The Research Topic Example For Free - Free Essay Example

Sample details Pages: 20 Words: 5908 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? The introduction of this dissertation will define the purpose of the study, the research problem, and defines the research objectives, purpose, and limitations. 1.1 Background on the research topic The Islamic financial system works based on group of principles, standards and ethics. The standards and ethics are essential to ensure protection, safety and steadiness such integrity, reliability, solidarity, clearness, clear fact and collaboration. All financial transactions that include interest (Riba), untruthful, gambling, unethical, monopoly, risk or uncertainty, injustice are prohibited in the Islamic financial system which based on Islamic Shari ¿Ãƒâ€šÃ‚ ½ah. The Islamic banks play the same roles as a trustee and liaison of moneys come from different parties with some difference in the way how the Islamic banks is handling their transactions. The Islamic bank play a middle man role between debtor and creditor with a slight difference comparing t o the conventional banks as the profit will be paid based on sharing of the profit and loss. This difference established more of ownership relationship between the bank and the customers. However, in practice, Islamic banks hardly look different from its conventional counterpart in terms of organizational set-up (Dar and Presley, 2000). The most important difference between the Islamic banking and the conventional banking is the interest free concept. Although it seem that the Islamic banking is charging interest in their transaction but the fact it is not an interest because of the way they do the transaction which mainly depend on buying and selling of assets which normally generate profit. The first Islamic bank started in Egypt more before more than thirty years and then Pakistan and Islamic Republics of Iran started the transformation from the conventional bank to Islamic banks. The total assets of the Islamic bank increased impressively from $5 billion in 1985 to $100 bi llion which reflect the huge and rapid movement toward the Islamic country and even the non-Islamic countries. Today, Islamic banking is spreading and gaining acceptance in non-Muslim countries as well as Muslim ones. Equally important has been the growth of scholarly interest in the subject (Iqbal and Mirakhor, 2007). In the past, banks depend mainly on the money comes from depositors and they use these deposits to lend borrowers and there are not other source which they can obtain money from but currently the bank have establish many sources of money such us wholesales money market where they can borrow money from other banks and then use them to lend it to it borrowers with higher profit rate. This secondary market helps a bank to effectively insure itself against the default risk which the borrower might not be able to pay back the loan. These allowed a bank to effectively insure itself against the risk that a borrower might not pay back a loan. This gives a false impre ssion for bank in term of buying or selling loans as they think it has low risk. The financial crisis started when banks and financial institutions revealed that hundred of thousand of loans given to customer in the US to bought houses are not able to pay back their loans. As a result, huge number of the bank worthless assets was written down by the banks. According to the Institute of International Finance the assets value is $476 billion. In the name of the securitization, banks started selling the bad debit to third party which will get the loan repayments and pay a charge for this privilege. Thus loan became tradable just like any assets. The capability to securitize loans gives the banks the way to spread the risks which allow them to sale more of the mortgages. The securitization rate of bad loans increased 32% since 1994 to over 77% of the total bad loan in the US and this lead to an increase in the number of financial institution involved in the sub-prime mortgage mark et. As a result many financial institutions become owner of mortgage backed securities which was created of the repacking of the sub-prime loans. This package is created by banks by putting different set of loans as one investment product and sell to third party to get fees in return. The new buyer of this loan obligation will receive regular loan repayments. In most cases the package contains different level of risk attached to it because it is normally created by different type of assets and or bond. In June 2008, the mortgage backed securities was worth $6 trillion, more than US Treasury bonds. 1.2 Purpose The purpose of this dissertation is to examine if the Islamic Investment Banks in the kingdom of Bahrain are affected by the Global Financial Crisis. 1.3 Research Questions The research is based on the research question,,  ¿Ãƒâ€šÃ‚ ½Dose Islamic Investment Banks in the kingdom of Bahrain affected by the 2008 Global Financial Crisis? ¿Ãƒâ€šÃ‚ ½ 1. 4 Limitation The limitation of this study and its findings should be noted with a view to extending the present study. 1.4.1 Limitation of Researcher Although it has covers almost most of the Investment Islamic Banks in the Kingdom of Bahrain, The sample size is not very large. There was a lack of explicit collaboration from some of the interviewers. 1.4.2 Limitation of Research There is a Lack of generalization of research conclusions to Commercial Islamic banks in the Kingdom of Bahrain, since this conclusion is only related to Islamic Investment banks in the Kingdom of Bahrain. Therefore within Islamic Commercial banks of the Kingdom of Bahrain a similar research is required. Due to the length of the questions and the limited time given by the interviewed, there was a slight difficulty in getting them all answered by the selected decision makers. Chapter 2: Literature Review The most important task of Islam is to direct human development on the right lines and in the right route.  ¿Ãƒâ€šÃ‚ ½It deals with all aspects of economic development but always in the framework of total human development and never in a form divorced from this perspective (Al-Harran, 1993) ¿Ãƒâ€šÃ‚ ½. Islam is extremely paying attention on the problem of economic growth, but deal with this issue as a very important component of overall human development. The Shari ¿Ãƒâ€šÃ‚ ½ah set of laws covers several aspects in the Islamic finance starting from the sharing of the recourses to the right of the property to the manufacturing and consumption and end up with income allocation.  ¿Ãƒâ€šÃ‚ ½Because of Riba, Islamic banks have had to develop financial products which are not in conflict with the Shari ¿Ãƒâ€šÃ‚ ½ah. The task has been achieved by creating a number of special financial products (Ali and Ali, 1994) ¿Ãƒâ€šÃ‚ ½. We can get knowledge and information on Islamic economic and banking from different sources such as books written by leading academics and practitioners, published research in the form of reports and journal articles, PhD thesis and some other specialized internet web site. 2.1 History of Islamic Banking:  ¿Ãƒâ€šÃ‚ ½The Golden Age of the Islamic world took place in the 7th-10th centuries in the Middle East countries and between the 11th-14th centuries in North Africa ¿Ãƒâ€šÃ‚ ½ (Warde, 2000). Although banks were not available at that time, financial mechanism and tools were playing roles in the commercial trading; so they were bankers without banks. As per Warde, The available financial instruments in the Islamic world were at least until the 13th century far more advanced than in the between the Fifteenth and the twentieth century ¿Ãƒâ€šÃ‚ ½s it was the period of stagnation and turn down and this possibly because of the effected by the dual break not only with its own past but also with the west.  ¿Ãƒâ€šÃ‚ ½The Renaissance, the Reformation, even the scientific revolution and the Enlightenment passed unnoticed in the Muslim world (Warde, 2000, p 26) ¿Ãƒâ€šÃ‚ ½. The development of the development of the Islamic financial model delayed because of the colonization during the sixteenth and seventeenth centuries. Many conventional banks started to operate in Islamic countries at the end of the seventeenth centuries such as banks Turkey, Egypt and Iran. The colonization during the 16th and 17th centuries delayed the development of the Islamic financial models. Instead European banks were established at the end of the 17th century in Turkey, Egypt and Iran (Samuelsson, 2000; Zineldin, 1990). If we look into the history of the Islamic Banking we will notice that there were different stages for the development of the Islamic banking since inception. First, it was just an idea and no one tried to implement it. Second, private sector in some countries begins to implement the idea of the Islamic banking and in other the ide a converted to reality because of the role and regulation. Table 1 show the involvement of the Government and private sector in the seventies toward the development of the Islamic banking. Table : Major Islamic Banking activities in the seventies Year Country Event 1970 Karachi Conference of the Finance Ministers of the Islamic Countries 1975 Saudi Arabia Establishment of the Islamic Development Bank 1975 Dubai Establishment of Dubai Islamic Bank 1976 Saudi Arabia First International Conference on Islamic Economics 1977 United Kingdom International Economic Conference on Islamic Economic in London 1977 Egypt Establishment of Faisal Islamic Bank 1977 Kuwait Establishment of Kuwait Finance House 1979 Bahrain Establishment of Bahrain Islamic Bank As we can see in the above table, the Islamic banks has been established by either the private sector or by roles and regulation forces all conventional banks to changes their operation to an Islamic complai nt banks same as what happened in the Iran and Pakistan. In the other hand private sector in Sudan, Kuwait, Dubai, Bahrain and Egypt play the biggest role in establishing the Islamic bank with some support from the government. The governments in Pakistan and Iran start the process in 1981 by transferring all commercial banks in the country into an Islamic bank operation according to the Islamic principles. In 1981, the Iranian government enforces all banks to move all their operation from the conventional banking to the Shari ¿Ãƒâ€šÃ‚ ½ah complaint operation and no bank can involved in any interest based transaction. In August 1983 the Usury-free Banking Law was introduced and a fourteen-month change over period began in January 1984. The whole system was converted to an interest-free one in March 1985 (Iqbal and Mirakhor, 1987). Currently, the Islamic banking is available in more than 50 countries worldwide. In some countries they permit only Islamic Banks to work by t heir role and regulations such as Sudan, Iran and Pakistan and no conventional banks are permitted to work in those countries. In other countries such as Islamic banks are permitted to work with the availability of the conventional banks so both types will be available in those countries such as Kuwait, UAE, Bahrain, Qatar, Egypt, Jordon, Bangladesh and Malaysia. In 2004, the first Islamic bank in non Islamic country was established in the United Kingdom (Islamic Bank of Britain) and then Devon Bank in Chicago started to offer Islamic banking services in the United States. 2.2 Principles of Islamic Banking Islamic Bank are guided by the Shari ¿Ãƒâ€šÃ‚ ½ah, the precepts of which are founded upon the Qur ¿Ãƒâ€šÃ‚ ½an, the Sunnah (the practices and sayings of Prophet Muhammad), and fiqh (jurisprudence, the opinion of Muslim legal scholars). There are a lot of books, journals and articles which have made major contributions to the Islamic banking theoretical debat e such as  ¿Ãƒâ€šÃ‚ ½Islam and the Theory of Interest ¿Ãƒâ€šÃ‚ ½ (Qureshi l946), he argue that banking is a pure social service that to be managed and offered only by the governments. Qureshi and all other scholars agreed that banks should not pay or receive any kind of interest neither from normal account nor from loan transaction. They agreed on alternatives which can be used by the Islamic bank such as the partnership agreement, buy and sell agreement. Another example of the books which contribute in the development of the Islamic banking module is the Economics of Islam (Ahmad l952); Ahmed in his book believed that the founding of Islamic banks should be based on the concept of Joint Stock Company so people can customer can deposit their money based on partnership between them and the bank and the profit or loss occur will be shared between both parties. In addition to that, they can deposit their money in a normal current account so no interested should be paid . Both Ahmed and Qurashi agreed on the possibilities of entering into a financing agreement based on partnership between businessman and banks in case the businessman need capital for his business. However, this kind of agreement remains undefined, no clear idea about who will bear the loss. Based on Shariah, the Islamic Banks should follow the below four major principles in term of banking and financing transactions and financing:  ¿Ãƒâ€šÃ‚ ½ No Riba No interest must be charged in any transaction.  ¿Ãƒâ€šÃ‚ ½ No Haram Bank should not deal in any product and services which is prohibited and considered as illegal in the Islamic Shariah.  ¿Ãƒâ€šÃ‚ ½ No Gharar  ¿Ãƒâ€šÃ‚ ½ Banks should avoid any truncation that may involve speculation.  ¿Ãƒâ€šÃ‚ ½ Zakat Banks should pay compulsory Zakat based on the Islamic role and regulations. Let see how the above four principles govern the Islamic bank and make them different from the conven tional banks: Prohibition of Riba The prohibition of Riba mainly comes from Quran, Quran talk about Riba in twelve different places. Below are examples of where Quran talk and describe the roles of riba in Islam: Al-Baqarah (2:275)  ¿Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ¿Ãƒâ€šÃ‚ ½ And Allah has justifies the trades and forbids the Riba ¿Ãƒâ€šÃ‚ ½. ¿Ãƒâ€šÃ‚ ½ Al-Baqarah (2:276) ¿Ãƒâ€šÃ‚ ½ Allah destroys usury and cultivating charity. And Allah does not love everyone who remains in unbelief, and always doing sin.  ¿Ãƒâ€šÃ‚ ½ Al-Baqarah (2:278)  ¿Ãƒâ€šÃ‚ ½  ¿Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ¿Ãƒâ€šÃ‚ ½ and leave the rest of Riba (who have not collected) ¿Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ¿Ãƒâ€šÃ‚ ½ Al- ¿Ãƒâ€šÃ‚ ½Imran (3:130)  ¿Ãƒâ€šÃ‚ ½  ¿Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ¿Ãƒâ€šÃ‚ ½ do not eat Riba with the multiply ¿Ãƒâ€šÃ‚ ½  ¿Ãƒâ€šÃ‚ ½ An-Nisaa (4:161)  ¿Ãƒâ€šÃ‚ ½  ¿Ãƒâ€šÃ‚ ½and because they eat riba, but in fact they have been banned from it, and because they eat the wealth of people with a wrong path ¿Ãƒâ€šÃ‚ ½. ¿Ãƒâ€šÃ‚ ½ Ar-Ruum (30:39)  ¿Ãƒâ€šÃ‚ ½  ¿Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ¿Ãƒâ€šÃ‚ ½ and riba (additional) that you gave to her property only grew for human ¿Ãƒâ€šÃ‚ ½s wealth, then the riba does not give additional value for Allah. Qur ¿Ãƒâ€šÃ‚ ½an 2:185 explicitly prohibits riba ¿Ãƒâ€šÃ‚ ½ and permits trade, but does not state clearly whether it is to be understood as interest or as usury. Source: Agustianto. Riba Empiris. Indonesia. 2006 Table 2: Compression between Interest and Profit Margin from Trade Interest (Riba) Profit Margin from Trade Platform: Positive Law Platform: Shari ¿Ãƒâ€šÃ‚ ½ah Law Source: Capitalism Ideology Source: Al-Quran, Sunnah Ijtihad Ulama Money as a commodity. Bank lend the money Goods as an object. Bank use goods as a commodity Relationships: Debtor-Creditor Relationship: Partnership Interest may be changed unilaterally The agreed price cannot be changed Not associated with the real sector (Monetary Real Sector is separately) Monetary and Real Sector related strong, so encourage the acceleration of the flow of goods, production and employment. If non performing loan was getting higher, then the interest will be a compound interest Margins and selling prices unchanged No trade transaction Fulfill buying and selling principles Determining the interest is not considering the profit and loss Determination of the profit sharing ratio in aqad, based on the profit and loss The percentage of interest previously determined, based on the lending amount The profit sharing is accordance with the agreed ratio Interest payment amount is not increased align with the increment of profits The number of profit-sharing increases align with the increment of the income If loss happened, it is only covered by the Borrowers, based on fixed interest payment as promised in t he agreement If loss happened, both parties will covered the loss The interest paid by the borrower must be received by the bank The success of the business is going to be both parties ¿Ãƒâ€šÃ‚ ½ concern Table 1 show a comparison between riba  ¿Ãƒâ€šÃ‚ ½Interest ¿Ãƒâ€šÃ‚ ½ and profit comes from trade. The ambiguity of understanding either it is interest or usury has led to disagreement among Muslim scholars in the past. However, there is a general agreement that riba ¿Ãƒâ€šÃ‚ ½ includes all forms of interest, that is, any amount charged over and above the principal. By prohibiting interest, Islam wants to set up a just and fair society (Qur ¿Ãƒâ€šÃ‚ ½an 2:239). According to Shariah, it is unfair that the lender pay predetermined amount of fixed income irrespective of the return of the borrower ¿Ãƒâ€šÃ‚ ½s venture. As a result, The Islamic Financial System prohibited interest in all transaction and this is including receiving of i nterest which is the main principle in the conventional banking module. Moreover, the Islamic financial system also prohibited any other financial product and services which include interest and illegal product. An Islamic financial system or institution is much more than that, for it  ¿Ãƒâ€šÃ‚ ½is supported by other principles of Islamic doctrine advocating risk sharing, individuals ¿Ãƒâ€šÃ‚ ½ rights and duties, and the sanctity of contracts. ¿Ãƒâ€šÃ‚ ½ (Z. Iqbal and A. Mirakhor). The Islamic Financial System is wider than only banking transactions, it includes investment product, capital arrangement, and all types of financial services. As a result for the above prohibition of interest  ¿Ãƒâ€šÃ‚ ½Riba ¿Ãƒâ€šÃ‚ ½, no transaction are allowed if the transaction contain interest  ¿Ãƒâ€šÃ‚ ½Riba ¿Ãƒâ€šÃ‚ ½ but allow trade between people as mentioned in Al-Quran verse Al-Baqarah (2:275) and different parties can do transactions base d on this rule and this relationship between both parties which obey with Shari ¿Ãƒâ€šÃ‚ ½ah is called partnership. The main difference in the transaction done by Islamic bank and conventional bank is the Islamic bank use good and services as a commodity to trade with customer to generate profit not same as the conventional banks which using the money as a commodity and they will use the interest rate to determine the profit margin so there is no real commodity other than the money is traded between the bank and the people but in the Islamic bank transaction there is product and services included in the transaction and the money is used only as tool of exchange and this kind of transactions have big impact on the economy because it encourage the flow of goods, services, manufacturing and employment so in the Islamic banking every transaction should involve buying and selling of a commodity (Trade) and this trade should not be cash to cash. Another difference, In Sharià ‚ ¿Ãƒâ€šÃ‚ ½ah transactions, the profit margin remain constant and can ¿Ãƒâ€šÃ‚ ½t be changed and will remain same as what parties agreed in the contract (aqad). Where ¿Ãƒâ€šÃ‚ ½s in the conventional banks transactions, the bank can charge the customer higher interest rate in case the customer is unable to pay any of the agreed installment on time. In Islamic banking transaction, the profit margin / sharing is calculated based in the profit or loss which will occur because of the agreed transaction. This is not the case in the conventional banking transaction, the profit or interest will be representing the actual profit or loss and the lender will not be concern about the ability of the borrower. In the Islamic bank transaction both party will cover the losses if it ¿Ãƒâ€šÃ‚ ½s happened not like the conventional bank transaction which the lender will receive fixed profit even of the loss has been occurred in the transaction and in this case the borrower will cover the loss individually. Gharar Islam prohibits all games of chance and gambling: They will ask about intoxicants and games of chance. Say:  ¿Ãƒâ€šÃ‚ ½In both there are great evil as well as some benefit for man, but the evil which they cause is greater than the benefit which they bring. ¿Ãƒâ€šÃ‚ ½ (Qur ¿Ãƒâ€šÃ‚ ½an 2:219) In Qur ¿Ãƒâ€šÃ‚ ½an 5:90, games of chance and gambling are prohibited because they cause enmity and hatred and also involve consuming property (bay` albatil), which is a kind of oppression. The question is whether gharar, which involves uncertainty or speculation, is halal (permitted) in business. According to Ibn Taymiyyah, if the sale contains gharar and devours the property of others, it is equivalent to gambling and, as such, haram (forbidden). Pointing to the phrase devours the property of others pines that speculative risk-taking in commerce, which involves the investment of assets, skill, and labor, is not simil ar to gambling. In business, participants engage in transactions designed to maximize profit through trading, not through any dishonest appropriation of other people ¿Ãƒâ€šÃ‚ ½s property. Similarly, according to El-Ashkar, speculation in business is not the result of turning over a card or throwing the dice, but rather is  ¿Ãƒâ€šÃ‚ ½ the practice of (a) using available information to (b) anticipate future price movements of securities so that (c) [the] action of buying and selling securities may be taken with a view to (d) buying and selling securities in order to (e) realize capital gains and/or maximize the capitalized value of security-holdings (A. F. El-Ashkar ,1995). Islam allows risk-taking in business transactions, but prohibits gambling. On the other hand, Islam prohibits the dealing in some product like tobacco, Alcohol, pork, gambling, illegal drugs and pornography and other harmful products. All Islamic bank should follow this role and should not enter in to any agreement include the above mentioned items. Zakat Is the Islamic version of tax, people who owned certain amount of wealth (nisab) must pay certain amount of their wealth to poor people, this not only apply for individual but it is also applied for institution so every Islamic bank must create a Zakat fund and pay this Zakat if the profit achieved reaches to the level of nisab. In this case, the Islamic banks also have to pay any business related taxes indicated in the country rule and regulations so the Islamic banks have to pay two kinds of taxes, the Zakat and the normal income tax. 2.3 Products of Islamic Banks and Their key Elements We can classify the Islamic financial products into two main categories: equity-type contracts and mark-up price (debt) type contracts. All Islamic financial products come as a result of the prohibition of interest so we will notice that any contract signed by Islamic bank should not contain interest. 2.3.1 Equity-type contra cts Under the equity type contracts there are only two types of contracts: Mudarabah (trust financing) and Musharakah (partnership), based on the profit-and-loss sharing (PLS) principle, (B. Hamwi and A. Aylward, 1999). Mudarabah The two parties  ¿Ãƒâ€šÃ‚ ½ the supplier of capital (rabb al-mal) and the entrepreneur (trustee of the venture)  ¿Ãƒâ€šÃ‚ ½ share the profits according to an agreed-upon PLS ratio. It may be 70:30 or 80:20, depending upon the agreement. In Mudarabah contract, there is no fixed annual payment and lender will not guarantee any return (Samad, Gardner, and Cook). Another element in Mudarabah contract is about the losses which may occur from the business venture. Shari ¿Ãƒâ€šÃ‚ ½ah role says the capital owner should bear the monetary losses where the mudarib will not take any responsibilities in covering the monetary losses. Last element in Mudarabah contract is that the capital owner or the financier has no right to control how the mudarib manage the business venture so the mudarib have full right to manage it. Al-Arabi (l966) envisaged a banking system with Mudarabah as the main pivot. He was taking about using Mudarabah contract as a saving account by the idea of the two-tier Mudarabah so the banks will act as mudarib in case of getting deposits from customer and in another time the bank will be the depositor when it comes into the deposits of the bank ¿Ãƒâ€šÃ‚ ½s shareholders. Irshad (l964) mentioned Mudarabah as a main principle in the Islamic banking. Although his idea about Mudarabah differs from other writer but he still indicates the Mudarabah as a saving account. The main difference between Irshad and the others is that he introduced the idea of sharing the profit comes from the Mudarabah contract between the bank and the depositor and they will share the profit or loss equally in fifty-fifty bases. His idea was against Shari ¿Ãƒâ€šÃ‚ ½ah role regarding Mudarabah as ShariÂà ‚ ¿Ãƒâ€šÃ‚ ½ah says there is no profit or loss sharing in the Mudarabah contract. Musharakah Is a partnership agreement between two or more parties; all parties will participate in the capital. Musharakah have main three principles. First principle is about the capital contribution and profit sharing and what is the pre-agreed percentage of each party. In case of profit, every party will get his part based on the agreed percentage in the contract and not necessary its equal the percentage of their capital participation but in case of loss, parties will share the losses based on their capital contribution. The second principle, in Musharakah agreement all parties have the right to manage the investment. Last principle is that liability is unlimited joint venture individual customer. Siddiqi (1968) come with a pioneered idea and establish a details outline for the interest free bank in the way to have a well established Islamic banking. He used Musharakah and Mudarabah contra cts to build his suggested model for the Islamic banking system. He classified the operations of the Islamic banking system into three categories; services against fees, commissions, financing on the bases of Mudarabah. His model was a possible substitute for the conventional banking. 2.3.2 Mark-up price (debt)-type contracts. The mark-up-price contract is mainly a financing contract which the bank will finance borrower to purchase certain asset for an agreed profit margin. There are five type of mark-up price contracts; Murabaha, Baimuajjal (Deferred Payment Sales), Ijarah (Lease financing), Ijara (Operating Lease) and Qard Al-Hassan. Below are some details on each type. Murabahah (bay` bi al-thaman al-ajil) Is the bank will buy an asset on behalf of a customer and then will resell it to him at a pre-agreed price and profit margin so the bank will charge the customer cost of the asset plus the agreed profit and the payment of this amount to the bank will be in the futur e either in installments or total amount in single payment. The main distinguishing of Murabaha comparing to the conventional interest based financing product is in Murabaha the ownership of the asset purchased will remains with the banks till the customer fulfill all his obligation by paying the agreed amounts. From an economic point of view, Murabaha financing and interest-based trade financing appear quite similar, except in their contractual features. The profit margin calculated on top of the cost seems to be very similar to the interest charged by the conventional banks on top of financed amount but Islamic banks will take a real risk by purchasing the assets and keep it under its ownership till transfer the ownership to the customer. The Islamic bank will act as an intermediary between the seller and the buyer and will be responsible if anything went wrong. Baimuajjal (Deferred Payment Sales) This is sale contract with a deferred payment which will be paid either in pre agreed installment or will be paid as one payment after certain agreed time. Payment term should be agreed at the time of the sale and seller should not charge the buyer any charge against the deferment of the payment. This kind of transaction is considered as trade and not loan. This similar to the Investment Murabahah with the difference of the sale under this contract is based on credit rather on cash. Qard Al-Hassan This kind of loan is not available in the conventional banks; it ¿Ãƒâ€šÃ‚ ½s a zero profit loan and banks will not get any financial return when providing this kind of loan to customers. Islamic bank normally use to give this loan to poor and needy people and the receiver of this loan have only to repay the principle with no extra profit. Ijarah (Lease financing) In Ijarah, the Islamic bank will buy the assets required by the customer and will keep the ownership under the name of the bank. The bank will sign an Ijarah agreement with the custome r to allow him to use the asset and the customer will pay a monthly rent, the rent here is replacing the normal loan installment. The ownership of the assets will be transferred to the customer either by the end of the period and after he pay all the agreed amount or it will be partially transferred over the period of the contract. Ijarah (Operating Lease) Ijarah is the leasing of building, equipment, machinery, aircraft, plants and others capital assets. Same as the finance lease, the bank will buy the asset and lease it to end user under a lease agreement which the customer has to pay an agreed rent. The customer will use these assets for his operation and generating profit. The ownership of the assets will remain with the bank even after the period of the contract. 2.4 Financial Crisis 2008 Th? glob?l f?n?ncl cr?s?s ?s on? of th? b?gg?st ?ssu?s th?t conc?rn hum?n?ty s?nc? l?st f?w yrs. Th?s d?s?st?r h?s touch?d v?rtu?lly ?v?ry country. R?duc?d prof?ts, loss of jobs, r ?s?ng pr?c?s, d?l?y?d w?g?s, st?p?nds, p?ns?ons ?nd un?mploym?nt. P?opl? ?r? just ?n ? p?n?c The 2008 financial crisis in fact taking place to show its effects in the second half of 2007 and keen on 2008. Around the world stock market have fallen, large financial instituation have collapsed, downsized or been bought out and government in even the great nation have to come up with rescue plans to secure their financial system. F?n?ncl cr?s?s ?nd th? cons?qu?nc?s on to glob?l ?conomy Th? f?rst rson for th? f?n?ncl cr?s?s ?s th? drop of th? US rl ?st?t? m?rk?t, wh?ch h?s rch?d ?t ¿Ãƒâ€šÃ‚ ½s down po?nt ?round 2005-2006. Th? ?p?d?m?c of c?nc?l?ng mortg?g?s w?tch h?s st?rt?d ?n USA ?t th? ?nd of 2006 cont?nu?d to drn wlth from th? consum?rs ?nd d?crs?ng f?n?ncl pow?r of b?nk?ng ?nst?tut?ons3. Incrs? ?n lost lb?l?ty to p?y for d?bts ?nd los?ng opportun?ty for oth?r typ?s of lo?ns sprd from rl ?st?t? m?rk?t to oth?r ?conom?c s?ctors. Tot?l los?s ?r? ?st?m?t?d ?n tr?ll?on of US doll?rs glob?lly. 1.4.1. What caused the Economic Crisis of 2008? Greed is the suitable word to describe what happened in the financial crisis in 2008. Th? r?srch on th? r?c?nt f?n?ncl cr?s?s ?s ?mpl?, ?nd researcher h?v? ?d?nt?fd ? many ?ssu?s th?t l?d to th? cr?s?s. Som? of th? ?ssu?s ?nclud? th? sub- pr?m? cr?s?s th?t w?s ?n?tt?d ?n th? Un?t?d St?t?s of Am?r?c? ?nd th?n sprd to th? Un?t?d K?ngdom ?nd Europ?. Over the year before 2008, the lender was happy and aggressively lending money to people who in many cases they can ¿Ãƒâ€šÃ‚ ½t pay their installments. They grant loans to those people against high interest rate. As this loans are backed with a mortgage so when the borrower default his payment the kinder will simply put the house back to the market and in other case they pass the risk off to mortgage insurer or put all defaulted mortgage together and sell them as mortgage backed securities. 1.4.2. Time Line of the Economic crisis The below time line of the financial crisis was published by the telegraph.co.uk and it list down the major event happen before, during and after the financial crisis. Will use this time line just to see what is the main cause of the financial crisis and is this causes can affect the Islamic investment bank sector in Bahrain. 2007  ¿Ãƒâ€šÃ‚ ½ Late July/early August 2007: The UK stock market goes through a period of volatility. Banks begin to stop lending to each other due to market fears over exposure to potential losses on high-risk US mortgages. The credit crunch begins in earnest.  ¿Ãƒâ€šÃ‚ ½ September 13, 2007: News breaks that Northern Rock has sought emergency funding from the Bank of England in its capacity as lender of last resort. It prompts the first run on a bank for more than a century. 2008  ¿Ãƒâ€šÃ‚ ½ February 17, 2008: The government announces that struggling Northern Rock is to be nationalized for a temporary period.  ¿Ãƒâ€šÃ‚ ½ July 14, 2008: Financial authorities step in to assist Americas two largest lenders, Fannie Mae and Freddie Mac, owners or guarantors of 5 trillion worth of home loans.  ¿Ãƒâ€šÃ‚ ½ September 15, 2008: Wall Street bank Lehman Brothers files for Chapter 11 bankruptcy protection and another US bank, Merrill Lynch, is taken over by the Bank of America.  ¿Ãƒâ€šÃ‚ ½ September 17, 2008: Lloyds TSB announces a  ¿Ãƒâ€šÃ‚ ½12 billion deal to take over Britains biggest mortgage lender HBOS after a run on HBOS shares.  ¿Ãƒâ€šÃ‚ ½ September 28, 2008: European banking and insurance giant Fortis is partly nationalized to ensure its survival.  ¿Ãƒâ€šÃ‚ ½ September 29, 2008: The government takes control of Bradford Bingleys  ¿Ãƒâ€šÃ‚ ½50 billion of mortgages and loans. Savings operations and branches are sold to Spains Santander.  ¿Ãƒâ€šÃ‚ ½ The Icelandic government also takes control of the countrys third-largest bank, Glitnir, after the company fac es short-term funding problems.  ¿Ãƒâ€šÃ‚ ½ September 30, 2008: The Irish government guarantees deposits in the countrys main banks for two years.  ¿Ãƒâ€šÃ‚ ½ October 6, 2008: Trading is suspended in Icelandic banks including Kaupthing, Landsbanki, Glitnir, Straumur-Burdaras, Exista and Spron.  ¿Ãƒâ€šÃ‚ ½ October 7, 2008: The Icelandic government takes control of Landsbanki, the countrys second largest bank.  ¿Ãƒâ€šÃ‚ ½ October 8, 2008: The Bank of England cuts interest rate by 0.5% to 4.5% in a surprise decision as part of a co-ordinate global attempt to ease the financial crisis. The Government unveils an unprecedented  ¿Ãƒâ€šÃ‚ ½50 billion plan to part-nationalize major UK banks and pump billions more into helping ailing money markets.  ¿Ãƒâ€šÃ‚ ½ The Bank of England also extends the existing  ¿Ãƒâ€šÃ‚ ½50 billion Special Liquidity Scheme to  ¿Ãƒâ€šÃ‚ ½200 billion, while a further  ¿Ãƒâ€šÃ‚ ½250 billion is being pumped in under a debt guarantee scheme.  ¿Ãƒâ€šÃ‚ ½ October 10, 2008: Treasury officials travel to Iceland for urgent talks after the collapse of the countrys banking sector leaves councils and charities in Britain facing losses of up to  ¿Ãƒâ€šÃ‚ ½1 billion.  ¿Ãƒâ€šÃ‚ ½ October 13, 2008: The government announces a  ¿Ãƒâ€šÃ‚ ½37 billion rescue package for Royal Bank of Scotland (RBS), Lloyds TSB and HBOS.  ¿Ãƒâ€šÃ‚ ½ October 19, 2008: Chancellor Alistair Darling announces plan to pour billions of pounds into major public works in an attempt to help spend the UK out of the worst of the economic downturn.  ¿Ãƒâ€šÃ‚ ½ November 20, 2008: The International Monetary Fund (IMF) approves a 2.1 billion dollars ( ¿Ãƒâ€šÃ‚ ½1.4bn) loan for Iceland, after the countrys banking system collapsed in October. It is the first IMF loan for a western European nation since 1976.  ¿Ãƒâ€šÃ‚ ½ November 29, 2008: The Governmen t takes a 58pc in RBS for  ¿Ãƒâ€šÃ‚ ½15bn, with a further  ¿Ãƒâ€šÃ‚ ½5bn of preference shares. Sir Fred Goodwin steps down as RBS chief executive, and is replaced by Stephen Hester. 2009  ¿Ãƒâ€šÃ‚ ½ January 15, 2009: The Irish government says it is to nationalize the Anglo Irish Bank.  ¿Ãƒâ€šÃ‚ ½ January 16, 2009: The US government provides the Bank of America with another 20 billion dollars from its 700bn dollar financial rescue fund to help it with the losses incurred when it bought Merrill Lynch.  ¿Ãƒâ€šÃ‚ ½ February 11, 2009: Ireland says it will inject  ¿Ãƒâ€šÃ‚ ½7bn into Bank of Ireland and Allied Irish in return for guarantees on lending, executive pay and mortgage arrears. It gets a 25pc indirect stake in both banks.  ¿Ãƒâ€šÃ‚ ½ February 26, 2009: RBS reports a loss of  ¿Ãƒâ€šÃ‚ ½24.1bn for 2008, the biggest in British corporate history. The government asks Sir Fred to give up an annual pension worth abou t  ¿Ãƒâ€šÃ‚ ½700,000.  ¿Ãƒâ€šÃ‚ ½ April 16, 2010: The Securities and Exchange Commission accuses Goldman of defrauding investors of more than $1bn by willfully mis-markting toxic sub-prime mortgage-related securities.  ¿Ãƒâ€šÃ‚ ½ May 2 2010: Greece gets a  ¿Ãƒâ€šÃ‚ ½110bn ( ¿Ãƒâ€šÃ‚ ½93bn) bail-out from other countries using the euro, and the International Monetary Fund.  ¿Ãƒâ€šÃ‚ ½ November 21, 2010: Irish Finance Minister Brian Lenihan says he will recommend to the Government that the country formally request a bailout package from the EU, ECB and IMF. 30122012 Don’t waste time! Our writers will create an original "The Research Topic Example For Free" essay for you Create order

Arrow Of God By Chinua Achebe - 998 Words

Arrow of God written by Chinua Achebe is set in the 1920’s located in Nigeria. The book focuses on the main character Ezeulu, the Igbo people’s chief priest. Throughout the text we see Ezeulu have conflicts with other tribes and with Christian missionaries, get sent to prison for denying a position from the British, and Ezeulu having difficulties within his own tribe and their yam harvest (Achebe). All the events that happened in Arrow of God lead to a much deeper meaning. If we take a look at a look at the very complex film District 9 produced by Peter Jackson, we see a very different but similar story. This is a â€Å"mockumentary† type film that explores the life of a MNU executive, an alien and his son, the Nigerian gang, and a mercenary soldier employed by MNU (IMDb). In both stories, Arrow of God and District 9, there are very blunt patterns of fiction, distinct archetypes, and prominent philosophies used. The stories above are two different types o f media, with similar content. Both book and movie shows a tribe being pushed out of their home, in almost the same way. In both stories we see patterns of fiction, which is when a reader is introduced to a character and some event or a challenge occurs. In Arrow of God, Ezeulu is faced with a difficult decision towards the end of the story. We call this The Choice. Ezeulu is faced with the decision to allow his tribe to participate in the New Yam Feast, but instead tells them not to and famine strikes theShow MoreRelatedA Study on the Author, Chinua Achebe 1467 Words   |  6 Pages A STUDY OF THE AUTHOR, CHINUA ACHEBE Chinua Achebe was born unto a Nigerian parents in Nigeria on November 16, 1930. He was from a family that born six kids; he being the fifth among them. Chinua Achebe’s parents were Isaiah Okafor Achebe and Janet Achebe. He begin an English at eight in Ogidi, Nigeria. Encouraged by his father, he was excited to learned English quickly. 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In Arrow of God by Chinua Achebe, Ezeulu is the chief priest of a set of villages in Africa that is slowly assimilated by British colonists into European ways of life. Second Variety by Phillip K. Dick, is a 1950s science fiction story about a military-man named Major Joseph Hendricks who deals with man-made robots taking over the remnantsRead MoreChinua Acheb is a Great African Author986 Words   |  4 PagesChinua Achebe is one of the great authors hailing from the African continent. He has published a number of novels and is widely praised for creating a new genre of African literature. His debut, and most famous novel, Things Fall Apart, has never been out of print, sold more than twelve-million copies, and been translated into over fifty languages (â€Å"Chinua Achebe† The Economist). The characters in the novel are purely fictional but the traditions and struggles faced by the characters are those ofRead MoreChinua Achebe As A Nigerian English Novelist Essay1874 Words   |  8 PagesCHINUA ACHEBE AS A NIGERIAN ENGLISH NOVELIST Abstract: Chinua Achebe is the most widely read African novelist in the world today. He has encompassed in his novels one century of history of Nigeria. Achebe highlights various aspects of the Ibo culture in his novels-â€Å"Things Fall Apart†, â€Å"No Longer at Ease†, â€Å"Arrow of God†, â€Å"A Man of the People† and â€Å"Anthills of Savannah†. He is regarded as the invention of the African literature. He takes pride in being ‘a teacher’ of his society and calls upon hisRead More Chinua Achebes Arrow of God Essay1326 Words   |  6 PagesChinua Achebes Arrow of God Chinua Achebes Arrow of God is set in the 1920s, before secularism became dominant. It begins with the image of a mask, when he tells his son not to carve the mask of a god for the white man. The mask is a symbol of change. The whole world is changing, and the people who do not change will not survive. The old priest, Ezeulu, desires change, but he cannot do it. He cannot force himself to leave the old ways behind and adopt the new ways. Thus, he sendsRead MoreArrow of God - Paper7783 Words   |  32 PagesFocus, Vol. 5, Nr. 3-4, 1989, pp. 153-165 CONFLICT AND ITS MANIFESTATIONS IN ACHEBES ARROW OF GOD Owen G. MORDAUNT English Department University of Nebraska at Omaha Omaga, Nebraska 68182-0175 USA SUMMARY Mordaunt describes how the Nigerian author Chinua Achebe deals with the problem ofpersonal conflict in his novel Arrow of God. The main character in this novel is Ezeulu, who is chiefpriest of the god Ulu, of the village of Umuaro. Ezeulu comes into conflict with himself in a quest to holdRead More Things Fall Apart Essay1582 Words   |  7 Pages Things Fall Apart By Chinua Achebe Bantam Doubleday Dell Publishing Group, Inc. New York, New York Copyright 1959 Author Biography Albert Chinualumogu Achebe, or Chinua Achebe, was born November 16, 1930, in Ogidi, Nigeria. His parents were Janet N. Achebe, and Isaiah Okafo, a teacher in a missionary school. Mr. Achebe was educated at the University College of Ibadan, but also attended Government College in 1944. He wrote his first novel, Things Fall Apart, in 1958. During the Biafran War,Read More Ezeulus Defeat in Chinua Achebes Arrow of God Essay1510 Words   |  7 PagesEzeulus Defeat in Chinua Achebes Arrow of God When the Umuaro people began to encounter the spreading European colonialists, most realized that the colonialists were not like their other enemies and that they could not be defeated in the same way. So, even those most fiercely opposed to the colonial presence at first eventually conformed to its power. However, Ezeulu, the tragic hero of Chinua Achebes Arrow of God, was not the typical Umuaro villager. As the chief priest of the powerful deityRead MoreThings Fall Apart by Chinua Achebe Essay1064 Words   |  5 Pagestheme representing what really fell apart. Achebe introduces the reader to the intricate culture of the Igbo people from the earliest chapters in the book. He describes rituals, laws, and religion of these people with great attention to detail allowing the reader to further understand and identify with the Igbo people on a personal level. An example of this is the tradition of kola nut and how it is shared when welcoming someone into a home. Achebe writes, â€Å"Unoka accepted the honor of breaking

It´s Important to Be Able to Cope with Stress and Burnout

As a future IHP, it is important to be able to cope with stress and ensure that I do not burnout (Ross Deverell, 2004:305). Along with a thorough understanding of what stress and burnout is, I will use a personal past experience to explain how I will develop stress-management strategies and implement them in my behaviour. Stress and Burnout: Stress is understood as the way in which a person responds to the demands, both physical and emotional, which have been placed on them. It is a reaction to change and stress can become more apparent when the requirements a situation are greater than your ability to cope. Stress is a subjective response. Not everyone will feel stressed, and experience the same symptoms, when exposed to the same†¦show more content†¦I believe that I have gained valuable skills to reduce and manage stress (Olckers, Gibbs Duncan 2007:3). As an IHP, I will be constantly faced with conflict involving fellow professionals and patients because of the need to make significant decisions. The resulting stress needs to be managed constructively so that healthy relationships are maintained which are valuable to my career (Gibson, Swarts and Sandenbergh 2:109). In matric I learnt how important it is that you don’t let stress negatively affect your life such as causing depression and reduced concentration (Gibson, Swarts and Sandenbergh 2:106). I have learnt how stress can develop into burnout and the consequences of this which have been outlined in defining burnout. Knowing how to prevent burnout is critical in my career as a future IHP. Each day of work will revolve around dealing with people’s problems which can accumulate and cause emotional strain (Ross Deverell, 2004:304). Knowledge of harmful implications of stress on well-being will affect my behaviours in the future as I consciously work to eliminate these. I now understand that it is not healthy to repeatedly stay up late to complete work because adequate sleep in critical to well-being (Ross Deverell, 2004:308). Instead, I will keep up to date with workShow MoreRelatedBurn Out Critical Case Analysis1731 Words   |  7 PagesCritical Incident Analysis: Burnout syndrome It was my 11th week of clinical in tertiary care hospital. On that day, I had experienced an incident that I would like to reflect upon. I was assigned to a female patient with diagnose of third stage breast cancer. After taking her interview, I came to know that patient and even their family member didn’t know any thing about the patient prognosis and they were too worried to know about. For that reason, I went to doctorRead MoreThe Emotional Expression Of The People s Attitudes Towards Objective Things1672 Words   |  7 Pagesindividuals, and some emotions may be instinctive, automatically responding to environmental stimuli rather than cognition. However, negative emotions are common in the working environment. Negative emotions are the excessive experience of a person s ability to reflect an objective stimulus. Anxiety, tension, anger, frustration, sadness, pain, sadness, unhappiness, depression and other emotions are bad mood. Every negative emotion appearing in th e workplace tells people where the problem arises,Read MoreActive And Working : Managing Acute Low Back Pain Essay1741 Words   |  7 Pagesstretching or doing yoga (National Health Committee, 2000). STRESS Stress can be either a spur, result or interaction and present in working conditions everywhere. The level of stress depends on how a person relates the experience internally and whether he views it as harmful or beneficial, as for some what is light maybe detrimental to others. Work stress, termed occupational hazard that was noted back in the mid -1950’s was referred an important health issue. 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Health Promotion Is An Important Aspect Of Nursing

The world is an ever-changing place and so are the cultures represented within. While providing care, it is a nurse’s responsibility to keep up with these constant changes and learn to accommodate everyone. This is not always an easy task as it requires the nurse to set aside their biases and fully embrace the newly emerging cultures. The Lesbian, Gay, Bisexual, Transsexual and Questioning culture, also known as LGBTQ, has been slowly emerging and gaining more attention throughout the past century. It is essential for nurses to acquire knowledge about them to better serve their community in a culturally sensitive manner. As health promotion is an important aspect of nursing, it must be attuned carefully to each culture to be effective. According to â€Å"Caring for Lesbian, Gay, Bisexual, and Transsexual Parents and their Children† (2012), the estimated number of LGBTQ living in the United States is 3.8 percent of the population. That is an astonishing number consideri ng, due to the persistent stigma of this culture, many members do not disclose their sexual preferences, and therefore, a precise number is likely much higher than that. With recent advances in legal rights for LGBTQ, it is not surprising that many of them live as family units and are raising children. Despite improvements towards equality, there are still many challenges for this group, and society remains far from being accepting. In fact, only 47% of Americans favor same sex marriage and consequently, 23% ofShow MoreRelatedHealth And Person Centred Care996 Words   |  4 Pagesessay will discuss Health and Person Centred-Care, what it is, and how in adult nursing field it is relevant and promoted and put in action. Through the factors such as lay health belief, health, health promotion person centred care. These influence of lay health belief of people’s attitudes and values that will be encounter in the field of practise. 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These aspects are derived fromRead MoreHealth Promotion Of The Elderly1585 Words   |  7 PagesThe World Health Organization defines health as â€Å"a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity† (W.H.O., 2003). To promote health is a global responsibility that begins with oneself. In order to first achieve personal health, one has to be educated on the aspects of health. Clinicians, more specifically, Nurses can use health promotion techniques during interactions with patients and the population. Health promotion as defined byRead MoreBreastfeeding For The Pediatric Population1360 Words   |  6 Pages(2013), â€Å"An important aspect of everyday nursing care in paediatric acute care facilities is the support and care of breastfeeding families† (p. 14). 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Law with Tort of Negligence free essay sample

The application is under s1 sale of goods act there is a contract form between me and Mandela where I have agreement, intention and consideration to buy the armchair from Mandela, thus contract is form. Besides that, armchair is considered goods and there is consideration of money where I paid Mandela for $1500 and lastly there is also transfer of property where I paid $1500 for the armchair from his shop. Hence, in conclusion the armchair that I purchased is under Sale of Goods Act. Another issue in the question is whether we can insist Tyson (owner) compensate me for $500 that I (buyer) spent on fixing the chair and either return the chair and insist upon a refund, specifically under consumer guarantees s 55 fitness for purpose? In the question the law would be s 55 ‘there is an implied guarantee that where the buyer expressly or by implication makes known to the seller the particular purpose for which the goods are required, and shows that judgment and seller, the goods must be reasonable fit for purpose’, based on the case Grant v Australia Knitting Mills and Wallis v Russell. We will write a custom essay sample on Law with Tort of Negligence or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In the question Tyson has breach s 55 fitness for purpose where he is selling furniture in his Classic Antiques Store but the furniture that he sell are fragile. In s 55 there is certain condition we must satisfy. First, buyer must express or the seller has known the buyer particular purpose for the goods they required. Second, has the buyer relied on the seller’s skill or judgment? Third, are the goods of a description which it is in the course of the seller’s business to supply? And lastly, has the buyer ordered the goods under their trade name so that it is clear there is no reliance on the skill of judgment of the seller? Based on the condition above, I had satisfied all the condition, where I express to Mandela (salesperson) that I want to use the armchair as my new house furniture. On the other hand, Mandela stated that ‘It is a solid old thing. I sit on it all the time. ’ Hence, I relied on his judgment and bought the armchair. Moreover, Tyson business are selling furniture’s where the armchair is considered as a furniture, thus it is also satisfied goods are descriptive under the course of the seller’s business. Lastly, although I didn’t buy the armchair based on the trade name, but I rely on the skill or judgment by Mandela. In conclusion, the seller has breach all the criteria in s 55 and under s 261 consumer have the right to choose either a refund or replacement of the products if supplier fail to fulfill with consumer guarantee, as a result I can insist Tyson compensate me for $500 for fixing the chair and also can return the chair and insist upon a refund. Â  Based on the question, the issues would be based on Mandela’s statement that ‘It is a solid old thing. I sit on it all the time. You will be used it safely for many years. Will it lead consumers to believe that it can be used as furniture and can be used safely for many years, specifically under consumer guarantees s 18 Misleading or Deceptive conduct? In the question, the law would be s 18 where ‘A corporation shall not engage in conduct that is misleading or deceptive or is likely to mislead or deceive’, based on the case of Eveready Australia Pty Ltd v Gillette Australia Pty Ltd ,Henjo Investment Pty Ltd amp; Ors v Collins Marrickville Pty Ltd and Taco Company of Australia Inc v Taco Bell Pty Ltd. In the application, there are 3 elements which must fulfill breach of s 18. First of all, Mandela engage in conduct with me that the armchair is safe and can be used for many years more which imply a false representation of the fact to me where the armchair was actually fragile. Furthermore, I purchase the armchair under trade and commerce whereby under mutual communication, and I negotiated 30minutes orally with Mandela (salesperson) to sell me the armchair with $1500. Moreover, Mandela conduct was misleading or deceptive where he stated he sits on the armchair all the time where he actually doesn’t sit on it and the fact that the chair was actually fragile. Refer to Taco Bell to determine whether the conduct is misleading or deceptive that there are certain criteria to justify whether they are mislead or deceived. First, the conduct is based on me which is justified the targeted by the conduct of the defendant. The time I was in Tyson’s shop, Mandela forms an erroneous conclusion to me, that the armchair is safe and can be used as furniture where it was not the fact. Hence, proves the conduct by Mandela skilled of being misleading or deceptive. In conclusion, Mandela has breach the 3 elements in s 18 of ACL for misleading and deceptive. Based on the question, Tyson is the owner of the shop (Principle), Mandela is the store manager and also salesperson (Agent) and I am the buyer (Third Party). In the question the issue is whether or not Mandela had authority to sell the chair at that price under Agency scope of an agent’s authority? Law is express authority where the agreement is created between agent and principal in the w ritten or oral form based on the case John McCann amp; Co v Pow. In addition, apparent authority is also applied here where the principle, either by words or conduct, may leads to third party mistaken to believe that an agent has authority to act on the principle’s behalf, based on the case Tooth amp; Co v Laws. Moreover, duty of agent where the agent must follow the lawful and reasonable instruction of the principle and be honest in performing the job is set by the principle’, based on the case Bertram, Armstrong amp; Co v Godfray. Hence in the application, Mandela has breach express authority under agency where he doesn’t follow the oral agreement by Tyson to sell the armchair for at least $3500 and he sold the armchair for me with $1500. Besides that, under apparent authority, Tyson either by words or conduct leads me to believe that Mandela has authority to contract on their behalf and I couldn’t know Tyson has instructed Mandela to sell the armchair for at least $3500. Based on the question, the issue is whether I can sue Tyson under tort of negligence and claim compensation? The law tort of negligence was recognized in the case Donoghue v Stevenson where the plaintiff must establish that, the defendant owed the plaintiff a duty of care, the defendant breached that duty, and lastly the plaintiff suffered damage as a result of the breach in tort of negligence. Hence in the application, Tyson (defendant) has owed a duty of care to me (plaintiff) based on the test and relationship. All the risk in the shop must be reasonable foreseeable, however the armchair was not reasonable foreseeable where the armchair looked nice but actually was fragile, even though Tyson does put a sign on the wall of the shop mention that ‘Please do not sit on the chair-fragile- considered sold if damaged’ but as a furniture shop, customers might need to try or test the quality of the products. In addition, there is a vulnerable relationship where Tyson hires Mandela as a manager and salesperson to control the shop, and I was reliant on Mandela, thus Mandela has the duty to protect my safety in the shop. Hence, Tyson has breach duty of care under magnitude of the risk of likelihood of the occurrence where the armchair was not covered or blocked to prevent customer sitting on it which same case as Bolton v Stone. Thus, he had fail to exercise the required standard of care due to the armchair being fragile and I sit on it, the chair had collapsed under my weight and has been injured when I fell to the floor. Hence, I have suffered damage due to the chair collapsed and I fell to the floor. However, Tyson have defenses to negligence under voluntary assumption of the risk where the plaintiff had full and absolute knowledge of the risk where defendant had actually put the sign on the wall that said ‘please do not sit on the chair- fragile- considered sold if damaged’. Besides that, the plaintiff had sufficient appreciation of that particular risk where plaintiff had saw the sign on the wall but ignore the sign. Lastly, there was voluntarily acceptance of that risk as the plaintiff knew the chair were fragile but doesn’t care and sit on the chair. Hence, at defendant point of view plaintiff should bear the risk. In conclusion, as I am the plaintiff I can sue Tyson under tort of negligence and claim for compensation, because Tyson should need to be more aware and cover or block the fragile furniture instead of just putting a sign on the wall due to customer might ignore the sign and sit on the chair.

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Question - Critically discuss need of 'Joined up thinking' and 'Multi agency collaboration' in tourism planning? Contents Introduction: About Joined up thinking and Multi agency collaboration: Theory and practice of strategic planning for the tourism: Objectives of the study: Scope of the study: Literature review on Strategic planning for Tourism and Leisure: a. Roles of Government/Inter-Governmental/ Corporate Governance: Leadership: Bringing collaboration: Resource allocation: Information collection: Monitoring and Evaluation: b. Benefits to the country: c. Roles of Government agencies: Applying TALC Curve: Sustainable Tourism: d. Theory of strategic planning for tourism: Environment scanning: Strategy formulation and implementation: Evaluation and monitoring: e. Practice of strategic planning for tourism in Singapore: f. Future Plans: g. Critical Thoughts: Methodology: Analysis and Discussion: International visitor arrivals: Tourism receipt by major components: Tourism receipt from various countries: International visitor arrivals from November 2013 to November 2014: Highlights of year 2013: Conclusion: Recommendations: Bibliography. Introduction: a. About Joined up thinking and Multi agency collaboration: The concept of Joined up thinking and Multi agency collaboration rose in the tourism industry for the purpose of planning and formulating policies so that more and more tourists can be attracted. Tourism in the present day world has become an essential part of change process in the economy. Unlike the traditional methods of generating money, this sector provides income generation for many people who do not even have the resource for production purpose. That is, the hotel owners earn money by the coming up of tourist on stay at their place, but along with that the cab driver, hotel manager, waiter, sight-seeing helper and even local markets get the benefit from the incoming of tourist. Thus a joined up thinking has been developed so that everyone gets benefitted from the arrival of tourists. The multi-agency collaboration therefore includes development of strategic ties between the communities, social sector organizations, businesses, individuals etc. for the purpose of tourism develo pment. This includes hotel owners, transport officers, local shop owners, airlines etc. coming together to formulate strategic plans for the purpose of promoting tourism in the country (Adriana, 2009). b. Theory and practice of strategic planning for the tourism: The strategic planning for the tourism is the process of formulating policies that could help in promoting tourism in the country. It consists of macro level and micro level planning through which the local level and national level issues and problems are accessed and resolved so that the strategic planning can be made easier for the development of tourism industry. The process of strategic planning includes the identification of the objectives, followed by assessment of the business environment, looking for alternatives and finally coming to formulation of policies that could help in achieving the strategic goals and objectives (Huxham et al., 2001). c. Objectives of the study: The objectives of the study include understanding the concept of Joined up thinking and multi-agency collaboration along with its application in the Singapore tourism development process. Along with that the theory and practice of strategy planning for tourism has been identified through which the Singapore Tourism Promotion Board (STPB) has been able to make Singapore a tourist hub in the 21st century. Therefore the objective is to recognize the policies and procedures that were actually followed to achieve tourism development in the country. Along with that the factors that contributed to the development and the outcome of the development programs are analyzed through the data interpretation method (STPB, 1996). d. Scope of the study: The scope of the study is limited to Singapore as the research is made on the various benefits and gains that the country has earned by achieving joined up thinking and multi-agency collaboration concept in application. The efforts are made for identification and benefits of various strategies that are developed overtime by STPB to achieve consistent growth in the tourism industry in the country. Literature review on Strategic planning for Tourism and Leisure: a. Roles of Government/Inter-Governmental/ Corporate Governance: According to Alonso and Liu (2013), the Government plays a significant role in planning, formulating and executing the strategic plans for the development of tourism in the country. This is done through nationwide policy formulation and directing to the various intern-government organizations to act accordingly (Alonso Liu, 2013). The directions are also given through the changes in the corporate governance rules and regulations to the private organizations so that they can work toward comfort and satisfaction of the tourist. Thus various factors are taken into consideration for this purpose. A number of factors have been identified that have raised the requirements for Joined up thinking and multi-agency collaboration. According to Huxham et al., describes that multi-agency collaboration and joined up thinking comes into action due to the motivational factors in action. The local business enterprises along with various other social factors comes together to promote tourism so that the economic welfare and change process can be initiated for all. This way its actually the development of business relations so that the common goals of earning profits can be achieved (Huxham et al., 2001). 1. Leadership: Proper leadership is developed to bring in social influence in process for the purpose of bringing collaboration between the various business group and individuals. A proper path of action and responsibility is defined so that the tourist coming can be provided with the maximum benefit and support with the minimum interference by the surroundings. This way local communities volunteer in the process of development of joined up hands and multi-agency collaboration for tourism development (Alonso Liu, 2013). 2. Bringing collaboration: Collaboration of the large tour operators is observed in the present day world, which make efforts in formulating tourism plans to offer comfort and security to their clients. The common interest of the tourist along with the tour operators are therefore pre-examined and attained through the appropriate planning process. This way structural changes are brought in the formal and informal framework so that the collaboration of various process during the tourists travel and stay can be achieved (Adriana, 2009). 3. Resource allocation: Various resources are brought together to bring in control over the factors that may affect tourism development. This includes funding and staffing of the various resources such as manpower, transport facility etc. with a purpose to achieve collaboration in various sectors that could result in supporting the tourism activities. Efforts are therefore made to achieve sustainability in the tourism development process and attract more tourists towards the country (Moeller et al., 2011). 4. Information collection: Information collection along with regular monitoring has been done at regular intervals with a view to achieve improvement and perfection in the tourism development programs so that the tourist feels their stay more comfortable. These way effects of social factors and environmental change are accessed in advance to formulate such policies and make arrangements accordingly to offer tourists with a controlled environment (Wong et al., 2014). 5. Monitoring and Evaluation: The work of multi-agency collaboration for the economic development through tourism can be divided in four steps. The first step consists of identification of various requirements and pre-requisites of tourism development. The second step is planning for the arrangements and controls that is required for tourism development. The third step is transition planning so that the implementation process can be well defined to achieve the required output from application. The fourth and final step is implementation of the process that has been planned to achieve the desired outcome (Adriana, 2009). b. Benefits to the country: A number of benefits and gains are actually achieved through the application of multi-agency collaboration which first of all includes jobs creation for local people. These people who otherwise would be unemployed gets job to earn their living and live a better life. The second benefit includes new business creation. This new business creation ensures earning for the employees and comfort for the tourist in the long run. Also the people get assisted in the development of various skills and knowledge that may be required to support the tourism development program. The third benefit is increasing fund leverage for the locals. That is the movement of money in the economy increases with the development of tourism. This way the funds availability with the locals increases manifolds. Fourthly the unused land is brought under use for the development of tourist attraction centers. Also care is given by the local municipal corporation in cleaning the area so that the tourist can be given a he althy environment to move around. This way number of benefits are actually tried to be achieved through the collaboration of multi agencies (Mattessich et al., 2004) c. Roles of Government agencies: The different roles that the government agencies develop help to achieve as per the strategic planning of the government. This includes the followings. Directing organizations toward engagement in fair and equitable practices for supporting tourists by keeping close review of the business process that is followed in the tourism industry. Developing an amiable environment in the country that attracts arrival of more tourists by directing associated people to show better understanding to the tourists. Development of infrastructure to efficiently support the transport of tourists from one place to another. This can be achieved by investing in infrastructure development by making metros to connect Airport with hotels and various important tourist destinations. Giving direct consultation to the tourist so that they can be guided towards best deal and comfortable stay. This can be done by opening tourist help centers at popular places. Promoting tourism sector by advertising in various other countries. This can be achieved by advertising on television shows in different countries about the great life time experience that the tourist in the domestic country have on arrival. 1. Applying TALC Curve: TALC curve stands for Tourism Area Lifecycle. It depicts the theory stated by Butler in 1980 which recognizes the critical range of elements of capacity that includes the folloiwngs. Exploration: At this stage, the number of visitors is just minimal when the tourist come with an idea to explore new markets. Involvement: At this stage the references of the visitors brings in new visitors who come along to explore new areas. The locals start investing in the tourism business. Development: At this stage new visitors join the league after getting positive feedback from the already visited tourist. The government starts making initiatives to develop tourism as the major sector of employment generation and income earning. Consolidation: At this stage the arrivals of tourists increases at diminishing rates. The important business requirements to support tourist activities are already developed. ALos the potential tourist are attracted toward the country. Stagnation: At this stage the number of increase in tourist comes to a halt. This way the number of tourists coming to the country reaches a definite level. Rejuvenation: Through re-orientation, newly developed areas and attraction centers are developed to attract more tourists to the country. Thus with the every stage the number of tourist arrival increases. However until it reaches the consolidation stage the number of arrivals of tourist increases at diminishing rate At the stage of stagnation, a halt is observed in the increase in arrivals of tourist. After this stage, rejuvenation is applied so that the earlier trend of tourism development can be regained. This can be depicted as below. 2. Sustainable Tourism: To achieve a sustainable tourism, the rejuvenation should be made carefully by investing in different required areas so that the outcome results in the increase in the number of tourists arrivals in the country. Any wrong investment or inappropriate step will result in effecting the movement of tourists in the country. d. Theory of strategic planning for tourism: Strategic planning is actually a planning process that is meant to achieve long term objectives and goals. The strategic planning for tourism is actually developed with a view to promote tourism in the country. This way the tourism development method are supported along with policies framed and executed so that the comfort and safety of the tourist is ensured. The various concepts that are used as tools in strategic planning process includes the followings. PEST Analysis. Porter Five Forces Analysis. SWOT Analysis. Growth Share Matrix. Scenario Planning. Various processes are involved in strategy planning. This includes the following of below stated steps in following diagram. This way the above stated various steps help in achieving the best strategic plan for the development and growth of the business. Therefore the main motive is to achieve the following milestones for the strategic planning purpose which includes the followings. 1. Environment scanning: Environment scanning is actually a method of analyzing the business environment which are both internal and external. SWOT analysis helps in analyzing the internal strength and weakness of the business along with the external opportunities and threats that may affect the growth and sustenance of business. SWOT analysis therefore gives and in-depth knowledge of the present state of business through review of internal process and accessing of external environment prevailing in the industry (Chopra Meindl, 2001). PEST analysis further helps in getting detailed information about the political, environmental, social and technological environment that may affect the business operation in future. This way the industry trend is estimated that may affect the business growth and existence in the coming years (Rigdley, 2012). 2. Strategy formulation and implementation: The strategy formulation and implementation is the process through which new bright ideas are identified and brought into application for the purpose of long term benefit. The body organization responsible for the strategy formulation and implementation is STPB Singapore Tourism Promotion Board which is actually a government bodies and has the authority vested to takes formulate such plans and execute them accordingly to achieve strategic development of tourism in the country (STB, 2013-2014). 3. Evaluation and monitoring: Evaluation and monitoring is a method of reviewing the extent of benefit and gains that the strategy execution has resulted. The evaluation is done using the change in data figures after the strategy execution meant to promote tourism. If the number of tourist increases and along with that increase their satisfaction and comfort than the strategy formulate is correct otherwise it needs to be monitored again for flaws and problems for the purpose of bringing appropriate reforms to achieve desired goals. e. Practice of strategic planning for tourism in Singapore: Tourism development has always been a priority of the Singapore government. Various changes have been brought over time to efficiently manage the tourism process in Singapore. A control over the socio-economic factors along with various other political factors has been made in the recent decades so that the tourist friendly environment can be made in the country. After the independence of Singapore in 1965, tourist travel increased in the country by manifolds. This proved to be an opportunity that was wisely tapped by the government at that time. Policy formulation and execution was made to bring in a tourist friendly environment in the country. This process was initiated by cheaper travels, improved services, offering delightful stay places and proper care of tourist. This way the newly independent country gained chance to create employment opportunity and business expansion for its people (STPB, 1996). The various strategies used by the government at different decades include the f ollowings. In the 1970s efforts were made to develop gardens and modern facility hotels so that the tourist can be attracted towards stay. From 1984 onwards the Tourism Task Force gave report on giving special attention was given to the preserving of cultural places and historical sites so that the tourists can be attracted. This included repair and reconstruction of old buildings that had connection with the past. In the 1990s, Ministry of Trade and Industry executed policies that supported the infrastructure development projects. The infrastructure was developed by making metro trains and other travelling modes so that the tourists can be facilitated right from the Airport to hotel and later various sights-seeing. In 1995 various conservation process were initiated under the name of flagship conservation project to redevelop China town as a historic district of the country with a view to add tourist attraction. This way the re-fabrication of the cultural heritage and landscapes was done by improving the conditions of these historical sites. In the start of year 2000, the new policies were executed after the review of the tourism policies by the Singapore Tourist Promotion Board. This included relaxation of taxes, passport validation facility at on port arrival and addition of various sites as part of tourist destinations. (STB, 2013-2014) In the 21st Century, Malaysia and Indonesia also started making reforms for tourism development which resulted in bringing hard competition to the tourism business in Singapore. Therefore further plans were made and executed accordingly to promote tourism by organizing trade fairs and adding complementary products and services in the tourist packages. This way all efforts were made to establish Singapore as a tourist hub (STB, 2013-2014). The national policy of relaxation of passport related requirements brought in benefit for the people in other countries in the South Asia. Singapore became the melting pot of all the cultures of Asia. The people from not only the country but from other countries also gained from the employment opportunities that rose in the country (Yeoh Chang, 2001). f. Future Plans: A number of future plans are made by Singapore Tourism Promotion board along with the Ministry of Trade and Industry. The future plans include the followings. Remaking of the Orchard Road to make it one of the worlds best shopping streets. Developing Singapore Flyers and making it becomes the worlds largest observation wheel. Rejuvenate Sentosa Island so that it can be made a new age tourist attraction center. Improvements to be brought in the Singapore River, Chinatown and little India so that the tourist feels comfortable and memorable experience. Increasing number of entertainment hubs and resorts so that the customers can find good places to stay during their travel. (MTI, 2011) g. Critical Thoughts: A number of critical thoughts can be given on the development of tourism in Singapore. The Government should not only concentrate on the tourist industry as there are many other industries in the country which needs support and assistance. Tourism has already been developed so much in Singapore that more investment in this industry will only result in extravagant expenditures. Government needs to develop basic industries so that the country can stand at its own. The efforts should be made to ensure enough production of food material in the country as its population is rising at high rate. The number of illegal immigrants has risen since the relaxation of the immigration policy. This has led to rise in unemployment levels for the locals. Tourism brings with it various ethical and moral issues that increases the problems of the government and creates tension in the country. Foreign investments in the country have increased which has led to the downfall of the economic conditions of the nationals. The economic slowdown has resulted in the downfall of tourist coming from America and Philippines. This way the projected tourist rate may raise immensely above the expectation after the improvements in the global economic conditions. Methodology: The methodology used for analyzing the present status of tourism planning in Singapore is done through the secondary method. That is the use of internet has been made to collect information about the government bodies plans for future. The Ministry of Trade and Industry plans for 2015 has been fetched through the government website (MTI, 2011). Also the annual report for 2013-2014 has been downloaded to get the access to information from the Singapore Tourism Board for the achievements and expectations of the government towards the tourist development. This way an extensive use of secondary resources has been made which are well referenced to make them reliable and relevant for the research. This way the data input is backed by government agencies which can be depended upon for evaluation and discussion purpose. Analysis and Discussion: A lot of information has been fetched from that can be used for effective discussion and outcome. The analysis and discussion on information fetched from the STB and MTI is done as below. a. International visitor arrivals: Source: https://www.stbannualreport.com.sg/ From the above data it is very clear that even in the economic slowdown period which is affecting every country around the world, the tourism rate has increased in Singapore consistently. We can observe an increase of 9.7 million tourists in 2009, to 15.6 million tourists in year 2013. This shows that even after the slow tourist movement in other countries in South East Asia like Malaysia and Philippines, Singapore has been consistently able to maintain its growth and development in the tourism industry. b. Tourism receipt by major components: Source: https://www.stbannualreport.com.sg/ From the above diagram, we can identify that the tourism receipt includes components with contribution of accommodation, sight-seeing, entertainment and gaming as 23% each. These components recorded a growth of 6% and 4% respectively. Food and beverage gained 10% of the tourist receipt. The rest of other tourist receipt components contributed to 25%. c. Tourism receipt from various countries: Source: https://www.stbannualreport.com.sg/ From the above chart it is visible that the maximum number of tourist receipts came from China at 2,981 million dollars in year 2013. This trend is followed by Indonesia at 2,978 million dollars and India at 1,224 million dollars in year 2013. However Philippines showed a decline of 11% and America at 5% in tourist receipts coming from these countries. This way mostly the Asian countries were the main tourist receipts of Singapore in year 2013. d. International visitor arrivals from November 2013 to November 2014: Source: https://www.stbannualreport.com.sg/ From the above chart, we can easily observe that the rate of tourist is fluctuating throughout year 2014. It was maximum in December 2013 at 1.37 million and January 2014 at 1.35 million. However the rate of arrival of tourist changed throughout the year and at the end of year it went to 1.20 million in October 2014 and 1.14 million in November 2014. This way a 5% decline was observed in the year end in the tourist arrivals. e. Highlights of year 2013: Source: https://www.stbannualreport.com.sg/ From the above data we can easily conclude the latest tourist development information in Singapore. It is clearly stated that the 5% decline in tourist arrival was observed in fourth quarter of 2014. However 0.7 billion increase in output was recorded in the same quarter. The tourism receipt earned 23.5 billion dollars to the country with 2.9 billion dollars earned by hotel industry. There was 7% increase in number of international visitors in the country which were 15.6 million which is a record high. Conclusion: In conclusion, the joined up thinking and multi-agency collaboration has been well established and used by Singapore government with a view to increase tourism in the country. Various strategic plans are developed overtime to bring in more facilities for the tourist and help the economy gain from the tourism industry. Literature review to support the idea of multi-agency participation has also been discussed along with the critical thoughts. The methodology used for fetching the required information is also clarified. The analysis and discussion helped in understanding the data that was fetched from various government resources. Thus we understand the present status of the strategic planning for tourism development in Singapore. We found out that the government has been taking consistent actions since its independence for improving the economic conditions of the country by investing in tourism industry. The main motive is to create employment and achieve economic stability for the co untry. However this policy of the government has been criticized on the grounds that the other industries face a big setback but still the government policy is giving huge gains and profits to the country (Alonso Liu, 2013). Recommendations: In the end we can give following recommendations for improving the economic conditions of the country and achieving higher gains through the joined up thinking and multi-agency collaboration. The country needs to develop other sectors than just tourism sector. The immigration policy needs to be reviewed. Regular monitoring of the tourism policy is required so that the loopholes cannot be misused by other people. The efforts should be made to avail the employment opportunity at priority to the citizens of the country. The hotel management and staff should be reviewed by government agents at regular intervals. The country needs to develop more trade hubs. Facilities are required to be increased to attract more customers. (Gelderman Van Weele, 2003) Along with that the collaboration of the large tour operators is required in the present day world, which make efforts in formulating tourism plans to offer comfort and security to their clients. The common interest of the tourist along with the tour operators are therefore pre-examined and attained through the appropriate planning process. These way structural changes are required to be brought in the formal and informal framework so that the collaboration of various processes during the tourists travel and stay can be achieved. The work of multi-agency collaboration for the economic development through tourism including identification of various requirements and pre-requisites of tourism development, planning for the arrangements and controls, transition planning and finally implementation of the process that has been planned to achieve the desired outcome. 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