Category Archives: Reporting

Decoding Dog Behavior in D.C. Parks

My article for District Fray Magazine

Longtime D.C. resident and fourth-year PhD student in George Washington University’s Department of Anthropology, Courtney Sexton studies the coevolution of humans and dogs. She is particularly interested in nonverbal communication and behavior.

Sexton’s graduate program requires students to undertake an internship in the public understanding of science, promoting how to present scientific information to nonscientific audiences. When her internship project got funded by the D.C. chapter of the Awesome Foundation, she knew she was on to something.

“D.C.’s dogs and dog parks have been a controversial topic,” she says, “less so because of the dogs and more so because of their human guardians.”

She started thinking about the project at a time when the public discourse around dog ownership and public space was particularly contentious. And while many dog owners are aware of their responsibilities to their animal companions, they may perhaps be less aware of what their animal friends are trying to communicate to them.

This is how Decoding Dog Talk was born. Before the start of the pandemic, Courtney planned to host a series of Tail Talk tables at dog parks and recreation areas across the city where residents could get free information, diagrams and mini demos to help them learn basic principles of dog behavior.

“Most humans are not in tune to the subtleties of dogs’ language,” she explains. “Hint: Not all tail wags are created equally. Being armed with even a basic understanding of dog behavior could reduce stress on the animals and increase their quality of life – [which is] always a challenge for city pets – and help to avoid complications and confrontations with neighbors and other members of the community.”

After the fur-ruffling that New York Times article “The Dog Park is Bad, Actually” caused, this sounds like a much-needed thing to yap about. Dog parks are great places for play, but they certainly have downsides as well.

“The reason why I would like to be there for those Tail Talks is it’s hard to give general advice. The context is critical to understanding the body language of the dogs. Not all tail wags are happy. Also, the owners tend to space out while their dogs are constantly looking to them for guidance on how to handle social situations.”

Sexton says the way humans often view social and antisocial behaviors in dogs is quite wrong.

“I hope to impart on folks the importance of the contextual clues in body language and the trigger warnings that hint their dog is about to get into a fight,” she adds.

The fights between dogs can sometimes lead to their learning inappropriate behaviors like bullying – and then repeating those behaviors outside the park. Knowing how to recognize signs of aggression and learning how to control the dogs in that case is especially important. Simple obedience commands are critical in a dog park environment. While Decoding Dog Talk is on hold, learning about dog communication is definitely barking up the right tree. And as Covid restrictions lessen, Sexton plans to starting hosting safe, socially distant Tail Talk Tables.

“I was actually able to host one socially distanced Tail Talk Table at the Virginia Ave Dog Park a couple of weeks ago, and it went great.”

Learn more about Sexton’s project here and listen to her speak on the topic here

A Solid Foundation: Why has the housing market weathered the economic downturn so well?

My article for the Kogod School of Business

A wave of pandemic-induced uncertainty has thrown a pall over America’s economic performance, yet one sector remains a defiant shade of rose against a generally dark background. Why are home sales rebounding so quickly, with some locations reporting a return to the days of bidding wars? Is this a meaningful and lasting trend or simply a function of limited data from which to draw conclusions? “I think everyone in the industry is asking themselves what the new normal will be after such a cataclysmic event,” says Professor Steven Teitelbaum, who teaches Kogod’s Real Estate Development class and works in transit-oriented development and smart growth.

At the beginning of the pandemic in March, home sales fell by 8.5 percent as potential buyers lost their jobs, contended with economic uncertainty, or simply avoided moving due to health concerns. Existing home sales in April fell by almost 18 percent, but prices rose 7.4 percent compared to a year ago.

What could explain why basic supply-and-demand principles don’t seem to apply here? A huge drop in demand should put downward pressure on prices as the market sways in the buyers’ favor. But in this case, while demand dropped, so did supply. Sellers withdrew from the market for the same reasons that buyers did. New home listings fell dramatically after the stay-at-home orders, with estimates ranging from 29 percent to higher than 50 percent.

The drops in supply and demand were generally proportional to each other, but the lower number of transactions made it more difficult to analyze how prices moved in aggregate. “Data is so scarce that one blip sends things teetering toward one end or the other. It is hard to come by meaningful averages,” explains Teitelbaum.

Limited housing supply is likely to be a more prominent issue in certain areas. The pandemic has also affected new build construction. Professor Kim Luchtenberg, professor of finance and real estate, says, “The DC area will remain relatively sheltered from a real estate sector downturn because housing is in such limited supply. This will keep prices high, so buyers will not see much change.”

The number of homes listed for sale in the DC metro area dropped more than 37 percent compared to April 2019, resulting in the lowest inventory in the past 10 years.

A decrease in overall home sales has a number of effects. Home sales generate much spin-off economic activity. Local governments rely on revenue from deed transfer taxes to fund public services. Occupations like real estate agents, home inspectors, and other agents lose streams of income, as do support services like moving companies, furniture and appliance stores, landscapers, and maintenance technicians.

From a social perspective, people often buy homes when relocating for work, having children, getting married, or downsizing for retirement. An economic downtown that makes homeownership inaccessible may delay many of these milestones. For example, the Great Recession caused delayed household formation among young adults.

A much more grave concern is what will happen to the homeowners affected by the general economic downturn. “Foreclosures and mortgage defaults are sure to happen once the protection period ends,” says Luchtenberg. No one is sure how this will affect the real estate industry or the economy as a whole.

With so much turmoil in the stock markets and retail and hospitality real estate markets, plus general economic uncertainty, are investors attracted to the seemingly untouchable residential real estate sector? Luchtenberg and Teitelbaum concur that this trend is afoot, but in an unusual permutation—investment in single-family home rentals. This was the case immediately following the 2008 collapse, and currently, these kinds of rentals are one of the fastest-growing investment vehicles both for large corporations and individual investors. “The second-best option to owning a home is renting a single-family unit. Investors see that,” says Teitelbaum. Luchtenberg is currently writing a research paper on this phenomenon as well.

While understanding the “new normal” seems like an impossible proposition, in the DC area, at least, the old normal of a robust residential real estate market remains.

The Hidden Cost of the Hustle–Faculty and Director of the Kogod Tax Policy Center Caroline Bruckner hones in on the tax consequences of gig work.

By Toni Tileva | 
In September 2019, California became the first state in the country to pass a labor law aimed primarily at Uber and Lyft drivers that extends wage and benefit protections to about a million gig workers. California Governor Gavin Newsom wrote an op-ed arguing that when workers are classified as independent contractors rather than as employees, they lose basic benefits such as minimum wage, paid sick days, and health insurance. And their employers do not contribute to safety net programs like workers’ compensation and unemployment insurance, leaving, as Gov. Newsom pointedly stated, “taxpayers holding the bag.”Going a step further to address Social Security shortfalls, on December 19, 2019, Congresswoman Deb Haaland (NM-01), vice chair of the Task Force on Poverty and Opportunity, introduced a groundbreaking bill called the Gig Is Up Act that would require companies that gross at least $100 million and employ at least 10,000 independent contractors to pay the full cost of both the employer contribution and the worker contribution to Social Security and Medicare.“My research shows that gig workers can be in a very precarious economic situation, with most of them working gigs as a supplemental source of income,” Bruckner says. “For many, their low incomes keep them from having other investment vehicles, and they rely solely on Social Security for their retirement. Not getting their just dessert, so to speak, is an unforeseen and not often discussed consequence of contractor and gig economy work.”

The gig economy is notoriously hard to quantify, with estimates stating non-traditional work arrangements account for anywhere between 0.1% of full-time employment to 34%. According to the Freelancing in America survey, there are a reported 57 million American freelancers (counting on-demand and independent contractors) contributing in excess of $1 trillion dollars to the economy each year. Yet, their hustle can perhaps best be characterized as a struggle rather than a success, with little worker rights protection, unpredictable compensation, and intermittent work. The “on demand” nature of the work makes it just that—reliant on the customers’ and employers’ demands rather than the workers’.

In her recent book Hustle and Gig, sociologist Alexandrea Ravenelle argues that “for all its app-enabled modernity, the gig economy resembles the early industrial age…the sharing economy is truly a movement forward to the past.” While much research has been conducted on the size and growth trajectory of the freelancer industry, little scholarship examines the often unintended tax consequences affecting the workers and the economy writ large.

“Self-employed workers already have tax compliance and reporting issues, but the existing reporting rules further precipitate their failure to contribute to Social Security and Medicare through payment of the self-employment tax (SE tax),” explains Bruckner.

The tricky part is that companies that use contract workers aren’t required to send out a 1099-MISC unless they have paid that person $600 or more in a given tax year. On-demand workers who are paid by platforms usually get a 1099-K form, which companies use when a contractor has performed at least 200 transactions over the course of the year and has received at least $20,000 in payments. But, often, gig workers don’t receive any tax forms at all, leaving them on the hook to figure out how much they’ve earned over the past year and accurately report it to the IRS.

“Workers who don’t get tax forms from their employers need to figure out their earnings on their own. It is not as though they are intending to break tax laws, but many of them are simply not aware of what the self-employment tax covers and are short changing their Social Security earnings upon retirement in this way.”

Independent contractors and gig economy workers also do not make tax payments through withholding by their employers during the year and have to figure out estimated quarterly tax payments on their own. Not making those quarterly payments can translate to penalties and increases their audit exposure. “This isn’t just about gig workers underreporting their income tax, although this is a way to quantify the tax gap for the IRS and get their attention on the issue,” says Bruckner. “The consequences of the shortfall are twofold: it affects the funding and solvency of Social Security and translates to lower Social Security benefits for these workers upon retirement.”

In their recent “Failure to Contribute” research project, funded by the Center for Retirement Research at Boston College, Professor Bruckner and economist Thomas L. Hungerford estimate that, in 2014, independent contractors didn’t pay $3.9 billion in Social Security contributions that they should have, and on-demand workers didn’t pay $2 billion.

Bruckner has actively raised this issue with the IRS and given testimony on Capitol Hill. The Failure to Contribute report suggests Congress could take steps to modernize information reporting, update quarterly estimated payment requirements, and require better taxpayer education. Ultimately, these strategies should focus on the independent contractor economy generally and the on-demand/gig workforce in particular. “We need strategies to encourage people to buy into the system,” says Bruckner. “This is why tax policy needs to be accessible.”

With a $50,000 grant from the Wharton School of Business and Pension Research Council, Bruckner plans to continue her research with a study examining how women are using the gig economy to make up for retirement shortfalls. “This next phase of research will be ground-breaking in that it focuses on women specifically, who tend to live longer and have higher healthcare costs,” explains Bruckner. “Because women have been subject to the pay gap or had to take time out of the paid work force,  considering their retirement needs and how gig economy work is a strategy for shoring up retirement savings shortfalls is the logical extension of my existing work looking at the gig economy and its implications for Social Security.”

Pay It Forward, DC: 15 Ways To Give Back Locally

My article for On Tap magazine

Pay It Forward, DC: 15 Ways To Give Back Locally

‘Tis the season for paying it forward, so we decided to put together a list of 15 ways to give back to the DC community year-round. Our handpicked list is chock-full of unique organizations eager to put new volunteers’ hands and minds to novel uses. Read on for a list of creative ways you can give more of yourself to those in need around the District.

Restore the Anacostia Watershed

Eco-minded folks can help restore wetlands, plant native plants, collect seeds and much more, all while learning about the watershed and its ecosystem.
www.anacostiaws.org/how-to-help/volunteer.html

Put Down Roots with Casey Trees

Channel your inner tree-hugger through a variety of opportunities, from tree planting and tree care to advocacy.
www.caseytrees.org

Get Your Hands Dirty with Columbia Heights Green

Put your green thumb to good use at Columbia Heights Green, one of many participating parks and gardens in the Community Harvest Program at Washington Parks & People.
www.columbiaheightsgreen.org

Show Compassion & Offer Advocacy through HIPS

Donate to and/or volunteer with HIPS (Harm Reduction Experts Improving Lives Since 1993), offering compassionate harm reduction services and advocacy to people who engage in sex work or drug use in the DC area.
www.hips.org

Expand Your Practice with Yoga Activist

Are you a yoga teacher who wants to take the practice outside of the confines of traditional studio spaces? Yoga Activist is the place to do it.
www.yogaactivist.org

Knit It Forward in the District

Do you stay calm and knit on? Join one of many knitting meetups held at DC Public Library locations and/or donate your handknitted items to a variety of charities.
www.dclibrary.org // www.lionbrand.com/blog/10-charities-for-knitters-and-crocheters

Feed the Hungry with So Others Might Eat

Help provide nourishing breakfasts for those in need. They use real eggs, too – none of that powder stuff.
www.some.org

Provide a Fitness Framework for Girls on the Run

Volunteer with the DC chapter of this national nonprofit dedicated to making a world where every girl is free to boldly pursue her dreams through running. Support students during a 10-week program to help them establish an appreciation for health and fitness.
www.gotrdc.org

Dress to Impress with Suited for Change

Help local women entering the job market dress to impress through a variety of volunteering and donating options, including leading a styling workshop.
www.suitedforchange.org

Support Senior Citizens at We Are Family

Help isolated senior citizens with groceries, cleaning, transportation or just a friendly visit. Make a new friend this season by joining We Are Family.
www.wearefamilydc.org

Save the Felines with Alley Cat Rescue

The trap-neuter-return program at Alley Cat can make life on the streets a little more bearable for our furry friends. Donate to the rescue or adopt one of their many cuddle bugs.
www.saveacat.org

Be a Classroom Volunteer at Carlos Rosario International

Volunteer in adult ESL, culinary, IT and health classes and programs at Carlos Rosario International Public Charter School, and/or join as a mentor through the Impact Mentorship Program.
www.carlosrosario.org/get-involved/volunteers-2

Mentor Families with Northstar Tutoring

Tutor, mentor and help support members of low-income families in DC through Northstar Tutoring.
www.northstartutoring.org

Help the Homeless at Friendship Place

Help people in need transition out of homelessness at Friendship Place through a variety of volunteer roles, from mentoring to cleaning.
www.friendshipplace.org

Go Pro Bono with the D.C. Bar

If you’re a DC lawyer, you can give back by providing a variety of pro bono legal services.
www.dcbar.org/pro-bono/volunteer

Coach Soccer with DC Scores

Score a winning goal by helping coach and referee soccer games.
www.dcscores.org/volunteer

What Are the Odds? A computational neuroscientist and Kogod adjunct scores a career as a data scientist with the NBA.

So much of our everyday life involves making predictions—from picking the best route for our morning commute to bringing an umbrella to choosing a partner. “We predict all the time, so the process is natural,” says Grant Fiddyment, adjunct professor of predictive analytics at Kogod and data scientist for the NBA’s Philadelphia 76ers. “In a lot of ways, it’s the same way we interact with technology and the world. For instance, how can I phrase my web search so that the site will match what I’m looking for? How can I pronounce a word so that a virtual assistant will understand what I’m saying? Without knowing the technical details, we implicitly learn how these technologies work.”

What is predictive analytics, and how does it offer us a glimpse into the future?

At its most fundamental level, the discipline calculates the likelihood of future events by simply (although many would cry foul at this characterization) counting the possible outcomes. Its foundations were laid in a 1654 letter exchange between French mathematicians Pierre de Fermat and Blaise Pascal discussing how the winnings of a coin-flipping gambling game should be split. And while we all know that the house always wins in Vegas, few would know to credit Jacob Bernoulli’s Law of Large Numbers from 1713 as the reason why.

Despite predictive analytics’ old roots, it is responsible for many facets of modern-day life we give little thought to—things like credit card fraud detection, virtual chess partners, and, of most interest to Fiddyment, creating professional sports super teams.

Grant Fiddyment's headshot.

As a data scientist on the research and development team for the 76ers, Fiddyment helps frame and analyze the predictive questions that arise in sports—for example, how will signing a new player impact a team’s title odds, or how well will a tall lineup play against a smaller, quicker one?

Predictive analytics has long been used in sports, going back to the analog days of yore. Baseball has historically led the movement. One of the most famous success stories is told in the movie Moneyball, which follows 2002 Oakland Athletics general manager Billy Beane as he uses predictive analytics to hire under-valued players and send his team on a crowd-wowing 20-game winning streak. But the methods developed in Oakland have application across all sports.

“Most teams were asking, ‘How often does a batter get a hit when they go to bat?’ Instead, the A’s asked, ‘How many bases does a player get when they go to bat?’ Looking at total bases turns out to be more predictive of how many runs a team will score,” explains Fiddyment. “Similarly, in the NBA, teams used to ask how often a player will make a shot. But this overlooks the fact that all shots are not equal. So now teams are asking, ‘How many points will a player get when they take a shot?’”

In the past decade the number of three-point shots in the NBA has increased. Is the rise just due to random luck or is it part of a well-crafted strategy? Fiddyment and other fellow data scientists employed full-time by sports teams work to answer new questions like these. He credits the invention of video tracking as the proverbial game changer. “Chip or camera-based systems will follow players as they actively play a sport, and the data we get is much more nuanced than a single-number summary,” says Fiddyment. “For example, we can answer how many pick-and-rolls the team ran last game or how open were the shots they generated. We can analyze the individual and team as a whole.”

At the moment, this kind of data collection is limited to professional teams, making it difficult to spot up-and-coming superstars. “College and international teams typically don’t have the same camera systems, so projecting which players will become successful remains a very challenging problem,” Fiddyment says.

Despite rapid advancements in technology, however, not all data is created equal—or, perhaps, equally useful. The limitations of data translate to limitations in predictive accuracy (as meteorologists can confirm). “We need to be aware of computers’ strengths and weaknesses,” Fiddyment advises. “Computers can process vast amounts of data much more quickly than humans ever could. But they are restricted to the data they have and operate very literally, so we should never expect them to behave exactly like a human, even if they can match our performance at a given task.”

From the glitz of Vegas to the life-saving powers of storm forecasts to the way opinion polls affect voters, predictive analytics is ever-present in our lives. Advances in machine learning and big data models are improving our ability to look into the future, but they are also raising some thorny issues, one of the most notable being the boundaries of data privacy. For now, however, Fiddyment has scored a slam dunk for the NBA.

From Veteran to Venture: Kogod alum-turned-professor helps veteran entrepreneurs launch their businesses

My story for Kogod School of Business

Each year, roughly 200,000 US service members transition from the military to the private sector. Although veterans are twice as likely as non-veterans to be self-employed, their rate of business ownership has dropped precipitously from the entrepreneurial high of their predecessors in the last century.

Half of World War II veterans went on to own or operate a business—a similar rate to the 40% of Korean War vets who did the same almost a decade later. Of the more than 3.6 million people who have served in the military since September 11, 2001, only 4.5% have started a business. What has led to such an enormous gap in veteran entrepreneurship?

In short, more challenges—and fewer resources to overcome them.

Although 25% of veterans say they want to start their own businesses, they face more obstacles securing the capital needed to get their ideas off the ground than in the past. Unlike the GI Bill of 1944, the updated 2008 version does not include access to low-interest loans to start a business. The financing needs of veteran and non-veteran businesses are similar, research shows, but even though would-be veteran business owners submitted more loan applications and reached out to a wider variety of lenders, they typically obtained less financing and got lower approval rates.

Because of frequent travel and work abroad, some veterans are also struggling with building a credit history and amassing collateral. And while previous military drafts drew from all segments of society, this century’s all-volunteer armed forces are more likely to come from military families, making them increasingly isolated from the non-military community and the networks that facilitate business success.

Seda Goff—a Kogod adjunct professor and MBA alumna—is helping veteran entrepreneurs overcome these challenges in her role as the director of veteran entrepreneurship at the PenFed Foundation. Through the foundation’s Veteran Entrepreneur Investment Program (VEIP), veterans can get the seed capital and mentorship they need to build and grow their ventures.

“Veterans have given a lot to serve and protect us, and the skill sets that they gained in the process lend themselves perfectly to entrepreneurship,” Goff says. “This new generation of entrepreneurs feel that same desire to serve and to make a difference and be bigger than themselves.”

After graduating from Kogod, Goff worked for the US Department of Veterans Affairs before moving to PenFed, where she was able to build the nonprofit investment program from the ground up. Her passion for helping veterans stems from growing up in close contact with service members.

“My father was in the Turkish Navy. He worked for the navy for almost 30 years after we came to the US,” Goff recalls. “I loved being around service members and their families. Everybody is very mission- and service-oriented.”

Since launching in March 2018, the Veteran Entrepreneur Investment Program has invested in and offered resources to veteran entrepreneurs. And because veterans are 30% more likely to hire other veterans, the program’s benefits extend to the entire veteran community.

VEIP is funded by outside donors, with PenFed Credit Union matching up to $1 million in contributions. Returns on all investments go back into the program to support future veteran-owned ventures. “The success of veteran entrepreneurs allows the program to exist,” Goff explains. “The dividends go right back into investing in more entrepreneurs. The multiplier effect translates to growth for businesses that are ready to launch, established businesses that want to grow, and those that are still in the exploratory stages.”

In the future, the PenFed Foundation aims to develop new resources for veteran entrepreneurs in all stages of the business cycle, with a focus on women veteran entrepreneurs—who have grown from owning 2.5% of veteran-owned businesses in 2008 to 4.4% in 2012.

Goff, who works with the American University Entrepreneurship Incubator, hopes to one day launch an incubator for veteran entrepreneurs at Kogod, too.

“I feel like the majority of entrepreneurs are just problem solvers. And if you point them in a direction, they’re going to solve problems,” Goff says. “In my work, I have seen how a military career is not something that you need to transition away from to be successful. Serving already has given vets the tools for success.”

Islamic Finance—A Centuries-Old Approach Providing Modern Solutions

Published here

Could a system of finance dating back to the seventh century offer modern solutions to problems like college debt and crumbling infrastructure? Dr. Ghiyath Nakshbendi, chair and founder of the graduate certificate in Islamic finance at the Kogod School of Business, believes so.

“In America, millennials are growing tired of the system of interest, especially when it comes to student loans. They are looking for something that is different,” Dr. Nakshbendi explains. “We also have big problems with infrastructure. More than 54,000 bridges need repairing, for example. Islamic finance could be a way to fund these projects.”

Kogod’s graduate certificate in Islamic finance is the first of its kind in the US. Although Islamic finance has been practiced for over a millennium in Muslim countries, it is relatively new to the US, with the Office of the Comptroller of Currency approving its use for home lending in 1997. It  has taken strong root in Europe, with nations like the United Kingdom, Germany, and Luxembourg at the forefront. In 2018, the UK’s largest Islamic bank, Al Rayan Bank, said about one-third of its customers were non-Muslim, up from one-eighth in 2010. So what is driving Western interest in this ancient approach?

“Islamic finance is not for Muslims only,” Dr. Nakshbendi states. “It is for humanity.”

Islamic finance is an alternative to conventional finance. Sharia law—Islamic law based on the religious principles of the Quran and the Hadith—forbids the charging of interest. Because money is only a way of defining value, making money from money is not permissible, rendering financial products like options, futures, and derivatives moot. In Islamic finance, lending can only occur in the context of a sale or exchange of some sort, meaning investments must result in something tangible.

If interest is forbidden, how do Islamic institutions interact with conventional financial markets? Profit-and-loss sharing contracts are one way, where an Islamic bank pools investors’ money and assumes a share of the profits and losses. Another way is renting or leasing products and services. Or a bank can form a partnership with the company it is sponsoring, reaping some of the benefits once the company produces its product. There are also sukuk—Islamic bonds.

Malaysia, a leader in Islamic banking, has been at the forefront of using Islamic finance to fund environmental sustainability projects. In 2018, Malaysia’s Securities Commission debuted the world’s first green sukuk, an Islamic bond used to fund environmentally sustainable infrastructure projects. Two Malaysian investment companies have already issued green sukuk to fund the construction of large-scale solar power plants in multiple districts.

Islamic finance is even finding its way into cryptocurrency. Rain, a Bahrain-based cryptocurrency exchange, announced in February that it had passed a Sharia compliance certification and bills itself as “the most regulated and secure digital currency exchange in the Middle East.”

“Malaysia and Bahrain are setting global best practice standards of Islamic finance. Business juggernauts like Kuwait and Saudi Arabia have been relying on this system, and they are at the forefront of all sorts of innovations,” says Dr. Nakshbendi.

The Islamic finance program attracts a wide variety of students who are eager to learn an alternative way of doing business, from creating community-minded, sustainable development to avoiding predatory lending and promoting inclusive growth.

Recent graduate Bianca Tardio sees Islamic finance as an avenue for positive societal change. “A lot of conventional finance funding provides more of a debt problem, which people obviously have trouble getting out of,” Tardio says. “Islamic finance would be an alternative to benefit not just companies or corporations but actually the people.”

Many students see Islamic finance gaining traction in the world economy and want to make sure they’re prepared to be a part of this growing global branch of finance. For them, the certificate opens up a world of career prospects.

“If one of the regular banking institutions wants to open an Islamic finance branch, someone with this certificate will be the first they will ask to get involved,” Dr. Nakshbendi says. “Even though the figure is from 2016, a study found that there are more than 50,000 jobs in Islamic finance worldwide.”

In 2017, total worldwide Islamic finance assets were estimated at $2 trillion. By 2021, they are expected to grow to $3.5 trillion. In the US, banks like Standard Chartered and JP Morgan—alongside several smaller banking institutions—are already offering Islamic personal and business banking services.

Students graduating from the certificate program are positioned to be at the forefront of Islamic finance’s growth in the US and around the world. From infrastructure development to climate-friendly investments to cryptocurrency, Islamic finance’s inherent innovation invites further exploring.

Though it has ancient roots, Islamic finance is far from irrelevant or antiquated; it offers solutions to some of the world’s most entrenched modern problems. Rather than focusing on wealth generation, Islamic finance offers an avenue to community-focused development and socially responsible investing.

JUST IN CASE: Know your black market weed etiquette

My article for Noise Journal

Editor’s note: While a majority of states have legalized cannabis in one form or another–for medical and/or recreational use–the election of President Donald Trump, and his appointment of drug warmonger Jefferson Beauregard Sessions III as the nation’s top law enforcement officer, has driven fear into the hearts of both marijuana users and hundreds of thousands of cannabis industry workers across the United States. What will come next for our nation’s great experiment? Who knows. Trump and his motley crew of right wing know-nothings are sending mixed messages, having probably not even developed a plan yet. In the meantime, get involved. Call your members of congress. Attend an Indivisible meeting

And freshen up on your black market etiquette. Because, if the worst predictions come true, you could be buying your weed from that dude down the street again pretty soon.

Marijuana is the most commonly used illicit drug (22.2 million current adult users) according to the 2015 National Survey on Drug Use and Health. That year–the most recent available–marijuana was used by 81.0 percent of current illicit drug users and was the only drug used by a majority of them. In other words, read this chapter. It’s useful.

To begin, instead of using the proper he/she term to refer to your “drug dealer,” I will use the male pronoun but only for simplicity’s sake. I will also not use the word “drug dealer” as I find it to be moderately dehumanizing and pejorative. I will refer to him as the “purveyor.” All of the following anecdotes are based on interviews and as such are “true stories,” or at least true to someone, somewhere (before you ask, I know nothing about any of this…I am but a lowly writer). I have purposely withheld the names and any details, as to allow the interviewees to share stories in an uninhibited way.

Any ideas you might have about the type of person who is a purveyor of marijuana should comfortably be tossed into the ashtray where they belong because they are patently, or should I say, potently false. People from all walks of life purvey, and they do so for an equally broad range of reasons. Ph.D.s in the sciences—yep; college kids—yep; intelligent girls with daytime jobs—yep. Literally all ethnicities, age groups, genders, and orientations are represented. Any stodgy ideas you might have about your purveyor being in any sense of a lower social stratification than you are completely and thoroughly baseless. If you think your purveyor is a “pothead,” that is also plain wrong. Your purveyor is a business man and you better believe he is on top of his business.

More to the point, however, every “drug dealer” you have seen in the movies is probably not even remotely akin to your purveyor. Scarface this is not. Nor is it Spring Breakers. The biggest way in which he is not like those tropes—dollar dollar bill, y’all. He is not stacking the ducats, son. Let me break it down for you—the profit margin on an eighth of an ounce of weed is $10, at best. Most buyers purchase eights or quarters. They do not buy pounds. So, your little transaction, as momentous to you as it may be is *hardly* momentous to your purveyor. How many of those little bags a day do you think he has to sell to be able to even make rent in a major metropolitan area? And the risk? Good. Now that I have put things in perspective for you, maybe you can better start to understand what is up.

The customer is always wrong. Well, not quite, but my point is that the customer service ethos you have so accustomed yourself to does not hold any water in the weed game. Statements to your purveyor like “I am helping you,” “You need my business,” “Look what favor I am doing you,” are…well, thoroughly asinine. Why? Because this is a market economy, yo. Wake your little bourgeoisie self up! The market sets the price; you get what you pay for…all of those trite adages are freaking true! Medical marijuana dispensaries will always be more expensive than the underground purveyors. The product is in high demand, and it’s risky to procure. Fast, good, and cheap: you can have any two of those, but you can’t have all three.

In addition, as I said earlier, most purveyors of marijuana do just that. They do not sell a smorgasbord of drugs! Just because he has really nice Sour Diesel doesn’t mean he has a kilo of cocaine. You probably won’t ever hear, “You’re right! I totally forgot I have a pound of crystal meth!” It doesn’t hurt to ask, *in person*, but do not press for answers.

OK, let’s get on with the pointers on how not to be a big dummy when buying weed.

  1. Don’t talk about drugs over the phone or any medium, for that matter. Never, ever, ever, never! Don’t even use code! The NSA is the greatest code breaker in the world; you are not going to come up with a code in the next five minutes that they won’t crack. Don’t talk about it on Facebook. Don’t talk about it on email. Don’t talk about it on Skype, Snap Chat. Whatever. Don’t talk too loudly about it in person! In most states, marijuana is still illegal. We recommend, “Wanna hang out?” or “Hey. I’d love to see you.” He knows what you mean. You’re not romantic with him. And if you are, you shouldn’t be paying.
  1. Show up. On time. Never ever, should there be a circumstance where the purveyor is waiting for you. Or even worse—you are sending a multiplicity of texts about how you are lost, or whatever nonsense/terrible fate has befallen you. You don’t keep your doctor waiting. You don’t keep your boss waiting. Right? Common sense.
  1. Get your money straight! Your purveyor does not accept barter or your Grandma’s cookies. Nor does he care to see you rummaging through your purse in broad daylight like the big dummy you are. Nor does he carry change. Or take credit card. Never ever should there be “I’ll pay you later.” These words are not in the lexicon of your purveyor.
  1. There is no free delivery! Delivery is a major and added risk; it is also incredibly time- consuming and cuts into an already low profit margin. Would you expect your pizza delivery guy to deliver without a tip? Yeah, I didn’t think so.
  1. To that point, this is not social hour. If he sets the tone with wanting to socialize, OK, but he is there to do business.
  1. If you’re meeting in a public place, don’t get into any cars you feel uncomfortable getting into. Make the transaction, and move along. A deal should take as long as it needs to take, and no longer.
  1. Do not ask or even suggest coming to the house of your purveyor unless you’ve been invited by him. Would you want your boss showing up at your house uninvited? Right; didn’t think so.
  1. Do not assume that your purveyor wants to be talked about with your friends. Treat your relationship like a relationship, and don’t spread it around. Most purveyors prefer to be monogamous, so don’t kiss and tell. If you want to hook your friends up, hook your friends up, but don’t ask your dealer to. You wouldn’t ask your girlfriend to.
  1. If you see your purveyor in a social setting, you don’t know him. Even if you are friends with your purveyor, the actual transaction is a business moment, entirely separate from your friendship. Treat it with respect.
  1. Be an informed consumer: buying good marijuana is like going to the farmers market. You don’t ask to try all of the strawberries! You try one variety of strawberry, then decide if you want those, or blueberries. Know what your tastes are. That’s what Leafly is for. Know what strains are the ones you would like, but never expect anything.
  1. Contents may settle during shipping.” The season and where the variety is grown (indoors vs. outdoors) will impact the bud, even with the same strain. Colors, crystals, and contents may vary. This is an organic product, after all.
  1. “This is not Target!” If the product is not up to your standards for whatever reason (weight, quality, packaging), point these discrepancies out immediately. Do not, under any circumstances, expect a refund at any point. After you’ve handed over the money, the deal is done. Your purveyor has almost zero interest in “cheating” you. Remember that $10 profit margin. Yeah…He has no time to listen to a litany of complaints or entitled whining. Seriously.
  1. If your purveyor has treated you to free drugs in the past, don’t assume this is going to happen again. Consider yourself lucky. Don’t ask. Free drugs are free, but should never be.
  1. If you do something that makes your purveyor decide to cut you off, don’t come back begging or threatening or even texting. Beg texting? Bexting? Threatxting? Just picture how grabby and pathetic you look from the side and by pathetic I don’t mean worthy of scorn. I mean sad. It’s sad to see someone acting like a petulant brat. Not a good look. If you are cut off, it means you were a big dummy. Accept that.