What Are Soft Dollars?

What Are Soft Dollars?

Soft dollars are a means of paying brokerage firms for their services through commission revenue, as opposed to through hard-dollar direct payments.

 

The investing public tends to have a negative perception of soft-dollar arrangements. Many investors believe that buy-side firms should pay expenses out of their own profits. As a result, the use of hard-dollar compensation is becoming more common.

 

KEY TAKEAWAYS

Soft dollars are commission payments to a brokerage firm that are used, in part, to pay for other services such as research.

Soft-dollar transactions are frequently criticized for lacking transparency and hiding abuses.

Soft dollars are sometimes defended as providing access to a greater variety of research.

How a Soft-Dollar Transaction Works

Suppose that an institutional investor pays a brokerage firm six cents per share in commissions. However, it might only cost three cents per share to perform the trade. The other three cents are soft dollars used to pay for additional services provided by the brokerage. In exchange for paying these higher fees, the institutional investor might receive access to research.

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Under the right conditions, none of the above presents a problem for the Securities and Exchange Commission (SEC). The regulator is willing to permit soft-dollar transactions, provided that the investor gets good execution, and the commissions are reasonable.

 

Criticism of Soft Dollars

Mutual fund investors pay the costs of research and other bundled services provided in the soft-dollar transaction. Yet these costs are not disclosed by the fund. They are simply part of the costs of trades, and they impact the long-term performance of the fund.

 

Technically, the mutual fund would disclose the hard cost of research in its management fee. However, that charge is not paid from the management fee when it is paid for with soft dollars. The fund managers argue that institutional investors ultimately bear all of the costs. However, using soft dollars to pay for research doesn't allow investors to conduct an accurate cost analysis when selecting the fund.

 

 

Soft dollar values are not determinable, nor are they equal. What one investment manager receives in the form of services may differ from what another manager gets. That opens the door for conflicts and abuses. The mutual fund investors never know what portion of their transaction costs are applied to the soft services or their actual investment.

 

Although soft-dollar transactions are still widely used, there is a growing movement to eliminate them. That is especially true as financial reform and issues of transparency become more important in the industry.

 

Benefits of Soft Dollars

Soft dollars can provide some benefits to investors. One of the main arguments is that they offer access to a greater variety of research.

 

For instance, investment advisors can use all the research material obtained through soft dollars to benefit all of their clients. According to defenders of soft dollars, eliminating this practice could hinder research efforts by investment advisors and lower returns for their clients.

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Example of Soft Dollars

A mutual fund may offer to pay for research from a brokerage firm by executing trades at the brokerage.

 

Assume that a large-cap value fund wants to buy some research from XYZ Brokerage Firm. The fund may agree to spend at least $10,000 in commissions for brokerage services in return for the research, which would be a soft-dollar payment. If the fund simply wanted to buy the research, it might have to pay the brokerage firm $7,000 in hard dollars (cash) instead.

 

Real-World Example of Soft Dollars

In 2013, the SEC levied sanctions against New York brokerage firm Instinet, LLC. Instinet did not flag payments of more than $400,000 in soft dollars to San Diego-based advisor J.S. Oliver Capital Management. However, there were clear signs that the money was used for dubious purposes and not properly disclosed to clients.

 

The SEC found that associates at J.S. Oliver Capital had misused the soft-dollar payments. Ultimately, the SEC ruled that Instinet overlooked the misuse of the soft dollars and settled with the company for about $800,000.

8 Best Funds for Regular Dividend Income

8 Best Funds for Regular Dividend Income

By SHOBHIT SETH Updated August 03, 2023

Reviewed by CHIP STAPLETON

Fact checked by TIMOTHY LI

Reinvestment is known to increase long-term returns. When you reinvest your money, the interim income you generate is put back into the investment. But some investors opt to receive periodic payments from their investments, depending on their specific needs. Periodic coupon or interest payments from bonds, which are debt instruments, and regular dividends, which are cash payments from stocks and mutual funds, can offer investors a steady stream of income. In this article, we explore eight of the best dividend mutual funds that regularly pay dividends regularly.

 

How Do Mutual Funds Pay Dividends?

Mutual funds often contain a basket of securities including equities or stocks, which may pay dividends. Dividends are paid to shareholders at different times. For instance, mutual funds that follow a dividend reinvestment plan (DRIP) reinvest the received dividend amount back into the stocks. Other funds follow the dividend payment plan by continuing to aggregate dividend income over a monthly, quarterly, or sometimes six-month period, then making a periodic dividend payment to account holders.

 

A fund pays income after expenses. If a fund gets a regular yield from the dividend-paying constituent stocks, those expenses can be covered fully or partially by dividend income. Depending on local laws, dividend income may be tax-free, which can add to an investor’s overall return.

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Investors should also note that companies are not obliged to make dividend payments on their stocks, meaning that dividends are not guaranteed. Investors looking for dividend income may find dividend-paying mutual funds a better bet than individual stocks, as the latter aggregates the available dividend income from multiple stocks. A mutual fund also helps with diversifying risk from depreciating stock prices since the invested money is spread among dozens of companies.

 

Here are the best mutual funds that pay high-dividend yields.

 

 A useful benchmark for gauging the dividend-paying performance of a fund is to compare the mutual fund yield with the yield of the benchmark S&P 500 index. The 30-day SEC yield is a standard measurement in the industry mandated by the U.S. Securities and Exchange Commission (SEC) to help investors compare funds before investing.

1. Vanguard High Dividend Yield Index Admiral Shares (VHYAX)

Vanguard's High Dividend Yield Index Admiral Shares is an index fund that attempts to replicate the performance of the FTSE High Dividend Yield Index. This index contains stocks of companies that usually pay higher-than-expected or greater-than-average dividends. Being an index fund, VHYAX replicates the benchmark stock constituents in the same proportion. This fund has maintained a consistent history of paying quarterly dividends since its inception on Feb. 7, 2019.12

 

Being an index fund, the VHYAX has one of the lowest expense ratios—0.08%, as of Feb. 27, 2023—and its SEC yield was 3.06%, as of July 31, 2023. The fund has a $3,000 minimum investment requirement. It may be a perfect low-cost fund for anyone looking for higher-than-average dividend income.2

 

For investors looking for a lower minimum investment requirement, Vanguard offers this fund as an exchange-traded fund (ETF), which has many similar characteristics. The ETF version is called the Vanguard High Dividend Yield ETF (VYM).3

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2. Vanguard Dividend Appreciation Index Admiral Shares (VDADX)

The VDADX is an index fund, which attempts to replicate the performance of the benchmark Nasdaq US Dividend Achievers Select Index. This unique index consists of stocks that have been increasing their dividend payouts over time. Being an index fund, the VDADX replicates the benchmark stock constituents in the same proportion. This fund is also a consistent payer of quarterly dividends since its inception date of Dec. 19, 2013.45

 

VDADX also has one of the lowest expense ratios. Like VHYAX, it only charges 0.08% as an expense ratio with an SEC yield of 1.76%, as of July 31, 2023. The fund has a $3,000 minimum investment requirement.5

The History of NYSE

The History of NYSE

The New York Stock Exchange is where icons and disruptors come to build on their success and shape the future. We’ve created the world’s largest and most trusted equities exchange, the leading ETF exchange, and the world’s most deterministic trading technology. Our data, technology, and expertise help today’s leaders and tomorrow’s visionaries capitalize on opportunities in the public markets.

About the NYSE

The NYSE Bell

 

The original Buttonwood Agreement was signed on May 17, 1792.

The New York Stock Exchange traces its origins to the Buttonwood Agreement signed by 24 stockbrokers on May 17, 1792, as a response to the first financial panic in the young nation. It set rules for how stocks could be traded and established set commissions. The Agreement aimed to promote public confidence in the markets and to ensure that deals were conducted between trusted parties.

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 Though the Buttonwood Agreement marks the official founding of the NYSE, the Exchange traces its roots back to the 1600s and the foundation of the U.S. Capital Markets. In 1624, the Dutch founded New Amsterdam on the southern end of Manhattan and built a stockade from which the street derives its name; running east from what is now Broadway downhill to the East River.

The Compromise of 1790 cemented Wall Street’s role as the nation’s financial capital. The agreement allowed Alexander Hamilton, the United States’ first Secretary of the Treasury, to implement his fiscal policy of paying Revolutionary War debt using federally issued bonds. Hamilton’s economic and financial vision included the federal assumption of the debt from the Revolutionary War, the creation of a central bank, and support for indigenous manufacturing. Together, these laid the framework for a strong economy that unleashed free enterprise, entrepreneurship, and credit that enabled markets and private institutions like the NYSE to flourish.

In the Exchange’s early years, stock trading continued on an informal basis in nearby coffeehouses where merchants typically gathered. By 1817, the stock market was active enough to encourage brokers to create a formal organization. A constitution was adopted on March 8, 1817, creating the New York Stock & Exchange Board, the forerunner of today’s NYSE. From the beginning, regulations governed trading. The constitution spelled out detailed rules for the transaction of business and imposed fines to keep disorderly brokers in check.

The new stock exchange rented a room at 40 Wall Street where the brokers gathered twice a day to trade a list of 30 stocks and bonds. From the podium, the president called out the name of each security in turn, while the brokers shouted bids and offers from the chairs assigned to them. This was the origin of the term “seat” which, ever since, has signified a membership on the NYSE.

The number and variety of securities traded at the NYSE steadily increased as America grew. States and municipalities issued bonds to finance the construction of turnpikes, canals, and bridges. Banks, insurance companies, and railroads issued stock to raise the necessary capital to develop and expand. By the end of the Civil War, more than 300 different stocks and bonds were traded at the NYSE. The Exchange moved into its first permanent home – on a portion of its present Broad Street site – in 1865.

Just a few years later, increasing trading volumes inspired the NYSE to switch from the old method of trading to a new system of simultaneous trading in all stocks in a continuous market. Stocks were assigned to specific locations – trading posts – and brokers abandoned their seats to roam about the large open trading floor to trade directly with one another in whatever stock they chose.

NYSE Trading Floor, 1881 with annunciator board pictured left.

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 The introduction of the stock ticker in 1867 revolutionized market communications by making it possible to quickly transmit market information across the United States, significantly narrowing the gap between Wall Street and Main Street. When telephones were installed at the NYSE in 1878, the market became even more efficient, and on December 15, 1886, trading volume topped 1 million shares for the first time.

One of the most familiar images of the NYSE, the loud ringing of a bell signaling the opening or closing of the day’s trading, was first used at the Exchange in the 1870s with the advent of continuous trading. Critical to ensuring the orderly functioning of the marketplace, the original bell of choice was a Chinese gong.

As the stock market continued to grow, the NYSE in 1903 moved into a new building with a much larger Trading Floor, designed by George B. Post. Post designed an impressive interior space, with paneled Georgian marble walls, huge windows, and a gilded ceiling that stands four stories above traders’ heads. The statuary pediment titled, “Integrity Protecting the Works of Man” was designed by the eminent sculptor, John Quincy Adams Ward. Today, the NYSE building is one of the most exclusive and sought-after event spaces in New York City, poised at the center of global financial markets.

 

NYSE facade in 1903.

When the current NYSE building opened in 1903, the gong was replaced by a brass bell — electrically operated and large enough to resonate throughout the voluminous main trading floor. Today, each of the four trading areas of the NYSE has its bell, operated synchronously from a single control panel.

Modulating the temperature of the open-air space stretching nearly 100 feet above the Trading Floor required the services of engineer Alfred Wolff. Wolff designed and installed three ammonia-absorption machines, each with a cooling capability equivalent to one hundred and fifty tons of ice. This industrial feat made the NYSE the first air-conditioned building in North America. In addition, the room had some of the newest trading technologies including modern tickers, telephones, and a pneumatic tube system to send orders and market data throughout the building.

Trading Floor and office space was expanded further in 1922 with the construction of the 11 Wall Street addition. The trading posts, dotted through the center of the room began as simple signposts but expanded over time. The NYSE also held its inaugural Christmas Tree Lighting, a Wall Street community event that has been celebrated annually, since 1923. In 1928, the Quotation Department was developed to provide the most recent stock quotations to member firms. Uniformed clerks wearing headsets were in continuous contact with the trading floor and posted the current bid and asked for quotes on the board above the seated telephone operators. Around 35,000 stock quotations were furnished daily in 1931. An automated quotation system replaced the department in 1960.

 

1929 Stock market “crash.”

On Tuesday, October 24, 1929, the market “crashed.” Prices plummeted as brokers sold their customers’ stocks to cover losses when investors could not meet the calls for more margin. Over 16,000,000 shares were traded, a record that would not be surpassed for 39 years. The crash focused attention on the securities industry and led to several important reforms. To supplement the NYSE’s self-regulatory activities, the U.S. Congress in 1934 created the Securities and Exchange Commission to regulate the operation of the nation’s securities markets.

In the 1930s, new trading posts were installed that allowed market makers to stand outside the posts and coordinate the trading of multiple stocks at each location. Initially, a group of clerks, tube men, and runners would work inside the horseshoe transmitting orders and recording stock quotes and sales.

The market languished during World War II and encouraged investing in victory through the purchase of bonds via the war loan of the United States. Due to a shortage of male employees, women worked as pages and reporters on the trading floor for the first time in the Exchange’s history. The market recovered its vitality in the post-war years. The NYSE’s educational efforts to acquaint potential investors with the long-term benefits of owning “Your share of American business” broadened stock ownership considerably during the 1950s and 1960s.

Although the appearance of the Trading Floor seemed unchanged from the 1930s, automation systems installed in other parts of the building began to assist traders during the 1950s. The introduction of technology over the next decade enabled the rate of trading to increase substantially from just over a billion shares traded in 1960 to over three billion in 1970. The first computers made by IBM (NYSE: IBM) were installed at the NYSE. During the 1960s, computer data processing technologies were first applied to the NYSE’s market operations. Electronic capture of trading data and dissemination of market information via high-speed data networks greatly increased market efficiency. In the following decade, the NYSE launched its SuperDot system which electronically delivered an order from the broker’s office directly to the NYSE trading post and then sent an execution report back within seconds.

 

The first permanent female member, Muriel Sibert in 1967.

The technological advancements of the Trading Floor from the 1960s-1970s were met by its diversification. The first permanent female member, Muriel Sibert was inaugurated on December 28, 1967. Siebert’s entry to the Floor was followed by the first Black member, Joseph L. Searles III, on February 12, 1970, the first Black member firm, Daniels & Bell Inc, in 1971, and the first Black female member, Gail Pankey in 1985.

In the 1970s, computer display monitors showing current market data were added atop the old trading posts in a transitional program to modernize trading floor technology. The floor underwent its first major renovation in five decades starting in 1979 to incorporate the latest technologies to the trading posts. The space frame that is still visible was added above the floor, distributed power, data cables as well as air conditioning, and supported the trading post superstructure.

Construction on the New York Futures Exchange Trading Floor also began in 1979. NYSE Futures became the most modern futures trading environment of its time. Simulated trading sessions were conducted before the opening of the New York Futures Exchange in the Spring of 1980. At the time of its opening, the New York Futures Exchange had 1,569 members, making it the largest membership of any financial future exchange in the nation.

Other milestones include February 8, 1980, when the market capitalization of NYSE-listed topped $1 trillion. On October 19, 1987, “Black Monday,” the market had one of its most dramatic falls in history. The Dow Jones Industrial Average plunged 508 points, losing a record 22 percent of its value, on a volume of 604 million shares. In the following months, the NYSE introduced nearly 30 changes aimed at dampening price volatility, streamlining procedures, and bolstering the capacity of NYSE electronic systems to handle sustained trading in hundreds of millions of shares.

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Ronald Reagan visited the floor of the NYSE in 1985.

Trading floor facilities were re-engineered during the 1980s and 1990s to streamline market processes and keep ahead of the NYSE’s mounting trading volumes. The first handhelds were introduced on the Trading Floor in 1992. Technology improvements in 1995 included adding flat panel data display screens on the trading posts. This was the country’s first large-scale use of this new technology. By 1996, the Epson Handheld Computer allowed brokers to access the NYSE Wireless Data System that was introduced. This emerging technology allowed increased volume leading to the first one billion share day on October 28, 1997.

In 2005, NYSE Hybrid Market was launched, creating a unique blend of floor-based auction and electronic trading, a “high tech, high touch” model. Major advances occurred in market data display and handheld technology, leading to the elimination of the open outcry system on the floor, in 2006, when the NYSE merged with Arca, short for Archipelago Exchange, the first all-electronic exchange in the U.S. on which stocks and options are traded.

In the early 2000s, changes occurred across the NYSE. On November 16, 2005, Intercontinental Exchange (NYSE: ICE) was listed on the NYSE. In 2006, the New York Stock Exchange (NYSE), Archipelago (Arca), and the Pacific Exchange (PCX) merged to form the publicly traded NYSE Group, ending membership ownership of the Exchange. In 2008, the NYSE acquired the American Stock Exchange, becoming the third-largest U.S. options market. By 2013,remains the parent organization of the Exchange today.

ICE listing on NYSE in 2005.

The current floor began to take shape in 2011 with the addition of new broker booths that offer enhanced functionality to floor broker firms and new trading posts that feature high-definition data display screens and the most current workstations. A host of new systems, such as the electronic Specialist Display Book, Broker Booth Support System (BBSS), and wireless e-Broker System, provide powerful tools to the NYSE broker.

In 2016, Phase 1 Pillar, a new integrated trading technology platform to enable member firms to connect to all NYSE equities and options markets using a standard protocol and improve efficiency and reduce complexity for customers, while enhancing consistency, performance, and resiliency, was completed. By 2019, the NYSE marked the successful migration of its trading technology to the NYSE Pillar. To date, NYSE, NYSE American Equities, NYSE Arca Equities, NYSE Chicago, and NYSE National have been migrated to NYSE Pillar matching engines, and NYSE Pillar Gateways are available for order entry on each market.

Ramadan; Month of Great Victories

 

Ramadan; Month of Great Victories

By: Abdullah Abdeen

 

 

     Ramadan is the ninth month of the Islamic calendar. During this month, Muslims abstain not only from eating, drinking and intimate relationship from dawn to sunset, but also from anything that displeases Allah (Glory be to Him). The obligation of fasting in Islam came after the obligation of prayer, as the former became obligatory in the second year after Hijrah. While the month of Ramadan is regarded as the month of observing fasting, reciting the Glorious Qur’an, giving charity and many acts of worship, we must also keep in mind that it is a month of honor and pride for all Muslims as they managed to snatch great victories from the jaws of defeat.

 

     The first battle that took place during the month of Ramadan was the battle of Badr, referred to as Yaum al-FurqÄ n (day when the true was distinguished from the false) in the Qur'an as Allah says, “…if you truly believe In Allah and in what We sent down on Our servant on the day when the true was distinguished from the false, the day on which the two armies met in battle. Allah has power over all things”.[1] This battle took place on the 17th of Ramadan, 2 A.H. It is worth mentioning here that the number of Muslim fighters during this battle was about three hundred while the number of the unbelievers was about one thousand. However, Muslims were sure that Allah would support them with such great victory as Allah says,

“We will, without doubt, help our messengers and those who believe, (both) in this world's life and on the Day when the Witnesses will stand forth”

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     Due to this great victory, Allah revealed a verse recited in the Glorious Quran till the day of judgment so that this battle remains deep engraved in the hearts of Muslims around the globe and throughout centuries, where Allah says, “Allah had helped you at Badr, when you were a contemptible little force; then fear Allah; thus may you show your gratitude”.[3]

 

     After the battle of Badr, the Muslim army was able to liberate Mecca on 20th of Ramadan 8 A.H. This liberation, known also as (the greatest conquest), marked the end of the wars between the followers of the Prophet and the tribe of Quraysh. This battle was a turning point in Muslim history as Muslim started to control over the Arabian Peninsula as a whole. When Prophet Muhammad (PBUH) went to Mecca, he performed circumambulation around the K‘aba (tawaaf) and started breaking down the pagans' idols rehearsing Allah's saying, “And say: "Truth has (now) arrived, and falsehood perished: for falsehood is (by its nature) bound to perish".[4]

 

     On 28th of Ramadan 92 A.H., the Muslim army led by Tariq ibn Ziyad and Mussa Ibn Nusair was able to conquer al-Andalus (Parts of the Iberian Peninsula ruled by Muslims), in the west, and another Muslim army reached China, in the east. The Islam remained in al-Andalus for more than eight centuries and this land was one of the most important crossing points between Islamic and European civilizations. The Islamic civilization in al-Andalus came to an end with the fall of the Emirate of Granada. 

 

     Afterwards, on the 9th of Ramadan 212 A.H., Muslims, led by Asad ibn al-Furat, who was also a jurist and theologian, conquered the Island of Sicily, which is regarded as the biggest island in the Mediterranean Sea. Muslims became only five miles away from Italy. Muslims ceaselessly continued their journey of preaching and spreading the message of Islam across the globe.

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     On Ramadan 223 A.H., the Abbasid campaign was led personally by the Caliph al-Mu‘tasim, when a Muslim woman appealed for help from him saying, “O Mu‘tasim, [Save me!]”.  Therefore, he targeted Amorium, a Byzantine city in western Asia Minor, because it was one of Byzantium's largest and most important cities. Amorium was strongly fortified but a traitor revealed a weak spot in the wall, where the Abbasids concentrated their attack, effecting a breach and soldiers surrendered.

 

     As for modern era, we find that the greatest war that occurred in Ramadan was the 6th of October War, 1973, which corresponds to the 10th of Ramadan 1393 A.H., where the Egyptian army forces crossed the Bar Lev Line and destroyed the Israeli defense points east of the Canal. After long negotiations, Egypt restored not only its entire land from the Israeli occupation, but its military prestige that it had lost after the defeat on the 5th of June 1967 as well. Therefore, there is no wonder if we said that fasting and the month of Ramadan are a source of inspiration, enthusiasm, and motivation to the Muslim soldiers, as this month witnessed many decisive battles that contributed greatly to Muslim achievements. We can also surely say that it is a month for hard work, great effort and endurance, not a month for laziness and sleeping.

Combating Hate Speech: A Religious Perspective

Combating Hate Speech: A Religious Perspective

 

 

     In light of the increasing concern with rights-based concepts, “hate speech” arose as a phenomenon that must be encountered and eliminated, because it undermines humans’ right to respect and honor. Though there is no agreed upon definition for hate speech, UN explains it as a term that refers to offensive discourse targeting a group or an individual based on inherent characteristics (such as race, religion or gender) and that may threaten social peace. Though, the concept is social one, it has a close connection with religion, as radical groups’ discourse promotes hatred and enmity. However, religion can be well employed to face hate speech, provided that the genuine understanding of religion is adopted. 

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“O mankind! We created you all from a single man and a single woman, and made you into races and tribes so that you may [get to] know one another. In God’s eyes, the most honored of you are the ones most mindful of Him: God is All-Knowing, All-Aware.” With these words, the Glorious Qur’an draws the frame of the human relations that must be based on respect and fraternity. This verse is an early call for negating the roots of hatred. It sets the foundations of relations of humans in this world: their relation with their lord and their relation with one another. The basis of the former type of relations is to be mindful of Allah, and the basis of the second type is the concept of “Ta’aruf.” Putting in mind that the Glorious Qur’an was revealed more than 1400 years ago, it teaches us how Islam was keen to present a new social concept that should govern human relations in our universe.

This Qur’anic concept finds its root in the fact that all humans are brothers as they all are the descendants of the same father and mother, as stated in the above mentioned verse, and therefore, there should be no hatred among them. It is through this concept of Ta’aruf, Islam implants a harmonious relation between religion and social life, a sign that proves that Islam views religion as a tool to achieve stability and create coherent communities. It is within such frame that the Qur’an prohibits Muslim to insult the gods of other worshippers, though the basic tenet of the Islamic faith is that there is no god but Allah. Qur’an (6: 108) stats, “Do not insult what they invoke apart from Allah, or they will insult Allah.”

 

 

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Moreover, Islam does not only consider hate speech as a social defect that should be treated, Rather, it is a sin that a human has to avoid and ask forgiveness of Allah if it happened that he committed it. Hate speech is driven mainly by the feeling of arrogance and the belief that “I’m better than others.” Upon realizing that, we recall the story of Iblees (Devil) and Adam, when the Devil rejected the command of Allah to prostrate before Adam saying, “I am better than him: You created me from fire and him from clay.” This was the cause of wrath of Allah upon Iblees.

Though some may wrongly think that religion encourages hate speech, the truth is, rather, that it is ignorance of religion that incites such heinous attitudes. Islam in fact combats extremism in any form and calls for moderation which is marked in Islam by adopting the concept of wasatiyyah (the middle position).

It was driven by such understanding that Al-Azhar Al-Sharif and its Grand Imam, Prof. Ahmed al-Tayeb, attempt always to promote such understanding in order to combat hatred and hate speech. In fact, over the past couple of years, many efforts have been made to counter hate speech and promote the language of fraternity, either inside Egypt or worldwide.

Within Egypt, Al-Azhar al-Shairf considered that the basis to combat hatred in the Egyptian society is to enhance citizenship. In 2017, Al-Azhar organized an international conference under the title, “Freedom and Citizenship…Diversity and Integration” which aimed at promoting the concept of citizenship from the religious point of view, to prove that citizenship is not only a political concept, but also a religious value in Islam. However, Al-Azhar did not confine itself into theoretical actions. Rather, it has translated these ideas into practical steps. Perhaps the most prominent step in this regard was the institution of the Egyptian Family House (Ar. Beit al-‘Eila), which was established in 2011 to strengthen the relationship between Al-Azhar Al-Sharif and the Egyptian Coptic Church. It aims to foster the ties between the Muslims and Christians of Egypt, and thus strengthens the Egyptian religious harmony. Over the past years, Egypt’s religious communities represented by Al-Azhar and the Orthodox, Protestant, Catholic, and Anglican denominations—have been working to fulfill the Family House’s mission.

On the international level, Al-Azhar al-Sharif was interested to promote the concept that all mankind are brothers in humanity. To achieve this, a very significant and historical document was signed by both Prof. Ahmad al-Tayyeb, the Grand Imam of Al-Azhar Al-Sharif and Pope Francis, Head of the Catholic Church, on February 4, 2019. The Document aims to enhance dialogue on co-existence of humans globally, strengthen human relations and establish bases for such relations based on mutual respect.

To conclude, hate speech is a defect that threatens security as it implants division and discord among members of the same community. The bases of hate speech are radicalism and extremism, and therefore we find hate speech common among extremist Islamists and the followers of radical political attitudes, such as the right-wind followers. The best to counter hate speech is to spread love and fraternity among humans and teach them that they all are brother. Again, we need to contemplate, ponder and spread the words of God in the Qur’an “O mankind! We created you all from a single man and a single woman, and made you into races and tribes so that you may [get to] know one another. In God’s eyes, the most honored of you are the ones most mindful of Him: God is All-Knowing, All-Aware.”

Civilizational Aspect of the Islamic Shari’ah

Civilizational Aspect of the Islamic Shari’ah

 

     When the Almighty Allah created Adam, He made one of the duties assigned to him “the development of the earth.” This is clear from the statement of Allah to His Angels as the Qur’an reports, “[Remember] when your Lord said to the angels, ‘I am going to place a Khalifah (vicegerent) successive authority on earth” (Qur’an, 2: 30) Ibn ‘Ashour comments, “The word Khalifah in its figurative meaning refers to someone who shoulders a responsibility entrusted to him by a higher authority. So the meaning is, ‘We are creating an authority to act according to our Command.”[1]

Though we agree that the key purpose of creating man is to worship Allah as it is clear from Allah’s saying, “I created jinn and mankind only to worship Me,” (Qur’an, 51: 56), it cannot be neglected that the creation of Adam had another key purpose. The Almighty Allah said, “Worship Allah. You have no god other than Him. It was He Who brought you into being from the earth and assigned you to develop it.” (Qur’an, 11: 61) Thus, humans are created to achieve prosperity for this land, and this was why Allah taught Adam the names of everything.

In light of this idea, it is logical that the Qur’an criticizes the corruption caused in land by man as Allah says, “Corruption has appeared throughout the land and sea by [reason of] what the hands of people have earned.” (Qur’an, 30: 41) Al-Qurtubi comments, “Scholars differed in identifying the meanings of “corruption”. It is said that corruption refers to drought, scarcity of plants, and lack of blessing. It is also said that corruption refers to economic difficulties. Some said that corruption means sins, plundering and doing injustice.”

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However it might be more logical to widen the indication of the word corruption to cover all of its sorts, not the corruption referring only to sins and disobedience to Allah in its traditional religious meaning. Al-Miliji, comments, “The meaning of corruption in the Qur’anic usage is not confined to its common usage for disobedience according to Shari‘ah perspective, which includes drinking alcohol, adultery, stealing, bad behaviors, etc. In fact, the meaning presented in the Qur’an is much wider.”[2] Ibn Ashour states, “Corruption means the evil circumstances. Using the definite article Al (the) may indicate that it is a generic noun to cover all forms of corruption in land and sea.”[3]

Thus, it can be logically concluded that Islam aims at achieving the wellbeing of humanity or, in another words, to achieve civilization. This is the Islamic vision of the universe that seeks to worship Allah alone, promote morality and achieve ‘umran (development/prosperity) in the earth. This duty that Islam commands Muslims to carry out can only be achieved through presenting Islam in its complete and comprehensive meaning. It was the mission that Companions shouldered and could convey until the early Muslim generations were able to create civilization within a short period of time.

Thus, achieving human wellbeing is an objective of the Islamic SharÄ«‘ah, and as long as this is an objective of the SharÄ«‘ah, it must be presented and made clear in the Da‘wah discourse. This is the Jihad of our modern time. It is clear from the statements of the Prophet (PBUH) that Jihad can be undertaken through actions or statements as stated in the Hadith that reads, “Practice Jihad against the disbelievers with your hands, your properties and your tongues.”[4] Jihad with hands i.e. war has its conditions and circumstances.[5] However, the main means of conveying Islam is through speech as Allah said, “Call to the path of your Lord with wisdom and good admonition.” (Qur’an, 16: 125)

With this in mind, Muslims need to realize and understand the civilizational aspects of the religious teachings and rulings of Islam. Such wide approach in reading the texts of Islam guarantees presenting Islam in its comprehensive form and helps Muslims, and non-Muslims, to realize the civilizational dimension of Islam. The following are just examples of this attitude.

Preservation of the Environment

Ibn Majah and Ahmad reported that the Messenger of Allah (PBUH) passed by Sa‘d when the latter was performing ablution. He (PBUH) said, “What is this extravagance?” Sa‘d replied, “Can there be any extravagance in ablution?” the Messenger of Allah said: “Yes, even if you are on the bank of a flowing river.”[6] This Hadith is usually quoted to prove the prohibition of consuming extra water in making ablution. However, it must be understood from this Hadith that a Muslim should not be extravagant in using water for any purpose. This meaning also can be broadened to be applied to preserving all natural resources of the environment. Al-Najjar comments, “Water in this context is just an example for environmental resources in general. The consumption of these resources must be rationalized whether these resources are abundant or not and whether they are renewable or not.”[7]

Encouraging Development

The Muslim world suffers a state of backwardness, and it is necessary for the religious discourse to showcase how the Shari‘ah encourages and calls for development to prove that Islam came not only for calling people to perform spiritual acts of worship. Rather, true Islam achieves balance between the affairs of this world and the Hereafter. Many Ahadith may be used to encourage this value of development, while –apparently speaking- they could be used only for deducing fiqhi rulings.

Jabir ibn ‘Abd Allah narrated that the Prophet (PBUH) said, “Whoever revives a barren land, then it is for him.”[8] This Hadith has its fiqhi dimension, but it can also be understood as a call for encouraging development. This meaning is also supported by the Hadith narrated by Anas that the Prophet (PBUH) said, “If the Final Hour comes while you have a palm-cutting in your hands and it is possible to plant it before the Hour begins, you should plant it.”[9] Though the Hadith speaks about the end of this world life, it encourages Muslims to do whatever possible for them at this moment to develop the earth. Thus, development is meant for itself, not only for serving a coming generation.

World Meteorological Organization

World Meteorological Organization

 

The highest temperature recorded on Earth has been measured in three major ways: air, ground, and via satellite observation. Air measurements are used as the standard measurement due to persistent issues with unreliable ground and satellite readings. Air measurements are noted by the World Meteorological Organization (WMO) and Guinness World Records among others as the standard to be used for determining the official record. The current official highest registered air temperature on Earth is 56.7 °C (134.1 °F), recorded on 10 July 1913 at Furnace Creek Ranch, in Death Valley in the United States.[1] For ninety years, a former record that was measured in Libya had been in place, until it was decertified in 2012 based on evidence that it was an erroneous reading. This finding has since raised questions about the legitimacy of the 1913 record measured in Death Valley, with several meteorological experts asserting that there were similar irregularities. The WMO has stood by the record as official pending any future investigative results. If the current record were to be decertified then the holder would be a tie at 54.0 °C (129.2 °F), recorded both at Furnace Creek and in Kuwait.

 

Several unverified temperatures that exceed the current record have also been recorded. These include historical claims that were never authenticated due to the equipment available at the time and unverified scientific claims. There are also disproven amateur readings that have been posted on social media showing evidence of extreme temperature.

 

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History

 

Thermometer reading at Furnace Creek Ranch (July 2005)

The standard measuring conditions for temperature are in the air, 1.5 metres (4 ft 11 in) above the ground, and shielded from direct sunlight.[2] Global surface temperatures as a whole have been monitored since the 1880s when record keeping began.[3] According to the World Meteorological Organization (WMO), the highest registered air temperature on Earth was 56.7 °C (134.1 °F) in Furnace Creek Ranch, California, located in Death Valley in the United States, on 10 July 1913.[1][4][5] This record was surpassed in 1922 by a reading of 57.8 °C (136.0 °F), registered on 13 September 1922, in ʽAziziya, Libya.

Ninety years later, this record was decertified, making the former reading in Death Valley the world's highest official temperature again. The decertification of the former record in Libya has since cast doubt on the validity of the 1913 recording.[6] If the 1913 record were to be decertified, the highest established recorded air temperature on Earth would be 54.0 °C (129.2 °F), also recorded in Death Valley on 20 June 2013, and in Mitribah, Kuwait on 21 July 2016.[7] There have since been higher readings of 54.4 °C (129.9 °F) in August 2020 and July 2021, both at Furnace Creek, that are pending validation.

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Measurements have also been taken in two other ways via ground and satellite readings. Temperatures measured directly on the ground may exceed air temperatures by 30 to 50 °C (54 to 90 °F).[12] The theoretical maximum possible ground surface temperature has been estimated to be between 90 and 100 °C (194 and 212 °F) for dry, darkish soils of low thermal conductivity.[13] While there is no highest confirmed ground temperature, a reading of 93.9 °C (201.0 °F) was allegedly recorded in Furnace Creek Ranch on 15 July 1972.[14] Temperature measurements via satellite also tend to capture the occurrence of higher records but, due to complications involving the satellite's altitude loss (a side effect of atmospheric friction), these measurements are often considered less reliable than ground-positioned thermometers.[15] Satellite measurements of ground temperature taken between 2003 and 2009, taken with the MODIS infrared spectroradiometer on the Aqua satellite, found a maximum temperature of 70.7 °C (159.3 °F), which was recorded in 2005 in the Lut Desert, Iran. The Lut Desert was also found to have the highest maximum temperature in 5 of the 7 years measured (2004, 2005, 2006, 2007, and 2009). These measurements reflect averages over a large region and so are lower than the maximum point surface temperature.[

Lebanon

Lebanon

The borders of contemporary Lebanon are a product of the Treaty of Sèvres of 1920. Its territory was in the core of the Bronze Age Canaanite (Phoenician) city-states. As part of the Levant, it was part of numerous succeeding empires throughout ancient history, including the Egyptian, Assyrian, Babylonian, Achaemenid Persian, Hellenistic, Roman and Sasanian Persian empires.

 

After the 7th-century Muslim conquest of the Levant, it was part of the Rashidun, Umayyad, Abbasid Seljuk and Fatimid empires. The crusader state of the County of Tripoli, founded by Raymond IV of Toulouse in 1102, encompassed most of present-day Lebanon, falling to the Mamluk Sultanate in 1289 and finally to the Ottoman Empire in 1516.[31] With the dissolution of the Ottoman Empire, Greater Lebanon fell under French mandate in 1920,[32] and gained independence under president Bechara El Khoury in 1943. Lebanon's history since independence has been marked by alternating periods of relative political stability and prosperity based on Beirut's position as a regional center for finance and trade, interspersed with political turmoil and armed conflict (1948 Arab–Israeli War, Lebanese Civil War 1975–1990, 2005 Cedar Revolution, 2006 Lebanon War, 2007 Lebanon conflict, 2006–08 Lebanese protests, 2008 conflict in Lebanon, 2011 Syrian Civil War spillover, and 2019–20 Lebanese protests).[33]

 

Ancient Lebanon

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Map of Phoenicia and trade routes

Evidence dating back to an early settlement in Lebanon was found in Byblos, considered among the oldest continuously inhabited cities in the world.[17] The evidence dates back to earlier than 5000 BC. Archaeologists discovered remnants of prehistoric huts with crushed limestone floors, primitive weapons, and burial jars left by the Neolithic and Chalcolithic fishing communities who lived on the shore of the Mediterranean Sea over 7,000 years ago.[34]

 

Lebanon was part of northern Canaan, and consequently became the homeland of Canaanite descendants, the Phoenicians, a seafaring people who spread across the Mediterranean in the first millennium BC.[35] The most prominent Phoenician cities were Byblos, Sidon and Tyre, while their most famous colonies were Carthage in present-day Tunisia and Cádiz in present-day Spain. The Phoenicians are credited with the invention of the oldest verified alphabet, which subsequently inspired the Greek alphabet and the Latin one thereafter.[36] The cities of Phoenicia were incorporated into the Persian Achaemenid Empire by Cyrus the Great in 539 BCE.[37] The Phoenician city-states were later incorporated into the empire of Alexander the Great following the siege of Tyre in 332 BC.[37]

 

In 64 BC, the Roman general Pompey the Great had the region of Syria annexed into the Roman Republic. The region was then split into two Imperial Provinces under the Roman Empire, Coele Syria and Phoenice, the latter which the land of present-day Lebanon was a part of.

 

Medieval Lebanon

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The Fall of Tripoli to the Egyptian Mamluks and destruction of the Crusader state, the County of Tripoli, 1289

The region that is now Lebanon, as with the rest of Syria and much of Anatolia, became a major center of Christianity in the Roman Empire during the early spread of the faith. During the late 4th and early 5th century, a hermit named Maron established a monastic tradition focused on the importance of monotheism and asceticism, near the Mediterranean mountain range known as Mount Lebanon. The monks who followed Maron spread his teachings among Lebanese in the region. These Christians came to be known as Maronites and moved into the mountains to avoid religious persecution by Roman authorities.[38] During the frequent Roman–Persian Wars that lasted for many centuries, the Sassanid Persians occupied what is now Lebanon from 619 till 629.[39]

 

During the 7th century, the Muslim Arabs conquered Syria establishing a new regime to replace the Byzantines. Though Islam and the Arabic language were officially dominant under this new regime, the general populace nonetheless only gradually converted from Christianity and the Syriac language. The Maronite community, in particular, managed to maintain a large degree of autonomy despite the succession of rulers over Lebanon and Syria.

 

The relative (but not complete) isolation of the Lebanese mountains meant the mountains served as a refuge in the times of religious and political crises in the Levant. As such, the mountains displayed religious diversity and the existence of several well-established sects and religions, notably, Maronites, Druze, Shiite Muslims, Ismailis, Alawites and Jacobites.

 

 

Byblos is believed to have been first occupied between 8800 and 7000 BC[40] and continuously inhabited since 5000 BC,[41] making it among the oldest continuously inhabited cities in the world.[42][43] It is a UNESCO World Heritage Site.[44]

During the 11th century, the Druze religion emerged from a branch of Shia Islam.

Stock Market

Stock Market

 

The stock market allows buyers and sellers of securities to meet, interact, and transact. The markets allow for price discovery for shares of corporations and serve as a barometer for the overall economy. Buyers and sellers are assured of a fair price, high degree of liquidity, and transparency as market participants compete in the open market.

 

The first stock market was the London Stock Exchange which began in a coffeehouse, where traders met to exchange shares, in 1773.

 

 The first stock exchange in the United States began in Philadelphia in 1790.

 

 The Buttonwood Agreement, so named because it was signed under a buttonwood tree, marked the beginning of New York’s Wall Street in 1792. The agreement was signed by 24 traders and was the first American organization of its kind to trade in securities. The traders renamed their venture the New York Stock and Exchange Board in 1817.

 

A stock market is a regulated and controlled environment. In the United States, the main regulators include the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

The earliest stock markets issued and dealt in paper-based physical share certificates. Today, stock markets operate electronically.

 

Though it is called a stock market, other securities, such as exchange-traded funds (ETFs) are also traded in the stock market.

 

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How the Stock Market Works

Stock markets provide a secure and regulated environment where market participants can transact in shares and other eligible financial instruments with confidence, with zero to low operational risk. Operating under the defined rules as stated by the regulator, the stock markets act as primary markets and secondary markets.

 

As a primary market, the stock market allows companies to issue and sell their shares to the public for the first time through the process of an initial public offering (IPO). This activity helps companies raise necessary capital from investors.

 

A company divides itself into several shares and sells some of those shares to the public at a price per share.

 To facilitate this process, a company needs a marketplace where these shares can be sold and this is achieved by the stock market. A listed company may also offer new, additional shares through other offerings at a later stage, such as through rights issues or follow-on offerings. They may even buy back or delist their shares.

 

Investors will own company shares in the expectation that share value will rise or that they will receive dividend payments or both. The stock exchange acts as a facilitator for this capital-raising process and receives a fee for its services from the company and its financial partners.

 

Using the stock exchanges, investors can also buy and sell securities they already own in what is called the secondary market.

 

The stock market or exchange maintains various market-level and sector-specific indicators, like the S&P (Standard & Poor’s) 500 index and the Nasdaq 100 index, which provide a measure to track the movement the overall market.

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 Following an IPO, the stock exchange serves as a trading platform for buying and selling the outstanding shares. This constitutes the secondary market. The stock exchange earns a fee for every trade that occurs on its platform during secondary market activity.

Universal Principles in Psychology

 

Universal Principles in Psychology

 

Individual differences vs universal principles in psychology is an ongoing issue similar to the nature vs nurture debate. Do psychologists focus on what makes us different or what makes us the same?

 

Universal principles are behaviors and traits that are true for all humans or all members of a culture or society.

 

Neuroscientists may focus on what makes us the same, such as specific hormones that prime us for sexual behavior. On the other hand, humanistic psychologists may take a special interest in individual differences, believing that all behavior is a reflection of a person's unique qualities.

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Individual Differences in Psychology: Strengths and Weaknesses

So what are the strengths and weaknesses of considering individual differences in psychology rather than universal principles? Let's take a look:

 

Strengths

 

Weaknesses

 

Looking at individual differences requires psychologists to consider the whole person when treating mental illnesses, rather than the general characteristics of the disorder. (This is often called a holistic approach)

 

Understanding individual differences in psychology give us a clearer picture of concepts like intelligence, personality, gender, and memory.

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Can help educators learn how to support students who may have fallen through the cracks and need special attention to achieve education goals.

 

Understanding individual differences can help us pinpoint certain developmental issues or psychological disorders.

 

Focusing too much on differences can create divisions between groups.

 

Overemphasis on differences when discussing mental health can make some people feel ostracized or left out.

 

Can help educators learn how to support students who may have fallen through the cracks and need special attention to achieve education goals.

 

Risks too much focus on internal factors, giving less credit to external factors.

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Individual Differences Psychology - Key takeaways

Individual differences are comprised of our unique characteristics and traits, which distinguish us from others.

Three important ways of measuring individual differences are through observations, controlled lab experiments, and surveys or questionnaires.

Highlighting individual differences in educational psychology can apply to intelligence, learning style, and motivation.

Universal principles are behaviors and traits that are true for all humans or all members of a culture or society.

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Individual differences help us pinpoint developmental issues and give us a clearer picture of concepts like intelligence, personality, gender, and memory. On the other hand, overemphasis on differences when discussing mental health can make some people feel ostracized or left out.