Ancient Chinese Contributions Essay Example | Topics and Well Written Essays - 1000 words - 2

Old Chinese Contributions - Essay Example China can legitimately make a case for various logical disclosures and mechanical developments which significantly improved human progress as these made ready for worldwide advancement. This short paper is a conversation and piece of such antiquated Chinese commitments to human progress. Chinese human progress had existed continuous for a few centuries and because of this reality, it had the option to create to such a degree, that the antiquated Chinese gained or aggregated enough information about the common world and insightful enough to make the correct associations with make logical disclosures dependent on their speculations and theory; the other valuable association was to utilize these revelations through innovative developments and applications in order to make life simpler for everyone. Hypothetical information was applied to ordinary use and for this, world human advancement has a ton to be appreciative for on the grounds that the revelations and creations of the old Chinese filled in as establishment for additional logical and mechanical advancement to occur. Among the more conspicuous Chinese commitments are the compass, explosive, printing, paper, coal mining, earthenware and porcelain, utilization of oil, sericulture, star chart book, and meridian. In light of the halfway rundown referenced over, the four most significant commitments are the compass, black powder, paper, and printing. These four innovations contributed a great deal to the advancement and advance of world progress as the utilization of these four disclosures spread around the world. The four creations can be considered as the most bright and imaginative thinking about the extraordinary measure of information, knowledge, and believing that went into these four developments and disclosures. Compass - its revelation was essential to transport route and the inevitable disclosure of tremendous new terrains and domains past the incredible expanses of the world. In spite of the fact that the compass was

Gift Ideas for Siblings When Youre in College

Blessing Ideas for Siblings When Youre in College At the point when you were at home, your sibling and additionally sister may have driven you up the divider. Or then again, on the other hand, you may have been amazingly close with your sibling(s). In any case, finding the ideal present for a kin can be a test particularly when youre working with an undergrads financial plan. So how might you discover a blessing that gives you care without breaking your financial balance? Luckily, family blessings consider somewhat more innovativeness than, state, presents for your chief. With a little pre-arranging, your kin blessing can be one your sibling or sister values for quite a while. Something From Your Campus Gift Shop You may see sweatshirts, shirts, and running shorts with your school name and logo throughout the day, consistently. Be that as it may, your kin back home doesnt. Consider discovering a loot from your grounds blessing shop that you know your sibling or sister will simply venerate. In the case of nothing else, it allows them to boast about what school you go to when individuals get some information about their apparel! (Furthermore, if a sweatshirt or shirt isnt in your financial plan, think about something less expensive, similar to a keychain.) Something Youve Learned About at College that They Might Also Like It is safe to say that you are both science nerds? Snatch that new life story of an acclaimed scientist that you think sounds truly cool. Do you both love to compose verse? Head to the grounds writers segment of your grounds book shop to check whether any of your educators have distributed verse assortments as of late. (Special reward: You can request that your teacher signature your duplicate!) Welcome Them for the Weekend In the event that you miss investing energy with your sibling or sister, dont hold up until you head home to see them; give them the endowment of an end of the week with you nearby. You can utilize your feast intend to get them breakfast, lunch, and supper while giving them all the fun and crazy pieces of your school life. (On the off chance that youre remaining in a home lobby, notwithstanding, simply ensure its alright to have somebody who may be under 18 remain with you.) Things that Helped You Prepare for College On the off chance that your more youthful sibling or sister is anticipating making a beeline for school soon, as well, consider giving them the things that helped you the most. Were there books that helped you alter? Sites that clarified things you were too hesitant to even think about asking about? Prep. books that helped you pro things like the SAT? Set up an assortment of things you discovered generally important as a blessing that your more youthful kin will without a doubt discover significant, as well. Time Doing Things Together Regardless of whether you make up for lost time on the web and on the telephone, it tends to be difficult to be away from a kin with whom youre genuinely close. Regardless of whether neither of you have a lot of cash, there are things you can do to get to know each other. Think about going for a climb, walk, or run; going Christmas looking for your folks; or in any event, chipping in together. Transform the time into your blessing to your kin by introducing an exceptional welcome in an envelope and offering to treat for something fun while youre out, similar to espressos Slurpees from your preferred comfort store. Some of the time, its the seemingly insignificant details that mean the most! Something that Reminds You Both of Growing Up Together ​A parcel of sweets shops offer decade-based boxes of treats that bring back the sweets you grew up with. Furthermore, you can assemble an assortment of your preferred motion pictures or Saturday morning kid's shows that you used to observe together when you were more youthful. Indeed, even a senseless toy that you both pined for even one that is viewed as excessively old and out of date currently can make an incredible blessing. Recall the things you both appreciated the most as you grew up and see what you can do to reproduce something comparative for an extraordinary present.

Sample TOEFL Independent Essay Reasons Why People Attend College or University

Sample TOEFL Independent Essay Reasons Why People Attend College or University Sample TOEFL Essay Multiple Choice StyleThe QuestionPeople have a lot of opinions about the value of advanced education. Which do you think is the most important reason to attend college or university? Use reasons and examples to support your answer.new experiencescareer preparationincreased knowledgeUse specific details and examples in your answer.Special Offer: TOEFL Essay Evaluation and ScoringYou can now sign up to have your practice essays evaluated and scored by the author of this page. This service is a great way to learn how you will do before test day and how you can best prepare for the big day. Sign up today.The Sample Essay Nowadays, more people than ever choose to attend university after completing high school. In my opinion, the single most important reason to pursue post-secondary education is to prepare for a career in the future. I feel this way for two main reasons, which I will explore in the following essay. First of all, a university degree is required in order to be hired at even the most basic jobs these days. Individuals who have only a high school diploma are employed solely in poorly paying and low-skilled fields. This reality is evident to young people all over the world right now, and so people feel quite a lot of urgency regarding their academic qualifications. For instance, my friends and I have noticed that recently it has even become necessary to have a graduate degree in order to begin a career; no longer is it possible to achieve professional success with just an undergraduate diploma. We all think that this trend will not reverse any time soon, and as a result students will continue to consider their career aspirations when making decisions about what to do when they finish their secondary education.Secondly, universities provide wonderful opportunities for networking and these help young people find and create high-paying jobs following their graduation. The unemployment rate has been quite high for most of the past decade, and it is very difficult for even well-educated people to become employed. Many experts argue that the people we meet in university play a large role in our long-term professional success. My brother’s personal experience is compelling evidence of this. He recently founded a lucrative online business which has provided him with a substantial income over the year. He co-founded the business in a partnership with two like-minded students that he met in a freshman computer science class. My brother often points out that the relationship which he formed with those students has been even more valuable than his actual degree. In contrast to my brother’s success, many of my friends who chose not to attend university currently have a limited set of contacts as their social circles have not expanded since their childhood. In conclusion, I believe that young people choose to enroll in post-secondary education mostly to prepare for their careers. This is because a university degree is a pr erequisite for employment in the modern era, and because universities provide students with valuable opportunities to meet new people.NoteThis is a sample TOEFL essay written by a native speaker. It follows the instructions in our guide to the independent essay. If it is useful, please remember that we have many more sample essaysfor you to read!

Live, Love, Garden - Free Essay Example

Sample details Pages: 6 Words: 1705 Downloads: 6 Date added: 2017/09/22 Category Advertising Essay Type Argumentative essay Did you like this example? Kristin Cooper Live, Love, Garden Each morning I look out my window at our garden, and the surrounding trees. I listen to a symphony of birds, as the sunlight shines higher in the neighbor’s sycamore tree. A full night’s sleep leaves me thirsty, so I go to the kitchen for a glass of cool water. I know that the plants in the garden are also thirsty, and I venture outside to water them. The grass feels good between my toes and as I reach for a ripe tomato, a butterfly dips down into a flower. This garden is full of life, and I feel fortunate to know it intimately. Not only does my garden provide an abundance of organic fruits and vegetables that are healthier than most produce in grocery stores, but the work it takes to grow this produce requires constant physical activity that is great for physical health, and relieving stress. Cultivating a fruit and vegetable garden is a tremendously rewarding experience. A garden is a fertile piece of land with a collection of plants that are cared for by an individual or a community. A garden can be any size arrangement of flowers, shrubs, fruits, vegetables, herbs or trees. My parents taught me how to care for a garden. We have five members in our family, with five mouths to feed, so we have a large garden. This garden is spread out across our entire backyard, with six fruit trees scattered throughout. Persimmon, apple, mandarin, orange, avocado, and lime all yield their fruits at different times throughout the year. We have a beautiful flower garden, with many varieties, as well as a dedicated rose garden. We have categorized most of the vegetable plants into separate garden boxes or planters. For example the herb garden box contains rosemary, thyme, oregano, cilantro, curry, and borage. The salsa garden box contains various types of peppers, and onions. A third garden box contains zucchini, yellow squash, cantaloupe, and peanuts. We also have a planter with fifteen tomato plants, consisting of eleven different varieties. The food grown in these garden boxes is healthier than industrially farmed food bought in the store, because I am knowledgeable about how the food was grown. In fact we consider our garden to be organic, which requires using natural fertilizer, and not using pesticides, herbicides, and growth hormones, all of which are chemical products and these substances are harmful to humans. For example, growth hormones make fruits and vegetables look bigger, and better, but without nutrient rich soil they lack in nutrients. On the other hand, fertilizer made from natural compost, decomposing plant matter is free of pesticides and herbicides. Fruits and vegetables grown organically can taste much different than store bought foods and that taste of extra flavor means the produce is higher in nutrients. Of the eleven different types of tomatoes in my family’s garden, each has a rich and unique flavor; store bought tomatoes do not compare. The oranges we gr ow are also much tastier than oranges I have bought in grocery stores. Some oranges have a really thick peel, and once opened up, it is not a juicy treat, while the oranges from my tree, have a thin peel, and are dripping with juice. Eating organic fruits and vegetables instead of processed foods is vital for good health. Having a home garden provides an abundance of healthy food that is easily accessible. Our own backyard is a resource for much of the food we eat which has limited our trips to the grocery store and saved us a lot of money. Having the ability to pick fresh food from the garden has ensured that even when there is scarce food in the refrigerator, we still have plenty of healthy food to eat. It is financially rewarding when a plant that costs as much as a few pieces of fruit, produces enough to feed a household for weeks. Sometimes a plant will produce a lot of ripe fruit and there is too much to eat all at once. When fruit is ripe it has a short period when it n eeds to be eaten, or it will go bad. I find it very unfortunate to watch good food go to waste, so I try to share what I can with my neighbors, friends, family, and community members. The orange tree in my backyard produces hundreds, thousands of oranges every summer. With so much fruit, my family can eat oranges everyday and there are still a lot that never get eaten and rot away. My family’s solution is to share them with everybody, and when we still have leftovers we make orange juice. I start by picking a few dozen oranges, and cleaning them. I take them inside, and roll them on the counter to break up the pulp and make them juicier. The next step is to cut them in half, and then juice them using a manual or mechanical juicer. It takes some time and some muscle to make a pitcher full of orange juice, but the work is well worth the fresh, sweet and sour flavor that invigorates my taste buds. The home squeezed orange juice is rich in nutrients, and healthier than stor e bought orange juice. The physical activity that is required to maintain a garden can help keep a gardener in good physical health. Juicing oranges is only a tiny part of the physical activity in maintaining a garden. Actually, there is a lot of work to maintain a garden, such as pulling weeds, watering plants, picking the fruit and vegetables, digging, planting, cultivating, pruning, fertilizing, etc. This work requires constant bending, stooping, kneeling, reaching above your head, and walking back and forth. After a few hours of work in the garden I am as sore as I would be if I had gone to the gym. In addition to the physical work, at the beginning of each growing season there is a lot of planning to be done, especially since each season there are different vegetables that can be grown. When it is time to change the crops my family has to prepare the land and the vegetable boxes by removing old vegetable plants and weeds. Some plants have extensive roots and if they cannot b e pulled out by hand it may be necessary to dig them out of the ground with a shovel. First we evaluate the situation to prepare for how much work needs to be done, how many holes I will need to dig, and the size of the holes. When the holes are prepared, the soil needs to be cultivated and amended as final preparation before the planting. My family has a compost bin that we use to make natural fertilizer amendment for our garden. Compost is recycled plant matter that is collected in a bin, and given time it will break down into nutrient rich soil. To help the compost break down, it must be turned often. One of my brothers has a chore to turn the compost twice a week. Turning the compost can take him from three to ten minutes. Using a pitchfork to lift the material from the bottom of the pile and place it on top, continuously until the material from the top makes its way to the bottom since the material on the bottom decomposes much faster. Once the compost is ready to use we till it into the surrounding soil, a pronged tool helps to mix this fertilizer into the garden soil. When the land is fertile it is time to put the plants in their holes, with a mixture of compost fertilizer, and untreated earth. Once the garden is planted, most of the hard work is done, but there is still constant maintenance to keep the garden healthy. To do this maintenance on a regular basis actually provides a place and sometimes strenuous activity to relieve stress. It can be very cathartic to take the time working in a certain area that needs maintenance. For instance, I enjoy sitting down in the dirt, and weeding. Being out in the sunshine, the fresh air, amongst the plants, and in the dirt, feels good. While my life gets crazy in a fast paced way, I am grateful to have a beautiful piece of land that is a peaceful escape place. Our plants remind me of how important it is to notice the natural cycle of life. Life, death, and rebirth, is the natural cycle of all life on earth. A seed will grow into a plant that will one day die, to then be recycled back into the earth. Part of that natural cycle is eating! Having homegrown food as ingredients in a homemade meal is the ultimate reward for growing a fruit and vegetable garden. It feels like a luxury to enjoy fresh produce that is so rich in flavor. When I pick out ingredients for dinner, I take a basket and I go shopping for free in my backyard. One of my favorite recipes is fresh tomato sauce. The recipe calls for tomatoes, onions, olive oil, garlic, parsley, basil, oregano, a bay leaf, and sugar. To make it, first steam the tomatoes to soften them. Then slice up the onions, crush the garlic, and brown them in a pan with the olive oil. After the tomatoes steam, they are peeled, crushed and added to the garlic and onions. Oregano, a bay leaf, parsley, and basil are added to the simmering sauce. Finally, sugar is added to the sauce to neutralize the acid in the tomatoes. The full aroma of fresh tomato sauce fills the kitchen where we stand shoulder to shoulder over the stove while the food simmers. My entire family expresses our gratitude for the rewards of our garden as we sit down for our meal. In the short time I have been growing a fruit and vegetable garden I have gained experiential knowledge that has inspired me to grow my own healthy food for the rest of my life. I am grateful for the family interaction, the physical activity, and the organic produce. Growing organic fruits and vegetables takes hard work, but the experience is deeply rewarding. Don’t waste time! Our writers will create an original "Live, Love, Garden" essay for you Create order

Respect and Sympathy in Macbeths Soliloquies Essay

Respect and Sympathy in Macbeths Soliloquies Works Cited Missing Macbeth is a complex story of a great and popular king, named Duncan, who is murdered brutally by a horrid, vicious Tyrant called Macbeth, who was considered one of Duncans closest and most loyal friends. This tyrant brings havoc and devastation to the once almighty land of Scotland. Macbeth is an intricate character and has many different personality changes throughout the play. Shakespeare created Macbeth as a character who would capture our imaginations, and intrigue us as†¦show more content†¦From this point on, we start to wonder about Macbeths integrity. Ian PerrellBy the time of Macbeths first soliloquy we have witnessed Shakespeare change Macbeth from a loyal soldier, to contemplating the murder of his King. Macbeths first soliloquy is basically his inner dialogue where he is deciding whether or not to murder Duncan. Shakespeare has Macbeth talking about the murder in great detail, but has him talking about it in brutal language (euphemisms): horrid deed, it, tis, this blow, bear the knife, his taking off and assassination. This may have been Shakespeares way of trying to get across to the audience, that Macbeth was scared to murder Duncan, and wouldnt even speak of it openly. In a vague way this wins some sympathy for Macbeth as it gives an image to the audience of an extremely confused man. Also the fact that in every soliloquy Macbeth is talking to himself, which gives the impression of insanity, as he is debating with himself whether or not to kill Duncan. The people of the early 17th Century would have noticed this certainly whilst watching the live performances at such great venues as Hampton Court where it was firstShow MoreRelatedHow Does Shakespeare Retain a Degree of Sympathy for Macbeth833 Words   |  4 PagesHow does Shakespeare retain a degree of sympathy for Macbeth through to the end of the play? â€Å"Not in the legions Of horrid hell can come a devil more damn’d In Evils to top Macbeth† If a play is to function as a tragedy, we, the audience, should feel a certain degree of sympathy for the protagonist through to the close of the play. In my opinion, however, Shakespeare fails to retain this in his timeless classic, â€Å"The Tragedy of Macbeth†. From the start of the play it is clear that MacbethRead MoreMacbeth Character Analysis Essay1102 Words   |  5 Pagesis a more paradoxical character than is initially thought, by associating him from the start with evil and treachery. 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An essay on hr problem in cognizant technology solutions, yyderabad, india Free Essays

string(36) " of the employee on the management\." Introduction This essay describes the recent HR problem faced by Cognizant Technology Solutions, Hyderabad, India one of the fastest growing IT Service Providing Companies, a subsidiary of Cognizant Head Quarters, New Jersey as heard from one of the associates within the company. The Organization faced the problem of retaining their experienced associates during the economic down-turn period or so called Recession period when the other competing companies fired many of their employees who have worked for more than half-a decade because of posing financial problems on the company in regard to wages and maintenance during that period. Started with around 264 associates to 10,000+ members (till date), they have contributed a lot to the Organization’s notable growth over a short period of 8 years at Hyderabad Off-shore Development Centre. We will write a custom essay sample on An essay on hr problem in cognizant technology solutions, yyderabad, india or any similar topic only for you Order Now [ By Geeta Ramachandran, Sr. Executive – HR, Global Workforce Management (GWFM), CTS(H), Feb, 2006-(till date). ] Key Words: Associates, Resources, Off-shore Development Centre, Business Continuity Plan, Work Force Management, Incentive Approach, Two-in-a-Box Module. Background Cognizant Technology Solutions, one of the leading Multi-National Companies started its Off-shore Development Centre (ODC) at Hyderabad, India in 2002 as a part of Global Expansion. It serves more than 500 clients belonging to various fields such as Banking Financial Services, Health Care Insurance, Communications, Consumer Goods, Energy Utilities, Information, Media Entertainment, Life Sciences, Manufacturing, Retail, Technology, Transportation Logistics, and Travel Hospitality. The Company has recorded its highest growth in the 4th quarter of 2010. And announced 200% hike for their top performers during this quarter recovering from the recession blows. They have crossed the 10M strength in the same quarter globally. [http://www.cognizant.com/aboutus/in news ] Interventions Recession is more often can be termed as one of the phases for readjustment in disequilibrium of capital management. Whenever a resource is released within an organization from the declining activities, they will be immediately shifting to the expanding industries. Recession or recovery is the first phase of readjustment process in this world of non-uniform capital and rigidities in adjustment processes starts with the realization of errors delivered under the false impression projected by easy credit. Downturn period in the global markets is considered as bad by concerning the nominative judgments about the different phases of the cycle. [ â€Å"Capital in Disequilibrium: An Austrian Approach to Recession and Recovery† by Noah Yetter and John P. Cochran. ] Multi-national companies are focused on getting the experienced staff which would allow them to have the feasibility of not spending additional investments on any other different training programs. Small scale organizations are more focused on fresher as they cannot bear huge pay to the experienced hires. By providing the well established environment to the employees so that the employees can work freely and can apply all thought process into reality. Because of this, there is a diversion among the managers whom to consider with high priority when financial matters are involved with the resource management techniques. [ Resourcing in Business Logistics: The Art of Systematic Combining, by M. Jahre, L.E. Gadde H. Hakansson, D. Harrison, G. Persson, and G. Liber, Torkel Stromsten, Stockholm School of Economics, Stockholm, Sweden, Book Review, Page No. 411-414.] As there are financial prospects involved, it is always better to recruit fresh graduates and train them based on the requirements of business with the usage of proper forecasting techniques. If the resources belonging to an organization are homogenous in all aspects and all prices, wages, and interest rates are perfectly flexible in according to the organizational policies, then the recession or recovery process would be a single process which would be quick and practically painless.An experienced employee wages equal the 3-4 fresh graduates wages whose cost to company would be low when compared to former. It is always preferable to have those young minds which are innovative and creative at times and works smart in reaching the timely goals rather than being laborious for completion of tasks. And if the Organization thinks that an experienced employee needs to be retained with the organization, firm should assign them the multiple tasks up to the possible extent but not overloading them. By making the experienced resources responsible in some managerial positions and offering them the provision of consistent support and means for supervision from the top-level management to guide the new candidates in achieving service and delivery goals much to the satisfaction and delight of the customers. [ â€Å"Estimating the impact of enterprise resource planning, project management decisions on post-implementation maintenance costs† by Meg Fryling, University at Albany, USA.] In order to retain the experienced employees from the organization, one needs to build the strong belief about the future prospects of the employee ensuring about their role in the organization and more importantly job-safety. Cognizant has employed the same strategy during that turmoil and with the same strategy they achieved the tag of fastest growing IT Services Provider around the globe. Cognizant trained the people irrespective of experienced or a fresh candidate in the sector during the period to grab the opportunities in future. By making sure that the employees would fit into the requirements accordingly, and providing them the different options like self-learning, e-learning courses to learn and understand the new technologies rather than sticking to the existing technology which they have already learnt during their graduation and the same has applied over the years for the routine deliverables thus not allowing themselves to reach the further levels in contributing to the success of the organization. [ â€Å"Leadership in the era of Economic Un-Certainty† by Charan. R, McGrawhill, 2009.] [ â€Å"Managing a risk controversy: The Canadian Salmon Aquaculture industry’s responses to organized and local opposition† by Nathan Young; Mary Liston.] Training and allowing them to understand, implement the new technologies might take some time initially but it makes the employee well-versed with the same. With the same strategy we can build the confidence in the people by spending whole-sum amount for training purpose as it helps in retaining the confidence of the employee on the management. You read "An essay on hr problem in cognizant technology solutions, yyderabad, india" in category "Essay examples" After facing the initial phase of economic un-certainty, every Organization concentrated on cost-cuttings thus enabling the clients to trust the management with respect to the ROI and value of investments. This would reduce the revenue and profits to the company during that period and on a long-term basis, this result in maintaining the healthy relationship with the clients. [â€Å"Applying the Theory of Planned Behavior to Explain Marketing Managers’ Perspectives on Sustainable Marketing† by Ahmed Shahriar Ferdous.] Reallocation of the resources is another crucial factor which would create some distance between the employees and their families. Reallocation need to be carried out depending on the requirement and feasibility of the company. Depending on the designation, work-experience of a particular employee, he/she would be given the priority to serve the organization according not affecting the business continuity plan and meeting the deliverables in time. Regular Audits will be held at those which were shown to the clients at the start-up. Meeting the expectations of the customer in time is a technique which is possible only through dedicated resources for the organization. With the same approach, organizations build the reputation among the clients. [ Estimating the impact of enterprise resource planning, project management decisions on post-implementation maintenance costs by Meg Fryling, University at Albany, USA.] [Collaborative Behavior and the performance of the organizations by Andrew B. Whitford, Soo- young Lee, Taesik Yun, Chan Ju Sung.] Resource Management within the organization should be considered as a high-priority issue which requires proper attention. Resource Planning and Resource Management according to the business needs to be scheduled. As Cognizant applies Two-In-A-Box Module, On-site/Offshore Delivery module, they tend to have more resource strength at off-shore than on-site as the CTC would be increasing if the on-boarded people are in large number. They do follow a policy of 1:3 ratios Onsite – Offshore resource strength because of which Cognizant resources would like to stay with the organization rather than opting for other organizations. And another way to look at it, the company offers huge incentives and various other activities alongside the regular work. Cognizant recruited graduates during recession period from universities who will be completing their graduation in another 6-8 months of time and gear up to face the global environment instead of firing the experienced hires. Meanwhile th e organization can avail the time to plan accordingly and train them the different technologies to meet the expectations from the customers and serve them with high efficiency. [By Rohit Eustachius, Executive – HR, Campus Talent Manager, CTS(H), Aug, 2006-(till date).] Based on the above interventions for the problem, we can state that a mixture of fresh and experienced people is required in every industry and the same applies universally. With the help of experienced bunch, fresh employees into the company will learn key points and apply the same when it demands. Reduce the no. of experienced employees gradually and at the same time hire the fresh graduates to compensate work load and financial issues can be settled with less pay details. [ â€Å"HR and IT Capabilities and Complementarities in Knowledge-Intensive Services† by Naresh Khatri, Alok Baveja, Narendra M. Agrawal and Gordon D. Brown. ] Conclusion Thus we can derive that problems relating to human resource management involves so many factors and all those factors should be considered when a problem needs a necessary action to be implemented to resolve the problem. Human Resource Management involves with financial issues which plays key role in organizational structure and helps in progress of the organization. This also reveal us how to invest in those crucial times of the market forecasting the future prospects and demands in mind. Resource planning, resource management are two important areas which would contribute to organizations success in the long-run prospects. In the resource planning or resource management, profitable expansion puts inflationary pressure on prices, as more requirement tries to be funded by the same pool of real resources, but this pressure isn’t always felt by all prices. Best returns on equity investments is possible, especially compared to the low returns generally available under depressed i nterest rates, which may draw excess profitable demand into the stock market, pushing prices to go up further. If the inflationary pressure of the original profitable expansion resulted in a general rise in prices, there would be a relative mild stock slump, and it reflects simply in the market’s realization as the firms are over-valued. But if the economy also experiences inflation in the asset price with little or no commodity price inflation, the stock correction ought to be quite severe, as the prices of stocks fall to reflect not only more realistic valuations of firms but also drastically lower demand for stocks. Easy credit props up the supra-normal demand for equity investments and they are spurred on by its effects, now by that excess amount plus a panic discount declines the demand which was forecasted, as investors who would otherwise have kept their money in stocks pull it out due to an increased in perceived risk. Once the period of increased risk with mass liqui dation passes, investors will start to see that stocks are now underrated, and buy in again. This post-panic reawakening of equity investment will be a signal that the readjustment process is actually complete, and normal economic growth is continued. Tax cuts are helpful to the amplitude that they stimulate savings investment and reduce the role of government in the economy, but implementing them as a means to stimulate consumption is a wrongheaded approach. Thus with the different approaches human resource management is a tough task as it involves multiple issues related enterprise resource planning, resource management, supply chain management etc. The research about the problem resulted in the following approaches to deal with the employees: Allowing the experienced employees to learn the new technologies by means of e-learning rather than attending the in-house training sessions separately thus reducing the cost to the company when the training programs are taken into consider ation. By recruiting the fresher from the universities and train them in different technologies accordingly in place of the experienced resources when the cost to company matters as the fresher would be paid less wages compared to the experienced by forecasting the future demand much in advance. To reduce the cost to company by maintaining or retaining the productive resources who have contributed lot to the organization’s growth ensuring the customer satisfaction to the most possible extent. By allocating senior resources to managerial positions to serve the newly hired resources to know in and out about the organization in detail and to gain expertise on the technologies they would apply. Bibliography International Human Resource Management: Managing People in a Multi National Context, 4th edition by Peter J.Dowling and Denice E. Welch. Journal of International Consumer Marketing: Capital in Disequilibrium: An Austrian Approach to Recession and Recovery by Noah Yetter and John P. Cochran. Journal of Global Marketing: [â€Å"Leadership in the era of Economic Un-Certainty† by Charan. R, McGrawhill, 2009. Resourcing in Business Logistics: The Art of Systematic Combining, by M. Jahre, L.E. Gadde H. Hakansson, D. Harrison, G. Persson, and G. Liber, Torkel Stromsten, Stockholm School of Economics, Stockholm, Sweden, Book Review, Page No. 411-414. Journal of Risk Research: Applying the theory of planned behavior to study the health decisions related to potential risks by Z. Janet Yang; Katherine McComas; Geri Gay; John P. Leonard; Andrew J. Dannenberg; Hildy Dillon Pages 1007 – 1026 Journal of Risk Research: Managing a risk controversy: The Canadian Salmon Aquaculture industry’s responses to organized and local opposition by Nathan Young; Mary Liston. Journal on Enterprise Information Systems: Estimating the impact of enterprise resource planning, project management decisions on post-implementation maintenance costs by Meg Fryling, University at Albany, USA. International Public Management Journal: Applying the Theory of Planned Behavior to Explain Marketing Managers’ Perspectives on Sustainable Marketing by Ahmed Shahriar Ferdous. International Public Management Journal: Collaborative Behavior and the performance of the organizations by Andrew B. Whitford, Soo- young Lee, Taesik Yun, Chan Ju Sung. International Journal of Human Resource Management: HR and IT Capabilities and Complementarities in Knowledge-Intensive Services by Naresh Khatri, Alok Baveja, Narendra M. Agrawal and Gordon D. Brown. http://www.cognizant.com. How to cite An essay on hr problem in cognizant technology solutions, yyderabad, india, Essay examples

Report Guitar in Jazz free essay sample

Type of guitar Traditionally. Jazz guitarists use a hollow-box body type of guitars with magnetic Plock- ups, but a solid body also was introduced in around 1 asss. Hollow-box body had more of an acoustic guitar sound which is simply amplified through pickups. The solid body guitars have a slightly different tone. Thats the kind of guitars that all rock bands use nowadays. Playing styles Jazz guitar styles like combing refer to playing chords underneath a songs melody or another musicians solo Improvisations. The guitar In Jazz Is more of an accompanist type of Instrument, but doesnt completely serve as Just a background instrument. Guitarists can also perform solos as guitar offers versatility of sound and a variety of types in playing styles. When Jazz guitar players improvise, they may use the scales, modes, and arpeggios associated with the chords in a t tunes chord progression; thus, making it an excellent soloist. We will write a custom essay sample on Report Guitar in Jazz or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page History In earlier years of Jazz guitar It was primarily used In sub-genres Like Dixieland and Bebop. It can be traced too Jazz guitarist such as Eddie Lang.In a song call Perfect where he used acoustic guitar as lead while Plano played mall melody. The use of guitar in jazz can be justified by their ability to cut through the sound of piano, bass ND drums rhythm sections, same as banjo which, by the sasss began being replaced by guitar as the primary choral rhythm instrument in Jazz music, because it could be used to voice chords of greater harmonic complexity, and it had a somewhat more muted tone that blended well with the upright bass, which, by this time, had almost completely replaced the tube as the dominants bass Instruments In jazz music. But guitar didnt make it into jazz first. Looking back at its history, guitar can be traced into blues first, where singers used guitar to accompany themselves when they sang: 1 singer- 1 guitar type of music. And we didnt see the use off guitar as a solo instrument till much later due to not being able to play louder over horn sections, at least not until guitar amps were Invented. Now sasss Jazz guitarists became more established as soloists In their own right beside their rhythmic Orleans.Guitar had a way of being louder and yet being more complex than a banjo and almost as good piano and woodwind or brass. Guitar players started experimenting with guitar even more. Adding distortion and improving in soles, with speed and different finger techniques, that had an instant effect on what music can e versus what it was, like blues and Jazz. Now, fast forward 40 years and we have our Jimmy Hendrix shredding on and upside down guitar for rightist.

Free Essays on Ethnic Cleansing

Jon Giraudo Ethnic Cleansing Ethnic cleansing is a term that most people in the United States find unfamiliar. This seems a bit odd, being that ethnic cleansing is the way in which we acquired this fine nation from the natives that had been living here for who knows how long. While researching this topic, three definitions seemed to stand out in best describing this atrocity. Ethnical cleansing: 1) â€Å"is the systematic removal of a group of people identified by ethnicity from a certain area. This may be done through genocide (killing) or forced migration,† 2) â€Å"the removal or extermination of a racial or cultural group,† and 3) â€Å"the mass expulsion and killing of one ethnic or religious group in an area by another ethnic or religious group in that area.† It is safe to say that the term ethnic cleansing is a euphemism. It is euphemistic because the term cleansing implies something good. Murdering of women and children, or the act of genocide does not sound like a righteo us act of cleansing. This paper is not a cry out for the loss of the Native American people’s land, but to illustrate the fact that ethnic cleansing is not merely limited to everywhere in the world except the United States. It is true that there is a constant battle that certain ethnic groups must fight in countries such as Bosnia, Croatia, Kosovo, Yugoslavia, and several others, but northern Americans are no strangers to this battle. The act of ‘population removal’ has been happening since the beginning of time, however, the following pages will be used to give an account of the situations contained in United States history. The Trail of Tears illustrates ways in which the North American legal system has been known to systematically violate their own laws in the expropriation of Indian land. In the early nineteenth century powerful Indian nations, including the Creeks, Cherokee and Chickasaw, constructed elaborate constitutions and c... Free Essays on Ethnic Cleansing Free Essays on Ethnic Cleansing Jon Giraudo Ethnic Cleansing Ethnic cleansing is a term that most people in the United States find unfamiliar. This seems a bit odd, being that ethnic cleansing is the way in which we acquired this fine nation from the natives that had been living here for who knows how long. While researching this topic, three definitions seemed to stand out in best describing this atrocity. Ethnical cleansing: 1) â€Å"is the systematic removal of a group of people identified by ethnicity from a certain area. This may be done through genocide (killing) or forced migration,† 2) â€Å"the removal or extermination of a racial or cultural group,† and 3) â€Å"the mass expulsion and killing of one ethnic or religious group in an area by another ethnic or religious group in that area.† It is safe to say that the term ethnic cleansing is a euphemism. It is euphemistic because the term cleansing implies something good. Murdering of women and children, or the act of genocide does not sound like a righteo us act of cleansing. This paper is not a cry out for the loss of the Native American people’s land, but to illustrate the fact that ethnic cleansing is not merely limited to everywhere in the world except the United States. It is true that there is a constant battle that certain ethnic groups must fight in countries such as Bosnia, Croatia, Kosovo, Yugoslavia, and several others, but northern Americans are no strangers to this battle. The act of ‘population removal’ has been happening since the beginning of time, however, the following pages will be used to give an account of the situations contained in United States history. The Trail of Tears illustrates ways in which the North American legal system has been known to systematically violate their own laws in the expropriation of Indian land. In the early nineteenth century powerful Indian nations, including the Creeks, Cherokee and Chickasaw, constructed elaborate constitutions and c...

7 Reasons Why It’s Never Too Late To Change Your Career

7 Reasons Why It’s Never Too Late To Change Your Career Leaving a job can be enormously stressful, and very daunting. And sometimes leaving in a fit of rash frustration is not the way to go. But there are circumstances in which it’s a very prudent- even life changing- thing to change careers. If you suspect this might apply to you, and that you’re ready for a change- even if that means leaving your contacts and colleagues, many of which have now become your friends- then watch this little video and psych yourself up.  Then think of all these reasons why you’re making the right call.1. You’ll Gain More KnowledgeChanging careers means being brand new to a job again. Remember your super intense learning curve at your first job? Remember how that curve tapered off and flat-lined eventually as you got more settled in? Once you’ve mastered your current job, you stagnate. Putting yourself in a situation where you haven’t yet mastered something means you’ll broaden your knowledge base and learn a lot- fast.2. New Challenges are  GreatIf your current job doesn’t challenge you anymore, that’s a great sign it’s time to go. Bend your comfort zones a bit, and expand your horizons. Put yourself in a situation where you’re not absolutely sure you’re on top of everything every day you go to your desk- a bit of risk and fear and having to rush to keep up or excel will be great for your morale. Maybe it’s just plain time for a change.3. You’ll Increase Your Earning PowerIt’s possible that your skills might be even more valuable in another industry, or in another kind of company structure. Start looking around to see what your counterparts are making in other industries, and take the leap.4. No More Toxic StressYour current job- let’s face it- is making you physically sick. Your immune system is shot. You’re exhausted. You’re grumpy all the time. Maybe this is because you’re bored, or on the contrary , you’re under far too much pressure. Maybe you just cannot stand your boss- or your coworkers are hostile and insufferable. Either way, no job is worth sacrificing your health. Reboot and reset somewhere fresh.5.  Finding Firmer GroundSometimes it’s just plain time to wake up and smell the sinking ship. If your company is going under or merging, or your industry is changing- and not in a way that you think will be good for you, then getting yourself somewhere more stimulating and secure could be your lifeboat.6. Growth OpportunitiesChanging careers can give you a way to use all of your assets and talents. To expand as far as you can within your skills, and to grow as high as you can up the ladder. Get vertical! Get promoted! Get a raise! Do the things you’ve always wanted to do.7.  A Renewed Sense of PurposeIf you do successfully change careers, at least you get to feel totally at the helm of your own boat. You’re living your life with purpose- and m aking decisions that are best for you and where you want to end up. When you take charge of such things, you gain valuable confidence.

Accountability, Representation and Control and the Euro crisis Essay

Accountability, Representation and Control and the Euro crisis - Essay Example Some of the common perspectives on the crisis suggest that the weaknesses in the accountability processes, compromised systems of control, and poor representation are at the core of the Euro crisis (Hopwood, 2009, p. 797). Those who hold onto this view contend that revamping the structural basis of the three features is fundamental to resolving the crisis. The banking sector, the government spending practices, and the corporate world remain some of the areas that have received significant focus by analysts of the Euro crisis. Poor controls feature in the manner in which governments have failed to put in place regulatory systems to stem bad spending practices, which lead to increased deficits that imperil economic growth. Weak accountability systems encouraged unethical accounting practices that threatened the collapse of the banking sector in the region attracting large amounts of bailouts that burdened the taxpayers. The genesis of the Euro crisis stems from failure of some member s tates to regulate their sovereign debt. The sovereign debt, which had been capped at the 60 percent of the gross domestic product GDP, determines the state of stability of the economic stability of the member states (Arnold, 2012). Proposals for austerity measures, which have been suggested by countries like Germany have incurred the displeasure of some of the most affected countries such as Greece and Poland. The central thinking of the affected countries is that austerity measures will stunt economic growth and leading to states of economic instability, which would expose the affected countries to more damage from the systems. It is important to consider some of the reasons of the economic crisis in terms of the structural germ of their causes. At the bottom of the debt crisis is the need for stronger and reliable regulatory frameworks that would enable accountability, control, and representation in order to shield the Eurozone from the adverse consequences of the crisis. Pursuit of economic self-interest among the Eurozone member states remains one of the challenges facing efforts of addressing the Euro crisis (Lynn, 2011, p. 31). Entry into the Eurozone necessarily required member countries to cede some control of their economic structures to a centralized operational framework without mortgaging their sense of autonomy. Further, the challenge also involves the question of competition, which drove some countries to practice subjective accounting practices with the intention of protecting certain self-interests. According to some economic policies, the Euro crisis would have been averted had the member countries adjusted their accounting policies and operations in ways that embrace the aspect of representation as understood within the framework of fair trading practices (Arestis, 2012). Such structures would have provided the necessary points of economic convergence, which would have shielded the countries from the threats posed by the crisis. Much of the f ocus of the Euro crisis has involved unqualified accounting practices in the corporate world (Knight, 2012, p. 13). A number of banks, for instance, presented unqualified audit reports, which gave hints of growth based on misrepresentation of certain disclosures on assets and mortgages. Such banks later encountered numerous operational challenges that led to their being declared bankrupt. On this account, many banking institutions led to massive government expenditure in terms of bailouts, which were necessitated by the fact that failure to put in place appropriate regulatory mechanisms would expose the banking sector to the threat of collapse, which would then touch of a series of economic challenges that

Establish your Building Business Assignment Example | Topics and Well Written Essays - 2250 words

Establish your Building Business - Assignment Example Without doubt, the company will have process flows representing how all of these errands and employees interact with each to produce the ultimate service or product (Gainforte, 2010) As partners, we are going to set out expectations, entrust, progress the training time, and duplicate for growth. We will also be required to have procedures documented. In some cases, we will be required to have operations manual in place. This operations manual will ensure that customers have the same experience every time they encounter with my company. Conversely the relation between complexity and planning for buildings is something we are not going to overlook. We are going to build a large a large building enterprise, where the mission is critical and the system highly distributed, the need for data architect, infrastructure architect, business architect enterprise architect and solutions architect is going to arise. To maintain the building licenses it is important that to consider having a super intendent in place (Yetton, 2010). The superintendent should be included in the hierarchy of the buildings management. It is important to should ensure that the superintendent is respected and respected by the board and management. Ideally, the job of the board is to lay down policies, while the job of the management will be implanting those policies. The superintend job is to supervise the building staff, and report back to the management. Furthermore, for board to be successful, it should keep its directives and policy decisions to a minimum to allow their subordinates, to carry out polices and procedures that not only benefit the company, but also meet the building policies. Quality and control and safety should also be major concerns for project managers. Defects in constructed facilities could lead to heavy costs. Even so, with slight defects, this could lead to re-construction and or the closer of the facility operation. Additionally, accidents either fatal or not fatal may oc cur during construction processes. It will be, therefore, paramount that I hire project managers who are highly qualified. The project managers will ensure that proper job in done, and that no accidents occur in the construction process (Yetton, 2010). In order to keep and maintain the business and building licenses, I will be required to hire inspectors and quality assurance personnel. There job will be inspecting samples of materials in specialized laboratories to ensure adherence to regulatory requirements (Gainforte, 2010). It will be my great concern that I ensure the contractors I will hire in my company, will b conscious of these standards. I will also ensure that I encourage quality control among employees, too. As a contractor, my company will be responsible for all safety site operations, in accordance with the terms of the contract. Adequate training of employees is something I will ensure is observed so that the employees can implement their particular duties property. A fter being advised by my financial advisers, I favored a business that will be owned and operated more than individual. In short, I decided to structure the business as a partnership. Even so, I settled for general partnership, whereupon the partners will manage the company and bear debt responsibilities of the company. I settled for partnership business structure because of the tax treatment associated with it. Ideally,

Islamic Securitisation and Conventional Securitisation

Islamic Securitisation and Conventional Securitisation Introduction: According to the topic of discussing the differences between Islamic securitisation and conventional securitisation, the discussion will lead to the satisfactory aspects of comprehensive analysis of the information gathered during the research. Moreover, it continues with the Islamic securitisation structure on the qualitative as well as quantitative basis according to the difference from the conventional securitisation structure. Securitisation which openly deals with the trade have more emphasis on the aspects to provide lucidity that it is riba-free (non-Islamic interest free) and its mechanism is based on shariah compliant system. We will be discussing different aspects that provide a clearer picture to mechanism that how it works i.e. structure, elements of risk shifting (risk scattering) and risk sharing in the deemed process so far as the area requires a lot more research to acquire steadiness in financial world and to enrich more on the topic some distinctive facts and figure are discussed as well. Background information of the topic: From the beginning of the Islamic banking in early 1960s which reckons the acuity of Islamic Shariah according to Quran and Sunnah brought into account as legal maxims with many ideas to facilitates the use of finance in both debt based and equity based. Not only Muslims countries regarding Islamic securitisation is worried about many factors to find a way out to enrich financial systems many other countries however following the conventional financial and banking systems. In the start and yet it is quite infant situation of securitisation because of the collective concerns of lenders or financier and borrowers. Lately, it has to move on with incentive compatibility and attractiveness for investors. Financial intermediaries even nowadays face quite drastic situations despite their in-house financial management; debt handling being a global concern. There is a wider line drawn understanding the differences between Islamic ways and uses of securitisation and its conventional counterpar t though it seems quite trembling discussing about when it is debt based securitisation. Refer to the figures shown below which signifies the basic mechanism of securitisation; providing a clearer picture to its importance. According to Masum Billah M., in his article Shariah Frameworks of Securitisation in the Capital Market, he discusses about securitisation being a prevalent method of financing nowadays more precisely in corporate sector. Furthermore he illustrates securitisation that where the company pooled its illiquid assets together and issued a claim to a pool of assets and when the assets are securitised, it made the assets tradable in the financial market. Furthermore, he presented the simplest definition that the securitisation is a process where corporation converts its physical assets in to financial assets. Masum aggregated in his words about the assets that have to be securitised have to be illiquid – cannot be traded in share market or secondary market- and should also have produce cash flows over its lifetime. Besides that, the assets should have financial value so that they can be used as a claimed against the securities. From the above depiction, a securitisation engages the s ale of a large pool of assets by an entity or the originator that creates or purchases the assets in the course of its business to bankruptcy remote, special purpose vehicle (SPV). The SPV acts as an issuer, issue and sale the securities through either in a private placement or public offering. When securitisation process is closed funds flow from the purchasers of the securities to the issuers and from the Issuers to the Originator. All these transaction occur virtually simultaneously. (Masum) Hence, the above description is the basic structure of securitisation. The actual structures are more complex because it involves more elements and participants. Refer to the rainbow-pie chart which presents a practical implication of securitisation according to Commerz bank. The above implementation can be an example of securitisation though many different approaches and products that provide seamless structure on Shariah compliant way which lie still under research yet required to be evolved. Scope of the research: The entire research is nourished on the basis of salient research techniques which consist of a vast study of reference books, written journals (inclusive of e-journals), research papers, seminar notes, open survey from public and some online resources. Furthermore, it helped a lot as a combination of theoretical and statistical comparison between conventional and Islamic securitisation in the literature review (which encompasses the knowledge as well as defined focus on the topic) with ground reality at an optimum level. Literature Review: Before moving on with detailed analysis there is a need to proclaim types (structures) of securitisation in general depiction. According to Masum, there are three main structures commonly used in securitisation. The originator chooses between three types of structures: pass-throughs, asset backed bond and pay-through. Masum further defined those structures coming forth; pass-through structures likely represent the direct ownership by the originator in a portfolio of assets. The originator services the portfolio, makes collections, and passes them to the investors. In pass through, the securities is not debt obligations of the originator thus, do not appear on the originators financial statement. Since the ownership of the assets lies with the originator, pass-through is designed to represent an assignment of a portion of ownership, rights and obligation but not a conveyance of title. (Masum) Masum elaborates that the Asset-Backed bond is collaterised by a portfolio of assets. The Asset-Backed Bond is a debt obligation of the issuers. In the issuers financial statement, the collateral remains as assets and the Asset-Backed Bond appears as a liability. The cash flows from the asset are not dedicated to the investors. The investors only receive a part of the cash flows and the residual remains with the issuers. One of the important aspect of the Asset-Backed Bond is that the securities is over-collateralized i.e. the value of the underlying assets is significantly in excess of the total obligation. For example, Company A issued RM1, 000,000.00 of bond using the Asset-Backed Bond structures. The value of the underlying assets that backed the bond is RM2, 500,000.00. The issuer chooses to over-collateralised its bond in order to provide some level of comfort to the investors. (Discussed by M.M. Billah in his paper) Lastly, he concluded with the final structure of securitisation is the pay-through structures. This structure has combination of pass-through and Asset-Backed Bond. The bond is collateralized by a pool of assets and appears on the issuers balance sheet as a debt. However, the cash flows arise from the assets is passed to the investors. The issuer only earns the service fees from the investors. From the above description of the mentioned, we can see that pass-through is the structure closest to satisfy the Islamic principle. Under pass-through, the cash flows collected are dedicated to the investors and the issuer only earns the service charge. Besides that, the security does not classify as a debt by the originator. Henceforth, conventional securitisation must be secluded according to research in different products and approaches and thus a large part of the conventional securitisation market – for example, mortgage backed securities, would be prohibited because the income (th ough not the principal) element of the cash flow would be characterised as riba. Similarly, CDOs and other such instruments could not be allowed as an asset class as these represent Debt rather than an allowable commodity or activity. However, these restrictions do not mean that an Islamic securitisation market cannot develop. There are many classes of assets with a long history of securitisation that are halal (allowable), in particular any physical asset such as plant and machinery, and many of the techniques used in a conventional securitisation transaction are equally valid in an Islamic transaction. The remainder of this article will try to show just how similar those requirements are, and point out some further underlying differences in structuring a Sharia compliant securitisation. Mervyn and Kabir (2007) conversed Islamic point of view of investments in different aspects according to ethics and moral besides regulatory framework and it is quite well defined perception that an investor needs a brighter depiction of profit generation to allow him to think about different financial intermediaries in this modern world though it is going through analysis time to time since many years following their psyche on the other hand banks being financial intermediary have to put through making most of it avoiding concept that money should not be loan according to legal maxims. According to Ayub M. (2007), Islamic principles can make the difference and that Islamic finance is passing significant milestones; which lead entrepreneurs not to stop putting their research on and on. Islamic researchers are more concerned meeting shariah compliant regulatory requirements. Sohail (2006) overstated that Islamic retail banking and finance is not only designated for Muslim community on ly; which means Islamic retail banking products are adopted to some extent because of their competency and efficiency, and are being used under the umbrella of conventional (non-Islamic) banks; they often call it as window for Islamic banking products. Detailed analysis of differences between Islamic securitisation and its conventional counterpart: Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitisation seems straightforward. As mentioned in by Kabir and Mervyn (2007) according to Humayoun A. Dar; fixed-return modes deals with the control and management of funds as clients have the possession which was made available by the investors, financial frameworks are often used with different areas of Islamic banking products like investment accounts based on mudharabah and saving account based on wadia, inclusive of Islamic retail banking products like Islamic mortgages, Islamic auto finance, sukuk (Islamic bonds) and many other products dealt with the concept of asset-backing and riba-free i.e. Islamised frameworks. Nonetheless, financial institutions have been able to develop various forms of Islamic finance instruments that are virtually identical to their conventional counterparts in substance. Since most Islamic financial products are based on the concept of asset backing, the economic concept of asset securitisation is particularly amenable to the basic tenets of Islamic finance. Securitisation under Islam ic law bars interest income and must be structured in a way that rewards investors for their direct exposure to business risk, i.e., investors receive a share of profits commensurate to the risk they take on in lieu of pre-determined interest. All three asset types of Islamic finance are principally eligible for Islamic securitisation; however, unresolved issues, including restrictions on debt trading or the management of prepayment risk could limit their indiscriminate use as collateral. Characteristics of conventional securitisation only apply if they convey a sufficient element of ownership to investors as entrepreneurial investment in real economic activity within an interest-free structural arrangement. In addition, also administrative issues, such as underwriting standards, issue placement and the procurement of ratings, are subject to religious scrutiny. Any capital generated from securitised issuance under Islamic law is to be used exclusively used for the repayment of initial funding. Conventional securitisation, which originated in non-Islamic economies, invariably involves interest bearing debt. Although the religious prohibition of the exchange of debt and the required conferral of ownership interest to participate in business risk still poses challenges to further development of Islamic securitisation, the gradual acceptance of Islamic investment certificates, so-called sukuk bonds, represents a successful attempt to overcome these impediments based on the adequate interpretation and analogical reasoning of shariah principles applied in Islamic finance. Sukuks are shariah-compliant and tradable asset-backed, medium-term notes, which have been issued internationally by governments, quasi sovereign agencies, and corporations after their legitimization by the ruling of the Fiqh Academy of the Organization of the Islamic Conference in February of 1988. Sukuk notes convey equity interest to (capital market) investors in the form of a call option on partial or complete ownership of underlying reference assets, including the right to some calculable rate of return as a share of p rofit (secondary notes) and the repayment of the principal amount (primary notes). All three broad types of Islamic finance transactions (asset-, debt- and equity-based) can be reference assets of such Islamic securities. Following exhibits (3 and 4) provide the sukuk implementations. Detailed analysis of elements of risk shifting and risk sharing in securitisation process: Over the last five years, the sukuk has evolved as a viable form of capital-market-based Islamic structured finance, which reconciles the concept of securitisation and principles of the shariah law on the provision and use of financial products and services in a risk-mitigation structure subject to competitive pricing (El-Qorchi, 2005). Notwithstanding these religious constraints, Islamic finance can synthesize close equivalents to equity, mortgages, and derivatives known in conventional finance. To this end, it relies on structural arrangements of asset transfer between borrowers and lenders to emulate traditional interest-bearing financial contracts. Since lending transactions under Islamic law are based on the concept of asset backing and specific credit participation in identified business risk, it also appears relatively straightforward to structure a shariah-compliant asset-backed securitisation (ABS) that delivers a risk-return profile similar to a conventional structure. Howe ver, conventional securitisation was developed in non- Islamic economies and invariably involves interest-bearing debt. Essentially, asset securitisation represents a cost-efficient and flexible structured finance1 technique of liquidity transformation and risk transfer, which converts present or future asset claims of varying maturity and quality into tradable debt securities. The various methods of securitisation have much to offer, but so far they have found only limited acceptance in Islamic finance due to religious restrictions on the sale and purchase of interest-bearing debt and legal uncertainty surrounding the enforceability of investor interest under Islamic jurisprudence. Over the last five years, the nascent Islamic securitisation market has seen many positive developments owing to the adoption of enabling capital market regulations, a favorable macroeconomic environment, and financial innovation aimed at establishing shariah compliance. The most popular ABS structures w ithin Islamic finance are commonly referred to as sukuk bonds backed by either one of the three basic forms of Islamic finance (synthetic loans, sale- leasebacks, or profit-sharing arrangements). Asset securitisation describes the process and the result of issuing certificates of ownership as pledge against existing or future cash flows from a diversified pool of assets (reference portfolio) to investors. (Jobst, 2006b). Foreign Investment Insurance Policy-FIIP by The Islamic Corporation For The Insurance of Investment And   Export Credit ICIEC Islamic securitisation transforms bilateral risk sharing between borrowers and lenders in Islamic finance into the market-based refinancing of one or more underlying Islamic finance transactions. Protection against basic risk; can be unless returns for investors are linked to the rate of interest on the underlying assets, there is a risk that the relationship between the rate paid on the underlying assets and that paid on the securities will differ over time. Normally a swap will be arranged to protect against this risk. In addition, conventional securitisation is virtually absent in Islamic countries, where Islamic home finance and sukuks provide a potentially untapped market for structured finance. Islamic securitisation complements the conventional ABS universe as an alternative and more diversified funding option that broadens the pricing spectrum and asset supply as high demand for alternative investment products causes greater lending width amid a low-yield market environment. In some circumstances, the shariah compliance also entails tax exemptions when investors hold direct ownership interest in the securitised assets. Conclusion: Islamic securitisation is a helpful and important tool, which must be carried out prior to the issuance of Islamic bonds or Islamic Debt Securities. By securitising assets, the Islamic way, Muslim investors can now participate in the bond market without worrying that the process of securitising the assets and issuing of the bonds are contradictory to the Islamic teachings. Islamic finance is being more attractive for not only the Muslim community but for non-muslim world. Its products are being progressive even though there been some hurdles and late development of Islamic banking and finance industry and moreover it is has been so securitised for customer satisfaction and avoided almost the pity of riba-based banking structure. In this regard, it has a more focus on the revision and research on the proposed and as well as on financial structures that are being practiced nowadays. It has been proven that many big names like HSBC, Lloyds and Standard Chartered are putting there focus on Islamic products and especially on retail banking products and securitisation products. Suggestions and Recommendations: Islamic Finance Expanding Rapidly (2007) by IMF(MCM Dept.) Many Islamic products have the thirst to be researched on and provided quite attractive picture for entrepreneur to spot focus on Islamic finance industry. Besides many Islamic retail banking products, Sukuk (i.e. Islamic Bonds – despite of the type), Takaful (Insurance) and Tawarruq (AAOIFI standardised loan) are called out as the future for Islamic banking and might have a better attraction to conventional banking world as well. References(s): Aggarwal, R. K. Yousef, T. (2000) Islamic Banking and Investment Financing, Journal of Money, Credit and Banking, Blackwell Publishing Ahmad Ausaf (1993) Research Paper 20: Contemporary practices of Islamic financing techniques, Islamic Research and Training Institute, Islamic Development Bank, Jeddah Ahmad Ausaf (1987) Development and Problems of Islamic Banks, Islamic Development Bank, Jeddah Ayub M. (2007) Understanding Islamic Finance, John Wiley and Sons Ltd, Chichester Commerz Bank, Securitisation of Banks, https://cbcm.commerzbank.com/en/site/banks/securitisation_cf_banks/index.jsp [Access Date: 14th August 2010] Deringer (2006), Islamic finance: basic principles and structures Freshfields Bruckhaus Consultants, pp 30. Dualeh, S. (1998). Islamic Securitisation: Practical Aspects. Paper presented at the World Conference on Banking, July 8-9, 1998, Geneva. El-Qorchi, Mohammed (2005), Islamic Finance Gears Up, Finance and Development (December), International Monetary Fund (IMF), 46-9. Fabozzi, F. J. (ed). (2001). Accessing Capital Markets through Securitisation. New York: Fran J Fabozzi Associates. Hassan Kabir M. Lewis Mervyn K. (2007) Handbook of Islamic Banking, Edward Elgar Publishing Ltd., Cheltenham IMF, Islamic Finance Expanding Rapidly, URL: [Accessed on: 18th August 2010] http://www.imf.org/external/pubs/ft/survey/so/2007/res0919b.htm Islamic Credit and Political Risk Insurance, A Useful Risk Management Tool For BanksURL:http://www.kantakji.com/fiqh/Files/Insurance/Islamic%20Credit%20and%20Political%20Risk%20Insurance.htm [Access Date: 17th August 2010] Jaffar S. (2006) Islamic Retail Banking and Finance: Global Challenges and Opportunities, Euromoney Books, London Jobst, Andreas A. (2006b), Asset Securitisation: A Refinancing Tool for Firms and Banks, Managerial Finance, Vol. 32, No. 9, 731-60. Kazarian G. E. (1993) Islamic versus traditional banking: Financial Innovation in Egypt, Boulder: Westview Press Kothari, Vinod (n.d.). Securitisation: a Primer. Available at: , Access Date: 17th August 2010. Manjoo F. A., (2005) Securitisation: An Important Recipe for Islamic Banks A Survey, Review of Islamic Economics, Vol. 9, No. 1, 2005, pp.53 Masum Billah, M. (unknown), Shariah Frameworks of Securitisation in the Capital Market URL: http://www.applied-islamicfinance.com/sp_securitisation_1.htm [Access Date: 10th August 2010] Mullineux, A. W. Murinde, V. (2003) Handbook of International Banking, Edward Elgar Publishing Ltd., Cheltenham Usmani M. M. T. (1988), An Introduction to Islamic Finance, Islamic Publication, pp. 1-5, Karachi Zaher, Tarek S. Hassan, Kabir M. (2001) A comparative Literature Survey of Islamic Finance and Banking; Financial Markets, Institutions and Intruments, Blackwell, New York Islamic Securitisation and Conventional Securitisation Islamic Securitisation and Conventional Securitisation Introduction: According to the topic of discussing the differences between Islamic securitisation and conventional securitisation, the discussion will lead to the satisfactory aspects of comprehensive analysis of the information gathered during the research. Moreover, it continues with the Islamic securitisation structure on the qualitative as well as quantitative basis according to the difference from the conventional securitisation structure. Securitisation which openly deals with the trade have more emphasis on the aspects to provide lucidity that it is riba-free (non-Islamic interest free) and its mechanism is based on shariah compliant system. We will be discussing different aspects that provide a clearer picture to mechanism that how it works i.e. structure, elements of risk shifting (risk scattering) and risk sharing in the deemed process so far as the area requires a lot more research to acquire steadiness in financial world and to enrich more on the topic some distinctive facts and figure are discussed as well. Background information of the topic: From the beginning of the Islamic banking in early 1960s which reckons the acuity of Islamic Shariah according to Quran and Sunnah brought into account as legal maxims with many ideas to facilitates the use of finance in both debt based and equity based. Not only Muslims countries regarding Islamic securitisation is worried about many factors to find a way out to enrich financial systems many other countries however following the conventional financial and banking systems. In the start and yet it is quite infant situation of securitisation because of the collective concerns of lenders or financier and borrowers. Lately, it has to move on with incentive compatibility and attractiveness for investors. Financial intermediaries even nowadays face quite drastic situations despite their in-house financial management; debt handling being a global concern. There is a wider line drawn understanding the differences between Islamic ways and uses of securitisation and its conventional counterpar t though it seems quite trembling discussing about when it is debt based securitisation. Refer to the figures shown below which signifies the basic mechanism of securitisation; providing a clearer picture to its importance. According to Masum Billah M., in his article Shariah Frameworks of Securitisation in the Capital Market, he discusses about securitisation being a prevalent method of financing nowadays more precisely in corporate sector. Furthermore he illustrates securitisation that where the company pooled its illiquid assets together and issued a claim to a pool of assets and when the assets are securitised, it made the assets tradable in the financial market. Furthermore, he presented the simplest definition that the securitisation is a process where corporation converts its physical assets in to financial assets. Masum aggregated in his words about the assets that have to be securitised have to be illiquid – cannot be traded in share market or secondary market- and should also have produce cash flows over its lifetime. Besides that, the assets should have financial value so that they can be used as a claimed against the securities. From the above depiction, a securitisation engages the s ale of a large pool of assets by an entity or the originator that creates or purchases the assets in the course of its business to bankruptcy remote, special purpose vehicle (SPV). The SPV acts as an issuer, issue and sale the securities through either in a private placement or public offering. When securitisation process is closed funds flow from the purchasers of the securities to the issuers and from the Issuers to the Originator. All these transaction occur virtually simultaneously. (Masum) Hence, the above description is the basic structure of securitisation. The actual structures are more complex because it involves more elements and participants. Refer to the rainbow-pie chart which presents a practical implication of securitisation according to Commerz bank. The above implementation can be an example of securitisation though many different approaches and products that provide seamless structure on Shariah compliant way which lie still under research yet required to be evolved. Scope of the research: The entire research is nourished on the basis of salient research techniques which consist of a vast study of reference books, written journals (inclusive of e-journals), research papers, seminar notes, open survey from public and some online resources. Furthermore, it helped a lot as a combination of theoretical and statistical comparison between conventional and Islamic securitisation in the literature review (which encompasses the knowledge as well as defined focus on the topic) with ground reality at an optimum level. Literature Review: Before moving on with detailed analysis there is a need to proclaim types (structures) of securitisation in general depiction. According to Masum, there are three main structures commonly used in securitisation. The originator chooses between three types of structures: pass-throughs, asset backed bond and pay-through. Masum further defined those structures coming forth; pass-through structures likely represent the direct ownership by the originator in a portfolio of assets. The originator services the portfolio, makes collections, and passes them to the investors. In pass through, the securities is not debt obligations of the originator thus, do not appear on the originators financial statement. Since the ownership of the assets lies with the originator, pass-through is designed to represent an assignment of a portion of ownership, rights and obligation but not a conveyance of title. (Masum) Masum elaborates that the Asset-Backed bond is collaterised by a portfolio of assets. The Asset-Backed Bond is a debt obligation of the issuers. In the issuers financial statement, the collateral remains as assets and the Asset-Backed Bond appears as a liability. The cash flows from the asset are not dedicated to the investors. The investors only receive a part of the cash flows and the residual remains with the issuers. One of the important aspect of the Asset-Backed Bond is that the securities is over-collateralized i.e. the value of the underlying assets is significantly in excess of the total obligation. For example, Company A issued RM1, 000,000.00 of bond using the Asset-Backed Bond structures. The value of the underlying assets that backed the bond is RM2, 500,000.00. The issuer chooses to over-collateralised its bond in order to provide some level of comfort to the investors. (Discussed by M.M. Billah in his paper) Lastly, he concluded with the final structure of securitisation is the pay-through structures. This structure has combination of pass-through and Asset-Backed Bond. The bond is collateralized by a pool of assets and appears on the issuers balance sheet as a debt. However, the cash flows arise from the assets is passed to the investors. The issuer only earns the service fees from the investors. From the above description of the mentioned, we can see that pass-through is the structure closest to satisfy the Islamic principle. Under pass-through, the cash flows collected are dedicated to the investors and the issuer only earns the service charge. Besides that, the security does not classify as a debt by the originator. Henceforth, conventional securitisation must be secluded according to research in different products and approaches and thus a large part of the conventional securitisation market – for example, mortgage backed securities, would be prohibited because the income (th ough not the principal) element of the cash flow would be characterised as riba. Similarly, CDOs and other such instruments could not be allowed as an asset class as these represent Debt rather than an allowable commodity or activity. However, these restrictions do not mean that an Islamic securitisation market cannot develop. There are many classes of assets with a long history of securitisation that are halal (allowable), in particular any physical asset such as plant and machinery, and many of the techniques used in a conventional securitisation transaction are equally valid in an Islamic transaction. The remainder of this article will try to show just how similar those requirements are, and point out some further underlying differences in structuring a Sharia compliant securitisation. Mervyn and Kabir (2007) conversed Islamic point of view of investments in different aspects according to ethics and moral besides regulatory framework and it is quite well defined perception that an investor needs a brighter depiction of profit generation to allow him to think about different financial intermediaries in this modern world though it is going through analysis time to time since many years following their psyche on the other hand banks being financial intermediary have to put through making most of it avoiding concept that money should not be loan according to legal maxims. According to Ayub M. (2007), Islamic principles can make the difference and that Islamic finance is passing significant milestones; which lead entrepreneurs not to stop putting their research on and on. Islamic researchers are more concerned meeting shariah compliant regulatory requirements. Sohail (2006) overstated that Islamic retail banking and finance is not only designated for Muslim community on ly; which means Islamic retail banking products are adopted to some extent because of their competency and efficiency, and are being used under the umbrella of conventional (non-Islamic) banks; they often call it as window for Islamic banking products. Detailed analysis of differences between Islamic securitisation and its conventional counterpart: Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitisation seems straightforward. As mentioned in by Kabir and Mervyn (2007) according to Humayoun A. Dar; fixed-return modes deals with the control and management of funds as clients have the possession which was made available by the investors, financial frameworks are often used with different areas of Islamic banking products like investment accounts based on mudharabah and saving account based on wadia, inclusive of Islamic retail banking products like Islamic mortgages, Islamic auto finance, sukuk (Islamic bonds) and many other products dealt with the concept of asset-backing and riba-free i.e. Islamised frameworks. Nonetheless, financial institutions have been able to develop various forms of Islamic finance instruments that are virtually identical to their conventional counterparts in substance. Since most Islamic financial products are based on the concept of asset backing, the economic concept of asset securitisation is particularly amenable to the basic tenets of Islamic finance. Securitisation under Islam ic law bars interest income and must be structured in a way that rewards investors for their direct exposure to business risk, i.e., investors receive a share of profits commensurate to the risk they take on in lieu of pre-determined interest. All three asset types of Islamic finance are principally eligible for Islamic securitisation; however, unresolved issues, including restrictions on debt trading or the management of prepayment risk could limit their indiscriminate use as collateral. Characteristics of conventional securitisation only apply if they convey a sufficient element of ownership to investors as entrepreneurial investment in real economic activity within an interest-free structural arrangement. In addition, also administrative issues, such as underwriting standards, issue placement and the procurement of ratings, are subject to religious scrutiny. Any capital generated from securitised issuance under Islamic law is to be used exclusively used for the repayment of initial funding. Conventional securitisation, which originated in non-Islamic economies, invariably involves interest bearing debt. Although the religious prohibition of the exchange of debt and the required conferral of ownership interest to participate in business risk still poses challenges to further development of Islamic securitisation, the gradual acceptance of Islamic investment certificates, so-called sukuk bonds, represents a successful attempt to overcome these impediments based on the adequate interpretation and analogical reasoning of shariah principles applied in Islamic finance. Sukuks are shariah-compliant and tradable asset-backed, medium-term notes, which have been issued internationally by governments, quasi sovereign agencies, and corporations after their legitimization by the ruling of the Fiqh Academy of the Organization of the Islamic Conference in February of 1988. Sukuk notes convey equity interest to (capital market) investors in the form of a call option on partial or complete ownership of underlying reference assets, including the right to some calculable rate of return as a share of p rofit (secondary notes) and the repayment of the principal amount (primary notes). All three broad types of Islamic finance transactions (asset-, debt- and equity-based) can be reference assets of such Islamic securities. Following exhibits (3 and 4) provide the sukuk implementations. Detailed analysis of elements of risk shifting and risk sharing in securitisation process: Over the last five years, the sukuk has evolved as a viable form of capital-market-based Islamic structured finance, which reconciles the concept of securitisation and principles of the shariah law on the provision and use of financial products and services in a risk-mitigation structure subject to competitive pricing (El-Qorchi, 2005). Notwithstanding these religious constraints, Islamic finance can synthesize close equivalents to equity, mortgages, and derivatives known in conventional finance. To this end, it relies on structural arrangements of asset transfer between borrowers and lenders to emulate traditional interest-bearing financial contracts. Since lending transactions under Islamic law are based on the concept of asset backing and specific credit participation in identified business risk, it also appears relatively straightforward to structure a shariah-compliant asset-backed securitisation (ABS) that delivers a risk-return profile similar to a conventional structure. Howe ver, conventional securitisation was developed in non- Islamic economies and invariably involves interest-bearing debt. Essentially, asset securitisation represents a cost-efficient and flexible structured finance1 technique of liquidity transformation and risk transfer, which converts present or future asset claims of varying maturity and quality into tradable debt securities. The various methods of securitisation have much to offer, but so far they have found only limited acceptance in Islamic finance due to religious restrictions on the sale and purchase of interest-bearing debt and legal uncertainty surrounding the enforceability of investor interest under Islamic jurisprudence. Over the last five years, the nascent Islamic securitisation market has seen many positive developments owing to the adoption of enabling capital market regulations, a favorable macroeconomic environment, and financial innovation aimed at establishing shariah compliance. The most popular ABS structures w ithin Islamic finance are commonly referred to as sukuk bonds backed by either one of the three basic forms of Islamic finance (synthetic loans, sale- leasebacks, or profit-sharing arrangements). Asset securitisation describes the process and the result of issuing certificates of ownership as pledge against existing or future cash flows from a diversified pool of assets (reference portfolio) to investors. (Jobst, 2006b). Foreign Investment Insurance Policy-FIIP by The Islamic Corporation For The Insurance of Investment And   Export Credit ICIEC Islamic securitisation transforms bilateral risk sharing between borrowers and lenders in Islamic finance into the market-based refinancing of one or more underlying Islamic finance transactions. Protection against basic risk; can be unless returns for investors are linked to the rate of interest on the underlying assets, there is a risk that the relationship between the rate paid on the underlying assets and that paid on the securities will differ over time. Normally a swap will be arranged to protect against this risk. In addition, conventional securitisation is virtually absent in Islamic countries, where Islamic home finance and sukuks provide a potentially untapped market for structured finance. Islamic securitisation complements the conventional ABS universe as an alternative and more diversified funding option that broadens the pricing spectrum and asset supply as high demand for alternative investment products causes greater lending width amid a low-yield market environment. In some circumstances, the shariah compliance also entails tax exemptions when investors hold direct ownership interest in the securitised assets. Conclusion: Islamic securitisation is a helpful and important tool, which must be carried out prior to the issuance of Islamic bonds or Islamic Debt Securities. By securitising assets, the Islamic way, Muslim investors can now participate in the bond market without worrying that the process of securitising the assets and issuing of the bonds are contradictory to the Islamic teachings. Islamic finance is being more attractive for not only the Muslim community but for non-muslim world. Its products are being progressive even though there been some hurdles and late development of Islamic banking and finance industry and moreover it is has been so securitised for customer satisfaction and avoided almost the pity of riba-based banking structure. In this regard, it has a more focus on the revision and research on the proposed and as well as on financial structures that are being practiced nowadays. It has been proven that many big names like HSBC, Lloyds and Standard Chartered are putting there focus on Islamic products and especially on retail banking products and securitisation products. Suggestions and Recommendations: Islamic Finance Expanding Rapidly (2007) by IMF(MCM Dept.) Many Islamic products have the thirst to be researched on and provided quite attractive picture for entrepreneur to spot focus on Islamic finance industry. Besides many Islamic retail banking products, Sukuk (i.e. Islamic Bonds – despite of the type), Takaful (Insurance) and Tawarruq (AAOIFI standardised loan) are called out as the future for Islamic banking and might have a better attraction to conventional banking world as well. References(s): Aggarwal, R. K. Yousef, T. (2000) Islamic Banking and Investment Financing, Journal of Money, Credit and Banking, Blackwell Publishing Ahmad Ausaf (1993) Research Paper 20: Contemporary practices of Islamic financing techniques, Islamic Research and Training Institute, Islamic Development Bank, Jeddah Ahmad Ausaf (1987) Development and Problems of Islamic Banks, Islamic Development Bank, Jeddah Ayub M. (2007) Understanding Islamic Finance, John Wiley and Sons Ltd, Chichester Commerz Bank, Securitisation of Banks, https://cbcm.commerzbank.com/en/site/banks/securitisation_cf_banks/index.jsp [Access Date: 14th August 2010] Deringer (2006), Islamic finance: basic principles and structures Freshfields Bruckhaus Consultants, pp 30. Dualeh, S. (1998). Islamic Securitisation: Practical Aspects. Paper presented at the World Conference on Banking, July 8-9, 1998, Geneva. El-Qorchi, Mohammed (2005), Islamic Finance Gears Up, Finance and Development (December), International Monetary Fund (IMF), 46-9. Fabozzi, F. J. (ed). (2001). Accessing Capital Markets through Securitisation. New York: Fran J Fabozzi Associates. Hassan Kabir M. Lewis Mervyn K. (2007) Handbook of Islamic Banking, Edward Elgar Publishing Ltd., Cheltenham IMF, Islamic Finance Expanding Rapidly, URL: [Accessed on: 18th August 2010] http://www.imf.org/external/pubs/ft/survey/so/2007/res0919b.htm Islamic Credit and Political Risk Insurance, A Useful Risk Management Tool For BanksURL:http://www.kantakji.com/fiqh/Files/Insurance/Islamic%20Credit%20and%20Political%20Risk%20Insurance.htm [Access Date: 17th August 2010] Jaffar S. (2006) Islamic Retail Banking and Finance: Global Challenges and Opportunities, Euromoney Books, London Jobst, Andreas A. (2006b), Asset Securitisation: A Refinancing Tool for Firms and Banks, Managerial Finance, Vol. 32, No. 9, 731-60. Kazarian G. E. (1993) Islamic versus traditional banking: Financial Innovation in Egypt, Boulder: Westview Press Kothari, Vinod (n.d.). Securitisation: a Primer. Available at: , Access Date: 17th August 2010. Manjoo F. A., (2005) Securitisation: An Important Recipe for Islamic Banks A Survey, Review of Islamic Economics, Vol. 9, No. 1, 2005, pp.53 Masum Billah, M. (unknown), Shariah Frameworks of Securitisation in the Capital Market URL: http://www.applied-islamicfinance.com/sp_securitisation_1.htm [Access Date: 10th August 2010] Mullineux, A. W. Murinde, V. (2003) Handbook of International Banking, Edward Elgar Publishing Ltd., Cheltenham Usmani M. M. T. (1988), An Introduction to Islamic Finance, Islamic Publication, pp. 1-5, Karachi Zaher, Tarek S. Hassan, Kabir M. (2001) A comparative Literature Survey of Islamic Finance and Banking; Financial Markets, Institutions and Intruments, Blackwell, New York