One is also called default risk. creditor?A

One of the criticisms of creditrating agencies is that they place too much emphasis on the past records ofindividuals and organisations, who might have become ‘reformed characters’since, or whose misfortunes in the past might have been completely out of theircontrol.

Such people might find it difficult to get credit or unsecured loans,even though they currently present default risks that are small. Conversely,people with good records can obtain credit dishonestly, for example, if theyknow that they are soon to be made redundant, and be granted a loan at a lowinterest rate when in fact they are high risk. Although one’s credit rating issubject to constant change, it can happen very risk?The risk that a borrowerwill not repay the lender, be it for criminal purposes or because of mattersout of the borrower’s hands. It can also mean the risk that a contractor willnot have its invoices paid. The credit risk is one of the factors that aretaken into account when calculating an appropriate rate of interest to apply toa borrower, or whether to grant credit for work as opposed to insisting uponpayment in advance. Credit risk of an individual, organisation or nation can becalculated by a creditrating agency. Credit risk is also called default risk.

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creditor?A person ororganisation who is owed money.In the case of bankruptcy,creditors have a claim to a portion of the liquidated estate.creditworthiness?A measure ofrisk of default attached to an individual or organisation. High or goodcreditworthiness will be associated with regular income, few debts, a goodhistory or repayment and absence of criminal records. Creditworthiness iscalculated by creditrating agencies.Criminal Law?Islamic criminal lawrecognises three categories of wrongs punishable by the state: hudud (sing.

hadd) crimes,contravention of limits set by God, which lead to a prescribed and mandatorypunishment; ta’zir (chastisement) crimes, involving discretionarypunishment inflicted by the ruler; and qisas (retribution) crimes,concerned with injuries against the person such as homicide, infliction ofwounds and battery. In cases of qisas, the victim or the victim’s next of kinmay waive retribution in exchange for financial compensation (diyah). However,in some cases the state retains the jurisdiction to punish the offender,despite the victim’s or kin’s acceptance of diyyah. With the exception of SaudiArabia and a few other countries that continue to use traditional Islamic lawin penal matters, most Muslim countries have adopted French-based criminalcodes.Crusades?Thecollective name given to repeated attempts during the 11th, 12th and 13thcenturies by mainly European Christianarmies to return the Holy Land to Christian control after conquest by the Muslims. Such missionswere enormous, expensive and time-consuming events which required thecollaboration between otherwise rival powers for what they saw as the common good.

Two notable leaders to emerge fromthe Crusades were Richard the Lionheart and Saladin on the Christian and Muslimsides, respectively. Anti-Crusade sentiment was an important factor in the riseof the international Sunni movement.Muslim military heroes such as Saladin recovered some territory, but Crusaderrule did not fully end until 1291. Though the Crusades placed the ChristianHoly Lands exclusively under Christian control for a time and enriched severalFrankish lords, they did little for Christianity in the region. The relativetolerance previously extended to Christians faded as Muslims suspected nativeChristians of collaboration with the crusaders. The Crusades also damagedinter-Christian relations. The fourth Crusade, which sacked Constantinople,introduced a period of Latin domination and solidified the separation ofEastern and Western Christianity.

The word ‘crusade’ still has politicalresonance today and is sometimes seen as synonymous with a perception thatEuropeans or The West in generalare still trying to conquer the Middle East, be itmilitarily, economically or culturally, and this perception, whether it isbased on truth or not, is often used to make a political point, and is bestavoided in political discourse.


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