Sustainability Of Islamic Finance In The West Finance Essay - Free Essay Example

Sample details Pages: 23 Words: 6966 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? With a rapidly altering world economic system, the long-established virtues and stringent laws of Shariah based Islamic Finance have recently adopted a promising reputation. Despite global attention on Middle East unrest and public divides in opinions related to Islamic practice, a growing trend towards favoring the adoption of IF policies. Since its formal establishment in 1963 in Egypt, through rapid expansion in the UAE in 1975 and Kuwait in 1977, the region sparked global interest as Islamic nations have consistently shown growth. Don’t waste time! Our writers will create an original "Sustainability Of Islamic Finance In The West Finance Essay" essay for you Create order The United States of America, despite its political infractions with Islamic counties due to an upsurge in perceived terrorist threats, currently houses 19 providers of Islamic banking products, and continues to offer these services to its large and growing Muslim population; a trend that is echoed in neighboring Europe and African nations. A significant number of economic academics and Islamic scholars alike are showing support towards the western inclination toward Shariah based banking schemes, despite terrorist attacks on the west including the events of September 11, 2001. Goverment policy has been increasingly supportive of the development of Islamic financial services in recent years because it has been seen to contribute to broader government objectives such as combating social exclusion and promoting London and wider UK as global financial centre   Baroness Nicholson of Winterbourne, explained in her testament to the benefits of IF. The publications from the most rece nt Islamic Finance Summit, are enumerated and provide compelling academic support for the implementation of IF practices to further develop and sustain the turbulent economies incurred by European and North American nations. Islamic Finance: A comparative study of its application in the West The application and growth of Islamic Finance in Europe UK UK is the eighth-largest global center for Islamic finance, behind countries such as Saudi Arabia and the majority of the Gulf Cooperation Council (GCC) countries, but surprisingly ahead of Pakistan and Egypt.1 (Schoon, 2009). It is the most advanced in Islamic finance developments among the Western Europe countries. The UKs enviable eighth position in the global ranking is for a large part due to the size of HSBC Amanahs Islamic finance offering, but is also attributable to the fact that the UK, as an international financial center, had in the early stages recognized the importance of Islamic finance as part of the overall financial industry. It thus took positive steps to allow the authorization of banks and to ensure that Islamic financial instruments can be offered in the UK in a similar fashion as conventional structures, hence creating a level playing field. There are five fully Shariah compliant banks as well as one insurance company and one investment manager have been auth orized by the Financial Services Authority (FSA). In addition, there are 17 conventional institutions offering Islamic financial services in the UK such as HSBC Amanah, Lloyds Banking Group and Deutsche Bank.1 (Schoon, 2009) The foundations for the future development of Islamic finance in the UK have been firmly laid. Although the likely growth cannot be predicted accurately, there is scope for expansion, as set out below. Retail markets To date the industry has largely concentrated on providing mortgage and savings products for retail consumers, and growth has been modest. The tax and regulatory developments already outlined could benefit the market and there are signs of firms expanding their product ranges through providing new saving and investment products. Interest-free student overdrafts have recently emerged and there seems to be demand for new products targeted at the personal finance and the small and medium size enterprise (SME) markets. Elsewhere in the retail market, some regional stockbrokers are providing services to consumers at all levels of the wealth spectrum and some financial advisers are offering tailored advice to the Muslim community. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) Wholesale markets The Sukuk market in London is now well established. The volume of Sukuk trading is still small but this could change if the government goes ahead with a sovereign issue. There are also indications that a few inter-dealer brokers in London may be trying to develop closer links with Islamic firms in the Gulf, possibly by establishing regional offices there. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) Takaful Takaful markets in other countries are considerably more mature than in the UK. These include the Gulf States and particularly Malaysia, which has been active in this area for several decades. The prospects for growth in the UK are unclear; but it is possible that as products are rolled out in these more established markets, there may be some transfer of activity to the UK. The growth of Takaful products in the UK could help to develop the Islamic mortgage market. As with conventional firms, Islamic finance firms would then be able to offer a combined package to prospective home buyers. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) One of the biggest obstacles for Takaful providers is the limited amount of Sharia compliant reinsurance capacity. Precise data is unavailable but, based on anecdotal evidence; Islamic reinsurance is able to provide only a fraction of the cover needed by the Takaful industry. As a result, Takaful providers sometimes have to obtain dispensation from their SSBs to take cover with conventional reinsurers. As already mentioned, the FSA is willing to consider further applications from firms in this sector on the same basis as conventional firms. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) Complex products Although derivative products are well established tools for managing risks in conventional financial markets, there has been considerable difficulty developing Sharia compliant products which mirror these instruments. These products are controversial and have not been readily accepted by scholars because of their speculative nature. A small number of products have been developed by various banks, for example, Citi have products for managing currency and interest rate risk and other firms such as Deutsche Bank have developed a technique for Islamic derivative products. Indicative of the widening interest in this area, the International Swap and Derivatives Association (ISDA) and the International Islamic Finance Market (IIFM) have signed a Memorandum of Understanding (MoU) to develop a master agreement for Sharia compliant derivative products. It is difficult to assess exactly what type of instruments may result but the FSA is following this closely. 2 (Ainley, Mashayekhi, Hicks, Ra hman, Ravalia, 2007) Hedge funds Several hedge fund managers have Sharia-compliant funds within their portfolios. In January 2007, Amiri Capital was authorized as a standalone Islamic hedge fund manager and more applications may be in prospect. The growth will to a great extent depend on whether the investors approve the methods proposed by fund managers. As with the UK managers of conventional hedge funds, managers of Islamic funds would also be regulated by the FSA. As now, the main regulatory focus would be on systems and controls, valuations, disclosure and conflicts of interest. So far as we know, there are currently no major regulatory issues with regard to Islamic hedge fund managers.2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) EU passporting Under the relevant European Union directives, one avenue for financial institutions in the UK, including Islamic ones, to expand is to passport their business activities into any one of the European Union member states (and vice versa). Concerted efforts have been made within the European Union to form a single market for financial services; and UK-authorized institutions may offer products throughout the European Union without the need to have separate authorization in each member country. This means that Islamic institutions that passport would have access to an estimated 15 million potential customers. The Bank of London and the Middle East is the first Islamic bank to have taken advantage of a cross-border services passport, which enables it to offer its products and services across all EU member states, without a physical presence in the host country. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) Government initiatives The government has recently taken important steps to promote the industry. In April 2007, the Treasury established an Islamic Finance Expert Group representing a broad cross-section of opinion from the industry, the City, Muslim organizations and other bodies, including the FSA. The general objective is to advise the government on opportunities to help Islamic finance in the UK. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) More specifically, as confirmed in the Chancellors pre-Budget Report in October 2007, the group is overseeing an official study by the Treasury and the UK Debt Management Office on the possibility of the UK government issuing a sovereign Sukuk in the wholesale market. As to be expected, the study is examining the practical, legal and tax implications of doing so as well as structural issues such as the need for primary legislation. It has already generated a good deal of interest among market participants and the government will publish a consultative document later in 2007. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) At the same time, the government has asked National Savings and Investments (NSI) to begin a detailed study on the feasibility of offering Islamic retail products. This study will cover similar ground to the one on Sukuk, namely looking at the costs and benefits, the range and structure of products that might be offered, and the likely demand. NSI will publish their report by Autumn 2008. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) The longer term Looking further ahead, there is scope to expand the market for Islamic products and services to non-Muslims as well as Muslims. The market is not confined to a particular group of consumers and Islamic finance providers can position their products to appeal more to the much larger non-Muslim population. Their success in doing so will in part depend on the ability to demonstrate how the products are underpinned by generally accepted ethical principles. If Sharia-compliant products are no longer seen as exotic or niche products, the industry could benefit from economies of scale which would help to sustain it over the longer-term. 2 (Ainley, Mashayekhi, Hicks, Rahman, Ravalia, 2007) France During the third quarter of 2008, French finance minister Christine Lagarde announced plans for the country to become a large Islamic finance player in Europe. During the first quarter of this year, initial law changes have been passed and France is ready to take Islamic finance a step further. Due to historic ties with northwest Africa and the size of the Muslim population in France, it can tap the French speaking market. Most of the major French banks such as Socià ©tà © Gà ©nà ©rale and BNP Paribas are already offering Islamic financial services, although this is primarily undertaken from their branches in the Middle East.1 (Schoon, 2009) The Netherlands During the second half of 2007, finance minister Wouter Bos announced that the country would review its role in the Islamic finance industry. Since then, De Nederlandsche Bank (DNB, the central bank) has published a study on the potential regulatory issues that would have to be addressed when introducing Islamic finance in the Netherlands. More recently, a working group was established within Holland Financial Centre, a government initiative, to further promotes the opportunities the Netherlands can offer Islamic finance. To date, a limited number of Islamic finance transactions have been undertaken in the Netherlands. In addition to a limited number of retail asset management products, the majority of transactions are associated with real estate and private equity investments.1 (Schoon, 2009) Germany In 2004, the state of Saxony-Anhalt became the first western European government to issue Sukuk. Although there does not appear to be any interest from German politicians, many German banks such as Deutsche Bank, Dresdner and WestLB offer Islamic financial services as part of their product offering. Islamic financial services from German banks are typically offered from their branches in London or the Middle East. At an estimated five million, Germanys Muslim population is more than double that of the UK.1 (Schoon, 2009) Other European Countries Luxembourg, in their capacity of a centre for fund management, already manages in excess of 30 Shariaa complaint funds (according to the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg financial supervisory authority, as of September 2008, 31 Shariaa compliant investment funds are held in 17 Luxembourg domiciled investment vehicles). Throughout Europe large internationally operating banks generally offer Islamic financial services, although no other governments have so far announced any plans to review and where required amend their regulatory, legal or tax framework.1 (Schoon, 2009) The development of various Islamic institutions in the US and Canada Canada Islamic Finance in Canada Toronto is ideally placed to become an Islamic financial hub. The roots of Islamic finance in North America also trace back to Toronto, where in 1979, the Islamic Co-operative Housing Corporation Ltd. was registered. My uncle, Naseem Buttar, was one of the founding members of this community initiative, which was the only available solution for financing hundreds of homes for over 25 years relying on limited community investment funds. These funds were reinvested into structure a home financing partnership based on a rent-to-own model. Over the years, a few more co-operatives have come to the market. UM Financial was incorporated in 2004 and to date has partnered with five Canadian financial institutions in structuring and distributing pioneering Islamic retail financial products such as bank accounts, term deposits, investments, credit cards and mortgages to Canadas 1 million-strong Muslim community. Recently, UM presented Central 1 Credit Union a milestone award for its close to $ 100 million funding to UM, which has yielded a $10 million profit for Central 1 over the last four years. 3 (Kalair, 2009) Islamic financial products are similar to halal food products, kosher food products or organic products in that all have a certification board and higher costs due to the absence of economies of scale. The goal of the Canadian Islamic financial industry is to bring products at par in pricing to the retail market, as is being done in the US and the UK. 3 (Kalair, 2009) Islamic Finance and Social Justice Before the advent of Islam, traders could be taken as slaves if they defaulted on interest loans. To protect individuals, Islamic contracts were adopted to include provisions which eliminated such practices. These were introduced under the following structures: musharaka (partnership),  mudaraba (capital/labour joint venture), ijara (leasing), murabaha (disclosed cost plus sale), sukuk (specified securitized assets, services, and usufructs), takaful (co-operative insurance), etc. Today in Canada, it is a criminal act to charge more than 60% interest; in Islam 1,400 years ago, a transaction with any interest at all was forbidden. 3 (Kalair, 2009) Evolution of the Industry As other Western countries with Muslim minority populations have allowed dedicated Islamic banks, the same will happen in Canada in due course. Most Western countries, including the UK, saw Islamic banks established after a decade of Islamic products had appeared in the marketplace. At present in Canada, there are few products besides the UM Financial product line. We foresee more Islamic opportunities opening in the next few years, which would then create a tangible market for a dedicated Islamic bank.3 (Kalair, 2009) In our estimation, more than $10 million of seed investment has been spent on Islamic bank applications and shell companies trying to enter the Islamic finance market. These applications have helped to educate federal and provincial regulators and law firms and consulting firms that were involved and have created awareness of the international growth in the industry.3 (Kalair, 2009) Unfortunately, some regulators and investors who invested in some of these shel l companies have a very negative image of the industry due to some companies soliciting investors and clients without the proper approvals or investors not being able to receive information on their investments. Within the community, initiatives that are purely profit-driven have failed such as the RBC linked Islamic investment notes and Dynamic Mutual Fund Islamic mutual fund. Community based institutional initiatives, such as co-ops and UM Financial (which has close to 10 years of  direct community activism) have had a more successful history.3 (Kalair, 2009) As the industry develops, so does the need for standardization, which the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is working on providing. AAOIFI recently launched a Product Certification Program for its membership. UM is the only Canadian member of AAOIFI and has offered its Product Certification program to  Canadian institutions.3 (Kalair, 2009) In Toronto, the Fi rst Fiqh (jurisprudence) Conference of North America was held in May, where a resolution was passed that states, The participant panel of scholars agreed that interest based loans and all forms of insurance are prohibited in Islam. In some isolated cases, insurance and interest based loans may be permissible in a situation of dire need or necessity and or a life and death situation. For the clarification of whether ones situation meets dire necessity, one is to seek clarification from reliable qualified Muslim scholars of Shariah (Islamic jurisprudence). The panel also encourages Muslims to establish and utilize alternative Islamic models of finance and takaful (Islamic insurance).3 (Kalair, 2009) In June, to further educate the Toronto community in this fast-growing discipline, the Islamic Foundation of Toronto hosted a youth conference at Torontos largest mosque that featured a three-day retreat on Islamic finance.3 (Kalair, 2009) Sovereign Sukuk from Toronto With Canada being a destination of investment from many countries, there have been governmental discussions to look at the feasibility of offering a sovereign sukuk in the near future. Having a sovereign sukuk in Canada would open the doors for many more structured sukuk, such as corporate sukuk, which could further enhance Torontos role as a hub for Islamic finance in North America. Toronto is well-placed to duplicate London in becoming a hub for Islamic finance in North America. With the recent launch of the SP TSX 60 Shariah Index and discussions at many government levels, we see the market maturing rapidly. At this stage, the private sector, which is represented by the TFSA, is in the best position to lead this direction and introduce the benefits of Islamic finance.3 (Kalair, 2009) USA Today, the United States is home to at least nineteen providers of Islamic banking products and services, including retail banks, investment banks, mortgage companies, investment advisors and community-based finance providers. With the estimated number of Muslims living in the country ranging from three to eight million (based on various private surveys) it now appears that real market demand and viability for offering Islamic banking products and services in the US either exists or is being developed and penetrated by these early-to-market providers.4 (Shayesteh, 2009) Challenges in the Adoption of Islamic Finance in the West Many countries in the West are optimistic in the establishment of Islamic Banking and Financial institutions in their country. The laws, although a contributing obstacle, can be overcome through further product development of sharia compliant product. Germany, U.S. and France are cases depicting the challenges that will be met with the establishment of Islamic Banking. The German Case: According to Engels, there is a significant population of Muslims in Germany and a substantial amount of investment interactions with the Muslim world. With that in mind, Germany may be interested in establishing Islamic Banks within the country. The BaFin  [1]  have had talks over the last 15 years with Islamic banking representatives from the Muslim community in Germany as well as from foreign Islamic banks looking to establish in the country. However, there has been no real action in its development and establishment. This could be attributed to the following reasons. First, the BaFin is skeptical of the Islamic banking models commercial viability as it will be catering to 2 million Muslims (p.179). Second, Islamic banking methods conflict with German Banking Act. Third, in accordance with German Banking Act, the principal of an investment must be insured. As, the basis of Islamic banks is profit and loss sharing as per the pre-determined ratio in structures such as murabaha, this may cause some form of conflict with the banking laws of the nation. Finally, Islamic banks differ in the method of reporting and monitoring of its operations from the European standard. The risk and financial standing must be identified clearly in its reports to be clearly evaluated. Despite these concerns, there areas in which Islamic financial services can flourish (Engels, 2010). According to the German banking law, in accordance with the German Banking Act KWG, there are nine types of services in which a business can entitle itself a credit institution  [2]  . The following ar e the nine banking activities: Deposit business Credit business Securities business Safe-custody business Investment fund business Revolving credit business Guarantee business Giro business (Engels,2010, p.181) According to Engel, Islamic financial institutions, taking into account the restrictions placed on it by the German Banking Laws, could participate in the offering of at least 5 out of the nine the services stated above that will term it as a credit institution. Five of which are, deposits, credit, securities, safe-custody and Giro business (Engels, 2010 ,p.181) . Deposit business: In Islamic financial services, there are multiple forms of deposits as listed below: Current Deposits Wadiah and Qard Savings Deposits-Wadiah and Mudaraba Investment Deposits-Mudaraba According to the KWG 1, a deposit business means the receipt of monies from others as deposits irrespective of the payment of interest. In addition, it has viewed these deposits made to the bank as a loan in which the full amount must be paid back to the lender, in this case the customer of the bank (Engels, 2010). Based on these restrictions, Islamic financial institutions can provide current deposit services and savings deposit services in the form of wadiah , qard hassan and mudaraba deposits. As the principle amount is guaranteed whenever the customer wishes to withdraw the principle. However, Sharia compliant investment deposits will not be acceptable under the German law as there is in no guarantee on the return on the full principle. The losses incurred are shared by the bank and the customer at a predetermined ratio. Credit Business: According to the German Banking Law defines the credit business as the granting of money loans and acceptance of credits.  [3]  Under these guidelines, Islamic banking institutions can provide loans as the law does not specify the mandatory inclusion of interest rate. In accordance with the BaFin, an exchange of a cheque for cash is considered a credit business. This service is provided by the bank at a set administrative fee. Islamic institution could provide this as a part of their services. Furthermore, Islamic institutions can participate in the provision of promissory notes as they can also charge a fixed administrative fee in return for the service. The challenge lies in the ability to provide this service as the liquidity of Islamic banks are limited. In addition, if we look at it from a broader view point, the EC Directive has included the following services under the same definition mor tgage loans, factoring with or without recourse and trade financing, of which , are not permissible. However, murabaha and musharaka structures may be taken into consideration to categorize it under the EC Directives definition of lending (Engels, 2010, pp.183-184). Other Acceptable activities: Islamic banking and financing institutions can participate in the sale and purchase of securities for their clients as long as it is riba free. They can also participate in the managing of securities for their clients. Finally, they can participate in Giro business, the administration of deposit funds for customers , with the provision of services such as , transferring amounts and the provision of clearances for a set administrative fee((Engels,2010,p.181). Overall, the restrictions stated by the German Banking Act are not obstacles that cannot be overcome. However, the issue arises when wanting to adapt Islamic banking in the EU. It may be compliant in Germany however; in order to be compliant in Germany it must also be compliant in the EU. The move towards uniformity may act as an additional obstacle in the face of establishment. The US constitution and Islamic banking and finance controversy: The basis of the Western banking models foundation lies in practices that defy the Muslims basis of acceptable financial banking activities. Gimigliano argues, the First Amendment of the US constitution  [4]  may partake in the assimilation of the Islamic banking and finance model into the US economy as an official domestic bank. There has been a move towards the establishment of Islamic domestic banks in the US. According to Thomas Baxter, General Council and Executive Vice President of the Federal Reserve Bank of New York, for the following reasons: (a) the growing Muslim population on US Territory, able to influence the West in market economies;(b) an increasing awareness of socially responsible finance, after the Enron scandal;(c) the free exercise of religion clauseÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦law makers will need to ascertain whether some practices can be changed to accommodate Muslims who try to practice their religion freely. (Gimigliano, p.149, 2010) Based on the above, The First Amendment is divided into two parts, the free exercise and the establishment clause (p.149). The first clause protects the individual freedom to practice their religion of choice, which enforces the need in the establishment of Muslim friendly banking institutions. However, the second clause, deals with the governments actions, and its incorporation, with this respect makes it controversial, together with this point in the constitution, separation of church and state,and the neutrality theory may act as a legal and ideological obstacle in the face of its integration and acceptance(Gimigliano, p.159, 2010). According the Gimigilano, the strict separation of government and religion restricts any form of government participation even if it is in the form of assistance, including the fire, police and public health services.It would be in violation of the separation clause. In this affect, may prevent the safeguard of freedom of practice (Gimigliano, p.150, 2010). In addition, based on the clause of neutrality, government cannot be involved in the monitoring of the activities because it will tie government with an institution tied to religious foundations. In this case, brings up the question who is the reasonable observer? It has been suggested that an educated individual can be appointed as an observer of Islamic banking activities. However, he only reasonable observer that can regulate the activities of an Islamic bank is Sharia scholars (Gimigliano, p.151, 2010). . The US constitution is the driving force towards the accommodation of faith. However, it is the preference of the US law to maintain secularism in the countrys economic activities. In the face of authorization and the limits of US jurisdiction, the establishment of an Islamic bank still has many obstacles before it can attain authorization (Gimigliano, 2010). The French and the provision of Islamic banking: Similarly, according to Arnaud, the French too are encouraging the opening of Islamic Banking in France as it will cater to the Muslim population, as well as, to the well off GCC nationals seeking ethically responsible banking institutions. At this point, acceptance has been very flexible. To gain authorization and licensing to operate in France it must comply with the basic standard that is applied to all banking institutions by the CECEI  [5]  . In fact, it has been quite accepting of foreign banking institutions opening in France. Banks originating from Muslin count ries have been present in France for over three decades. For example, six Lebanese banks, four Iranian banks, two Pakistani, two Qatari banks, an Egyptian bank, a bank originating from Abu Dhabi, a Kuwaiti bank and a Jordanian bank have established themselves in France. However, despite Frances openness towards the establishment of an Islamic Bank in France, there has been no approach by the already present Middle Eastern banks to provide Sharia compliant services, nor has the CECEI been approached to formally authorize the establishment of an Islamic Bank. This brings up another underlying concern. As there has been no outspoken demand for an Islamic bank, CECEI are unsure of the actual demand for an Islamic bank. Notably, if an Islamic Bank establishes itself in France, it must prove itself a viable banking and financing institution. First, as per the CECEI rules, it must have qualified bank mangers running the operations. As it would be a new concept in France, the ability to find experienced figures locally will be difficult. It would have to bring expertise from abroad. In addition, these individuals too will have to be knowledgeable in French law to insure the Banks activities are compliant to the local law let alone the sharia law (Arnaud, 2010). In terms of product development, it must comply with Frances customer security close without inhibiting the ease in the operation of the bank. Its main concern is money laundering and terrorism. The Islamic banking institutions must have systems in place, approved by the CECEI, which will inhibit fraud and the misuse of funds. As the banking systems in France are based on the Western conventional model, mechanisms for the regulation of funds may need to be developed to suite the models of sharia compliant banks (Arnaud, 2010). In addition, there must be internal systems to monitor the day to day operations of the bank. The products provided to the customers must be compliant with French law. As this product requires special oversight by sharia scholars, to insure they are compliant with the Islamic guidelines, it is noteworthy to mention that the shariah committee must be limited to that of vetting and certifying products and should not extend beyond this to interfere with the banks governance and internal operating modes.This could be related to the similarity between the US and French constitution. France, like the US is secular in nature. The accommodation of an institution thats foundations are based on Islamic principles is contrary to its constitutional foundations. Religious representation of a faith may be frowned upon by strict secularists (Arnaud, 2010, p.170). Moreover,the Islamic banks must be able to convert Islamic financial products into a mode understandable in the conventional accounting system. This is to insure that the risk factor and the required liquidity of the bank to sustain these products is clearly apparent by overseers (Arnaud, 2010). Furtherm ore, the Sharia scholars must play the role of auditors in the day to day running of the institutions. The challenge arises with regards to the capacity and knowledge of these scholars to effectively insure the quality of the service provided (Arnaud, 2010). In regards to issues related to retail Islamic products, there are a few issues that arise due to the French laws lacking in areas that relate to qard, mudaraba and ijara. First, the French law does not have an accounting infrastructure to support loans given as advances to the bank from a customer. In this case, the customers rights are not fully protected by law. Therefore, the French law must be updated to insure that the customer is insured a deposit guarantee fund for deposits in the form of wadiah , qard hasan and mudraba in savings deposits. Second, in relation to the first point, deposits for the purpose of investment, mudarba, can no longer be defined as deposit funds as they cannot fall under the qualified to be lab eled under the deposit guarantee fund.Finally, the ijara contracts for home financing must be compliant with the French consumer protection codes (Arnaud, 2010, p.172). Islamic banking institution will not receive any exceptions ender the French law in keeping with its non-discriminatory clause. The products must be sustainable and adequately structured to the specification of the law. Furthermore, these guidelines is not a hindrance to its development but, an insurance to future customers that their rights are fully protected. In that regard, Sharia compliant banking institutions have a chance to grow in France as the foundations of its operations are based on ethical practices that insure the equity and controlled risk. The intricately weaved infrastructure of Islamic Finance (IF) has shown a definitive growth in recent years and, IF has been highlighted in global trade as a means of integrating Western and Eastern banking practices for a more optimal trade regimen. Namely, laws in Western regions including Europe and North America have shown an ability to accommodate IF guidelines, despite a perceived public ethos of resistance to Islamic ideals. What should be done by scholars or practitioners to help promote Islamic Finance in the West New Products and Structures Strong research and input from the scholars will give base to the upcoming trend towards Islamic Finance. According to an article by Lawrene White, Euromoney Feb 2009, Outstanding contribution to Islamic Finance: Zeti Akhtar Aziz who is the governor at Bank Negara Malaysia and one of the most prominent advocates. She has help built a portfolio of more than 40 products under the umbrella of Islamic Finance, which include takaful, sukuk bonds which are the key stones in promoting Islamic finance. Sukuk bonds have had a strong response by the consumers, however the market is flooded with mostly short term Sukuk, a strong focus on long term twenty and thirty year sukuk will be an important milestone in upgrading the sukuk market and compete with the Treasury Notes and bills in the west. In order to create mainstream products and inject them into the market, with strong focus and inflow of financial capital from the European market we can see how the ne ed for Islamic Financial instruments will lead to creation of different investment vehicles to meet the requirement. As some of the products do have the shariah compliance issue, which non-conforming products like derivatives, forwards, and other similar vehicles have no room in the Islamic context, synthetically created solutions could solve the issue. However, as the products get more complex by synthetic creation it would deter the interest of investors and the outlook might not be as expected. The Global Financial Crisis and the Market Forces In another article according to Aubrey Joachim, Beyond Conventional Finance, the lifestyle in the west of spending more than their earning has not only contributed to the growth but also their failure during the subprime crisis. Since under shariah interest is forbidden and profit is only acceptable under strict guidelines, the financial statements would need adjustments to report under the shariah compliant form. All transactions str ucture under Islamic finance needs to be approved by the scholar and receive a fatwa to be qualified. The CIMA is the first professional Chartered Accountancy body to offer a global qualification in Islamic Finance. A trend towards acceptance of Islamic finance can be seen in the future however proper marketing and alternative products to support the needs of conventional banking clients must fuel it. In an article by Rory J Clark, Islamic banking: An asset of promise? Islamic banking is showing promise to the current economic climate as it draws attention from all over the world and the lessons are clearly to be learnt. It is not just a safe refuge from the global financial crisis, but it also seen as broadly equitable and fair compared with the hitherto rather cutthroat western model. Islamic finance is also one of the most importance source of liquidity for cash trapped governments and companies in the west. Almost non-existent 30 years ago, it has now become a trillion dollar industry, and has help up well in the crisis. The failure of financial markets in OECD should look at other models like Islamic Finance. The strong demand by non Muslim Islamic finance customers which in some cases constitute around half of the customers had made governments like the UK to implement regulatory standards for the Islamic financial products overlooked by Financial Services Authority. According to Dominic ONeil, Euromeoney, a recent heading in the Washington Post caught attention of the readers Steady in shaky times, the Islamic finance sector was gaining confidence however three months fast forward Islamic finance faces the crunch test. The sukuk issuance had fallen dramatically; this was mainly caused by opposing arguments amongst with what are Shariah compliant sukuks. Promoting Islamic finance also requires some form of agreement amongst scholars and disagreement creates a sense of instability in an industry, which is still in the growth phase. The Islamic Finance system focuses on asset-based structure and one can only promise what he owns and declares interest (riba) as forbidden in any possible sense, contradicting the structure and attitude towards money in the west. The transactions and deals tied up to actual economic activity and service. As mentioned in the same article by Dominic Oniel Steady in Shaky times, Islamic Banks have grown 15% since their modern inception in the 1970s fueled by the oil boom in the decade, but continues to grown due to its recent advancement in financial instruments, sound principals and methodology to make every transaction sharia compliant. In the United States, Islamic finance sparked interest when the Dow Jones Islamic Index was introduced in 1999 which constituted sharia compliant companies, however the momentum slowed down during the Sep 11, 2001 attacks. After a few years the market picked again and in 2004 Germany bought a 100 Million Euro Sovereign Islamic bond sukuk, the market had grow n to a 90 Billion sukuk since 2004 doubling every year. However, in 2008 the market fell 50% when the Bahrain based group of scholars stated that most bonds werent sharia compliant. The market forces have come into play a lot of times, due to the hard facts or fatwas, what really is sharia compliant and what is not. The Regulatory Framework The two major authorities forming the basis for the regulatory framework is the IFSB (Islamic Financial Service Board) and IIFM (International Islamic Financial Market). IFSB currently has 150 members as of January 2008 including 37 Regulatory bodies like IMF, World Bank, Islamic Development bank and other key players in the market. IFSB issue guiding principles and supervises the review process creating transparency and market disciple. IIFM, which is based in Saudi Arabia, was formed with a collaboration of different countries, which include Bahrain, Malaysia, Brunei, Indonesia, Sudan and the Islamic Development Bank. The main purpo se of this organization is to develop, establish, self-regulation, and promotion of Islamic finance and money markets. These organizations will set the pace towards acceptance of Islamic finance in the global market, but Islamic finance should be promoted through its sounds principals and not tagged with Islamic as the key focus to promote Islamic Finance. Islamic finance should be promoted as an equal alternative to conventional finance in the future. Scholars and practitioners will play a key role in developing alternatives and sound solutions to match and compete with conventional banking. Their role in these international institutions and regulatory bodies will fuel the success of Islamic principals and finance in the west. Conclusion In 2009, after the onset of a global crash in economic management, the world of IF reached a landmark in success. By year-end of 2009, the steadily growing sector saw a cumulative total sukuk issuance reaching $100 billion. In 2009, assets of the top 500 Islamic banks grew by 28.6 per cent to $822bn, up from $639bn in 2008. Many Islamic financial institutions appear to have been insulated from the global financial crisis, largely due to the Islamic finance principles that prohibit interest. Consequently, Islamic finance institutions refrained from investing in structured products that played a significant role in the downfall of major global financial institutions, described Zawya, Middle east. The lowest relative yields on Islamic bonds in more than two years may encourage issuers to tap the market  after a 15 percent drop in new sales in 2010, helping revive interest among investors. Market players worldwide are showing a rise in interest in the long term sustainabil ity of IF, as described by the latest publication of Global Islamic Finance Journal: Albaraka Banking plans to sell as much as $500 million of sukuk after delaying in 2010, Adnan Ahmed Yousif, the chief executive officer, said in a telephone interview on Jan. 5 from Manama. Albaraka Turk Katilim Bankasi may offer at least $100 million of notes, Chief Executive Officer Fahrettin Yahsi said. French companies, the central bank of the Palestinian territories and Thailand have also announced plans   to borrow through Islamic debt this year. Global sales of Islamic bonds, which pay returns based on asset flows, fell to $17.1 billion in 2010, from $20.2 billion a year earlier, according to data compiled by Bloomberg. Issuance reached a record $31 billion in 2007. Dubai World, one of Dubais three main state-owned holding companies, received approval from its creditors in October to change terms on $24.9 billion of loans. Nakheel PJSC, a property unit of Dubai World, is seeking to delay payments on at least $10 billion of loans and bills. The company is looking to gain clearance from creditors holding 95 percent of the debt by the end of March, according to an statement on Jan. 2. In summation, the prospects for considering IF systems are being enhanced in Islamic regions and expanding in the western world, supported by scholars and financial leaders globally. The issue of comparative sustainability is showing favor towards IF and it is possible that the foundations and principles of IF, will be received with praise by those who previously dismissed this as a religious practice rather than a system of merit. Methodology Research strategy: A broad-spectrum research was conducted on the topic of Islamic Finance. It was deemed necessary that we establish a foundation of understanding prior to pursuing the topic of interest, Outlook of Islamic Banking in the West. A full research was conducted on the library databases, including Proquest, Lexis nexis and Jstor. In order to ensure that relevant references were not missed, the search terms used were general in nature such as , Islamic finance, Islamic finance in the West, Islamic finance in Europe, Islamic finance in North America, Promoting Islamic Finance, and Scholars Islamic Finance. In addition, a comprehensive search was made on the books available at the university library, scholarly articles from the World Wide Web, videos and articles from newspapers and magazines. Selection Criteria: The references were selected based on its relevance and date of publication. We attempted to limit our references to articles post 2000. Descripti on study: The bulk of the paper consists of a comparative study of different institutions in the West. It encompasses the means in which Islamic banking was established, developed and the challenges faced. In addition, we took into consideration the ideological obstacles that are being faced with the popularization of Islamic finance. We also sought to investigate how Islamic finance has been promoted as of late by reviewing the work of the scholars around the globe.

Comm 4331 Essays - 962 Words

Study Guide Test #1 1. What influences beliefs, attitudes, behaviors and values 2. What is correct and true about persuasion Receiver must think it is voluntary, 3. Define persuasion Persuasion: involves one or more persons who are engaged in the activity of creating, reinforcing, modifying, or extinguishing, beliefs, attitudes, intentions, motivation, and or behaviors within the constraints of a given communication context -- an activity or process, persuasion is a tow way street 4. Define values: Something important to you 5. Define beliefs: Something you believe to be true 6. Define attitudes: How you feel toward something 7. Attitude: tendencies or predispositions, represent favorable or unfavorable evaluation of†¦show more content†¦Cultural issues and differences between U.S. and other cultures Individualism vs. Collectivism Collective cultures (China) value harmony, concern for others, group goals while individualism culture value independence and personal goals 27. Audience analysis: pay attention to the situation, keep their attitudes, values, beliefs in mind, remember their demographics, and remember their states traits 28. Target audience: the majority group that the persuader/advertiser is trying to persuade 29. From First day – different ways interpersonal / context / different areas of persuasion - Context – target audience, interpersonal, mass/public, social or group, mediated, - Intrapersonal – self persuasion - global/intercultural 30. Differences between males and females: - men are more successful than women in their attempts to persuade others. Men - stereotypes, physical, social role theory – what we view as acceptable / Goal differences Males: More persuasive than women because of physical appearance, tone of voice, social rule theory (not so negative) Females: Communal behaviors-warm and nurturing 31. Communal behavior - warmer and more nurturing – female doctors need to use this to be more effective while male doctors use an aversion strategies 32. Central routes: rational thought andShow MoreRelatedU.s. Lng Exportation Policy And The Wto8704 Words   |  35 Pagesrelated chemicals; microbicides; and others). 43. Id. at 5-79. 44. See, e.g., SHALE GAS PROD. SUBCOMM., supra note 38; Review of Hydraulic Fracturing Technology and Practices: Hearing Before the H. Comm. on Sd., Space, and Tech., 112th Cong. 18 (2011) (statement of Elizabeth Ames Jones, Comm r, Texas Railroad Commission); Jeffrey C. King et al., Factual Causation: The Missing Link in Hydraulic Fracture-Groundwater Contamination Litigation, 22 DUKE ENVTL. L. POL Y F. 341, 351, 360 (2012)

Functional Immunity Free Essays

This type of immunity arises from  customary international law  and  treaty law  and confers immunities on those performing acts of state (usually a foreign official). Any person who in performing an act of state commits a criminal offence is immune from prosecution. This is so even after the person ceases to perform acts of state. We will write a custom essay sample on Functional Immunity or any similar topic only for you Order Now Thus it is a type of immunity limited in the acts to which it attaches (acts of state) but will only end if the state itself ceases to exist. This type of immunity is based on respect for sovereign equality and state dignity. The offices usually recognised as attracting this immunity are Head of State or Head of Government, senior cabinet members, Foreign Minister, and Minister for Defence: see the  Arrest Warrant Case,Pinochet Case  (R v Bow Street Magistrates; ex parte Pinochet Ugarte (No 3)  [2000] 1 AC 147, House of Lords). Such officers are immune from prosecution for everything they do during their time in office. For example, an English court held that a warrant could not be issued for the arrest of  Robert Mugabe  on charges of international crimes on the basis that he was a presently serving Head of State at the time the proceedings were brought:  Mugabe, reported at (2004) 53 ICLQ 789. Other examples are the attempts to prosecute  Fidel Castro  in Spain and  Jiang Zemin  in the USA. However, the moment accused leaves office, they are liable to be prosecuted for crimes committed before or after their term in office, or for crimes committed whilst in office in a personal capacity (subject to jurisdictional requirements and local law). Pinochet  was only able to come to trial because Chile and the UK had both signed and ratified the UN Convention Against Torture through which such immunities were waived. It may be the case that personal immunity is itself being eroded. In 2004 the Appeals Chamber of the  Special Court for Sierra Leone  held that indicted Liberian president  Charles Taylor  could not invoke his Head of State immunity to resist the charges against him, even though he was an incumbent Head of State at the time of his indictment. However, this reasoning was based on the construction of the court’s constituent statute, that dealt with the matter of indicting state officials. In any case, Taylor had ceased to be an incumbent Head of State by the time of the court’s decision so the arresting authorities would have een free to issue a fresh warrant had the initial warrant been overturned. Nevertheless, this decision may signal a changing direction in international law on this issue. Recent developments in international law suggest that this type of immunity, whilst it may be available as a defence to prosecution for local or domestic crimes or civil liability, is not a defence to an international crime. (International crimes include  crimes against humanity,  war crimes, and  genocide). This has developed in the jurisprudence of the International Criminal Tribunal for the Former Yugoslavia, particularly in the  Karadzic,  Milosevic, and  Furundzija  cases (though care should be taken when considering ICTY jurisprudence due to its  Ad-hoc  nature). This was also the agreed position as between the parties in their pleadings in the  International Court of Justice  Case Concerning the Arrest Warrant of 11 April 2000 (Democratic Republic of the Congo v. Belgium). The reasons commonly given for why this immunity is not available as a defense to international crimes is straight forward: (1) that is genocide, war crimes and crimes against humanity are not acts of state. Criminal acts of the type in question are committed by human actors, not states; and (2) we cannot allow the  jus cogens  nature of international crimes, i. e. the fact that they are  non-derogable  norms, to be eroded by immunities. However, the final judgment of the ICJ regarding immunity may have thrown the existence of such a rule limiting functional immunities into doubt. See in this respect the criticism of the ICJ’s approach by Wouters, Cassese and Wirth among others, though some such as Bassiouni claim that the ICJ affirmed the existence of the rule. Regarding claims based on the idea that a senior state official committing International crimes can never be said to be acting officially, as Wouters notes â€Å"This argument, however, is not waterproof since it ignores the sad reality that in most cases those crimes are precisely committed by or with the support of high-ranking officials as part of a state’s policy, and thus can fall within the scope of official acts. Academic opinion on the matter is divided and indeed only the future development of International Customary law, possibly accelerated by states exercising  universal jurisdiction  over retired senior state officials, will be able to confirm whether state sovereignty has now yielded partially to internationally held human rights values. In November 2007, French prosecutors refused to press charges against former US Secretary of Defense Donald Rumsfeld for torture and other alleged crimes committed during the course of the US invasion of Iraq, on the grounds that heads of state enjoyed official immunity under customary international law, and they further claimed that the immunity exists after the official has left office. [1] How to cite Functional Immunity, Papers

Complexities Faced by Project Manager while Completing Project

Question: Describe the Project Management Techniques you would use as a Project Manager to Improve the Accuracy and Reliability of your Project Schedule. Answer: In a business, the projects are accomplished by the organization to gain monetary advantages. As mentioned by Bell (2014), the project manager aims towards completion of the project work within specified time; and also maintains the reliability and accuracy of the projects. The project manager has to adopt several techniques such as planning the project, estimating time, understanding the project outcome, estimating the requirements, testing, feedback collection, and changing certain areas of improvement. The project manager needs to plan the entire project along with its requirements and resources those are essential. A systematic and reliable approach of the project managers helps in getting a reliable and accurate outcome. According to Heagney (2016), multiple estimating techniques like educating the project sponsor and stakeholders is adopted. The vulnerabilities and liabilities are to be considered by the project manager, along with the ways of reducing the ill impacts and effec ts of it are also discussed. The rigorous cost management and time administration by the project managers also helps in increasing the reliability of the project. The scheduling of the projects followed by the tracking the growth and controlling the output helps in the successful accomplishment of the work. It also schedules the budget for the efficient utilization of resources and fixing the issues (Kerzner, 2013). An example can be cited, which shows the techniques adopted by the project manager in improving the reliability and accuracy of the project schedule. ABC Computer Provider is a Government agency that provides computer systems to the government offices. The major criteria of these government offices are to have computer systems those will run 24*7, without any breakdown (Martinelli and Milosevic, 2016). The project manager of the organization, therefore, manufactured a $1 million computer with the dual backup system. But, when offered it to the client, the client replied that they are not going to pay this high as their requirement in of only 16 hours. It, therefore, shows that failure of the project manager in making the deal as the company is stuck with the costly computer. The project manager has to be conscious about choosing the appropriate team members; those will be working in long hauls. After understanding the requirements of the project, the manager has to schedule each step of the actions among the team members and time allotment is also done for completion of it (Schwalbe, 2015). Moreover, the several risks those the project are likely to face are discussed among the teammates, with the provision of solutions to it. Along with this, the continuous improvement technique applied by the project manager helps in making each of the steps perfect, before going to the next one. This essay shows that the project manager has to face large complexities while completing a project work successfully. The adoption of fair and feasible management techniques help in improving the reliability and accuracy of the project. The project manager needs to have a practical business goal, a vivid discussion with the stakeholders, precise business objectives, and estimation of its resources, budget and period for making the projct work successful, reliable and accurate in nature. References Bell, J., 2014.Doing Your Research Project: A guide for first-time researchers. McGraw-Hill Education (UK). Heagney, J., 2016.Fundamentals of project management. AMACOM Div American Mgmt Assn. Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Martinelli, R.J. and Milosevic, D.Z., 2016.Project management toolbox: tools and techniques for the practicing project manager. John Wiley Sons. Schwalbe, K., 2015.Information technology project management. Cengage Learning.

Adaptive Behavior free essay sample

Students who are only mildly affected may be difficult to diagnose or recognize, since there may be no visual cues. It has been estimated that over four million Americans have an Intellectual or developmental disability (Larson, 2000). However this figure could be misleading, since it is suspected that many school age students are misdiagnosed with other learning disabilities, developmental delay, behavior disorder, or autism instead of intellectual disability. Some still use the term mental retardation, to refer to individuals with ID. This term is perceived as outdated and offensive. Families, educators, and the general public are becoming aware that Intellectual Disability is the legal and appropriate term to identify individuals with this disability. One common question people have is why we need to distinguish intellectual disability from developmental disability. The answer is that there are major differences like, the age symptoms first appear, the severity of the limitations experienced, and the requirements of a low IQ score. We will write a custom essay sample on Adaptive Behavior or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Because of this many students with intellectual disability would not meet the definition of developmental disabled. It has been estimated that at least half of individuals with intellectual disabilities will not meet the functional limitation requirements in the IDEA definition of developmentally disabled. So the many members of the general public ask what intelligence is. Is there any real way to define or test intelligence? Who defines what true intelligence is. Can intelligence be passed on genetically? Or can your environment impact your intelligence? What happens if your environment is unhealthy? According to David Wechsler, intelligence is defined as â€Å"The aggregate or global capacity of an individual to act purposefully, to think rationally and deal effectively with his environment. † Basically intelligence refers to a person’s general mental capacity; which includes their reasoning skills, ability to plan, problem solve, their ability to think abstractly, the comprehension of complex ideas, their ability to learn from experience and the speed in which they are able to learn. Some professionals believe that the measurement of intelligence is impossible. While others believe that any endeavors to define intelligence have resulted in definitions that are both narrow and circular. Educators today use Intelligence Quotient tests to measure intelligence. If a child receives IQ score of 70 or below, they may be presumed to have an intellectual disability. Besides an IQ requirement The definition of intellectual disability also requires identification of significant limitations in the area of adaptive behavior. A students Adaptive behavior is considered to be a collaboration of practical, social and conceptual skills, that are required to function in everyday life. The lives of students who have significant limitations in adaptive behavior are impacted daily. Their ability to respond to situations in their environment is affected. Skills like expressive and receptive writing, reading. Self direction and the concept of money are conceptual skills. Interpersonal skills like following directions or rules, obeying laws or being responsible are all considered social skills. Activities that everyone must do to live like eating, dressing, and going to the bathroom are considered receptive and expressive language, like writing and reading, the concept of money and self-direction. Social skills are interpersonal skills like responsibility, self-esteem, following rules, and obeying the law, or being responsible are all considered social skills. Activities that everyone must do to live like eating, dressing, and going to the bathroom are practical skills. If a student displays behavior that demonstrates a deficient in one or more of these areas it could be an indicator that they have an intellectual disability. There are a variety of problems associated with the assessments of students with intellectual disabilities. Students with intellectual disabilities often have more then one impairment. They may be visually and or hearing impaired. They are not standard or what is perceived as typical. Many special educators may have extensive knowledge in one field but know relatively little about another. Assessment experts who are knowledgeable in their specialized area of expertise may have little knowledge regarding students with intellectual disabilities. Many of the assessment tools utilized by educators developed for typical students are not appropriate or useful for students with intellectual disabilities. Even those with mild intellectual disabilities are unable to be scaled on standardized tests. The rate at which these students learn can be very slow and inconsistent. Their sensory, and or cognitive impairments require that educators understand that even the simplest of tasks take a whole academic year to master. In the past students with intellectually disabilities were considered to difficult to assess or instruct. As a result they were not included in accountability and assessment systems. The exclusion of these students denied them the opportunity to be considered in a system that was designed to improve their education by identifying problems. Research shows that the performance level of students with disabilities is lower then that of students with out disabilities (Klein, Wiley, Thurlow, 2006; Thurlow, Bremer, Albus, 2008; VanGetson Thurlow, 2007). The question is, is do the features of individual assessment interfere with student’s ability to effectively demonstrate specified skills or knowledge. If that is the case then these assessment results are ineffective in guiding the instruction efforts of educators. It seems clear that more effective assessment methods should be used in the evaluation of students with intellectual disabilities, in order to portray student’s level of knowledge and skills more accurately. Today experts in the field of special education have been more successful in implementing practices and assessment tools that reduce obstacles and barriers in educator’s ability to identify what students with intellectual disabilities actually understand and have the ability to do. Educators have a greater understanding of the assessment of students with intellectual disabilities. They understand that it takes a variety of assessment tools and that those assessments must be conducted over a period of time. For adaptive behavior, assessment questionnaires should be utilized by both parents and teachers. They can do real time observations in the student’s natural environment. They can look at the actual work of students and instead of comparing it ith the work of same age peers, they can compare it to previous work the student has done, to determine the student’s progress. These assessments should be done in a variety of settings over a period of time. According to some assessment specialists one goal of assessment must be to provide the necessary Data to inform instruction but the reality is that what is considered performance and accountability, is not. Teachers of students with Intellectual disabilities report that though the students have the sa me diagnosis, the impact their disability has on their learning can be varied. Some common characteristics might be: Physical Characteristics Physical underdevelopment Below average weight and height Some type of physical deformity Retarded balance and movement Mental characteristics Below average IQ Poorly developed language and speech Poor concentration, thinking, attention, memory, perception, imagination, and computing Social characteristics Lack of ability to adjust socially Inability to act responsibly Aggressive Poor self Aloof Lack of interest in outside activities Emotional characteristics Emotionally imbalanced Constant or excessive movement Late or premature reactions Primitive reactions Learning and memory Difficulty in responding to various stimuli Easily distracted Short attention span Defects in short-term memory Poor reading comprehension Delayed oral language skills Poor vocabulary skills Though there are certain characteristics that are common among students with ID each student should be treated as a unique and separate person in order to ensure students receive the education guaranteed them by law. .

Parliamentary Enclosure essays

Parliamentary Enclosure essays Enclosure (inclosure) is the conversion by any means, legal, extra-legal or illegal, of open (common) lands; arable, meadow, pasture or waste into individual ownership, tenancy and use serveral(ty). (Tate, pp. 187) Parliamentary enclosure was a specific kind of enclosure initiated by Parliamentary act. Enclosure acts appointed commissioners to carry out the enclosure. They established who the landowners were and appointed a surveyor to value the property. The commissioners redrew boundaries to create consolidated holdings. All proprietors (including those opposed to the enclosure) received land in proportion to the value of their holdings in the open fields and their grazing rights on the commons. Enclosures were going on in England for many years but as the government began to believe that enclosing increases productivity, nearly all Parliamentary enclosures occurred between 1750 and 1850. By the late nineteenth century the class of the small farmer/landowner had disappeare d and this has become a controversial point discussed by many historians/economists attempting to evaluate the impact that Parliamentary enclosure played on this phenomena. This essay is not an attempt to provide a definite answer to the effects of Parliamentary enclosure on the small farmer, but rather to provide a reasonable argument that proves that enclosure did in fact have some effect on small farmers, and more precisely had negative social consequences on the already declining small holder population. This will be achieved through firstly discussing and evaluating the direct impact which Parliamentary enclosure had on the decline of the small farmer, namely the costs (expense and income) incurred. Following this my argument will be proven through analyzing the ensuing indirect impact on the decline of the small farmer provided by the opportunity for the larger farmers to capitalise. Lastly, I will present two recounts of the effects of s...

Palm's Strategy Essay Example | Topics and Well Written Essays - 1000 words

Palm's Strategy - Essay Example Having clarity regarding the level of performance and the factors affecting the performance helps the organization to comprehend the bottlenecks that exists in the organization. The organization than can utilize the resources in a more effective way. Nadler and Tushman’s Congruence Model: David Nadler and Michael Tushman at Columbia University formulated a simple yet effective approach to assess the organization dynamics based on the systems theory. The efforts taken by Nadler and Tushman to develop a theory to chalk out the flow of productive work in a company created the congruence model. The congruence model systematically breaks each step of the basic systems model to explain the systems model. The congruence model developed by Nadler and Tushman depicts the outcome of strategies applied on the inputs namely Environment, Resources and History. The outcomes are assessed in the level of organizational performance, Group /unit performance and individual performance (Nadler, T ushman&Hatvany, 2007) The entire model aims at assessing the application and strategy applied by the company on their key resources like Human resource, the background or the history they have and the environmental resource available to the company. ... Palm has been able to apply the strategy of generic competitiveness on the inputs to achieve the outcomes that it enjoys. Fig: Nadler and Tushman’s Congruence Model, Source: Cameron and Green (2009) Porter’s Generic Competitive Strategies Applied By Palm: A number of theories have been developed in the area of strategic management. Porter’s Generic competitive strategies define the three standards on which an organization can base their growth strategies. Cost Leadership, Differentiation and Focus. The cost leadership is the strategy applied by the company to be different from their competitors in pricing. Offering products at a lower price than their competitors without compromising with the quality of the product. Differentiation strategy implies strategies applied by organization to differentiate their products in such a way that they stand out in comparison to their competitor’s product. Focus is the area on which the company decides to place more stre ss on to achieve either cost leadership or product differentiation. Cost Leadership: When a company aims at cost leadership, cost reduction becomes a major goal for the company. A low cost strategy applied by Palm Inc. is increasing the scale of production. The company makes provision to cut costs that occurs due to unplanned reasons. One of Palm’s main business strength is the ability of Palm to produce cost effective products. Cost effectiveness allows Palm to generate better revenue. In a competitive market having a technologically sound product does not always guarantee better market share. Even the most high end customers look for cost effective bargain and Palm has been able to recognize this factor. The software technology developed by Palm is produced in such a way that they appeal to

Personal management Essay Example | Topics and Well Written Essays - 2250 words

Personal management - Essay Example In addition, the report also identifies some features related to culture and norms that need to be catered to as well. Vitamond is a manufacturing concern that produces non alcoholic drinks in order to promote a healthy lifestyle among people. This organization has grown by leaps and bounds based on the premise on which they sell their drinks. At this point in time, Vitamond has a secret formula based on which it produces flavored drinks which are healthy and tasty. These drinks are then exported to various European countries and in the North America. Because of the immense success of the organization, the management has decided to branch off into another country and start producing these drinks in another similar country. The choices that the management has include France and Germany of which Germany has been chosen as the country in which another manufacturing set up will be established. The opportunity in Germany is such that another manufacturing plant is going to be established there along with a possibility of a warehouse. In addition to that, on the operational level, about two hundred and fifty people will be employed, who will be part of administration, management and production in this set up. A local subsidiary set up has been done to monitor and administer the manufacturing plant in Germany. In addition that, an expatriate from United Kingdom has been sent to Germany to head the business unit that has been established in the country. Moreover, another expatriate will also be sent who will act as the quality assurance manager for the manufacturing plant. This paper aims to define the various human resource practices that would be required in order to help manage the personnel within the organization in Germany. In addition, the paper also aims to identify the various practices that are part of Germany and how they need

Review of the Literature Essay Example | Topics and Well Written Essays - 1750 words - 1

Review of the Literature - Essay Example Research Elements: To demonstrate the content of the research, the researcher used quantitative research methodology. The means of the patients undertaking the PD program that had completed 2 to 3 training lessons prior to placement on the catheter. Outcome(s): From the study, it was discovered that out of the 90 patients that were treated for three months, most of them benefited from continuous education (Barone et al., 2011). Significance to Nursing and Patient Care: This study is useful since it explains that in as much the training programs were varied, the outcomes of the patients undergoing PD improved since a good number learn the different aspects of how to change an individual’s treatment program Summary of Article: In this work, Bernardini (2010) explains that Peritoneal Dialysis (PD) was regarded as a common infection for patients in the era of continuous ambulatory PD. However, it was extremely challenging to get the best treatment for peritonitis as well as determine the risk factors for peritonitis and how to prevent the same. Research Elements: Qualitative research methodology was used. To establish the content of the research, author used literature review to assess the level of infection of the patients from the 1970s and 1980s once in 6-12 months in an effort to assess the possibility of infection among these patients (Bernardini, 2010). Through repetitive tasks such as use of the catheter led to the patients adhere to the different connection procedures. Outcome(s): It was found out that the PD nurses can easily train patients on the principles of adult education; thus, inculcate them with skills that allow for evidence based practice and ultimately minimizing the risks of peritonitis through redirecting behavior among the patients. Significance to Nursing and Patient Care: This study is

What Is Critical Reflection Education Essay

What Is Critical Reflection Education Essay In the report first of all to study what is critical reflection, define what is reflection, through to compulsion or voluntarism, employer or individual responsibility, personal and values research the reflection of the role and value. Research how to realize the critical reflection, define what are CPD and PDP. People in certain work environment how to accurately use critical reflection, make critical reflection and CPD, PDP together, through the leadership skills, communication skills and problem solving skills, critical reflection and other aspects of the in-depth analysis. The last, write down my own personal development plan, through the strengths, weakness, opportunity and threats analyze my future development. From the report draw a conclusion. 2.0 Introduction Critical reflection has great value in the areas of personal and professional development. Continuing professional development is a means by which one can maintain a competitive edge in their professional lives (Bourgeois 2011). This should be accompanied by personal development which will include the improvement of ones skill set in order to add value to ones own life as well as their professional life. Reflection involves analyzing our knowledge and experiences critically. Reflective practice is the practical application of the results of reflection. It entails the individual identifying the patterns of thought that have been applied to our previous actions and how they will affect our growth and development going forward (Guralnik 2009). The difference between the two lies in the aim of reflective practice to improve the manner in which you work rather than just understanding it, which is what reflection aims to do. The purpose of reflection and reflective practice is self-understanding and improvement. An individual reflects upon their thoughts and subsequent actions in the workplace with an aim to improve upon them (Welich 2007). By taking part in this process, an individual is then able to understand their own shortcomings and improve them by applying new strategies. These are valuable to both an individual and the organization in which he/she is based. When an individual is able to improve their own actions through reflective practice, it benefits both themselves and their organization (Mintzberg 2009). Self-improvement of individual workers leads them to be more productive and efficient in the work place. This in turn leads to a more productive work place, especially if all the employees within an organization are encouraged to use reflective practice (Baidu 2010). 3.0 Continuing Professional Development (CPD) Continuing professional development can be seen as a direct result of critical reflection. Once one reflects critically on their professional capabilities and goals, then they are able to start the process of CPD. It is important to understand several concepts involved with CPD. There are four stages in the CPD cycle: reflection on practice, planning, action, and evaluation. These four stages take place in a cyclic manner (Slack 2001). Reflection on practice involves an individuals identification of what he or she needs to learn or be able to do in the professional environment. An individual critically reflects on his/her own professional practice (Pyme Administrate Hoy 2010). This will include what is being done right and what requires improvement. Depending on the individuals profession, this may include certain techniques and procedures that have come up within their area of expertise. Planning involves the specific actions that are taken by the individual to learn the things which he or she has identified in the reflection on practice stage. After the specific areas of focus have been identified, then the individual comes up with the best way for him/her to learn. This may be through personal endeavors or by seeking professional assistance e.g. through seminars (.Jummal 1999) At this point, the areas of improvement have been identified and the necessary knowledge acquired. The next stage is action. This involves the implementation of the new knowledge in a professional setting. An individual acquires knowledge that will help improve their professional lives and the application of this knowledge in the work place is important to CPD (Lewis and Green 1998). If what was learned is not applied, then the two aforementioned stages will have been for nothing. The fourth stage is evaluation. This is a reflection on what has been learned as well as its application. The individual can now evaluate what benefits, if any the learned and applied knowledge is benefitting his/her professional practice. They are then able to gauge the success of the effort that they have put towards CPD. The cyclic nature of CPD means that after a while, it will be necessary to begin the process again by reflecting on current practice (Porter 2000). This may overlap with the fourth stage of evaluation. 3.1 CPD paradoxes and dilemmas There are several paradoxes that have been identified in CPD. Have explored these paradoxical concepts through their review of the work as follows: 3.1.1 Compulsion or Voluntarism This applies to whether the pursuit of CPD is voluntary or by compulsion. The reason for CPD is an important factor that contributes towards ones dedication to it (Garner and Boulton 2011). 3.1.2 Employer or Individual Responsibility There is both an individual responsibility as well as one for the employer when it comes to CPD. The employer needs to create an environment that is conducive to CPD (Scales 2011). The individuals responsibility in this case is to pursue CPD within the tenets provided by the employer. Without dedication from both the employer and the individual, CPD cannot successfully occur. 3.1.3 Teaching or Learning When an individual is taught something, they need to be able not only to learn it in theory, but also to apply it in practice. There needs to be a connection between the experiences on the ground and what is taught to the learner, which may not always happen (Megginson and Whitaker 2003) . 3.1.4 Life Purpose or Life Experience Life experience in CPD requires the individual to reflect on the path that has led them to the present position. Life purpose involves reflection on the purpose of ones life, both professionally and personally to intensify the effects of CPD (Pickering 2011). 3.1.5 Personal Development or Organizational Learning An organization is incapable of learning. Only the people working within that organization are able to learn and improve (Headley 2010). CPD must therefore begin with personal development of individuals that will later lend itself to organizational improvement. 3.1.6 Values Driven or Pragmatic Development Within an organization, development can either be driven by pragmatic concerns or those of the values held by the organization. Those developments based on the organizations values are consistent and can hold true over time. On the other hand, those driven by immediate pragmatic concerns such as profit tend to change from time to time and employees might find them hard to adhere to (Mauborgne 2009). They may even at times be contrary to the individuals CPD and the organizations values. 3.1.7 Journey or Exploration CPD can either be based on preset achievements or goals or can seek improvement without necessarily setting out the final goal. The type applied depends on an individuals preference, time constraints, and the flexibility of the organization in which he/she is based. 4.0 Learning Theories There are several theories related to the manner in which individuals learn. It is important for an individual to understand these theories and relate them to his/her own way of learning (Williamson2011) . Understanding ones learning style preferences is important to personal and professional development because it will assist in the planning stage of the CPD, as well as PDP. Maslows Hierarchy of Needs: According to Maslows hierarchy of needs, there is a certain order in which ones needs must be met. These needs are arranged in a pyramid, with the most necessary needs at the bottom of the pyramid and the least necessary needs at the top. CPD and PDP are related to the final two needs described in Maslows hierarchy. More specifically, CPD can be likened to a pursuit of ones responsibilities in the workplace while PDP can be associated with personal growth and fulfillment. In keeping with Maslows hierarchy, it is therefore important to pay attention to the needs that come before esteem and self-actualization in order to be able to pursue PDP and CPD. Dunn and Dunns learning Styles: According to Dunn and Dunn, there are certain stimuli that should be used to stimulate learners (Slack 2011). A further classification provided by Dunn and Dunn divide these stimuli into five segments i.e. environmental, emotional, sociological, psychological, and physiological (Dunn and Dunn 2003). The rate of learning and retention is influenced by more than just an individuals level of intelligence. When the vark styles are taken into consideration, then it is clear that some teaching methods are better suited for specific learners. Visual learners find teaching methods that include visual aids favorable to learning. Auditory learners prefer to listen (Administrate Hoy 2010). Reader or writer learners like to refer to books and take down notes. Kinesthetic learners learn by doing. They rely mostly on their sense of touch. There are instances where a learners preferred mode consists of two or more of those described above. Experiential Learning: Experiential learning can either involve learning through experience or applying what one has learned instantly to a pertinent setting. According to Kolb and Fry (1976), learning involves a cycle that includes experience, observation and experience, forming abstract concepts, and testing new situations. The cycle can begin at any one of these four points. Just because experience is mentioned first does not mean that it is always the first step in the cycle. 5.0 Personal Development Plan (PDP) Through reflection and reflective practice, it is then possible to come up with a personal development plan. A personal development plan is not necessarily completely independent of CPD. One may view some areas of PDP such as pursuing education to be in line with certain goals within PDP. Learning is a continuous life event (Mathews and Seott 2002). There is not a single time in the course of ones lifetime that one can stop learning. This is especially due to the fact that human beings learn through life experiences. The starting point in examining my own learning cycle would begin with experience and knowledge up to the present. This includes educational background and professional experience (Porter 2011). There are certain experiences that have great value in teaching of new skills, or perhaps pointing out flaws in my own preferred process. 5.1 My Own Personal Development Plan (PDP) It is important for an individual to have a PDP that reflects their own knowledge, experiences, and aspirations. There are two major things involved in my PDP. These include personal skill development and professional advancement. These two are interrelated because in pursuing personal skill development through learning and education (Willianmson 2010), I will at the same time increase my chances for professional advancement. My PDP will reflect the interrelated nature of PDP and CPD, and as such involve milestones in the PDP that will contribute towards CPD and professional advancement. The future includes continuous learning. This will be facilitated through seeking educational opportunities such as seminars (Crawford 2008). It will also involve a personal dedication to continuous learning through constant reading of relevant informative websites and blogs. A great advantage of this avenue is that it is up to date with many websites and blogs being updated at least once a week if not more (Anna 2000). Blogs and websites also provide a more relaxed and interactive learning atmosphere than seminars and other formal learning environments. 5.2 My Future Plan In the future, I want to be a hotel manager in China. Using the SWOT analysis method, developing my knowledge and skills, I will be able to apply this newly acquired expertise in my professional life (Secord 2010). In keeping with Maslows hierarchy, pursuing self-actualization needs will by extension also help me meet my esteem needs at the professional level. PDP takes precedence over CPD because personal development. Strengths: As a hotel manager, my biggest advantage is good at communicating with others. Hotel service industry is the biggest characteristic of regular and customer communication, understanding of customer ideas, better service to customers. As a hotel manager, and customer communication is important, but it is more important to know how to communicate with staff. Concerned about the staffs daily life, on the staff of the outstanding performance to give praise, when employees have errors, should not blindly criticize, but education and help employees. In the usual to allow employees to feel they are valued. Through the staff and guests communication, better management of the hotel. Weakness: Doing all the things before, I will first think of all possible scenarios, and to make corresponding arrangement. Hotel service industries, this weakness causes my usual workload is too big, spending too much time, effort and employees in a little thing. Often this is not conducive to the normal operation of the hotel. Opportunity: In China, tourism industry is very developed, in recent years, the tourism industry is on a new level, and the development of tourism industry will promote the development of hotel industry. But I have practical experience, to Chinas hotel industry has some understanding, for newly graduated students, I have to quickly adapt to the hotel service work. A lot of the hotel catering and housekeeping departments just hire some nonprofessional staff training after work, a lack of professional personnel. I as a hotel management graduate students, to the hotel service industry has deep understanding, can quickly into the work. Threats: Although the hotel management in China is a new type of occupation, but as China Tourism and hotel service industry development, more and more technical talents, but the hotel management job is really limited, for me it is a great threat to. So Im supposed to work at the same time many self-promotion, pay attention to the development of personal skills, at the same time the accumulation of experience and knowledge, in the remain invincible in the work. 6.0 Conclusion Reflective practice is the starting point of both PDP and CPD. Through critically analyzing ones knowledge and experiences, it is then possible to come up with a valid plan that will lead to self-improvement (Bourgeois 2010). It is important to note that PDP and CPD are not mutually exclusive. Both involve critical reflection on past experience and coming up with a plan for improvement (Sarasvathy 2012). At times, pursuing ones personal development goals such as seeking education can advance CPD in an individuals career. It is therefore important to pay close attention to both PDP and CPD.

meditation Essay -- essays research papers

Meditation is defined as a mind-body technique, which practices awareness, and induces tranquility in order to connect the mind and the body. It is also described as â€Å"mental fasting,† implying clearing and cleansing of the mind by the absence of distractions and negative emotions (Leikin, 2003). It has shown to benefit its users psychologically, physically, as well as spiritually. Meditation works by bringing about a relaxed and healthy state by physiologically and biochemically altering the body. It is characterized as a state of rest, while allowing the body to become more alert. This is accomplished through a dramatic decrease in metabolism, in turn, relaxing breathing patterns, and thus slowing activity within the nervous system. Upon completion of meditation one is more likely to show faster reactions to certain stimuli, a greater level of creativity, and a more conscious understanding and comprehension (ICBS Inc., 2004). Vast health and spiritual benefits can be ob served, as well. This paper will describe and discuss how meditation came about, the context in which it was used in the past, reasons for its use as compared to modern uses, as well as, ways in which meditating can heal the body and soul. It will also compare different forms of meditation, including; what each method entails, examples of postures to achieve each method, and results that can be achieved. Meditation was originally practiced spirituality in many ancient religions, including Hinduism, Judaism, Christianity, and most commonly, Buddhism. The founder of Buddhism, Siddharta Gotama became the master of the art of meditation and went on to teach it to his followers. He became known as â€Å"Buddha,† (â€Å"Enlightened or Awakened One.†) (Saunders, 2000). Buddhism is one of the world’s oldest and largest religions, starting over 2500 years ago. With Buddha as their leader (not as their God), followers learn the Four Noble Truths; First, â€Å"all existence is suffering,† secondly, â€Å"there is a cause for this suffering,† third, â€Å"the cause may be brought to an end,† and fourth, â€Å"the discipline necessary to bring it to an end is enlightenment (also known as, Buddhism)† (Saunders, 2000). Buddhists basic beliefs entail interconnectedness with everyone and everything, there is no beginning and no end (which involves the concept of reincarnation), and the law of â€Å"cause and effect,† or kharma. (Saunders, 200... ...ing From Within. New York: Alfred A. Knopf, Inc. 1980 Leikin, Jerrold B. American Medical Association Complete Medical Encyclopedia: Meditation. New York: Random House Reference. 2003. Leikin, Jerrold B. American Medical Association Complete Medical Encyclopedia: Transcendental Meditation. New York: Random House Reference. 2003 Lukoff, David. History of Meditation as a Clinical Intervention. 2002. www.virtualcs.com Saunders, E. Dale. Encyclopedia Americana International Edition: Buddha and Buddhism. Volume 4. Connecticut: Grolier Inc. 2000. Smith, Dr. Joseph F. Medical Library: Meditation. October 13, 2004. www.chclibrary.org/micromed/00056320 The Institute for Applied Meditation, Inc. Heart Rhythm Practice. 2004. www.appliedmeditation.org/Heart_Rhythm_Practice.shtml Trivieri, Jr., Larry. The American Holistic Medical Association Guide To Holistic Health: Healing Therapies For Optimal Wellness. New York: John Wiley & Sons, Inc. 2001.   Ã‚  Ã‚  Ã‚  Ã‚   White, Charles S. J. Encyclopedia Americana International Edition: Mantra. Volume 18. Connecticut: Grolier Inc. 2000. Zen Mind International. Meditation. 2004. www.zenmind.com/meditation.html

Bioethics Paper: Prenatal Genetic Screening Essay

Prenatal Genetic Testing has become one of the most prominent and influential advances in clinical genetics today. Every year, hundreds of couples request screening services, hence, subjecting themselves to the results of the diagnosis. For some, the information may be a sigh of relief, and for others a whisper of warning. The concept of Prenatal Genetic Screening has only recently surfaced for controversy. In consequence to the completion of the Human Genome Project (2003), the option for Prenatal Genetic Screening can now be performed for an affordable 1,000 dollars. Utilizing state of the art multiplex technologies such as gene chips and micro beads, we can already track hundreds of thousands of unique SNPs or Single Nucleotide Polymorphisms to screen our genome at over half a million pinpoints that are believed to be associated with particular traits, diseases, susceptibilities, and conditions. In addition to screening for diseases, this technology threatens to tamper with our perception of individuality. Raising the question of constitutionality, and whether it should be permitted to terminate a pregnancy based for reasons of sex, hair color, or eye color [Designer Babies]. If approved by the FDA, this option is predicted to prompt a dramatic increase in pregnancy terminations and lead to a host of practical and legal questions. Some believe that the concept is simple. Utilizing potential knowledge of the impending future, we are given the chance to think and to prepare. We are given the chance to absorb the entirety of the situation and consult a genetics counselor. With prior knowledge we could save people years of suffering and financial trouble. Others question the effectiveness and benefits of genetic screening and wonder if the process would prompt undue emotional distress, distress for the safety of the fetus and also the issue of privacy. And continue to note the dark and looming connotations of Designer Babies. It is evident that the latter argument is the common preference, however, I will take the road less taken. Five years ago I lived an innocent childhood, where everyone laughed and played, and there was no worse suffering beyond scraping my knee on the pavement. Two years later that reality was shattered. What I didn’t know at the time was that there were children who lived lives far different from mine. Children like my baby cousin Jasmine. Jasmine was born with a rare genetic disorder called Pfeiffer’s Syndrome, a disease characterized by the early fusion of the bones in her skull. She would never live my childhood reality, for frankly she would never live to the age. Often times I wondered what could have been done, and only recently has it revealed itself to me that â€Å"Prenatal Genetic Screening† was the answer to my persistent question. If only it had been available at the time, maybe Jasmine could have grown up to be the next â€Å"James D. Watson,† â€Å"Francis Crick† or â€Å"Rosalind Franklin.† Now we will never know. Now that it is possible to save, to relieve, and to cure, is it worth the risk to give children like Jasmine a fair chance at life? I believe so. Works Cited â€Å"The President’s Council on Bioethics: The Future of Newborn Screening: Clouds on the Horizon?† The President’s Council on Bioethics: The Future of Newborn Screening: Clouds on the Horizon? N.p., n.d. Web. 26 Jan. 2013. â€Å"The Genetic Testing Controversy.† The Genetic Testing Controversy. N.p., n.d. Web. 26 Jan. 2013. â€Å"History and Overview of Newborn Screening.† Welcome. N.p., n.d. Web. 26 Jan. 2013. â€Å"New Prenatal Genetic Test Is Much More Powerful at Detecting Fetal Abnormalities.† ScienceDaily. ScienceDaily, 09 Feb. 2012. Web. 13 Feb. 2013. â€Å"Prenatal Diagnostic Tests and the Social, Legal, and Ethical Implications.† Prenatal Diagnostic Tests and the Social, Legal, and Ethical Implications. N.p., n.d. Web. 13 Feb. 2013.