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Morals in Information Technology - Essay Example Protection in the working environment is an ethical issue that straightforwardly influences the representatives and the business. The issue experiences support in an association in light of the fact that different individuals in the association esteem data put away in their processing gadgets (Reynolds, 2014). At the point when a representative works in a specific association, the individual in question obtains different organization resources for example a PC. In as much as the business depends the worker with the specific sort of figuring hardware, it doesn't ensure total access to the framework by the business. That is the explanation with regards to why greater part of the associations demands that different workers defend their private data and records in scrambled or secret word secured drives or envelopes. Security works from a wide scope of issues. The main issue of security happens when there is the checking of the employee’s web exercises and the email use. Larger part of the enterprises and associations are receiving a strategy where worker exercises followed through a log document. The primary point of the specific action is to test the employees’ faithfulness to the organization or firm that has utilized them (Reynolds, 2014). In any case, the specific situation for the most part experiences treatment portrayed by numbness and different information that is close to home to the representative gets uncovered. The specific movement subsequently falls under break representative classification and security. A few cases can constrain a specific organization to lead such an action. The inquiry on whether it is correct or wrong for an organization to invade the individual information put away on PCs at work places stays a major test. The thought process of the quest for what records and reports looked gives a decent gauge to the conduction of such a movement. Be that as it may, for the proficient conduction of the specific procedure, proprietors of the specific PC frameworks experience sharpening of the activity (Reynolds, 2014). Different right standards or structures

Who Was Benjamin Franklin Religion Essay

Who Was Benjamin Franklin Religion Essay Benjamin Franklins thoughts on God and human instinct were altogether not the same as the puritan standard at that point.  While Franklin considered God to be a decent and savvy maker, the puritans dreaded Him as an all-powerful being.  The puritans considered human to be as a definitive course for transgression, while Franklin accepted that people as results of God were acceptable on a fundamental level.  Franklin had faith in a God discrete from the two keeps an eye on action on earth and the puritan perfect of what His identity was, and in people not as captives to sin and reclamation, yet as bosses of their own fate. Rigidity was a broadly held conviction framework in the early provinces. An immediate relative of Calvinism, Puritanism had solid roots among countless the homesteaders all through early American settlements. As an order of Christianity, they had faith in the book of scriptures as the expression of God, and Jesus as Gods child. It was regular for puritans of an opportunity to fear God and take a gander at all setback that came upon them as discipline for their transgressions. What's more, as it struck my hand, so it struck my heart; for I out of nowhere ascended and went into a wood; and there I cried sharply, and now presumed that God, God had discovered me out. (Dane, 4) The puritan God can nearly be viewed as an overbearing pioneer; one who strikes dread into the hearts of His subjects, yet requests their affection and regard. Franklins semi-present maker God was unmistakably unique in relation to that of the rebuffing manager of the puritans. Franklin was one of not many deists at that point. It is said that had he distributed his deism tract thirty years sooner, he would have gambled detainment and execution in the British Empire. The standards of the time, the puritans, were a mind lion's share. The puritan God was consistently there, continually looking out for his manifestations. As John Dane rehashed from his mom, à ¢Ã¢â€š ¬Ã‚ ¦Go where you will, God he will discover you out. (Dane, 2) The puritans went through their lives with the ever present thought of Gods fierceness hanging over their shoulders. Franklins God was not a similar element. He was the maker, and that to Franklin was the extent that His relationship with man went. God didn't motivate man to compose the books of the holy book, nor did he send His Son to pass on a cross for keeps an eye on transgression. à ¢Ã¢â€š ¬Ã¢ ¦after questionin g by turns of a few points㠢â‚ ¬Ã¢ ¦ I started to uncertainty of Revelation itself. (Franklin, 5) Franklins God gave man life and through and through freedom, and afterward gave him the rules to control his own predetermination. The puritan origination of human instinct depended on the possibility of unique sin. Unique sin is a term used to portray the books of scriptures story of Adam and Eve eating the natural product from the tree of good and underhandedness under allurement of Satan. Puritans accepted that in light of this unique sin, people are for the most part innately degenerate and debased of brain; since man is naturally introduced to sin, it is unimaginable for him to get away from it. Your best obligations are corrupted, harmed, and blended with some wrongdoing, and thusly are generally evil according to a blessed God. (Wigglesworth, 4) according to the congregation, the main saving grace of human instinct was that they themselves were made by God. They were devoted to God and His statement since they feared his discipline. The main expectation the puritans had in life was that they may be picked in Gods eyes as deserving of reclamation. Franklin saw the idea of people in a totally different light. While he looked to God for astuteness and understanding, he accepted that man could be acceptable without God. He reached this resolution not with religion, however with astuteness and rationale. He made a rundown of thirteen ideals that he accepted could carry a man to moral flawlessness. These too were not made in light of a specific strict faction, but instead with the possibility that all individuals could better themselves through them. à ¢Ã¢â€š ¬Ã¢ ¦that awful activities are not terrible on the grounds that they are illegal, yet prohibited on the grounds that they are pernicious, the nature of man alone considered㠢â‚ ¬Ã¢ ¦ (Franklin, 15) He accepted that malicious or ethically wrong activities weren't right, not on the grounds that God said as much, but since they were frightful to humankind. Human instinct without anyone else was not degenerate, and it was feasible for a man to be really acceptable. Franklins convictions on human instinct were diverse from multiple points of view than that of the puritans. While the puritans considered man to be basically abhorrent from origination, Franklin considered man to be ready to make his own predetermination. While the two gatherings had confidence in God as being essential to the life of men, Franklin considered his to be as even more a guide, and less as a severe way like that of the puritans. The Puritans had just a single method to accomplish finishing throughout everyday life; to gain Gods recovery. Franklin accepted that as man attempted to be a superior individual, he was accomplishing his predetermination throughout everyday life. à ¢Ã¢â€š ¬Ã¢ ¦tho I never showed up at the flawlessness I had been so goal-oriented of obtaining㠢â‚ ¬Ã¢ ¦ I was, by the undertaking, a superior and more joyful man than I in any case ought to have been in the event that I had not endeavored it㠢â‚ ¬Ã¢ ¦ (Franklin, 14) The puritans didn't ac cept this was the situation, as benevolent acts to them amounted to nothing if God didn't give favor. Your great obligations can't spare you, yet your terrible works will damn you. (Wigglesworth, 4) The different gatherings thought of human instinct was straightforwardly influenced by their separate thoughts of God. The puritans had confidence in a God that was omnipotent and comprehensive. They thought of themselves as shameful brutes without reason, and just with the kindness of God did they get any opportunity of joy on this planet or after it. à ¢Ã¢â€š ¬Ã¢ ¦everyone trespassed in Adam and everybody merits everlasting death㠢â‚ ¬Ã¢ ¦ (Wigglesworth, 4) Franklin saw a God that was less engaged with the lives of men. He put substantially more accentuation on the value of a people works and tries, and less on whether this individual had been picked by God. à ¢Ã¢â€š ¬Ã¢ ¦there was in [my scheme] no sign of any of the distinctive occupants of a specific order. I had deliberately evaded them㠢â‚ ¬Ã¢ ¦ that it may be workable to individuals of all religions㠢â‚ ¬Ã¢ ¦ (Franklin, 15) Both gatherings standards were established in conviction, and were unmistakably unique due to the distinctions in the conviction of each separate God. As much as the puritan standards were like that of the deist Benjamin Franklin, the distinctions of every confidence is the thing that characterizes them. Franklin put stock in a God situated in rationale, while the puritans God was established in confidence and custom. From this confidence in isolated Gods, separate faith in human instinct emerged; the puritans trusting in Human nature as malicious and Franklin putting stock in it as free and just. Franklin found that the way to honorableness could be acquired through acts of kindness that bettered humankind; while the puritans accepted that solitary exacting adherence to the rules set out by God could bring salvation. Each perspective has its own establishments and every give history specialists an alternate yet similarly important viewpoint on life in the early American provinces.

Blog Archive Professor Profiles Terry Taylor, UC Berkeley Haas School of BusinessÂ

Blog Archive Professor Profiles Terry Taylor, UC Berkeley Haas School of Business   Many MBA applicants feel that they are purchasing a brand when they choose a business school. However, the educational experience you will have is what is crucial to your future, and no one will affect your education more than your professors. Today, we focus on  Terry Taylor  from the Haas School of Business at the University of California (UC), Berkeley. After stints at Columbia Business School and the Tuck School of Business at Dartmouth,  Terry Taylor  joined the faculty at the University of California, Berkeley, Haas School of Business in 2007, where he is currently the Milton W. Terrill Chaired Professor of Business Administration. Considering that Taylor, who has a PhD from Stanford in management science and engineering, is often named in student blogs and online student chats as a favorite among the school’s aspiring MBAs, he not surprisingly won the Earl F. Cheit Award for Excellence in Teaching in 2009 and again in 2011. He was also named the fifth most popular professor at a top U.S. business school by  Bloomberg Businessweek in 2011. Taylor’s academic interests include the economics of operations management and supply chain management. His “Operations Management” course looks at operational issues confronted by manufacturing and service companies. In addition to reportedly having a well-organized curriculum and classesâ€"which a second year we interviewed said include “no down time”â€"Taylor can make technical subjects very interesting, sometimes even using references to  Seinfeld  episodes to illuminate concepts. A second year told mbaMission, “He’s pretty young and has a style that mixes high energy with a dry sense of humor.” For more information on the defining characteristics of the MBA program at UC Berkeley Haas or one of 16 other top business schools, check out our free  mbaMission Insider’s Guides. Share ThisTweet Berkeley-Haas Professor Profiles

American Dream in The Great Gatsby by F. Scott, Fitzgerald

The American Dream is what pushes the characters in The Great Gatsby. It is the idea or belief that everybody has the opportunity to accomplish their goals and become wealthy and prosperous if they only work hard enough. There is or are some things about the American Dream that never seem to meet the expectations and needs of society. The characters in The Great Gatsby cannot grasp the concept that The American Dream is somewhat an illusion because not everybody can obtain what they would like if they work hard. Gatsbys inside look on the destroyed American Dream gives sarcasm to the novel because he is the only one that actually ‘works’ for his station. Gatsby was the only person who believed solely in the power of the American Dream. He honestly thought that his efforts and dreams would be effective in the end. Gatsbys one devastating flaw is that he believes in his ability to achieve the American Dream. His disgrace is the fact that he thinks that things can simply go back to the way they were previously. Gatsby overall best circulates around the American Dream because he has humble beginnings. He has a dream, a desire, to find the girl he loves; and that is what motivates him. Gatsby also represents the destructive American Dream because he does not succeed in obtaining everything he wants even though he works minor with his goal, Daisy Buchanan. Several times throughout the novel, a green light is brought up. The green light symbolized envy, jealousy, longing, and inShow MoreRelatedAmerican Dream : The Great Gatsby By F. Scott Fitzgerald1280 Words   |  6 PagesProfessor Ludwig 10 November 2014 American Dream The ideal American Dream is that every citizen in the U.S. may have a promising future, happiness, a family, and health. Some reach the American Dream, and some settle for less. People who do not obtain any type of American Dream cannot truly be happy because their life is not truly fulfilled, which does not satisfy their ambition. Jay Gatsby, a young man who over came poverty, and achieved the ideal American Dream but fell in love with a young ladyRead MoreThe American Dream in The Great Gatsby, by F. Scott Fitzgerald1129 Words   |  5 Pageseconomy began to soar, and the notion of the American dream began to take effect. The American Dream is the idea that anyone can come from any background and no matter who they are, if they work hard and stay true to themselves, they can achieve their dreams. The Great Gatsby, set in the early twenties, displays that socio-economic power is obtained through inheritance, forming an aristocracy of power and wealth. The Great Gatsby, written by F . Scott Fitzgerald, demonstrates how geography and locationRead MoreThe American Dream in The Great Gatsby, by F. Scott Fitzgerald1082 Words   |  5 PagesThe 1920’s was a time of great change to both the country lived in as well as the goals and ambitions that were sought after by the average person. During this time, priorities shifted from family and religion to success and spontaneous living. The American dream, itself, changed into a self centered and ongoing personal goal that was the leading priority in most people’s lives. This new age of carelessness and naivety encompasses much of what this earlier period is remembered for. In additionRead More The American Dream in The Great Gatsby, by F. Scott Fitzgerald2776 Words   |  12 PagesIntroduction The â€Å"Great Gatsby† is a very twisted and convoluted novel which was written by F. Scott Fitzgerald. It has been written in late 1925, the characters in the novel focus upon a fictional town of West Egg. The plot of the story depends over the mystifying millionaire, Jay Gatsby, who has an impetuous enthusiasm for one of the most beautiful women in town, Daisy Buchanan. The theme of the novel focuses upon the American Dream that shares the experiences of the revival of the World WarRead MoreThe American Dream : F. Scott Fitzgerald s The Great Gatsby1329 Words   |  6 PagesAn American Illusion After the Chinese Exclusion Act of 1882 was implemented in America, many immigrants from China, Japan, and India were stripped of their pursuit of the American Dream at Angel Island. The immigration station’s detainment of these rejected dreamers destroyed stories before they could happen. These stories of opportunity and the fulfillment of the American Dream make America what it is today. For instance, many immigrants today who are lucky enough to settle into America enterRead More Corruption of the American Dream in the Great Gatsby by F. Scott Fitzgerald1438 Words   |  6 Pages Broken Dreams and Fallen Themes In The Great Gatsby, Fitzgerald employs the use of characters, themes, and symbolism to convey the idea of the American Dream and its corruption through the aspects of wealth, family, and status. In regards to wealth and success, Fitzgerald makes clear the growing corruption of the American Dream by using Gatsby himself as a symbol for the corrupted dream throughout the text. In addition, when portraying the family the characters in Great Gatsby are used to exposeRead MoreThe American Dream : F. Scott Fitzgerald s The Great Gatsby1362 Words   |  6 PagesGatsby Corrupted Dream The American Dream is originally thought to be about how hard work can lead one person from poorness to richness with the right amount of effort put in. The American Dream can have different meaning to different people but at the end they are all trying to achieve a goal. The American Dream usually requires hard work and dedication. But cheating your way to success can change a person. An example of a distorted American Dream would be F. Scott Fitzgerald s The Great GatsbyRead MoreCorruption of the American Dream in The Great Gatsby by F. Scott Fitzgerald855 Words   |  4 Pages In the novel The Great Gatsby, F. Scott Fitzgerald gives the reader a glimpse into the life of the high class during the 1920’s through the eyes of a man named Nick Carraway. Through the narrators dealings with high society, Fitzgerald demonstrates how modern values have transformed the American dreams ideas into a scheme for materialistic power and he reveals how the world of high society lacks any sense of morals or consequence. In order to support his message, Fitzgerald presents the originalRead MoreCorrupted American Dream in the Great Gatsby by F. Scott Fitzgerald1389 Words   |  6 Pagesit corrupted them as they set to reach the American dream by acquiring wealth for the only purpose to pursue pleasure. The Great Gatsby is a 1925 novel written by F. Scott Fitzgerald showing that no one is unaffected by the corruption. This novel is seen through the eyes of Nick Carraway, who moves from the mid-west to west-egg to chase his American dream. He observes the people and events around him as he follows the attempts of his neighbor Jay Gatsby, to gain back Daisy Buchanan’s love. ThroughRead MoreCorrupting the American Dream in The Great Gatsby† by F. Scott Fitzgerald869 Words   |  4 PagesIn the novel, â€Å"The Great Gatsby† by F. Scott Fitzgerald, the author establishes materialism and wealth as a corruption to the American dream. The American dream embodies the idea of self-sufficient, honest and intelligent individual with a happy successful life. It is also the idea of the pursuit of happiness but Daisy Buchanan a wealthy aristocrat goes after the empty pursuit of pleasure, portraying her character as a disillusionment of the American dream and how much it lost its good values. The

The Era Of The Common Man - 1011 Words

The Jacksonian period has been regarded as the era of the â€Å"common man†, this characterization only holds true in regard to politics. Jackson’s action in economic development was little different from when this era began. His view towards reforms were threatening and unwanting. Jackson was relentless in his strive for presidency. Jackson lost his first presidential run to John Quincy Adams in 1824 despite having the popular and electoral votes. The Jacksonians (supporters of Jackson) called this event the â€Å"Corrupt Bargain† due to Henry Clay support of Adams after he was out of the race. Jackson won the following election in 1828, after a war of words were exchanged between supporters of Jackson and Adams. The Jacksonians accused Adams of being wasteful with money, while Adams supporters accused Jackson of being a murderer in the war of 1812 and called his wife a bigamist. These accusations got to Rachel and weeks later she passed. Nonetheless, this wa s still a victory for the new Democratic Republicans against the National Republicans. Politically, the age of Jackson was a triumph for the common man since politics were more open. Before Jackson politics were only indulged in by aristocrats and elites; With Jackson it was open to all white male citizens. It has also be noted that before Jackson came into office that there was expansion in voting with Ohio and other new western states. These new constitutions made older states conform to their laws due to the fear of losingShow MoreRelatedThe Era Of The Common Man897 Words   |  4 PagesThe â€Å"era of the common man† did not fully live up to its characterization on the means of economic development and by some democratic reforms such as office appointments. However, the politics aspect of the â€Å"era of the common man† did live up to its expectation by giving the common man a larger voice in politics and also with some other democratic reforms such as popular v ote for presidential elections. The economic development in this time period was severely harmed by Jackson when he went afterRead MoreThe Era Of The Common Man844 Words   |  4 PagesThe era of the common man was a period between, 1824 through 1848, described to be the era of wealth, hope and power. During this period Andrew Jackson s presidency helped United States grow as a nation and live up to the era’s name; through the economic developments, changing politics that benefited the common man, and different reform movements. The Tariff of 1828 commonly known as the â€Å"tariff of abominations† decreased the Southerners economy drastically. The Southerners had to pay for raw materialsRead MoreThe Jacksonian Era Of The Common Man1561 Words   |  7 PagesThe Jacksonian period (1824-1841) is widely recognized as the era of the â€Å"common man†. To an extent, this statement is true due to the numerous political advancements that increased the rights of the â€Å"common man†. However, the political developments alone do not form a full picture of this period. In contrast with the progress in the political sphere, the economic developments during this era oppressed the people as America plunged into the worst financial depression it had seen to that pointRead MoreAndrew Jackson’s ‘Era of the Common Man’ or the ‘Jacksonian Period’ (1824-1845)1100 Words   |  5 PagesAndrew Jackson’s ‘Era of the Common Man’ or the ‘Jacksoni an Period’ (1824-1845) starts at his inauguration, and ends as the Civil War begins. Jackson was the first president that was not born into wealth or education, but instead made his own wealth, and taught himself up to a prime education, a ‘self-made man’, as some may say, this and his military history made him the defining figure of his age. Although, he downplayed his past successes to make him more like the ‘common man’, and appeal to theRead MoreEssay on 1920s Dbq823 Words   |  4 Pagesof revolutionary movements that would shift the everyday lives of American citizens and pave the way to the modern era. A struggle between old ideas of conservatism and new liberal movements surfaced during the â€Å"roaring twenties†. The new movements that began rearing their heads during this time period consisted of liberal political ideas, the advancements of rights for the common man and woman, and reforms to our social culture. One reason that tension was created during this time period was becauseRead MoreJeffersonian Republicanism vs. Jacksonian Democracy1441 Words   |  6 Pagesvery different eras, ranging from 1800-1808 and 1808-1840 respectively, that established two very different political philosophies. Each formed their own system that helped shape the way people think about American government. Liberalism is a political philosophy that goes against the established status quo at the time in order for change, where as a conservative is one which adheres to principles established by that same status quo. The Jeffersonian Republicans image of the common man was one vestedRead MoreInequality : Andrew Jackson Won The Presidential Election950 Words   |  4 Pagesfearless Jackson boasted; ‘a calm dose not suit me† (George Brown Tindall 442). His two terms in office was called the age of the common man. However, the Jacksonian democracy was actually the era of growing economic and social in equality. The growing gap between the wealthy and the poor and open racial behavior are two points that demonstrate how the age of the common man became instead the age of inequality. â€Å"While men of moderate means could sometimes turn an inheritance into a fortune by good managementRead MoreWilliam Shakespeare s The Elizabethan Era1548 Words   |  7 PagesAlthough the importance and presence of love in a person’s life over the ages has not changed, the role of love in one’s life has changed drastically in an individual’s personal life, specifically in marriage. During the Elizabethan era, it was â€Å"considered foolish to marry for love† (Ros). Fifteenth century marriage was seen as a means of gaining property, friends, and allies; therefore, marriages among wealthy landowners were more commonly arranged than those among people from lower classes. ManyRead MoreRealism And The Victorian Era859 Words   |  4 Pagesindividuals that are of different blood and social statuses fall in love? The Victorian Era was a time where your social status could be construed as directly correlating to whom said individual could socialize with, marry, or have any ties too. Perhaps maybe there weren’t three individuals that knew this more than the three of Wuthering Heights Edgar Linton, Catherine Earnshaw, and Heathcliff. The Victorian Era had many elements that could be tied to it but the one that will be the center focus forRead MoreThe Reconstruction Era And The Jim Crow Era1525 Words   |  7 PagesThe Reconstruction Era and The Jim Crow Era were both times of Rapid growth in the United States that were characterized by changes not only on the intrapersonal level, but also on the cultural and legislative level. The Reconstruction Era occurred directly after the civil war and spanned twelve years from 1865 to 1877 , while the Jim Crow Era occurred from 1877 to 1954. Some of the common themes of these eras were race relations and t ension between northern states and southern states. The first

A Haunted House And Three Pictures By Virginia Woolf

A Haunted House vs Three Pictures This response is based on the story A Haunted House and Three Pictures, by Virginia Woolf. It will feature the overall story, evidence and connections to modernism in these stories. These stories have a sense of loss or something missing which refines this literature to the definition of Modernism. Now onto the stories. A Haunted House brings the reader into reading that a house is having something mysterious out of the ordinary. Modernism was described in the story with the mysterious noises that was heard by the couple that were left with believing it could be a ghostly couple from the past of the woman’s life who left her legacy was left at the house. That sets up my case for challenging my opinion†¦show more content†¦Now the treasure belongs to the hubby once he went back to his old house after his trip. Let s backtrack to A Haunted House, For the man living in his Haunted Mansion who was dealt with grief of his own with the loss of his wife getting accustomed to living alone without having their significant loved ones right next to them. It s a tough transition to go from being married having (the time of their lives-Dirty Dancing) to getting accustomed to living in a house by themselves with different outlook of being alone with feeling down in a dark roo m by yourself knowing that your loved one is gone. The man was left to change his emotions around turn with him conquering to change his sadness into happiness for the widowed man. He left his house to take a trip up north then go east only be given information from reading the story to visualizing; predicting the main reason he left his home was to change the overall emotion he was physiology challenged with the bitter emotions of losing his wife since death is unexpected or invisible as we don t know what type of impacts these spouses had on their loved ones. For the woman who lost her husband in three pictures as she was challenged to conquer life as living as a Widower. The missing part from the story turns out to be, the ghost since the story didn’t tell who was the ghost it could’ve been the ghost of the late wife? or was this the prior residents who have lived at the house. As I wrap up thisShow MoreRelatedAlienation during the Victorian Era2655 Words   |  1 1 Pagesâ€Å"bullied and punished† her and â€Å"every morsel of flesh in [her] bones shrank† when he came near her (Bronte 7). Mrs. Reed, her aunt, puts Jane in the red room as a punishment for hurting John and she becomes mentally scarred by this as she believes it is haunted by her dead uncle and is never fully healed by this. Jane is never able to experience a source of love and sense of belonging while staying with her relatives displaying her alienation in her childhood. Jane is sent away to a girls’ school, LowoodRead MoreClose Reading2901 Words   |  12 Pagesphotograph represents, a notion of resurrection, ‘And nothing was left of the picture unsheathed from the past’ Hardy Gibson (1976). Metaphorically, he is looking back at Emma’s past and realises time has moved on and the moments they shared together once, only exist on paper. We can assume Hardy is showing snapshots of Emma’s life in the poem During Wind and Rain, as he is an unreliable writer who describes those in the pictures as ‘he, she, all of them’ (line 2) and the events he describes can be foundRead MoreFrom Salvation to Self-Realization18515 Words   |  75 Pages1880-1930. In The Culture of Consumption: Critical Essays in American History, 18801980, ed. by Richard Wightman Fox and T.J. Jackson Lears, New York: Pantheon Books, 1-38. Reprinted with the permission of the author. 1On or about December 1910, Virginia Woolf once said, human character changed. This hyperbole contains a kernel of truth. Around the turn of the century a fundamental cultural transformation occurred within the educated strata of Western capitalist nations. In the United States as elsewhere

Educational Qualification and Skills

Question: Discuss about the Educational Qualification and Skills. Answer: Introduction: I am very much enthusiastic to be writing to you regarding the entry level position that has advertisedon job portal. I believe thatyou are looking the candidate who is analytical and has the ability to handle a variety of priorities and can exhibit independent thinking and decision-making skills for, that my educational qualification and skills make me a suitable candidate for the said post. I will be a great pleasure to present my credential indicates that I Sarah NABEEL M AL OYUNI pursuing Master degree in financial analysis from Latrobe University and have also done a Bachelor's degree in Economics in the year 2013 from King Faisal University. Possess rich domain knowledge with a comprehensive understanding of financial analysis and trading. I have always a wide variety of attentiveness which led me to learn new things and take on diverse responsibilities. I have dealt with a variety of projects and market research in financial analysis during my college internship, where I have handled numerous administrative duties and which has allowed me to demonstrate my ability to be a quick learner and deliverer. The opportunity makes me proficient in developing confidence by learning important skills. I have played a role of leader in community service during my college. I have proven to be a team player in several students as well as the leader. I wish to work in a professional and cooperative community where I can develop my personality and self-confidence which helps me in matching my profile efficiently. Well-versed with the concepts of different tools of job ramping up project activities with on time deliverables and maximizing efficiency. My focus is to conserve a work flow between departments and resolving interdepartmental chaos. Due to my strong communication skills, forward learning, highly motivated, hardworking and high performing, I have been given even more responsibilities. I am looking for a challenging role that uplifts my skill and experience with the objectives of the organization. It is with great interest that I am sending my curriculum vitae for your kind perusal and request that an opportunity may please be given to implement my professional service for the prosperity of the organization by considering my candidature to the applied post. My professional qualification combined with my devotion will enable me to make an immediate and valuable impression on your organization. I have absolute enthusiasm, endeavour and excellent interpersonal communication skill with a dedication, ability to participate myself in the prosperity of the organization. I assure you that I will serve my offerings with full passion and never let you down. The above credentials along with my enclosed curriculum vitae that make me ideally suitable for a position in your organization. I believe that your organization will provide me a platform where I can start and grow my career. I would participate an opportunity for a personal interview at a time convenient for you. Thanking you in anticipation of a favourable reply in this regard. References: Sakhdari, K. (2016). Cover Letters. 1st ed. [ebook] Available at: https://www.una.edu/career/docs/cover-letter.pdf [Accessed 17 Mar. 2017] Perkins, M. (2014). Writing a successful Cover Letters. 1st ed. [ebook] Available at: https://www.columbia.edu/cu/tat/pdfs/cover%20letter.pdf [Accessed 17 Mar. 2017] Turner, J. (2014). A Good Cover Letters. 1st ed. [ebook] Available at: https://www.researchgate.net/publication/268516535_A_good_cover_letter [Accessed 17 Mar. 2017] Lu, Y. (2013). Writing Cover Letters. 1st ed. [ebook] Available at: https://www.nova.edu/career/resources/forms/university_chicago_cover_letter_samples.pdf [Accessed 17 Mar. 2017]

Customer Relationship In Carlton Hotel Saudi Arabia

Introduction Any company relies on its customers to generate revenue. It is therefore very important to establish a strong working relationship with them. In the hotel industry for example, the management deals directly with the client and any unresolved dispute between the two can lead to the hotel incurring major losses.Advertising We will write a custom report sample on Customer Relationship In Carlton Hotel Saudi Arabia specifically for you for only $16.05 $11/page Learn More It is therefore important for the management to implement a customer relationship management strategy to maintain a good relationship with its customers. The strategy is important to offer satisfactory services that lead to increased sales in the hotel (Wenderoth 23). A new hotel being established should put up a workable strategy that will help it capture the customers from other competing hotels. Case Study: Carlton Hotel Saudi Arabia Carlton Hotel is strategically located in the heart of the capital city in Saudi Arabia, Bahrain. Being a new entrant into the competitive market of Saudi Arabia, Carlton has adopted unique features that make it more outstanding from its competitors. The location is ideal for customers to access it at any time. Carlton offers a unique model of comfort that is only experienced in a first class hotel. The rooms have been built strategically to enable the guest have the most impressive views of the city. The interior and exterior design of the hotel reflects the culture of the people of Saudi Arabia mixed with a touch of international art. However, despite the beautiful aspect of the hotel and its ideal location, the management has implemented a customer relationship strategies that have made the services offered at the hotel exceptional. This has made the hotel to be one of the leading hotels in Saudi Arabia with the competitors unable to keep up with its pace. The Service Marketing Used By Carlton Hotel The service marketing adopted by Carlton Hotel to maintain its customers is unique hence making the venture successful. For a business to successfully market its services, there are things that it should consider. These factors are known as the 3 P’s that comprise the marketing mix of a service (Hoffman and Bateson 43). The first factor that should be considered is the people to deliver the services. Carlton Hotel has employed the best workforce to deal with the customers. All the employees from the different departments in the hotel possess the required training to enable them deliver their services appropriately. This is an important aspect to consider as most of judgments by a customer are based on the services received from the staff. Carlton’s management ensures that the staff members are friendly and any dispute between a member of the staff and a customer is resolved amicably. The other factor is the process involved to get that service.Advertising Looking for report on busines s economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Carlton has made it their policy to make the process of dealing with customers simple and efficient (Rabinowitz and Rex 54). There is a department that deals with any problems that arises at any time hence fostering customer loyalty. The physical evidence is the other marketing mix that has enabled Carlton Hotel to stay ahead in the competitive market. The hotel as earlier said is clean, well designed and strategically located. (Zeithami, Bitner and Gremier 33). Application Of Customer Relationship Management Besides offering fantastic services to its client, Carlton Hotel have established a working relationship model with the customers to ensure that they enjoy the services offered at the hotel. The model adopted by Carlton Hotel has been divided into three parts. The operational part ensures that the services have been advertised to the public to make them aware of its existence (Pepp ers and Rogers 12). The sales and marketing team has been well trained to encompass all the character traits of an excellent customer service. They handle any complaints or questions from clients and ensure that the client preferences and habits are recorded. This ensures that the favorable service is always available to the customer at any given time. The hotel has also installed a state of art customer relationship management software that deals directly with the clients. The software enables information of the customers calling the hotel to be stored hence making it easy for the management to serve their clients without confusion. This is one aspect that keeps on attracting clients to Carlton Hotel. The co-operational part ensures that the management stays in constant contact with the customers. They have managed to do this by sending grateful messages to their guests through emails and to notify them of any changes at the hotels. The clients therefore feel emotionally attached t o the hotel hence become regulars (Nagdeman 12). Conclusion Carlton Hotel has achieved its vision of being among the leading hotel in Saudi Arabia. This is due to its ability of evaluating and implementing the required service marketing in the industry. This has seen the hotel expand rapidly to cater for its increasing clientele over the few months that it has been in operation. Being situated in a Muslim region, it has managed to balance itself so as to meet the needs of clients from different religious backgrounds. It is therefore very important for any hotel management to critically evaluate and understand all the service marketing issues before implementing them. This is essential for the management to keep a good working relationship with the customer at all times. This not only increases the hotel’s revenue but also helps it maintain the required standard to place it ahead of its competitors. Works Cited Hoffman, Douglas and Bateson, John. Service Marketing: Concepts, S trategies,   Cases. USA: South-Western Cengage Learning, 2008. Print.Advertising We will write a custom report sample on Customer Relationship In Carlton Hotel Saudi Arabia specifically for you for only $16.05 $11/page Learn More Nagdeman, Jay. The professional’s guide to financial services marketing: Bite-sized  Insights for creating Effective Approaches. New Jersey: John Wiley Sons, 2009. Print. Peppers, Don and Rogers, Martha. Managing Customer Relationships: a strategic  framework. New York: John Wiley Sons Inc, 2010. Print. Rabinowitz, Eric and Rex, Karin. Nurturing Customer Relationships. New York: Compendium Publishing, 2006. Print. Wenderoth, Martin. Particulars in the Marketing Mix for Service Operations. Germany: Grin Verlag, 2007. Print. Zeithami, Valerie, Bitner, Mary and Gremier, Dwayne. Services Marketing. 5th ed. New York: McGraw-Hill Irwin, 2008. Print. This report on Customer Relationship In Carlton Hotel Saudi Arabia was written and submitted by user SteveRogers to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Congress Failed Reconstruction essays

Congress' Failed Reconstruction essays Immediately following the Civil War President Lincoln created a working Reconstruction plan. In Howard Zinns renowned book, he tells of how blacks were allowed to vote, elect other blacks to political offices and receive an education. Unfortunately, this didnt last. After both Lincolns and President Johnsons reconstruction plans failed to actually reconstruct the US after the Civil War, Congress felt as though they should step in. The plan they had included protecting the rights of the freedmen, ratifying the Fourteenth Amendment, and separating the former Confederacy into five military districts. While the basis of these was set, Congress reconstruction efforts failed because the southerners didnt want to return to the Union, the freedmen werent actually free, and groups like the Ku Klux Klan were unable to be stopped from persecuting the blacks. The central idea of Reconstruction was to reinstate the southerners into the Union. But how do you make men who left want to return after years of despising the North? Lincoln was faced with this very dilemma and thus set his own reconstruction plan that required just 10% of the southerners in any certain state to swear loyalty to the Union in order to be reinstated. But as mentioned before, Lincolns Ten Percent Plan didnt work. The hate for the North was stronger than he expected. A confederate song popularized during the post-war era, which included lyrics that proclaimed, ...For this Fair Land of Freedom, I do not give a dam... It continued on stating how they only wished theyd won. The military districts set up in the South didnt help the situation as southerners felt as though they were being spied on. Without a want to return to the Union, Congress own efforts came short of successful. Oddly enough, the reluctance of the southerners to accept reconstruction was the ...

Christianity Essay Example | Topics and Well Written Essays - 500 words - 5

Christianity - Essay Example arts; the first part is known as Old Testament encompassing 39 books of Hebrew Scripture while the second part is called New Testament comprising of 27 books. The Bible highlights the life of Jesus and Christian faith. A number of gospels have been included in the holy book enlightening the mind, soul and heart of millions of followers. Many Christians adhere to the doctrine of Biblical Literalism by considering it as a word of god along with following its teachings in their personal and social life Historical Jesus is believed to be Galilean Jew who was baptized by John the Baptist and began his preaching in Galilee. He was considered as a prophet and ethical teacher. It is often believed that he travelled to Jerusalem and preached a number of people who later became his apostles. Historical Jesus is a picture of Christianity resembling to god offering guidance and support through gospels and spiritual power (Roger, Stark 22-23) Saint Paul is one of the greatest names in Christianity associated with spreading Christianity in different parts of the world. He was born under the name Saul and hated Christians until Jesus came to him in a vision. He changed his life by converting into a Christian along with preaching gospels. He is considered as the greatest prosecutors of Christians and is highly respected by them. He perceived that Christianity is God’s call and built a number of churches. His contribution in Christianity is highly appreciated in Biblical Literalism. The Kingdom of God is often defined as the Kingdom of Heaven stating the existence of God within people who follow the will of God. The term Kingdom of God can be found in the Gospels of Mark, Luke and John. It is defined as a medium through which one can connect with god following his teachings and prescribed path. Protestants and Catholics share the common ground of having faith and trust on Jesus Christ and his preaching. The Protestants are not considered as Churches but communities sharing

The last supper by Leonardo Da Vinci Essay Example | Topics and Well Written Essays - 1500 words

The last supper by Leonardo Da Vinci - Essay Example The most noticeable aspect of Florence was that it was a self governed and most importantly an independent city." (Renaissance) The city grew with leaps and bounds because of its strong economic background to match this, the city also boasted of a strong political philosophy, these factors contributed in the immense success of Florence during the period of the Renaissance. The economy of Florence was centered on the manufacturing of goods or trade of cloth so inevitably meant that the most powerful people in the city had to be the people who represented the textile workers. Workers in Florence were experts when it came to transforming wool into cloth of an excellent quality; they wee well acquainted with the ways to do the same. The process was a quite complicated one which involved dying of wool, cleaning the wool and a host of other processes. The Palazzo Vecchio was constructed in the year 1299. This was also the home of the Florentine guilds. This portrays the Florentine culture that was the home of many Italians. This was a place where influential people would gather and decide complex issues like voting and other important things. The guild members were all from good backgrounds, the background of the people was the most important factor that determined whether they were good enough to become guild members or not. Some guild members were lawyers, sculptors while other members included solicitors, masons and builders. Florence was a very different city; it was unlike Venice or for that matter any other city during the time of Renaissance. Sea trade did not flourish in Florence as much as it did in Venice because the people of Florence had many other interests which fetched them much more than Sea trade, this was primarily the reason why Sea trade never flourished in Florence. Banking was one of the most common professions during the time of Renaissance; many families tasted success being bankers in Florence. The gold coin Manufactured in Florence was a trademark of purity and was accepted the world over by people. The buildings and the sculpture are very famous and looked upon by many people all across the globe, some of the buildings built at that time still stand, his goes to show the pain and the efforts which were out in by the people at that time. Renaissance was a revolutionary period which saw tremendous changes take place in Europe. Renaissance is a French word which means rebirth; many a thing changed during the period of renaissance for instance the Political changes in Europe, social changes which took place during that time etc. This paper will throw light upon Gr'newald's Isenheim Altarpiece. Gr'newald was a very prolific artist of the Renaissance period; he was mainly involved in making religious paintings. This paper will provide an insight on his masterpiece which is known as the Altarpiece which is now located in France. In addition to this the paper will also throw light upon two other masterpieces. (Gr'newald's Isenheim Altarpiece) Mathis was one of the most famous painters of the Renaissance period. He was not well known until the late 19th century which brought him to the limelight. The details about this great artist are still obscure, for the reputation that he had back then, people expect a lot of information about him but the fact is that even his real name is not known by the people. The name

Slavery in America Essay Example for Free

Slavery in America Essay Short Lecture on the Origins of Slavery in America During the century and a half between the arrival of twenty blacks in Jamestown in 1619 and the beginning of the American Revolution in 1776, slavery—something that had never existed in England itself—spread throughout the English colonies, from Virginia it would make its way south into the Carolinas and then out to the frontier, and it would also make its way north into the midAtlantic states and into the farthest reaches of New England. It grew slowly, almost imperceptibly, until it had become so embedded into the American way of life and commerce that colonists eager for wealth imported hundreds of thousands of Africans to work in their fields. During the eighteenth century, slavery became an entrenched and for many colonies, central component of society. But slaves were brought to America to work. First and foremost, it was a system of labor. Colonial America was overwhelmingly agricultural. Many early English colonists had hoped to become fabulously wealth without having to work—much like the Spanish conquistadors who came a century before them, they had great hopes of finding gold, or if not that, then perhaps they would discover the Northwest Passage to the Pacific Ocean, thereby gaining access to the riches of the East Indies. It soon became quite clear that forget about wealth, survival itself was going to be a challenge, and was going to depend on working the land. The New World may not have held the abundant riches colonist dreamed of, but one thing was abundant: land. For the first generation of settlers, feeding themselves took up most of their energy, but in 1617, it was discovered that tobacco seeds, transported from the West Indies, thrived in the soil of the Chesapeake region. (Incidentally, it was Pocahontas’ husband, John Rolfe who successfully planted the first tobacco crop.) Over the course of the seventeenth century, tobacco became a major commodity fad, and would rival tea and alcohol in popularity throughout the seventeenth and eighteenth centuries. Initial inflated prices for the tobacco would help fuel the development of Virginia. But first, the settlers faced a problem: they had a crop (tobacco), and there was plenty of land to grow it, but what was missing? Labor. Labor is THE problem of colonial America. Who does the labor? Conditions were so dismal in the colony that planters realized the only way they could get people to work for them would  be to force them. That may seem like a less than obvious choice. But these colonists came from a society in England that was highly stratified—the rich and powerful took it as their right to exploit the poor and powerless. In many ways, the early colonists came from a world that was pre-modern—without concepts of cruel and unusual punishment, equal rights, exploitation. In fact, it was a world that took inequality for granted. So there was nothing particularly problematic about the idea of forced labor. And the colonists didn’t particularly care what this forced labor looked like. They needed labor, period. Some seventeenth century colonists were willing to pay freely hired workers, but they also experimented with two sources of unfree labor: Indians and Europeans, before it occurred to them to import Africans on a widespread scale. For a variety of reasons, Indian slavery was never successful. Many Indians simply refused to perform agricultural labor, which they viewed as women’s work. Indians also happened to know the terrain a lot better than the Europeans did, and there was always the risk of Indians escaping and conspiring against their captors. Finally, as we have talked about this semester, the Indians had already disastrously encountered Europeans before the English ever got there, and by the early seventeenth century, there simply were not enough Indians left to meet the labor needs of the colonists—between the outright killing of Indians, and the massive epidemics of Europeans diseases like smallpox and measles, that killed many, and in some areas most, of the Indian population. For these reasons, it was far more common to try to find European laborers. In fact the basis of the seventeenth-century workforce in the southern part of the English colonies were European laborers. Most came as indentured servants. The practice of indenturing, or apprenticing, children and teenagers, and less often adults, to masters was widely practiced in seventeenth-century England as a form of welfare for the poor and way to provide job training. In the colonies however, indentured servitude was primarily used as a way to help European immigrants who wanted to come to  America but couldn’t afford it. By selling themselves into a sort of temporary slavery, in exchange they got a free trip across the Atlantic. For the many indentured servants who ended up in the South where they basically represented cheap labor for eager planters, they found themselves in a form of labor that looked radically different from England—it was much harsher, and much more exploitative. Further, while most servants came to American voluntarily, some arrived after being kidnapped or sentenced for criminal behavior. Most adults would be indentured for four or five years, but children often served seven years or more. During their indenture, servants were essentially slaves, under the complete and unchallenged authority of their masters. Masters could whip their servants, could prevent them from marrying, and even sell them to others. Initially, indentured servitude boomed in the colonies because it met the needs of planters as well as the needs of Europeans eager to migrate to the colonies. One of the great advantages for landowners was that they were granted land based on how many servants they held, thereby increasing their landholdings—fifty acres for every person they transported to the colonies. So for example, when Virginia planter John Carter imported eighty indentured servants in 1665 to work for him, he received four thousand acres. For the growing class of colonial landowners, indentured servitude was a win-win situation—cheap labor, more land, and an elevated social status by virtue of the fact that they had authority over other human beings. Of course, we have to ask what was in it for the indentured servants. During this time in England, a civil war had disrupted the whole social and economic order. Indentured servitude provided a way out of hardship—an escape from poverty, hunger, unemployment, prison—and a chance to start over in a new place, and perhaps even prosper. The people who volunteered to ship out were overwhelming young and male—they came from the bottom half of society, and had little hope of anything if they stayed in England. For roughly ten-percent of those who came to America as indentured servants, things worked out basically as they had anticipated—they were able to work off their indenture, and managed to find some economic prosperity of their own. But for that other ninety-percent, things turned out pretty badly. Most  indentured servants ended up working in the tobacco fields of Virginia and Maryland. They worked for men who were desperate for wealth, and were going to get as much work out of their servants as possible before their terms of service were up. Many servants ran away—if they were caught, they faced whippings, or brandings or even physical mutilation, and their terms of service would often be extended. Many others died—as many as half of all servants in the seventeenth century Chesapeake died while in service. Some who survived might become independent craftsmen or even landowners, but that was rare. Add to this that there were far fewer women in these colonies than men, most male servants were unable to find wives and so they remained single. You ended up with a very large class of men who had no family, no roots, no stability, no money, a sort of permanent underclass of discontent laborers. Black slaves had been introduced to the Chesapeake region in 1619, when a Dutch captain sold twenty Africans in Virginia. But it was not entirely clear at first that the status of black laborers in America would be fundamentally different from that of white indentured servants. In the rugged conditions of the seventeenth century south, it was often difficult for Europeans and Africans to maintain strictly separate roles. In some areas—South Carolina for example, where the number of African arrivals increased more quickly than anywhere else—whites and blacks lived and worked together on terms of relative equality. Some blacks were treated much like white hired servants, and some were freed after a set term of service. A few Africans themselves became landowners, and some apparently owned slaves of their own. But as a whole, in these early days of the American colonies, the cost of African slaves remained out of reach for most people. Not only did slaves cost more money u p front than did indentured servants, there was always the risk of a slave dying, and then your entire investment would be lost. So, although blacks continued to trickle into the colonies throughout the seventeenth century, up until the 1680s, the non-Indian population of the British colonies remained overwhelmingly white. As long as a steady supply of indentured labor continued to come, colonists saw little reason to go to  the expense and trouble of importing large numbers of Africans, who, unlike English laborers, would have to go through a longer period of adjustment—to a new culture, a new language, new customs—before they would become productive members of the workforce. But everything changed in the 1680s.   The problem with indentured labor was that it was temporary—at some point, servants had to be freed. That meant not only did you continually lose your workforce, but as the population increased in the colonies, there was a greater and greater demand for labor. You would need more and more indentured immigrants to meet this growing need. But as it happened, in the 1680s, there was a sharp decline in the number of English migrants arriving in America under indenture. Part of the reason is that the political situation in England had stabilized, and the economy was improving, so there was less of an incentive to leave. At the same time, as immigrants looked across the ocean at America, it didn’t seem quite as attractive as it once did. With more people settling in the colonies, it became harder and harder to get land. And since land was the way to get rich in early America, without land you had little hope of climbing the economic la dder. So for these reasons, fewer ships arrived carrying new immigrant laborers. By the end of the century, it became clear that indentured Europeans could no longer meet the labor needs in the Southern colonies. In another twist of history, at the same time that the number of new indentured Europeans arrivals declined, the price of African slaves suddenly dropped. Colonial planters didn’t care where the labor came from, or what the laborers looked like, they were simply desperate for it. Indians slave labor obviously hadn’t panned out, European indentured servants were harder to come by. But by the mid to late seventeenth century, some colonists, especially those in the Virginia and Maryland colonies, were becoming enormously wealthy off of the tobacco trade, and as the prices of African slaves dropped, these wealthier colonists started thinking that perhaps African slaves were the answer to their labor problem. Another turn of events sealed the fate of slavery in America. As we noted,  the problem with indentured servants is that at some point, you had to free them. These ex-servants were often male, young, poor, without roots, without much hope of ever owning land or practicing a trade. So as terms of service came up, a growing class of young, rowdy, unskilled, impoverished men were let loose into a society that had no place for them. And this made these young men angry, and violent. So they led rebellions in 1663. And in 1675. And 1683. People were killed, chaos ensued. And this of course troubled the planters. How do you stop ex-servants from running amok in the countryside and causing trouble? Well, one solution is that you don’t let them go free. But the idea of holding European servants in permanent bondage was inconceivable. As unjust, and at times horrific, as things might have been for indentured servants, they were still protected by certain legal rights that the English government had ensured. Among those rights of course, is that they could not be held in permanent bondage. Here again, African slaves provided an answer to the problem. As captives from a foreign land, they had no rights, no protection. As slaves, they would expect to be held in permanent bondage. What other advantages might African slaves provide? Compared to Indian slaves or European servants, they posed a greatly reduced risk of successful escape. They often did not know the geography of the region, and would have had little knowledge of where to go. Further, and most obviously, their skin color gave them away. It was a lot more difficult for a black runaway slave to blend into the population than it was for a white indentured servant, or an Indian slave. By the end of the seventeenth century, only about one in ten of the residents of the colonies was African. But because Africans were so heavily concentrated in a few southern colonies, they were already beginning to outnumber Europeans in some areas. The high ratio of men to women among African immigrants (two men for every one woman in most areas) impeded the natural increase of the black population. But in the Chesapeake at least, more new slaves were being born by 1700 than were being imported from Africa. In South Carolina, by contrast, the difficult conditions of rice  cultivation—and the high death rates of those who worked in the rice fields—ensured that the black population would barely be able to sustain itself through natural increase until much later. Between 1700 and 1760, the number of Africans in the colonies increased ten times to about a 250,000. A relatively small number lived in New England; there were slightly more in the middle colonies. The vast m ajority, however, continue to live in the south. By then the flow of white laborers to that region had all but stopped, and Africans had becomes securely established as the basis of the southern work force. But the most important thing to note about the shift from indentured labor to slave labor is that American colonists first turned to African slavery not because of any particular idea about race, or some kind of ideological desire to enslave black people, but for a very practical reason: the flow of indentured white labor had dried up. English people already had certain stereotypes of Africans that helped them feel more comfortable with their enslavement. First, Africans were â€Å"black† in contrast to the English people’s own sense of themselves as white. Europeans had numerous word associations with colors—white was associated with purity, cleanliness, godliness, while black could mean anything from dirty to evil. Secondly, English people perceived Africans as savage and uncivilized. English people saw African culture as very different from their own, and if it was different, it must also be inferior. Finally, English people saw Africans as heathens—and at a time in Europe when wars were being fought over exactly what kind of Christian you were, to be not Christian at all was deeply suspect. Unquestionably, English people definitely saw themselves as very different from Africans, and no doubt their negative stereotypes of Africans helped to shape ideas of race during the early years of slavery. But as much as the English were struck by differences between themselves and Africans, throughout much of the seventeenth century, enslaved black laborers were treated nearly the same as other lower class laborers. There were few lines between blacks and lower-class whites during the first decades of  settlement. Indentured servants had many of the same constraints as slaves, and the two groups often lived together, worked together, played together, sometimes slept together, and ran away together. In terms of our idea of slavery and racism in America, seventeenth-century race relations were remarkably flexible. There were no impenetrable barriers that separated races. Although almost all blacks came to the colonies as slaves, most whites came as unfree laborers as well, and the two groups had a lot in common. But two things separated white unfree laborers from blacks. First, white laborers could eventually earn their freedom, while for the most part, black slaves served for life. But more importantly, the majority of white laborers came to America voluntarily. None of the Africans did. Involuntary would become the most important thing that would lead to a permanent separation between white and black workers. Desire to attract white immigration put limits on how harshly indentured servants could be treated. Gradually, the status and treatment of European migrants improved. An increasing number of new immigrants were literate and possessed skills that enabled them to take advantage of opportunities that the growing colonial economy offered. By the beginning of the eighteenth century, very few white servants in the South still worked in agricultural labor. Agricultural labor was left almost entirely to blacks, who as involuntary migrants could not be lured away by the same economic opportunities offered to whites. The status of white migrants rose in inverse proportion to the status of black laborers, whose own status became more clearly defined. By the eighteenth century a rigid distinction had become established between black and white. Colonial assemblies began to pass â€Å"slave codes† limiting the rights of blacks in law and ensuring almost absolute authority to white masters. One factor, and one factor only determined whether a person was subject to the slave codes: color. In contrast to the colonial societies of Spanish America, where people of mixed race had a different and higher status than pure Africans, English America recognized no such distinctions. Any African ancestry was enough to classify a person as black. Over the next century, white Americans would come to the conclusion that black people were biologically and inherently suited for slavery. By the  middle of the eighteenth century, racism would become hardened, whites and blacks sharply separated, slavery entrenched as THE labor system of the southern colonies, as well as legally established in the northern colonies. Whether slave or free, blacks would be kept at the bottom of society for generations to come. In the decades preceding the American Revolution, slavery spread throughout all of the colonies. In the North, where labor was less dependent on slaves, slavery became a luxury more than anything else. But in the Chesapeake colonies, slavery formed the backbone of an economy that became almost entirely based on tobacco. Throughout the colonial period, Virginia had the highest population of the colonies, and more importantly, the highest value of exports. On the eve of the American Revolution, slaves made up about two-fifths of the entire population in Virginia, but in the tobacco-producing areas along the Chesapeake, they made up at least half the population. In South Carolina, they constituted a majority of the population. In Georgia they made up close to half of that colony’s population. At the same time, demand for slaves in the North began to decline. And as the Revolution approached, many northerners began to sense a disconnect between the language of liberty and democracy on the one hand, and the practice of slavery on the other. Although only faint at the end of the eighteenth century, a line began to be emerge between the South, where slavery was solidly entrenched, and the North, where it was not.

Bilbo :: essays research papers

Magic in the Making The main character of the book is Mr. Bilbo Baggins. He is the hobbit who led the dwarves to the Lonely Mountain to reclaim their treasure from the dragon named Smaug. Bilbo is middle aged and resides in a clean, warm burrow dug into the side of a hill. In the beginning of the story Bilbo is a very weak character. He is easily frightened, and very shy. One of his strengths though, is that he is of the mythical race called hobbits. Hobbits are known for their skills in thievery and spying. There are several main characteristics of hobbits that separate them from normal humans. One, hobbits are very small. They only grow to reach the height of about three feet if they are lucky. Secondly, they have large feet that are covered at the tops by thick hair. This hair is used to keep the hobbit’s feet warm because they do not wear boots. Another characteristic of hobbits is that they normally don’t wish for any excitement or adventure. They thrive on repetition and dull activities such as gardening. Hobbits also love to eat. Bilbo’s favorite foods are: cake, bacon, sausage, eggs, wine, bread and any other fattening things that can be thought of. Some other important characters are as follows: Gandalf, he is the wizard that accompanies Bilbo and the dwarves on their quest; Thorin Oakenshield is son of the king of the dwarves who were driven from the Lonely Mountain. Smaug is the dragon of the Lonely Mountain who hoards the treasure he stole. Gollum is a slimy creature that was born a Hobbit but had the ring too long; this is the character that Bilbo steals the ring from. Bard is the archer that kills Smaug. Bilbo is the main character of the story and also the narrator. The main conflict of the story line is Bilbo versus himself. Bilbo has to overcome his fears of dragons and other creatures in order to carry out his part of the mission. Another conflict is the whole party vs. Smaug. The party of dwarves along with Bilbo and Gandalf, have to be able to destroy the dragon in order to claim their so deserved treasure. Bilbo completes this task by finding the dragon’s weak spot and relaying the location to an archer in Lake Town. Both of these conflicts are won by the end of the story.

Marketing Mix AB Bank Limited

Compensation System of an industrial enterprise in Bangladesh: A case study of AB Bank Limited. 1. Historical Background of AB Bank AB Bank Limited, the first private sector bank under joint venture with Dubai Bank Limited. UAE incorporated in Bangladesh on 31st December 1981 & started its operation with effect from April 12, 1982.Dubai Bank Limited (name subsequently changed to Union Bank of the Middle east Limited) decided to off-load their investment in AB Bank Limited with a view to concentrate their activities in the UAE in early part of 1987 & in teams of Articles 23 A & 23B of the Articles of association of the company & with the necessary approval of the relevant authorities, the shares held by them in the Bank were sold & transferred to Group â€Å"A† Shareholders, i. e.Bangladesh Sponsor Shareholders. As of December 31, 2006; the authorized capital & the equity (paid up capital & reserve) of the bank are BDT 2000 million & BDT 2582. 76 million respectively. The spons or-shareholder holds 50% of the share capital; the General Public Shareholders hold 49. 43% & the rest 0. 57% shares are held by the Government of the People's Republic of Bangladesh. However, on individual sponsor shareholder of more then 10% of its total shares.Since beginning, the bank acquired confidence & trust of the public & business houses by rendering high quality services in different areas of banking operations, professional competence & employment of state of art technology. During the last 27 years, AB Bank Limited has opened 73 Branches in different Business centers of the country, one foreign Branch in Mumbai, India, two Representatives Officer in London & Yangon, Myanmar respectively & also established a wholly owned subsidiary finance. Company in Hong Kong in the name of AB Bank International Finance Limited.To facilitate cross border trade & payment related services, the Bank has correspondent relationship with over 220 international banks of repute across 58 count ries of world. 1. 2 Corporate Slogan Of AB Bank Ltd. : First Of Many Firsts 1. 3Vision: â€Å"To be the trendsetter for innovative banking with excellence & perfection† 1. 4 Mission: â€Å"To be the best performing bank in the country† 1. 5 Change Of Name: Arab Bangladesh Bank Limited changed its name to AB Bank Limited(ABBL) with effect from 14 November 2007 vide Bangladesh Bank BRPD circular letter no. 10 dated 22 November 2007. Prior to that shareholders of the bank approved the change of name in the Extra-Ordinary General Meeting held on 4 September 2007. 1. 6 Birth Of the Logo The coat of arms of the new logo is inspired by traditional â€Å"Shital pati † or â€Å"Sleeping mat†. The knit and the pattern of interlace in the new logo that echoes the intricate weave of Shital pati symbolizes bonding. This bonding reflects the new spirit of AB Bank. 1. 7 Product and Service of AB Bank The product and services of AB Bank are exposing the table Product |Se rvices | |Retail Banking |Locker Service | |Corporate Banking |Internet Banking | |SME Banking |SMS Banking | |Deposits Rate |New Cheque Book | |Money Transfer |Lost ChequeBook | |Islami Banking |Lost Credit/Debit Card | |AB Securities Limited |Fund Transfer | |Cards |Account Opening | |SME Banking |Address Change | |Loan Syndication |Signature Change | |NRB Banking |Account Closing | |Project Finance | | 1. 8 Organ Gram Of AB Bank Limited 1. 9 Corporate Information at a Glance Name Of the Bank:AB Bank Of Bangladesh Limited Status:Public Limited Company Date Of Incorporation:31 december 1981 Inauguration of the Jubilee Road Branch: 26th July , 1994. Head Office, BCIC Bhaban, 30-31, Dilkusha Commercial Area, Dhaka Registration No: C281461 (1992)/95 Chairman: Mr. M. Wahidul Haque Vice chairman: Salim AhmedPresident & Managing Director: Fazlur Rahman Authorized Capital: TK. 800 Million Director:11 Number Of Employees:3342 1. 10 Salary Structure of AB Bank Bangladesh Limited The salary structure of AB Bank mention to the stage of employee. Now describe the compensation of AB Bank bangladesh limited: Basic Pay: Basic pay is the root compensation which paid to the employee in depends on job responsibilities. House Allowance: AB Bank provides 40 to 50 percent house allowance and it depends on the level of employees position. Medical Allowance: AB Bank provide medical allowance for every employees. Lunch: AB Bank Provide the Lunch for employees 20 to 35 minute.Education: AB Bank provide education for employees childrens who are bright result in school collage and University. Training Hours: AB Bank are houner training hours. Utility Allowance: AB Bank are provide the utility allowance for an employees. pay for time not at work of AB Bank Sick Lecve: when an employee fall in sick for that reason an employee does not work that time AB Bank are granted the leave without panishment. Holidays: holidays are included his salary for that reason an employee get 100% salary. Ca sual Leave: An employee can take a casual leave 8 days in a year but not hampered in his salary. Emergency Leave: AB Bank are pay the salary when anybody die in employees family.Earn Leave: When an employees performance is very well that time bank authority are given reword by the leave that time AB Bank are paid the full salary. Other Leave: The AB Bank are declear different kinds of leave that time pay the full salary. Maternity Leave: it only for pregnent women are take a leave that time moth off with pay. Non Financial compensation of AB Bank: non financial compensation means incentives that are provided to employees by AB Bank in the form of indirect pay. ———————– Chairman Vice Chairman Board of Director Managing Director & President SEVP SEVP SEVP SEVP EVP EVP EVP EVP SVP SVP SVP SVP VP VP VP VP SAVP SAVP SAVP SAVP AVP AVP AVP AVP SPO SPO SPO SPO PO PO PO PO SO SO SO SO OFFICER OFFICER OFFICER OFFICER

Introduction To Islamic Capital Market Finance Essay - Free Essay Example

Sample details Pages: 16 Words: 4848 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Islamic financial system is a real economic activity based financial systems. It is a part of a broader Islamic economic system that deals with the questions of allocation of resources, production and change of goods and services and distribution of wealth in fair, equitable and socially beneficial ways. It is part of a consistent and integrated framework which considered finance as a supporting factor in the smooth functioning of real economic activity and in carrying out of the social goods as defined by the objectives of Shariah. Don’t waste time! Our writers will create an original "Introduction To Islamic Capital Market Finance Essay" essay for you Create order In this system, finance does not exist for the finance per se. Therefore financing itself is not allowed to be an income generating activity unless it is combined with some real economic activity and involves taking the requisite risks associated with it. The nature of Islamic finance is aptly summarized by Shamshad Akhtar, Governor of the State Bank of Pakistan, at Georgetown University on October 18, 2007. Islamic economic system is accompanied by a rich and elaborate set of tenets, which among others, recognize the right to property supported by elaborate obligations of stakeholders, principles and rules of conduct, a contract system and institutional framework and procedures for enforcement of rules which all together lay the foundation for Islamic business and financial architecture. It is this substantive Islamic ideology and legal framework; governed by Shari ah injunctions and principles that have translated into defining the public and private economic and social affairs that eventually help frame the business and financial relations. The core of these relationships is baked by solid principles of contracts, rights and obligations for parties to the contractual arrangements. The main driver of enforcement of contract and rules- compliance in Islamic system is ideology and faith which is in turn influenced by Islams emphasis on establishing an equitable, ethical, just and fair socio-economic system. It is this feature which shapes Islamic finance and also distinguishes it from the conventional finance. This clear understanding of the objective and nature of Islamic financial system (i.e. justice and close link to real economic activity) is essential for taking any further steps towards the development of Islamic financial sub-sectors, be it Islamic capital market, Islamic banking sector or the insurance sector. In this chapter we will start from the introduction of Islamic capital market and would also highlight some of the challenges faced in the development of it. We will then venture into the origins and the growth of this Islamic version of capital market and then extend our voyage to the overview of it briefly discussing the products already on offer in this young and fast growing market. Further discussions on the continued growth in this sector will make-up the concluding part of this chapter. 1.2. Islamic Capital Market. Over the past decade or so Islamic financial sector has grown gained strength by creation of various support and infrastructure institutions, and expanded from being a banking-based industry to more wider areas incorporating financial market-based products and practices. As a result, Islamic financial markets have become probably the fastest growing sector in the Islamic finance industry. A number of innovative products, instruments and practices have been added that allow a larger range of risk-return combination to suit a wider investor base. There is no unique measure to gauge this increased significance of capital markets in the Islamic finance, however a number of facts point to its fast growth. Like any capital market, the primary function of Islamic capital market too is to allow people, companies, and governments with surplus funds to transfer them to people, companies, or governments who need funds. The Islamic capital market functions as a parallel market to the conventional capital market for capital seekers and providers. The Islamic capital market attracts funds from outside as well as inside the market. The international sources might include high-net-worth individuals, predominantly Muslims from the oil-rich countries, and others involved in the corporate and business sector. The Islamic capital market does not prohibit participation by non- Muslims, which has increased the growth potential for Islamic products. Little, if any, consensus exists about the size of the Islamic capital market. Cerulli Associates has estimated the market value of Shariah-compliant assets at year-end 2008 to be US$65 billion, a figure much smaller than often estimated. This amount does not include the market capitalization of equities that are not specifically Islamic but in which Islamic financial institutions are permitted to invest (because the business activities of the companies are Shariah compliant). Standard Poors (SP) estimated that as of the third quarter 2008, roughly US$5.2 trillion in market value of Shariah-compliant equities was lost as a result of the global financial crisis that unfolded in 2008. If approximately 40 percent of market value disappeared during the crisis, by inference the current market value would be in the range of US$6 trillion to US$7 trillion. In contrast, as noted, some analysts estimate Islamic banking assets to range between US$500 billion and US$700 billion and expect bank assets to rise to US$1 trillion in 2010 (Morgan Stanley 2008). Banks have yet to move most of these deposits into managed investments. If the banks require Shariah-compliant products for such investments, the implication is that the Islamic capital market has significant potential for continued growth. 1.3. Origin and Growth of the Islamic Capital Market. Although the origins of contemporary Islamic banking and finance may be traced to the early 1960s, the first wave of oil revenues did not wash over the Middle East until the 1970s, when the idea of investing in products conforming to Islamic principles really gained momentum. Individuals in the region began to accumulate large amounts of wealth by the 1980s and began to seek Shariah-compliant financial products in which to invest their savings. Western banks began servicing. Muslim clients through their Islamic windows were quickly joined in the marketplace by newly organized Islamic banks eager to participate in the growing faith-based demand for Shariah-compliant financial products. As of the end of 2008, the Islamic capital market has largely resulted from retail, not institutional, demand (De Ramos 2009). Institutional demand has developed, however, as Islamic banks and takaful (Islamic insurance) operators have sought to invest their surplus funds in Shariah-compliant instruments that are liquid and have long-term maturities to match the long-term liabilities of these institutions. Through the 1990s, Islamic banking deposits sufficed to provide the capital demanded by the Islamic financial markets, but demand for funds was quickly outstripping the supply of funds. New Islamic financial products that could compete with the flexibility and innovation of conventional financial products were needed, but two factors hindered the ability of the Islamic capital market to deliver such products. The first was that the conventional financial markets were developing with tremendous speed and in many different directions. Challenge to adapt these new products to Shariah, the Islamic financial markets struggled to maintain a competitive pace. The second factor slowing the pace of Islamic capital market development was the conflict surrounding interpretation of what constitutes Shariah compliance (Iqbal and Tsubota 2006; Khan 2006). Yet, for the Islamic capital market to achieve sustainability, finding new and competitive products was imperative. Deregulation in several Muslim nations opened the door to the creation of two products largely responsible for the serious growth of the Islamic capital market-Shariah-compliant equity funds and sukuk (Islamic bonds) (Iqbal and Tsubota 2006; Khan 2006). Since 1999, the Islamic capital market has attracted non-Muslim as well as Muslim issuers and investors, and it now includes numerous products that can replicate the returns and characteristics of conventional financial products. In addition to equity and bond products, the market has expanded to include exchange-traded funds, derivatives, swaps, unit trusts, real estate investment trusts (REITs), commodity funds, and a range of Islamic indices and index products. The Islamic capital market comprises active primary and secondary markets that deal in the Islamic products described in this section. 1.4. Overview of the Islamic Capital Market. Not all the financial products discussed in this overview are acceptable to all Muslim investors. The controversy over what is and what is not Shariah compliant is a by-product of the existence of different schools of Islamic thought. No single body is currently in place to mediate these differences of opinion. 1.4.1. The Islamic Equity Market. Islamic equities are shares of halal companies-that is, securities of companies operating in activities permissible under Shariah principles and approved and periodically reviewed by Shariah scholars through a process known as Islamic stock screening. For a company to be considered halal, the majority of its revenues must be primarily derived from activities other than the trading of alcohol, arms, tobacco, pork, pornography, or gambling or from profits associated with charging interest on loans. The determination of Shariah compliance rests with the judgment of Islamic scholars. In Malaysia, one of the most innovative providers of financial products, the body of Islamic scholars is the Malaysia Securities Commission Shariah Advisory Council (SAC). Malaysia is one of only a few nations that have established a single governing body for this purpose. Other nations decision making regarding Shariah screening procedures is much more fragmented. The SAC has enumerated detailed criteria to be used in screening companies for compliance with Islamic principles. The SAC states that non-halal activities include manufacturing and trading of non-halal goods; banking and financing involving interest or usury; hotels and resorts involved in the sale of liquor or alcoholic beverages; gambling or related activities; and activities involving elements of uncertainty (gharar). The Islamic equity investment market is growing at a much faster rate than the overall Islamic sector as a whole because it started from a lower base. The total of funds under management in the Islamic finance sector is estimated at US$1 trillion. Only about an estimated US$20 billion of this is in equities, which is modest in comparison with the conventional equity sector. Global conventional equities are about US$20 trillion, even after the crash (Parker 2008). Malaysia is seen as aggressive in listing Islamic equities; more than 80 percent of the stocks listed on the Bursa Malaysia are classified as Shariah-approved by the SAC. These securities have a total market capitalization of 426.4 billion Malaysian ringgits (RM), or US$129 billion, which is 64.2 percent of the total Malaysian stock market as of December 2008 (Ngadimon 2009). In Kuwait, Islamic and Shariah compliant companies make up 57 percent of the countrys total market capitalization (Islamic, Sharia Firms 2009). Despite the recent huge decline in the financial markets, Islamic equity funds have been attracting global investors and more and more financial institutions are offering such funds to meet investor demand. 1.4.2. Islamic Bond (Sukuk) Market. One of the fastest growing sectors in the Islamic capital market is the sukuk, or Islamic asset-backed bond, market. The sukuk market grew at about an 84 percent per year compound rate between 2001 and 2007 and was estimated to have a market value of US$80 billion to US$90 billion before the 2008 market crisis (Cook 2008). Over the first eight months of 2008, global sukuk issuance totaled roughly US$14 billion, down from US$23 billion for the same period a year earlier, mainly because of the global credit crunch (Sukuk Issuance 2008) and the statement from AAOIFI. Sukuk are issued primarily by corporations, although sovereign issuers are becoming more common than in the past. About half of outstanding sukuk, mainly large U.S. dollar-based issues and Malaysian debt, are actively traded in the secondary market. Sukuk are a relatively new financial instrument, first issued in the late 1990s. Sukuk were created in response to a need for Shariah-compliant medium-term to long-term debt-like instruments that would have good liquidity in the marketplace (Iqbal and Tsubota 2006). The word sukuk is the plural of the Arabic word sakk, which means certificate, so sukuk may be described as certificates of trust for the ownership of an asset, or certificates of usufruct. Sukuk differ from conventional bonds in that they do not pay interest. Islam forbids the payment of interest, but a financial obligation or instrument that is linked to the performance of a real asset is acceptable. Sukuk returns are tied to the cash streams generated by underlying assets held in special purpose vehicles (SPVs). The cash stream can be in the form of profit from a sale, profit from a rental, or a combination of the two. The conventional asset securitization process is used in structuring sukuk. An SPV is created to acquire the assets that will collateralize the sukuk and to issue financial claims on those assets over the defined term of the sukuk. The asset collateral must be Shariah compliant (Iqbal and Tsubota 2006). Sukuk are, therefore, monetized real assets that enjoy significant liquidity and are easily transferred and traded in financial markets. A sukuk issue can be structured in a variety of ways and can offer fixed- and variable-income options. Several classes of assets typically collateralize sukuk issues. The first class has financial claims arising from a spot sale (salam) or a deferred-payment (bai muajjal) and/or deferred-delivery (bai salam) sale. These securities are typically short term in nature, ranging from three months to one year, and are used to finance commodity trading. Because the risk-and-return characteristics of the structure are somewhat delinked from the risk-and-return characteristics of the underlying asset, the Gulf Cooperation Council (GCC) countries hold that trading these sukuk in the secondary market involves riba; hence, it is prohibited. Therefore, salam-based sukuk and the likes are typically held to maturity (Iqbal and Tsubota 2006). A second class of assets that collateralize sukuk is leased, or ijarah-based, assets. The cash flows generated by the lease-and-buyback agreement, a combination of rental and principal payments, are passed through to investors. Ijarah-based sukuk have medium- to long-term maturities (Iqbal and Tsubota 2006), carry a put option, and can be traded in the secondary market. This type of sukuk has gained increasing acceptance by Shariah scholars, particularly those from Middle Eastern countries. Recent successful issues include those by the Malaysian-based companies Al-Aqar Capital (RM500 million, or US$153 million) and Menara ABS (RM1.1 billion, or US$337 million). 1.4.3. Islamic Derivatives Market. A derivative, a financial instrument whose value is a function of the value of another asset, typically takes the form of a contract in which the investor promises to deliver, or take delivery of, an asset at a specific date and at a specific price. Conventional derivatives include call and put options, futures, forwards, and swaps and are used for hedging, arbitrage, and speculation. Islamic finance seemingly allows derivatives for the first two purposes hedging and arbitrage, but prohibits their use for speculation or gambling (maisir). As long as riba (interest) and gharar (uncertainty) are avoided, the Islamic derivative structure used in hedging and arbitrage enjoys significant freedom of design. The size of the Islamic derivative market is not known but is quite small. Islamic derivative products include the structured murabahah deposit, structured options that operate on the principle of waad (promise), profit rate swaps, and cross-currency swaps, such as the foreign exchange (FX) waad (a Shariah-complaint FX option) and the Islamic FX outright (a Shariah-compliant FX forward contract that locks in the price at which an entity can buy or sell a currency at a future date). Islamic derivatives are based on contracts that are supported by the principles of bai salam, bai istisna, or urbun. 1.4.4. Islamic Swap Market. The Islamic swap market is a subset of the overall Islamic derivative market. A swap is a derivative instrument that is used to transfer risk. The two major Islamic swap structures are the profit rate swap, which is similar to a conventional interest rate swap, and a cross-currency swap. Total return swaps are also being used. 1.4.4.1. Profit Rate Swap. The Islamic profit rate swap is used as a hedge against fluctuations in borrowing rates. The swap is an agreement to exchange fixed for floating profit rates between two parties and is implemented through the execution of a series of underlying contracts to trade certain assets under the Shariah principles of bai and bai bithaman ajil. 1.4.4.2 Cross-Currency Swap. The Islamic cross-currency swap is a vehicle through which investors can transfer the risk of currency fluctuation that is inherent in their investment or inventory positions. The structure involves two simultaneous murabaha transactions-one is a term murabaha and the other, a reverse murabaha. The parties to the swap agree to sell Shariah-compliant assets to each other for immediate delivery but on deferred-payment terms in different currencies. The first cross-currency swap was done in July 2006 for US$10 million between Standard Chartered Bank Malaysia and Bank Muamalat Malaysia. 1.4.5. Islamic Unit Trusts. An Islamic unit trust is similar to a conventional unit trust in the United Kingdom and an open-end mutual fund in the United States except that the Islamic unit trust invests only in Shariah-compliant securities; that is, the unit trust manager gives precedence to securities (stocks or bonds) of Islamic banks and financial institutions, securities of companies operated in accordance with Islamic principles, and securities included in Islamic equity indices. Islamic mutual funds (unit trusts) vary by investment type and financing method (murabaha, musyaraka, bai salam, bai istisna, or ijarah); field of investment (public works, real estate, or leasing); period of investment (short, medium, or long term); risk involved (low, medium, or high risk); whether they are open or closed funds (Tayar 2006). The contract governing the exchange of units between the unit trust manager and the investor usually conforms to the principle of bai al-naqdi (buying and selling on a cash basis). When an investor purchases a unit of the trust, the investor is actually sharing pro rata with other investors in ownership of the assets held by the trust. The manager receives a management fee under the concept of al-ujrah (or fee) for managing the unit trust. An equity unit trust is the most common type of Islamic unit trust, but corporate and sovereign sukuk unit trusts are also available. Certain equity unit trusts invest in assets that closely track a particular index and are known as index trackers. Specialist unit trusts invest in a single industry or similar group of industries. Balanced funds incorporate both equity and sukuk securities and are rebalanced periodically to retain the initial asset allocation. Islamic fund managers have less autonomy than conventional fund managers because they are usually accountable to a Shariah committee or adviser who rules on the screening criteria for stock selection and how the criteria are to be interpreted in changing market conditions and company circumstances. In addition, Islamic unit trusts may offer a better risk profile than Islamic investment products that expose investors to the counterparty risk of a bank (Islamic Unit Trusts 2007). For example, investors who place their money in restricted or mudharaba investment accounts, in which legal ownership lies with the bank, are exposed to the risk that the counterparty bank will go bankrupt. A unit trust structure in which investors own a pro rata share of the investment portfolio, however, does not expose the investor to such counterparty risk. The first Islamic equity unit trust, Tabung Ittikal Arab-Malaysian, was established in Malaysia in 1993 (AMMB 2006). In recent years, growth in the equity funds market has been strong, particularly in Malaysia because of the countrys tax incentives and favorable regulatory environment, although Saudi Arabia is the largest Islamic equity funds market in terms of asset size and number of funds. 1.4.6. Islamic Exchange-Traded Funds. An exchange-traded fund (ETF) is an open-ended fund composed of quoted securities-stocks or bonds-that are selected to closely mimic a benchmark, rather like an index-tracking mutual fund. Unlike an index mutual fund, an ETF is bought and sold on an exchange. The price of an ETF should closely track the weighted net asset values of its portfolio of securities throughout the trading day. An Islamic ETF is structured exactly like a conventional ETF except that the benchmark used in constructing the fund is an index of Shariah-compliant securities; that is, the index includes only those securities that have passed Islamic filters to ensure that companies are primarily engaged in permissible business activities and do not have high levels of debt. Islamic ETFs made their debut in February 2006. Although it is a nascent market, Islamic ETFs have been issued by several major players in the global capital markets, such as i-Shares, BNP Paribas Bank, Daiwa Asset Management, and Deutsche Bank. As of year-end 2008, the three i-Shares ETFs totaled US$25.8 million. JETS (Javelin Exchange Traded Shares), which is the first Islamic ETF expected to be issued in the United States and is to be made available by Javelin Investment Management and the Dow Jones Islamic Market (DJIM) International Index Fund, has been filed with the U.S. SEC and was launched on NYSE in early 2009. Participating dealers or market makers deliver the exchange-traded securities selected for the ETF to the fund manager in exchange for units in the ETF. The ETF units, representing an ownership interest in the basket of securities, are then sold to investors via an exchange. When ETF units are redeemed, market makers return them to the fund manager in exchange for a proportionate share of the basket of securities. The advantages of ETFs from the investors viewpoint include tax efficiency, low cost, transparency, trading flexibility, and diversification. ETFs are often used as a hedging instrument as well as a means to obtain access to an asset class cheaply and quickly. 1.4.7. Islamic REITs. Islamic REITs (I-REITs) are similar to conventional REITs. They are typically structured as property trusts except that they must hold investments that adhere to the principles of Shariah. This requirement means that lease financing (ijarah) is used in lieu of an outright purchase of property. The economic, legal, and tax ramifications are effectively the same as in a conventional REIT. An Islamic REIT invests primarily in physical real estate, but it may also hold sukuk, private companies whose main assets comprise real estate, Shariah-compliant securities of property and non-property companies, and units of other I-REITS, Shariah compliant short-term deposits, and cash. I-REITs vary from country to country. The Malaysia Securities Commission defines an I-REIT as an investment vehicle that proposes to invest at least 50 percent of its total assets in real estate, whether through direct ownership or through a single purpose company whose principal asset comprises a real asset (Securi ties Commission 2005). The key benefits of I-REITS are similar to those of conventional REITs and include the following advantages over physical properties (Jaafar 2007): ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Higher current yields because of the requirement to distribute at least 90 percent of income annually, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ lower transaction costs and greater liquidity because most REITs are listed and traded on stock exchanges, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Scalability, unlike property investment companies, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Diversification across properties with different lease periods and geographical locations. I-REIT returns are earned through rental income, capital appreciation of physical property, and securities held as investments. I-REIT investments must be reviewed, monitored, and approved as complying with Sharia principles by a Shariah committee or adviser. In addition, an I-REIT is required to use a takaful (Islamic insurance) scheme to insure the real estate. The Malaysia Securities Commission permits up to 20 percent of REIT rental income to be derived from non-permissible, or non-Shariah-compliant, activities. The first Islamic REIT, the Malaysian Al-Aqar KPJ Healthcare REIT, was launched in Malaysia in 2006 with initial issuance of US$130 million (Lerner 2006). Malaysia was the first country, in 2005, to issue Shariah-compliant REIT guidelines. Malaysian issues are listed and traded on Bursa Malaysia and may also be dual listed (that is, listed on Bursa Malaysia and on another exchange). They are liquid securities that trade as any other stock trades. Having been in existence for only two years, the Islamic REIT market still remains quite small. 1.4.8. Islamic Commodity Funds. An Islamic commodity fund, like all Islamic financial products, must comply with Shariah principles; therefore, commodity fund transactions are governed by the following rules (Usmani, 2008): The commodity must be owned by the seller at the time of sale because short selling is not permitted under Sharia but forward sales, allowed only in the case of bai salam and bai istisna, are permitted. The commodity traded must be halal (permissible), which means that dealing in, for example, wine and pork is prohibited. The seller must have physical or constructive possession (that is, actual control without actually having physical control) of the commodity to be sold. The price of the commodity must be fixed and known to the parties involved. Any price that is uncertain, or that is determinable by an uncertain event, renders the sale invalid. The performance of commodity prices in the years leading up to the 2008 bull market peak has been attributed to favorable demand conditions for raw materials and, in most cases, inelastic supply responses because of years of underinvestment in production capacity. This bull market was followed by an extremely sharp commodity price decline in 2008_2009, illustrating how volatile and unpredictable commodity prices are. The advantage of a commodity fund is that it is not highly correlated with equity and fixed income asset classes. Hence, it acts as a diversifying asset, particularly when the other assets held are equities and bonds (but commodities did not diversify equity risk in 2008_2009). A commodity fund aims to provide investors with regular income over the life of the fund-income that is linked to the performance of commodities through investments that conform to Shariah principles. The commodity funds generate income from the potential appreciation in commodity prices. 1.5. Continued Growth in the Islamic Capital Market. Financial products that barely existed a few years ago have now penetrated the broad Islamic capital market. But some products, such as Islamic hedge funds, remain controversial in large portions of the Muslim community, which view hedge fund activities as simply simulating short selling in ways designed to be compatible with Shariah. The five schools of Islam vary in their definition of what complies with Shariah, which raises a key obstacle to the creation of universally acceptable Islamic hedging schemes. Nevertheless, two investment firms, Barclays Capital and Shariah Capital, have launched a Shariah-compliant hedge fund product that 3.3. The Quandary of Substance over Form in Sukuk: The current global crisis has allowed the Islamic Finance industry some time for reflection, and as such, when considering the future of the Sukuk market, we explore in detail the issue of substance over form. Sukuk structures are being tested for the first time by originator insolvency and proposed restructurings. In these more difficult periods it is important that all investors understand that very few existing Sukuk have asset ownership or security -the majority are unsecured. Asset-backed Sukuk or Islamic securitizations generally perform very differently from asset-based under stress. Most Islamic market participants are aware that Sukuk, sometimes known as Islamic bonds, should grant the investor a share of an asset or business venture along with the cash flows and risk commensurate with such ownership. However, while this is indeed the Shariah ideal, most current structures have more in common with conventional fixed income or debt instruments from a risk/return perspective. The recent highly successful Indonesian sovereign Sukuk ($650 million) shows there is still heavy demand for these unsecured, asset based structures, although the recent bonds of Qatar and Abu Dhabi were not Sukuk. The assets in the structure are commonly for Shariah compliance only, and ultimately have little or no bearing on the risk or performance of the Sukuk. Investors should note that, while all conventional asset-backed securities (ABS) are not Sukuk, a true asset-backed Sukuk is accessible to the whole universe of global ABS investors, and not just to the much smaller Shariah compliant investor base. The disparity between the ideal and the reality of Sukuk was highlighted by AAOIFI in February 2008, when it published six principles regarding Sukuk structures (refer to Annexure I) and initially noted that around 85 percent of existing Sukuk were not in compliance with these principles. Subsequently, many sources attributed the market decline to these statements. In reality, the decline in Sukuk market volume in 2008 probably had also to do with the prevailing global credit market conditions (it was a very difficult time to raise funds, whether conventional or Islamic) rather than to any direct reaction to the AAOIFI statements. As we strive to strip away the sometimes excessive structural and legal complexity and confusion surrounding Sukuk products, getting to the real substance of the Sukuk without being distracted by the form. This focus on the substance of the risk and return is helpful when trying to assess a products compliance with a given set of Shariah principles or views. While terms such as Mudarabah, Musharaka and Ijarah are widely applied, the actual legal structure behind the name and Sukuk risk characteristics can vary significantly -even within a single type. Thus, until there is some broad consensual standardization on terminology or form, investors will need to look at each structure individually to understand the cash flow, risk and return profile, irrespective of the name/type of Sukuk structure used. The common theme of form over substance throughout modern Islamic finance has, in our experience, created confusion for some market participants. Asset-backed and asset-based are semantical ly similar descriptions but mask significant differences in credit risk. Shariah-based and Shariah-compliant are two more recent terms that seem to add some confusion.