MKT 310 Lecture Notes - Lecture 4: Profit And Loss Sharing, Murabaha, Sharia
Document Summary
Which belief focuses on nature: hinduism. Direct connection between the religious belief and the legal system, what is it: sharia law. Islamic banking: purpose is the to avoid interest, mudarabah: profit generated from an investment is paid to stockholders, murabaha: bank buys an asset and sells it to a purchaser for a higher price. Self-reference criterion: we all have an automatic tendency to use your own thought framework to evaluate others. Ethnocentrism: the belief that one"s culture is superior to others which leads to the disregard of cultures. High context: meaning of individual behavior depends on the situation, greater emphasis on non-verbal language, japanese must act japanese when around their own kind rather than without them. Patini: concept where age enhances the value of something. Agreements across cultures: high context cultures lay greater emphasis on general agreement with business partners over contracts. Time: monochromic: schedules, lines, polychromic: meeting needs, no lines.
