Execution is critical to success. Execution represents a disciplined process or a logical set of connected activities that enables an organization to take a strategy and make it work. Without a careful, planned approach to execution, strategic goals cannot be attained. Developing such a logical approach, however, represents a formidable challenge to management.

There are seven essential behaviors that form the first building block of execution:

• -  Know your people and your business.
• -  Insist on realism.
• -  Set clear goals and priorities.
• -  Continuous follow up of work and reminders with time frame is most important.
• -  Reward for doers.
• -  Expand people’s capabilities.
• -  Daily report of work.

Leadership demands execution…

 “Leadership without the discipline of execution is incomplete and ineffective. Without the ability to execute, all other attributes of leadership become hollow”

Output of work is everything…

Many managers are comfortable planning, but lag when it comes to actually putting the plan into action.

Challenges of execution:

1. 1.  Developing a model to guide execution decisions or actions.
2. 2.  Understanding how the creation of strategy affects the execution of strategy.
3. 3.  Managing change effectively, including culture change.
4. 4.  Understanding power or influence and using it for execution success.
5. 5.  Developing organizational structures that foster information sharing, coordination, and clear accountability.
6. 6.  Developing effective controls and feedback mechanisms.
7. 7.  Knowing how to create an execution-supportive culture.

Whoever does work, makes mistakes as well…

Benchmark for Execution and Success

[Vision – planning + action = Labour]

[Vision + planning + action = Achiever]

Execution paces everything. It enables you to see what’s going on in your organization. It’s the best means for change and transition. Execution will help a business leader to choose a more robust strategy. Your know-how of the discipline of execution will be a competitive advantage and you will generate better results by getting appropriate follow up and completion of the assigned tasks.

Don’t work hard…work smart!

Allah will deprive usury of all blessing, but will give increase for deeds of charity: For He loveth not creatures ungrateful and wicked (276:2)

 
Verse 275 of the second Surah (Al-Baqarah) of the glorious Quran clearly indicates that those who indulge in interest based transaction shall abide in the fire of hell for ever. The verse clearly states that these people compare Trade with Usury and declare both to be same but in actual they are different and Allah has permitted trade while forbidding interest.

After providing for the punishment for engaging into interest based transactions, Allah in the next verse gives an incentive to humankind saying that Allah would deprive interest of all blessing and increase charity. One might be forced to think that how is it possible that a person paying charity witnesses increased wealth while the other person receiving interest (ironically) observes a decline in wealth.

Let us closely examine this phenomenon and understand what is meant by the above statements and how it is applicable in today’s prevailing economic theories and practices.

Marginal Propensity to Consume (MPC) is the tendency of spending of individuals in an economic setup. MPC refers to the amount spent by an individual if his/her income is increased by another unit of money i.e. Re. 1. Therefore a higher MPC would mean that individual would be spending more out of that one rupee while a lower MPC would mean lower spending and consumption out of that additional one rupee.

It is a basic economic principle, that when wealth flows from a lower marginal propensity to consume segment to a higher marginal propensity to consume segment of the economy, the economy expands as more is spent and the amount spent creates a multiplier effect expanding the overall income manifold and vice versa. Let’s examine the above mentioned verses of the glorious Quran in light of the stated economic principle.

Most of the interest based transactions are linked with loans emerging from people who have excess wealth towards people with lower income. We can safely conclude that loans originate from the segment of the economy where marginal propensity to consume (MPC) is lower as compared to the segment where the interest based loans end up being consumed. Once the loan repayment starts along with amount of interest; flow of funds move from a higher MPC segment to lower MPC segment. This has two negative impacts on the economy. Firstly the disparity of income and wealth between the rich and poor is increased as the repayment of loan along with interest is done from future cash flows. Secondly since the funds move from a higher MPC segment to lower MPC segment, all additional amount generated in the form of interest is spent lesser as compared to if it would have been spent in the same higher MPC segment. Therefore it has an inverse multiplier effect on the economy and the overall economy contracts (as seen in the current recession) and the overall income and wealth of the economy as a whole declines.

On the contrary, charity distribution increases flow of funds from the lower MPC to higher MPC segment without any return of flow to the lower MPC group. This acts as an economic stimulus for the economy as more is spent by the higher MPC segment relative to the lower MPC segment from where the majority of charity originates. The ending result is an expansion of the economy thus increasing the wealth of the economy.

So what should a person do after giving charity? Of course a person would not be paying out all his income and wealth in charity. Some amount will be saved. In the absence of any investment strategy, a person who abides by the laws of Islamic Shariah and abstains from Interest based transactions would save his wealth either with himself or in current accounts with banks and as a renowned scholar Hasan Basri says: “Money is such a companion of yours that it does not benefit you, unless it leaves you.” This brief but robust comment embodies two basic concepts that are very essential to give the right direction for economic growth.

1.      Money is a means to achieve a certain objective, and not the objective itself.

2.      Money in itself has no intrinsic value

So, in order to benefit from accumulated wealth and increase for good, one needs to constantly invest it in profitable ventures which lead to growth of the economy trickling down to growth in personal wealth as well. Islamic Finance provides an excellent mechanism for growth in investments within the guidelines of Islamic Shariah. Recently in the global recession, it was evidently witnessed that Islamic Financial institutions, stood firm against the decline in value solely because of proper asset backing in transactions. The only downward trend observed was due to the overall decline in the economic cycle and not due to lack of underlying real assets.

Several different investment contracts are available in the market which, comply with Islamic Shariah which include those involving commodities, bank deposits, equities etc. A general investor dilemma is formed here when the investor needs to decide which investment best suits his requirement. Here comes the role of Professional Fund Managers who provide the best investment strategies suitable for investors with varied needs and also provide the mechanism for strategic and efficient trading and management of portfolios.

In conclusion, it would be advisable that people invest in Islamic modes and rely on Professional Fund Managers to do the job for them. Different Islamic Mutual funds are available to cater to different risk profile of investors in Pakistan. One should take benefit from it and invest wisely in order to attain growth for all the investors and for himself/herself as well.

FARAZ YOUNUS BANDUKDA

Date: Thursday, 13th June 2013

Timing: 6:00pm – 8:00pm

When people have diabetic retinopathy two scenarios are possible:

1. Their blood vessels may swell and leak fluid; or,
2. Abnormal new blood vessels may grow on the surface of their retina.

(The retina is the light sensitive tissue at the back of the eye and is supposed to be healthy in order to provide good vision).

Those who have diabetic retinopathy may initially not notice the change in their vision. But over time, it becomes more obvious as the patient begins to lose his/her vision. Diabetic retinopathy generally affects both eyes.

When there is too much sugar in one’s blood, it can damage the tiny blood vessels that nourish the retina. This causes gradual vision loss and diabetic retinopathy. High blood sugar levels can also affect the eyes’ lenses by making them swell and causing blurred vision.

There are two stages of Diabetic Retinopathy:

1. Early Diabetic Retinopathy.

This is known as Non Proliferative diabetic retinopathy (NPDR) and is the most common type of Diabetic Retinopathy. It can be described as mild, moderate or severe. When a person has NPDR, the walls of the blood vessels in their retina weaken and tiny bulges appear from the vessel walls. Sometimes these bulges leak fluid and blood into the retina. As the condition progresses, the small vessels may close and the larger retinal veins may begin to dilate and become irregular in size. The nerve fibers in the retina may also begin to swell and sometimes the retina (macula) begins to swell too. This is known as macular edema.

1. Advanced Diabetic Retinopathy.

Also known as Proliferative diabetic retinopathy (PDR), this is the most severe type of diabetic retinopathy. In this case abnormal blood vessels begin to grow in the retina and sometimes leak clear, jelly-like substance that fills the center of the eye. Overtime, scar tissues that are stimulated by the growth of new blood vessels can cause the retina to detach from the back of the eye.

If the new blood vessels interfere with the normal flow of fluid out of the eye, pressure may build up in the eyeball, causing glaucoma. This can damage the nerve that carries images from your eye to your brain (optic nerve).

Even though Diabetic Retinopathy can happen to anyone who has diabetes, the risk is greater if you:

1. Have high Blood Pressure
2. Have high Cholesterol
3. Have poor control of blood sugar level
4. Are Pregnant
5. Smoke

Moreover, the LONGER you have diabetes the greater you are at risk for getting Diabetic Retinopathy.

More often than not, one cannot tell if they have diabetic retinopathy in the early stages of the syndrome.

However, as the condition progress, the symptoms may include:

• Spots or dark strings floating in your vision (floaters)
• Blurred vision
• Fluctuating vision
• Dark or empty areas in your vision
• Poor night vision
• Impaired color vision
• Vision loss

To discover whether you have this syndrome your eye doctor will most probably check you with a dilated eye exam(FUNDOSCOPY). In this, he will place drops in your eyes to widen your pupils for several hours. This allows your doctor to get a better view inside your eye. The drops may cause blurred vision for you, though, till they wear off. THIS TEST (FUNDOSCOPY) MUST BE DONE ATLEAST EVERY YEAR .

During the exam, your doctor will look for the following things:

• Presence or absence of a cataract
• Abnormal blood vessels
• Swelling, blood or fatty deposits in the retina
• Growth of new blood vessels and scar tissue
• Bleeding in the clear, jelly-like substance that fills the center of the eye (vitreous)
• Retinal detachment
• Abnormalities in your optic nerve.

Additionally, your doctor may test your vision and measure your eye pressure to test for glaucoma.

In addition, your eye doctor may:

• Test your vision
• Measure your eye pressure to test for glaucoma.

Treatment for diabetic retinopathy depends on the type of diabetic retinopathy you have, its severity and how well it may have already responded to previous treatments.

Early diabetic retinopathy

In this case you may not need treatment right away and will only be closely monitored by your eye doctor and your diabetes doctor will help you help you control your blood sugar level as well as take additional steps to better control your diabetes. In this stage, good blood sugar control can sufficiently slow the progress of Diabetic Retinopathy.

Advanced diabetic retinopathy

In this case you will need prompt surgical treatment, even though sometimes surgery is also recommended for early Diabetic Retinopathy. Depending on the specific problems with your retina, surgery options may include:

• Focal laser treatment: This laser treatment can stop or slow the leakage of blood and fluid in the eye and can be performed in your doctor’s office or eye clinic.

• Scatter laser treatment. This laser treatment, also known as panretinal photocoagulation, can shrink the abnormal blood vessels. It’s also done in your doctor’s office or eye clinic.

• Vitrectomy. This procedure can be used to remove blood from the middle of the eye (vitreous) as well as any scar tissue that’s tugging on the retina. It’s done in a surgery center or hospital under local or general anesthesia.

Surgery often slows or stops the progression of diabetic retinopathy, but it’s not a cure. Because diabetes is a lifelong condition, future retinal damage and vision loss is possible. Even after treatment for diabetic retinopathy, you’ll need regular eye exams. At some point, additional treatment may be recommended.

Researchers are studying new treatments for diabetic retinopathy, including medications that may help prevent abnormal blood vessels from forming in the eye. Some of these medications are injected directly into the eye to treat existing swelling or abnormal blood vessels.

DR KHALID BHAMBHA

Please Note: Some of the information in this document has been reproduced, for convenience purposes only, from the following sources:

1. The website of National Eye Institute, USA
2. The website of Mayo Clinic