suffered a terrible shock in the 1980s and 1990s, which resulted in a widespread financial crisis[1]. Prior to the 1980s, the banking system in Japan was relatively insular with little international exposure. As the Japanese banks began to deal more and more with other countries, they became increasingly attracted to different financial innovations and instruments, many of which were higher risk than previously undertaken. Not only did the influx of international finance encourage new innovations, but it also led to the Ministry of Finance having to loosen its grip on the regulation of the Japanese banking sector. Deregulation became necessary so that foreign banks were able to enter the Japanese market. There was a large amount of pressure placed on the Japanese government to ensure that deregulation took place, as it had a substantial trade surplus with other countries (i.e. it was exporting more goods than it was importing, meaning that it relied on good relations with these countries to maintain its trade position). The European banking system was also undergoing radical change and, as such, there was a growing need for other countries such as Japan to offer EU institutions equal treatment. The combination of these factors led to the Ministry of Finance finally accepting that both domestic and international banks had to undergo a period of deregulation[2]. A combination of a loose financial policy and deregulation led to the increase in the supply of money and the decrease in the interest rate. Cheap lending rates and greater availability of credit led to many individuals and institutions taking speculative positions and making much riskier investment than had previously been undertaken. Japan also found that property became a major issue, during the economic downturn. As Japan is a particularly mountainous country, land is at a premium and has always maintained a reasonably high value. For this reason, land was often used as collateral on debts and as a seemingly solid investment. Land and equity prices continued to escalate; however, in 1989, the Japanese government decided to try and control these spiralling prices by raising interest rates[3]. These increases in the interest rates led to a massive financial crisis with huge falls in the stock market and many of the previously entered into debts turning bad. Many banks began to flounder and a series of governmental bail-outs and mergers took place as the country struggled to regain control over the economy. Credit became difficult to obtain which, in turn, brought capital investment to an abrupt halt, further slowing down the economic performance of the country[4]. Zaitech Financing One of the main innovations in terms of investing opportunities that entered the Japanese banking arena, during the 1980s period of deregulation, was that of the Zaitech. Quite simply a Zaitech is a form of financial engineering which allows the banking institution to invest its surplus funds for a return. At the safest end of the scale, the Zaitech involves taking any corporate excesses and investing them in bank deposits. At the other end of the scale, a Zaitech could involve borrowing in the Eurobond market and using the finance to conduct speculative investments in bonds or property. It is this latter approach that many of the Japanese banks took during the period immediately after deregulation. The combination of low interest rates and high values of land encouraged the banks to borrow at the low interest rate and invest in property, bringing in a healthy return. Furthermore, many Japanese companies recognised that they could easily raise funds by issuing convertible bonds to the public. Between the years of 1984 and 1989, it was estimated that Japanese corporations issued a total of $720 million in securities, of which it was thought that around 80% were equities[5]. Japan also had the principle that corporations were not required to state how they invested liquid assets. This made it difficult for analysts to make sensible judgments in relation to the risks that a certain company was undertaking in the form of financial investments. This led to greater speculations and difficulties and caused the stock market values to plummet further still when interest rates were increased and the value of property began to slide. Background to the Sakura and Sumitomo Mitsui Financial Group Case All of the turmoil above led to the eventual merger of Sakura with Sumitomo, in April 2002. Sakura bank really suffered, during the early 1990s, largely due to increasing costs, rising interests rates and falling profit margins. Its risk asset ratios, as required by the international body BASEL, were also substantially lower than is considered desirable and it continued to find it difficult to meet the capital adequacy rules. As much of the difficulty was perceived to be down to higher costs, Sakura set about reducing its costs by integrating staff function and information system technology, where possible. Although this had a positive impact on the company, ultimately the main problem came from the increasing number of bad debts that the company had in its portfolio. The Ministry of Finance had traditionally been unwilling to allow banks to write off bad debt as this would not have given a positive view of the banking sector. Companies such as Sakura were not concerned about this as they simply followed the guidance of the Ministry of Finance, safe in the knowledge that it was protected by the government. However, as the financial climate worsened, there was growing concern that these bad debts would have to be written off. This took time, and during the early 1990s, the bad debt simply mounted as institutions (Sakura included) were reluctant to admit to the failings within their debt profile[6]. Sakura’s segment in the banking sector was very much focussed on the retail banking end of things, with high numbers of mortgages being given to domestic lenders. As property prices fell and interest rates rose, this factor also led to a substantial increase in the amount of loans that were defaulted on and yet more bad debt was accumulated[7]. Worse still, Sakura was competing largely against the Japanese Post Office with its retail banking offerings; the Post Office had the advantage of being hugely subsidised, of having certain tax relief advantages and not having to seek approval to make changes such as opening branches. These advantages have made it particularly difficult for Sakura to offer customers competitive options. Recognising the difficulties facing the banks, the Japanese government offered a substantial bail-out to several banks, Sakura included, which helped to raise the amount of capital available to these banks which, although it was successful, did little to assist the economy, as a whole, as banks were still reluctant to lend any funds to consumers, causing yet further economical difficulties[8]. The Merger Despite the difficult times, Sakura did have some positive movements during the 1990s. One of its most successful ventures was the 50% involvement in the consortium Japan Net Bank which successfully opened an internet and ATM based banking offering. Sakura realised that it needed to form a strategic alliance with another bank, if it was to be able to compete with the other mega-bank structures that were being developed across Japan. It also needed to ensure that it had sufficient capital strength within the market. Discussions were entered into with several large banks and in April 2001 (a whole year ahead of schedule), an agreement was reached between Sakura and Sumitomo Mitsui Financial Group[9]. This merger was interesting for several reasons. Firstly, the two companies did largely different things; Sakura was a commercial bank and Sumitomo was a money centre bank. Although Sumitomo was highly regarded amongst its peers, all money centre banks were generally underperforming. Prior to the merger, Sumitomo had established itself (through a joint venture with Daiwa Securities) as a bank that would substantially increase its offerings in relation to investment banking. In contrast to this, Sakura had particular power in relation to retail banking, particularly with the new area of internet banking that it had recently entered into. Unlike other mergers, the one between Sakura and Sumitomo was done through traditional avenues with Sumitomo effectively taking over Sakura and renaming as Sumitomo Mitsui. In doing so, the merged company was then managed by a unified board of 30 directors. Operations were largely merged, which resulted in a large amount of cost saving and economies of scale were enjoyed across the whole company. In completing the merger, the newly formed Sumitomo Mitsui became the third largest bank in the world. The merger was not all plain sailing and many staff left the company, some voluntarily and some through redundancy. There were also cultural clashes as two rival firms merged and had to accept external interference in their work, which had traditionally been kept very segmented[10]. Over time, the merger has allowed the bank to become much more stable and to meet the Basel requirements, partly through diversification and partly through cost saving. Current Financial Crisis The situation facing Japanese banks in the 1990s is not entirely different from that currently facing the US, the UK and much of the rest of the world. The similarities are stark; the US, in particular, has been mounting up bad debts, backed on overpriced property in exactly the same way as Japan did in the 1980s and early 1990s. Despite the seemingly similar issues that have led to the crisis in the US, as happened in Japan, there have been some differences which may allow the countries affected by the widespread credit crunch to avoid such a prolonged period of recession as the one that was experienced in Japan[11]. There are several reasons for this belief. Firstly, the US government reacted much more quickly and decisively when the emerging problems were first identified. In Japan, the Ministry of Finance attempted to maintain an approach of perceived stability for some time after a crisis became evident, allowing banks to store up bad debt for a considerable period of time. Also, other countries (and in particular the US) have much higher consumer spending, traditionally. One of the main reasons that the Japanese economy took so long to recover was due to the reluctance of individuals to spend any money that they had; this is not likely to be such a large factor in the current crisis. However; the health of the Japanese economy prior to its crisis should not be ignored. When Japan entered the period of decline in the 1980s, it was in a much more robust economic position than those countries being affected by the current credit crunch. It had a trade surplus, no borrowing and cash reserves. The US, on the other hand, had debts of around 190% of the gross domestic product when it entered the credit crunch period. Japanese individuals were also keen savers and could, therefore, reduce their saving ratio to mitigate the impact of the recession. This approach is not as readily available in the US and UK. Conclusions There are stark lessons to be learned from the situation that Japan faced in the 1980s and 1990s. Whilst, on the face of it, the parallels drawn between the current financial crisis and that faced by Japan are worryingly similar, it should be noted that a large part of Japan’s problem came from a reluctance to accept that there ever was a problem. With quick reactions from the government and strategic mergers, such as the one discussed above, the lessons learned from the Japanese crisis can truly be put to good use. Bibliography Allen, Roy E., Financial Crises and Recession in the Global Economy, Edward Elgar, 2000. Amyx, Jennifer Ann, Japans Financial Crisis: Institutional Rigidity and Reluctant Change, Princeton University Press, 2004. Ardrey, William J. IV, Pecotich, Anthony J., Ungar, Esta, Structure, commitment and strategic action for Asian transitional nations’ financial systems in crisis, International Journal of Bank Marketing, 19, 1, 2001. Arestis, Philip, Baddeley, Michelle, Mccombie, John, What Global Economic Crisis? Palgrave, 2001. Brewer, Iii Elijah, Genay, Hesna, Kaufman, George G., Banking Relationships during Financial Distress: The Evidence from Japan, Economic Perspectives, 27, 2003. Browne, Lynn Elaine, Does Japan Offer Any Lessons for the United States, New England Economic Review, 2001. Fiedler, Robert, Brown, Karl, Moloney, James, Liquidity risk: what lessons can be learnt from the crisis in Japan’s banking system? Balance Sheet, 10, 1, 2002. Friedland, John H., The Law and Structure of the International Financial System: Regulation in the United States, EEC, and Japan, Quorum Books, 1994. Hall, Maximilian J.B., Supervisory reform in Japan, Journal of Financial Regulation and Compliance, 7, 3, 1999. Hall, Maximilian J.B., The sub-prime crisis, the credit squeeze and Northern Rock: the lessons to be learned, Journal of Financial Regulation and Compliance, 16. 1, 2008 Herbig, Paul A., Palumbo, Fred, A Brief Examination of the Japanese Innovative Process, Marketing Intelligence Planning, 12, 1, 1994. Hickson, Charles R., Turner, John D., Banking instability in South East Asia: causes and cures, European Business Review, 99, 3, 1999. Howe, Christopher, China and Japan: History, Trends, and Prospects, Oxford University Press, 1996. Ichimura, Shinichi, Economic Growth, Savings and Housing Finance in Japan, Journal of Economic Studies, 8, 3, 1981. Kang, Myung-Koo, Japans Financial Crisis: Institutional Rigidity and Reluctant Change, Pacific Affairs, 79, 2006. Kashyap, Anil K., Sorting out Japans Financial Crisis, Economic Perspectives, 26, 2002. Katada, Saori N., Banking on Stability: Japan and the Cross-Pacific Dynamics of International Financial Crisis Management, University of Michigan Press, 2001. Kelly, Dominic, Japan and the Reconstruction of East Asia Book, Palgrave, 2002. Khoury, Sarkis J., The Deregulation of the World Financial Markets: Myths, Realities, and Impact, Quorum Books, 1990. Lindgren, Carl-Johan, Financial Sector Crisis and Restructuring: Lessons from Asia, International Monetary Fund, 1999. Liou, Kuotsai Tom, Managing Economic Development in Asia: From Economic Miracle to Financial Crisis, Praeger, 2002. Llewellyn, David T., Lessons from recent banking crises, Journal of Financial Regulation and Compliance, 6, 3, 1998. Mera, KÃ…Â ichi, Renaud, Bertrand, Asias Financial Crisis and the Role of Real Estate,  M.E. Sharpe, 2000. Mikitani, RyÃ…Â ichi, Posen, Adam Simon, Japans Financial Crisis and Its Parallels to U.S. Experience, Peterson Institute, 2000. Miller, Marcus, Luangaram, Pongsak, Financial Crisis in East Asia: Bank Runs, Asset Bubbles and Antidotes, National Institute Economic Review, 1998. Nakajima, Chizu, Japan: Recent Failures in the Japanese Banking Sector, Journal of Financial Crime, 3, 1995. Picard, Robert R., Groth, John C., Japan’s journey to the future, Management Decision, 39, 4, 2001. Rugina, Anghel N., A country and/or international organisation faced with a big disequilibrium: The case of the crisis in Southeast Asian area during 1997-1999, International Journal of Social Economics, 28, 1/2, 2001. Schroeck, Gerhard., Risk Management and Value Creation in Financial Institutions  By Gerhard, John Wiley and Sons, 2002. Sawabe, Norio, Accounting for the public interest: a Japanese perspective, Accounting, Auditing Accountability Journal, 18, 5, 2005. Sharma, Shalendra D., The Asian Financial Crisis: Crisis, Reform, and Recovery, Manchester University Press, 2003. The International Financial Crisis, Challenge, 42, 1999. Valentine, Tom., Ford, Guy., Readings in Financial Institution Management: Modern Techniques for a Global Industry, Allen Unwin, 1999. Wolfson, Martin H., Financial Crises: Understanding the Postwar U.S. Experience, M.E. Sharpe, 1994. Wolgast, Michael, MAs in the financial industry: A matter of concern for bank supervisors? Journal of Financial Regulation and Compliance, 9, 3, 2001. Yamazaki, Shozo, A Japanese Way for 2000 Beyond the Bubble Crash, Pacific Accounting Review, 11, 1/2, 1999. Footnotes [1] Khoury, Sarkis J., The Deregulation of the World Financial Markets: Myths, Realities, and Impact, Quorum Books, 1990. [2] Allen, Roy E., Financial Crises and Recession in the Global Economy, Edward Elgar, 2000. [3] Miller, Marcus, Luangaram, Pongsak, Financial Crisis in East Asia: Bank Runs, Asset Bubbles and Antidotes, National Institute Economic Review, 1998. [4] Nakajima, Chizu, Japan: Recent Failures in the Japanese Banking Sector, Journal of Financial Crime, 3, 1995. [5] Amyx, Jennifer Ann, Japans Financial Crisis: Institutional Rigidity and Reluctant Change, Princeton University Press, 2004. [6] Hall, Maximilian J.B., Supervisory reform in Japan, Journal of Financial Regulation and Compliance, 7, 3, 1999. [7] Mera, KÃ…Â ichi, Renaud, Bertrand, Asias Financial Crisis and the Role of Real Estate,  M.E. Sharpe, 2000. [8] Valentine, Tom., Ford, Guy., Readings in Financial Institution Management: Modern Techniques for a Global Industry, Allen Unwin, 1999. [9] Ardrey, William J. IV, Pecotich, Anthony J., Ungar, Esta, Structure, commitment and strategic action for Asian transitional nations’ financial systems in crisis, International Journal of Bank Marketing, 19, 1, 2001. [10] Kang, Myung-Koo, Japans Financial Crisis: Institutional Rigidity and Reluctant Change, Pacific Affairs, 79, 2006. [11] Mikitani, RyÃ…Â ichi, Posen, Adam Simon, Japans Financial Crisis and Its Parallels to U.S. Experience, Peterson Institute, 2000.

Use of Symbolism, Tone, and Irony in The Swimmer, by John Cheever Essay

Finding home boarded up; a sensation of coldness and unwelcoming takes over. Sudden misfortunes arise from what was once a perfect life, and the world appears upside-down. Attempts to remember what went wrong fail. Memories are unclear and time seems blurry. At one time, John Cheever found himself in this position, using alcohol to ignore his problems. John Cheever was born in Quincy, Massachusetts in 1912. In 1941, he moved to suburban Westchester and eventually became addicted to alcohol, which is a recurrent motif in many of his short stories. He died in 1982 from cancer. In his short story, "The Swimmer," an affluent man named Neddy Merrill decides to swim through all of the pools in his county to reach his own house. The neighbors welcome him at first, until a storm passes and everyone begins to regard him negatively. When he finally reaches home from his journey, he finds his house empty and boarded up. Just like the author, Ned suffered after he put aside his issues. John Cheever develops his theme that changes will inevitably come as time passes by in his short story "The Swimmer" through his use of symbolism, tone, and irony. At first glance,"The Swimmer" is literally a story about a man who swims through pools only to come home to an empty house- the symbolism makes it much more than that. One of the main symbols in "The Swimmer" is the swimming pools, which represent time periods. Halfway through the story, Ned reaches the Welchers and realises that they "had definitely gone away. [Their] pool furniture was folded, stacked, and covered with a tarpaulin" (Cheever). Unknown to Neddy, large amount of time has passed between the time he started his voyage and where he is now. Ned does not remember the Welchers' s... ...ss. Works Cited Blythe, Hal, and Charlie Sweet. "Man-Made vs. Natural Cycles: What Really Happens in 'The Swimmer..'" Studies in Short Fiction 27.3 (Summer 1990): 415-418. Rpt. in Short Story Criticism. Ed. Jelena O. Krstovic. Vol. 120. Detroit: Gale, 2009. Literature Resource Center. Web. 29 Jan. 2014. Cheever, John. The Swimmer. N.p.: Library of America, 2009. Print. Morace, Robert A. "The Swimmer: Overview." Reference Guide to Short Fiction. Ed. Noelle Watson. Detroit: St. James Press, 1994.Literature Resource Center. Web. 30 Jan. 2014. "The Swimmer." Short Story Criticism. Ed. Janet Witalec. Vol. 57. Detroit: Gale, 2003. Literature Resource Center. Web. 17 Feb. 2014. Watts, Harold H. "John Cheever: Overview." Reference Guide to American Literature. Ed. Jim Kamp. 3rd ed. Detroit: St. James Press, 1994. Literature Resource Center. Web. 18 Feb. 2014.

Surah al-Fatiha

Surah al-Fatiha is the first surah of the Quran and is recited in each prayer as the Prophet, may the mercy and blessings of Allah be upon him, declared, â€Å"There is no salah (valid) without the opening chapter of the Book.†[1] On accepting Islam, a person should first memorize Surah al-Fatiha to be able to perform the prescribed prayers. Its meaning should be learnt and contemplated every time we offer salah. Its name:   It is named Al-Fatihah, the Opening – because it opens the Book and by it the recitation in prayer commences.It is also named Umm al-Qur'an, the Mother of the Qur'an, and Umm al-Kitab, the Mother of the Book, according to the opinion of the majority. This was mentioned by Anas, however Al-Hasan and Ibn Sirin disliked this appellation reasoning that this was the most fitting description for the Preserved Tablet. Al-Hasan also said that the unequivocal verses of the Qur'an comprised the Mother of the Book. However, it is established in Sahih At-Tirmidhi from Abu Hurayrah (may Allah be pleased with him)? Main ThemeThis Surah is in fact a prayer to the Lord of the universe for seeking guidance to the straight path Who alone can grant it. He alone is worthy of worship and He alone is to be asked for help because He is the Cherisher and the Master of everything in the universe. He is All-Merciful and has bestowed countless of bounties on His creatures, but at the same time He is the supreme Justice and everybody will have to answer Him on the Day of Judgement for his worldly deeds. When believers implore for the straight path, He always showers blessings on them and protects them from going astray. Supplication is the core of worship and the Holy Quran encourages the believers for petitioning, â€Å"And your Lord said: Invoke Me, I will respond to your supplication†¦Ã¢â‚¬ ? VirtuesLet us look at greatness and benefits of this amazing Surah so that we are reminded of its greatness.1:Greatest Surah of Quran (Umm ul-Quran): Importance of its greatness is described in HadithProphet (SAW) said:†Do you want me to teach you a Surah the like of which has not been revealed in the Torah, the Injeel, the Zabur, nor the Quran?†, and also asked what He recited in His prayers. He replied Umm-ul-Quran (Surah Fatiha) the Prophet (PBUH) proclaimed, ‘By Him in Whose dominion my soul is, nothing like it has been revealed in the Torah, the Gospel, the Psalms, or the Quran and it is seven of the oft-repeated verses in the Mighty Quran which I have been given.From this hadith, we can say that Surah al-Fatiha has great importance as it is known as â€Å"Mother of Quran†. Also, it has no other match no matter whatever has revealed before Quran. Surah al-Fatiha is the prayer which Prophet Muhammad (SAW) recited in his prayer, that's why Surah al-Fatiha is the most important part of our prayer and without it our Salah is void. Pillar of the Salah: As we all know this surah has great importance in prayer whoever not read it in his prayer his Salah is invalid or void. Prophet Muhammad (SAW) said Surah al-Fatiha is†The Mother of the Quran, the Mother of the Book, the Seven Oft-Repeated Verses and the Great recitation.† Cure of disease: Surah al-Fatiha is the cure for the disease as mentioned in the hadith:Hazrat Abu Saeed al-Khudri narrates:†While on a journey we halted at a place. A girl came to us and said: â€Å"The chief of this tribe has been stung by a scorpion and our men are not present, is there anybody amongst you who can recite something upon him to treat him?† Then, one of our men went along with her although we did not think that he knew any such treatment. However, our friend went to the chief and recited something upon him and the chief was cured. Thereupon, the chief gave him thirty sheep and gave us all milk to drink. When he returned, we asked our friend: â€Å"Did you know anything to recite upon him to cure him?† He said: â€Å"No, I only recited Umm al-Kitab (i.e. Surah al-Fatiha) upon him.† We said that do not do anything until we reach Madinah and ask the Prophet regarding this (practice and reward-whether the sheep were lawful or not for us). Upon reaching Madinah, we narrated this to the Prophet (PBUH), whereupon he remarked: â€Å"How did he come to know that Al-Fatiha can be used as a cure? (PBUH) Distribute your reward amongst yourselves and a lot a share for me as well. Light sent from heaven: An Angel addressed the Prophet (SAW) saying,†Rejoice in two lights brought to you which have not been brought to any prophet before you, Al-Fatiha and the last verses of Al- Baqarah†.Ibn ‘Abbas narrated:†While Jibril was with the Messenger of Allah, he heard a noise from above. Jibril lifted his sight to the sky and said: â€Å"This is a door in the Heavens being opened, and it has never been opened before now.† An Angel descended from that door and came to the Prophet and said: â€Å"Receive the glad tidings of two lights that you have been given, which no other Prophet before you was given: the Opening of the Book (Al Fatiha) and the last verses of ‘al-Baqarah.' You will not read a letter of them except that you will gain its benefit.† (Sahih Muslim) A cure for the heart: This Chapter of Quran have a supplication for protection from misguidance and from the anger of Allah. So this Surah protects the heart from corrupt knowledge and offensive motives.†You (Oh Allah) we worship and from You do we seek help†. (Ibn Qayim)As you can see this Surah has many benefits which we can utilize to protect ourselves from worldly difficulties? TAFSEERWhen we say Al-humdulillah, here ‘AL' means all or the entire hence meaning all praise is for Allah alone. The word ‘Rabb' stands for:(a) Master and Owner,(b) Sustainer, Provider and Guardian,(c) Sovereign, Ruler, Administrator and Organizer.This means that there's no one worthy of worship, but Allah subhanahu wa ta'ala. He is the Sustainer and Owner of all that He has created in both Alams (Worlds). No prophet, no angel, no human, no so-called god or idol is worthy of worship, but Allah subhanahu wa ta'ala. He alone deserves devotion, worship, gratitude and no one else. This indicates that Allah subhanahu wa ta'ala is the Lord of the Universe in all these senses.Ar-Rahman and Ar-Raheem are two names derived from the same root Ar-Rahmah (the mercy). One of them is softer than the other, meaning, it carries more implications of mercy.The name Ar-Rahman is exclusively for Allah encompassing every kind of mercy. Allah subhanahu wa ta'ala is Ar-Rahman for the entire creation regardless of what they believe in, whether they are evil doers or the righteous; they all receive their sustenance from Allah. On the other hand, the word ‘Ar-Raheem' is exclusively for the believers. Those who believe in Allah subhanahu wa ta'ala receive special blessings from Him and they are the ones who are going to be happy and content in this life and in the Hereafter. Just look at how Allah subhanahu wa ta'ala right in the beginning of the Qur'an has informed us that He is a Merciful Lord. He doesn't want to punish people just like that rather He is Forgiving and Merciful. The condition to seek forgiveness or mercy is repentance. May Allah subhanahu wa ta'ala make us among those who seek repentance as soon as they realize they have done something wrong that might have displeased Him. Aameen. After Allah subhanahu wa ta'ala describes that He is Ar-Rahman and Ar-Raheem, He immediately gives a warning, that along with His mercy, He is also the Master of the Day of Judgment. So that a person should not forget that along with His mercy He is also Just.We must therefore not allow ourselves to be misled. We should always remember that we are accountable to Him. He is not unaware of what we do in dunya. On the Day of Judgment, He will gather entire mankind from Adam aalyhi sallam to the last child born and ask each of us to give an account of our actions. He has the power and right to pardon us or punish us. We should be constantly striving to please Him. After the person has praised Allah and thanked Him, now he stands before Him, addressing Him directly; O' Allah our worship, obedience, submission and devotion is only for You alone, and we only serve You. O' Allah we know that You are the Lord of the Universe and You have the power over everything, therefore, we only turn to You for help, for our needs and requirements. By saying Iyyaka na'abudu wa'iyyaka nasta'aeen, we are acknowledging â€Å"You alone we worship and to You alone we pray for help.†The word iyyaka means â€Å"My whole attention is only on You or You alone. â€Å"The word na'abudu is derived from the Arabic word ‘Abd â€Å"Slave† (that is why the most beautiful name to Allah subhanahu wa ta'ala is ‘Abdullah meaning the slave of Allah) and â€Å"Na† in Arabic is used as a pronoun for We. So when we say na'abudu we are saying â€Å"We worship† hence Iyyaka na'abudu means â€Å"You alone we worship. â€Å"Wa in Arabic is used for the English word â€Å"and† so when we add wa'iyyaka, we are saying â€Å"And to You alone†.Nasta'aeen means to get help or to ask for help. When we recite â€Å"Ihdina alssirata almustaqeem† we are asking Allah subhana wa ta'ala to â€Å"Guide us to the path that is straight.†Siraat in Arabic means â€Å"The path†We ask Allah subhanahu wa ta'ala to show us the right path and in response to that He opens up the entire Qur'an as if saying, â€Å"This is the straight path you're looking for†. The straight path mentioned here and elsewhere in the Qur'an refers to Islam. We already mentioned the hadith in which the servant proclaims, ‘Guide us to The Right Way', and Allah says, â€Å"This is for My servant and My servant shall acquire what he has asked for†.When we make such a prayer to our Rabb, how do can we be led astray? Can we still have doubt and uncertainty in our life when we have asked Allah subhanahu wa ta'ala to show us the Right Path? We can only get lost in labyrinths of doubt and uncertainty due to lack of true knowledge. Let us hold firm to the straight path that Allah subhanahu wa ta'ala has opened up for us. After asking Allah subhanahu wa ta'ala to show us the straight path and protect us from deviation, we become specific in our prayer.We ask Him to show us the path of those upon whom He has bestowed His mercy i.e. people who are obedient to Allah and His Messengers. We seek refuge in Allah subhanahu wa ta'ala from following the path of those who have earned His wrath, or of those who have lost The Way. From traditions we learn that those who have earned His wrath are those knew the Scripture; who had read in their Books about the coming of a Last Messenger and his description yet they concealed the truth (meaning the Jews).Who have gone astray? Those who are not in search of the truth. Those who have known what is right but their weaknesses have led them far away (meaning the Christians). In the last ayah of this beautiful Surah there is a lesson for each one of us; anyone who knows the truth but hides it has earned Allah's anger and anyone who is not in search of truth may go astray. We beseech Allah subhanahu wa ta'ala to save us from following the path of such a person (or nation). We don't want that path Ya Allah, save us from treading in their footsteps. Aameen Ya Rabbil Alameen.? Impact of Surah Al-Fatiha on the life of a Muslim as servant of Allah.{In the Name of Allah, the Most Beneficent, the Most Merciful.}– Always start your affairs with the name of Allah– His mercy is the first attribute used to introduce Allah to you{All praise belongs to Allah, the Lord of all the worlds}– Reflect on His infinite blessings– A practical tip is to remember one blessing in each rak`ah (unit) of your prayer{The Most Beneficent, the Most Merciful.}– The names of mercy are occurred FOUR times in a relatively short Surah– His mercy is the first attribute used to introduce Allah to you.  {Master of the Day of Judgment}  Ã¢â‚¬â€œ Reflect on the Day of Judgment– Remember that this prayer may be the last one before you meet Him.  {It is You we worship and You we ask for help.}– This Ayah is the CORE of the Surah, and the essence of Tawhid (confirming the one-ness of Allah)– This is a perfect moment to think about what you want from Allah, and prepare for your upcoming supplication (du`aa') and wishes{Guide us to the Straight Path}– The number ONE request you definitely need from Allah is guidance, and from Him alone.Remember that If Allah guides you, then the whole world with its temptation won't matter, so be sincere in your request.The path of those upon whom You have bestowed favor, not of those who have evoked [Your] anger or of those who are astray.

Pablo Picasso and Mark Rothko Free Essay Example, 1250 words

In the Blue Period, which lasted till 1904, most of his paintings portrayed a gloomy side of life in thin, half-starved figures often melancholic in shades of blue. Blindness was also an often occurring theme then. An example is The Frugal Repast, which depicted a blind man and a sighted woman. His paintings during this period might have got influenced by the loss of his close friend. Later, in the Rose Period, which lasted for the next three years, his paintings took on a more lively and friendly pink tones and figures from circus. Harlequin became a personal symbol. His work was influenced by Fernande Olivier and her presence in his life. Later, there was a short stint of African influence on some of his paintings like Les Demoiselles dAvignon till 1909. His meeting several giants of art world in Paris, his art technique took a turn and his works reflected Cubism. He was inspired by Paul Cezanne and portrayed characters as geometrical shapes, in different perspectives, which later came to known as Synthetic Cubism. It employed collage in art. Then, an influence of Surrealism is felt in his later works. We will write a custom essay sample on Pablo Picasso and Mark Rothko or any topic specifically for you Only $17.96 $11.86/pageorder now It was in 1937, one of his landmark paintings Guernica was created on a mural on canvas in black color. It used symbolic forms lie a dying horse and a weeping woman which were noticed in some of this later works. He said about Guernica: â€Å"it isn’t up to the painter to define the symbols. Otherwise it would be better if he wrote them out in so many words! The public who look at the picture must interpret the symbols as they understand them† (PBS, 2009). He used art as a complex medium. The Last Period of Picasso’s art witnessed a mixture of techniques, themes and styles. They were more colorful, which were criticized by his contemporaries, but then identified as uniquely belonging to the emerging Neo-Expressionism way ahead of its times. Many Art historians and critics say that Picasso’s art style and techniques changed as much as the women in his life changed. With every personal experience, loss, happiness and relationship had a strong influence on his art technique. He also gained much from the historical art as well as his contemporary giants, whom he met in Paris. He played an active role in the modern avant-garde depicting the techniques used by Realism, Symbolism, Surrealism, Cubism, Synthetic Cubism and Neo-Expressionism. Mark Rothko: Rothko was not so young when he discovered the artist in him. Unlike Pablo Picasso, whose significant early art outputs can be traced to the period when he was 14, Rothko discovered the artist in him in 1923, when he was twenty years old.