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

Well Elder Project

She has no plans about where and how she wants to live out the remaining years of her life other than â€Å"right where she is now†. I have to say that was extremely concerned with her Brick wall she has built around the concept of aging and dying. I do not think that my elder has accepted the fact that the only guarantee in life is that everyone will eventually die. She has also not come to terms with God and is not sure if she even believes in God, even, hell, reincarnation, afterlife, or any of those sort of things. . Explain which developmental tasks your client has met or not met: My client has maintained a close, supportive, loving relationship with her spouse. (l did not talk to her about sex†¦ I felt that was intrusive) did learn that they still sleep in the same bed because she says he snores really loud. They have had issues adjusting to life on a limited income, her husband like to buy stuff and if they don't have the money he charges it.They both seem like the y are able to perform all the Dad's necessary for day to day life. My elder is even able to match her clothes really well considering her poor eyesight and does so without the help of her husband. My client has difficulty accepting the facts of life. 3. Describe possible reasons specific developmental tasks have not been met: think my client has trouble meeting certain developmental tasks as she ages because she is not ready to accept the fact that death is inevitable.

The U.S. Involvement in the Vietnam War - 2257 Words

Sukvasa (Bew) Kornniti Ms. April Slagle World History and Geography 2 7 March 2014 How did the US involvement in the Vietnam War Impacted the US Socially, Economically, and Globally? The Vietnam War was one of the most outrageous and long-drawn out wars in history. The other name for the Vietnam War was called Cold-Era proxy War. The war had been battled in order to stop the spread of invasion from communism in the southern parts of Vietnam. The American played the role of a supporter to the southern part of Vietnam, trying to prevent communist from approaching the southern part of Vietnam. The Americans was influenced by the French government to help with the war. France did not support communism due to their loss to the communist†¦show more content†¦Again, the United States have learned a lesson from the Vietnamese feared rebellions happening in the United States among themselves again. To prevent that from happening, America actions and understanding were based on the media and information being delivered appropriately by the government of the country . The Vietnam War did not only have caused unrest among the United States civilians, but the war resulted in the depreciation of America’s economy. Due to the war’s demands in supplies, there were enormous amounts of negative imbalances in the industrial sector. Industries that manufacture goods such as agricultural products, capital goods, and consumer goods have been prevented from manufacturing the product to meet the population’s needs. (http://www.historycentral.com/) The Factories were unable to manufacture goods and ship it to their people. This is because the factories that were trying to manufacture the consumer’s goods had to shift their responsibility towards catering and producing goods to met the demands of the military instead. Additionally, the unnecessary military spending, and the diversion of funds oversea resulted in the depreciation of the United States dollars. There were no equivalent funds or offers coming into the country, so the United States withdrawn themselves from improving their countries areas to military households andShow MoreRelated The U.S. Involvement in the Vietnam War Was Justified Essay1759 Words   |  8 PagesThe U.S. Involvement in the Vietnam War Was Justified   Ã‚  Ã‚  Ã‚  Ã‚  The Vietnam conflict has been known for being the most unpopular war in the history of the United States. The war of 1812, the Mexican war and the Korean conflict of the early 1950s were also opposed by large groups of the American people, but none of them generated the emotional anxiety and utter hatred that spawned Vietnam. 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