...Furthermore, customer’s attitude toward a product or service is influenced by a match of the product or service user image with the customer’s self-concept . Islamic banking which started in 1983 in Malaysia, refers to a system of banking that complies with Islamic law which also known as Shariah law. The underlying principles that govern Islamic banking are mutual risk and profit sharing between parties and the assurance of fairness for all transactions based on an underlying business activity. It does not allow any transactions based on interest (riba), gambling (maisir) and speculative trading (gharar) at all cost. In terms of products and services, there are more than 40 Islamic financial products and services that may be offered by the banks using various Islamic concepts such as Mudharabah, Musyarakah, Murabahah, Al-Bai Bithaman Ajil, Al-Ijarah, Al-Takjiri, Qard Hasan, Al- Wakalah, Al-Kafalah and Wadiah. This study was stated the most perception of Islamic banking product among the Malaysian customer. As one of the important in service industry today, Islamic banking is no longer regarded only to fulfil the religious obligation of the Muslim. It is also how the Islamic banks want to market their products towards the non-Muslim community in Malaysia. 2.0 FACTORS INFLUENCING THE PERCEPTION OF ISLAMIC BANKING 2.1 Religion The religious value includes factors like Islamic bank is not involved in any regulations or acts against shariah that could spiritually burden customers...
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...Spanish financial crises 1. Spain’s Debt Problem The financial crises of Spain can be described as the sovereign debt problem, which is a large and continuous budget deficit feeding into its accumulated debt. From figure 1 we can see that fiscal consolidation hadn’t successfully made a recovery (see figure 1). Schwartz (2013) quoted that the net increase in debt in 2013 is expected to be €48 billion (HK$480 billion) and the gross issue of public debt €207.2 billion (HK$2085 billion). These are large sums compared with Spain’s GDP of €1.05 trillion (HK$10.69 trillion) 1. Figure 1 Source: Banco de España, General government liabilities. Excessive Deficit Procedure (EDP) debt, 11.6. Debt according to the excessive deficit procedure (EDP) and financial assets held by general government; http://www.bde.es/webbde/es/estadis/infoest/a1106e.pdf ------------------------------------------------- 1. Pedro Schwartz (2013), The Welfare State as an Underlying Cause of Spain’s Debt Crisis, Cato Journal, Vol. 33, No. 2 Actually before financial crises, Spain had experienced a long period of high economics growth. At the end of 2007, the fiscal position of Spain performed excellent. According to Eurostat, it was better than in the other three largest euro area member states Spain had a consolidated total government budget surplus of 1.9 percent of GDP, the third highest after Finland (5.2 percent) and Luxembourg (3.7 percent). But in fact it produced...
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...1.1 Background of Study Bachelor in Business Administration (BBA) program is run by Tribhuvan University from 2002 under the supervision of the Faculty of Management (FOM). It aims to provide quality education through quality and professional courses. BBA is four years international standard program consisting of eight semesters along with internship program. Thus, BBA program is a blend of theoretical and practical knowledge on the financial sector enabling the students in understanding business environment and solving practical business problems. It also aims to develop creative, socially responsible and skilled professionals who are able to carry out the responsibility of middle level managerial positions in the rapidly growing business sector in Nepal as well as abroad. Theoretical knowledge is not sufficient in this competitive and complex business world. Thus, in the eight semester of BBA program, student is required to work in financial institution for at-least eight weeks, where they can experience real situations of work environment in the organization. It also helps in understanding organizational environment and work culture. Internship program enables in acquiring skills and techniques by experiencing practical work situations directly applicable to develop career on financial sectors. It may also create the opportunities for placements in the same host organization or other organizations. 1.2 Objective of Report After the completion of internship program, it...
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...The financial service terms form is part of your Financial Service Agreement with The Toronto-Dominion Bank and its affiliates. The financial service terms document helps explain what the services are provided by the bank with detailing the use and important information about their accounts. When a person signs the financial service agreement any existing agreement between the bank and the person who signs the agreement, for any particular product or service is replaced by this new agreement. There are few exceptions in which replacements of the existing agreement are not replaced. These exceptions are “any provisions whereby you have indicated who may deal with your joint account or whether your joint account has a right of survivorship remain valid until replaced with a new joint ownership record; and all provisions dealing with the specific terms of a particular product or service, including term, interest rate, amount of investment or any other terms particular to the product or service provided to you by us, to the extent that such provisions are not contained in the Agreement, remain valid until expiry or renewal.” It is not necessary that all the services mentioned in the contract will be used by the signatory. Person can request for new services later on, and if the bank introduces any new services then the signatory will be informed. There are seven parts of the Financial Service Terms, in which it is clearly stated what the services in your agreement are. The first...
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...The financial service terms form is part of your Financial Service Agreement with The Toronto-Dominion Bank and its affiliates. The financial service terms document helps explain what the services are provided by the bank with detailing the use and important information about their accounts. When a person signs the financial service agreement any existing agreement between the bank and the person who signs the agreement, for any particular product or service is replaced by this new agreement. There are few exceptions in which replacements of the existing agreement are not replaced. These exceptions are “any provisions whereby you have indicated who may deal with your joint account or whether your joint account has a right of survivorship remain valid until replaced with a new joint ownership record; and all provisions dealing with the specific terms of a particular product or service, including term, interest rate, amount of investment or any other terms particular to the product or service provided to you by us, to the extent that such provisions are not contained in the Agreement, remain valid until expiry or renewal.” It is not necessary that all the services mentioned in the contract will be used by the signatory. Person can request for new services later on, and if the bank introduces any new services then the signatory will be informed. There are seven parts of the Financial Service Terms, in which it is clearly stated what the services in your agreement are. The first...
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...Cash Management Trends in India Niraj Vedwa President Head – Global Sales and Marketing Nucleus Software (Original article published in gtnews.com) This article examines the cash management and payments developments in India, in terms of bank offerings and new corporate best practice. Traditionally having a paper-based clearing system involving not only high processing cost but security risk, cash management in India has certainly undergone a paradigm change. From a product-centric approach, the focus for almost all banks today has shifted emphatically to the customer. And success is all about bringing the maximum possible delivery channels to the prospect's doorstep. In the rapidly transforming world of business, banking faces its biggest challenge yet - constant change. With every bank seeming to offer service possible, efficiency coupled with innovative value added solutions have emerged as the key business differentiators that affect a bank's bottom line. Confronted with shrinking deposits/margins, rising customer expectations and intensifying competition, banks must at all times strive to be a step ahead of industry standards. At the same time, they cannot lose sight of credit risk, a natural byproduct of the increasingly complex relationships in today's dynamic markets. For some time now, technology has been the key driving force behind every successful bank. In such an environment, the ability to recognise and capture market share depends entirely on the bank's...
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...Cash Management Trends in India Niraj Vedwa President Head – Global Sales and Marketing Nucleus Software (Original article published in gtnews.com) This article examines the cash management and payments developments in India, in terms of bank offerings and new corporate best practice. Traditionally having a paper-based clearing system involving not only high processing cost but security risk, cash management in India has certainly undergone a paradigm change. From a product-centric approach, the focus for almost all banks today has shifted emphatically to the customer. And success is all about bringing the maximum possible delivery channels to the prospect's doorstep. In the rapidly transforming world of business, banking faces its biggest challenge yet - constant change. With every bank seeming to offer service possible, efficiency coupled with innovative value added solutions have emerged as the key business differentiators that affect a bank's bottom line. Confronted with shrinking deposits/margins, rising customer expectations and intensifying competition, banks must at all times strive to be a step ahead of industry standards. At the same time, they cannot lose sight of credit risk, a natural byproduct of the increasingly complex relationships in today's dynamic markets. For some time now, technology has been the key driving force behind every successful bank. In such an environment, the ability to recognise and capture market share depends entirely on the bank's...
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...Part-01 Introduction The Jews in Jerusalem introduced a kind of banking in the form of money lending before the birth of Christ. The word ‘Bank’ was probably derived from the word ‘Bench’ as during ancient time Jews used to do money lending business sitting on long benched. First modern banking was introduced in 1668 in Stockholm as ‘Savings Pis Bank’, which opened up a new ear of banking, activates through out the European Mainland. Banks are now beyond those old concepts. Now bank represents a significant & influential sector of business worldwide. Most individuals and originations make use of the Banks, either as depositors and borrowers. Bank play a major rule in maintaining confidence in the monetary system through their close relationship with regulatory authorities & governments the regulation imposed on them by those government. 1.1: Origin of the report For any business school student only curriculum activity is not enough for handling the real business situation, therefore it is an opportunity for the students to know about the field of business through the internship program. As internship program is a perfect blend of the theoretical and practical knowledge. This report is originated to fulfill the requirement of the assign project internship report on “Loan Disbursement and recovery system” has been assigned to me by Human Resource Division (HRD) of NCCBL, Head Office, Dhaka. In this regard, I have worked as an internee in National...
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...months. The customer is particularly worried about risk following the GFC and the market volatility that continues to characterise world financial markets. Explain the features of call deposits, term deposits and CDs to the customer and provide advice on risk-reward trade-offs that might be associated with each product. Answer Call deposits or demand deposits are funds held in a savings account that can be withdrawn on demand. Features of call deposits are: • They are held in accounts other than a cheque account where the funds are available on demand. These types of accounts are generally referred to as savings account. • They may take the form of the traditional passbook account, whereby the depositor holds a physical passbook that provides a record of all transactions and funds held. • Call deposit account holders usually receive interest payments, but the return on funds invested is low. Term deposit: A deposit held at a financial institution that has a fixed term. These are generally short-term with maturities ranging anywhere from a month to a few years. When a term deposit is purchased, the lender (the customer) understands that the money can only be withdrawn after the term has ended or by giving a predetermined number of days notice. The features of term deposits are: • The main purpose of fixed deposit account is to enable the individuals to earn a higher rate of interest on their surplus funds (extra money). • The amount can be deposited only...
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...Many businesses audit their accounting records to ensure the validity and reliability of their financial statements. Bank reconciliation is a critical piece of accounting information on a business's cash balance. The term reconciliation refers to reconciling the cash balance reported in a business's bank statement with that shown on the business's own cash records. Differences between a bank's record of cash and a business's record often exist because of the reporting time delay from when a business deposits or writes checks to when a bank clears the checks and records them. Cash reporting differences may also result from the time lapse during which bank charges and credits remain unknown to a business until a bank statement becomes available. Each month, a business must perform a bank reconciliation to determine the correct cash balance, and auditing the bank reconciliation ensures that the reconciled cash balance reflects correct adjustments. Step 1 Test mathematical accuracy. A bank reconciliation is a working paper in which a business applies various adjustments, such as deposits in transit, outstanding checks, bank charges and credits to both a bank statement balance and a book recording balance and find agreement between the two sets of cash records. In auditing bank reconciliation, the auditor always performs a basic arithmetic test to ensure that cash additions and deductions made to bank and book balances are mathematically correct. Step 2 Confirm bank...
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...Checkbook Register Number | Date | Transaction Description | Payment | Deposit | $ Balance | #1 | Nov 1st | | | | $1,234 | #2 | Nov 3rd | Refund from utility company | | +$25 | $1,259 | #3 | Nov 5th | Paycheck | | +1,500 | $2,759 | #4 | Nov 10th | Power bill , water, cable and internet | -$278 | | $2,481 | #5 | Nov 15th | Grocery’s | -$11.84 | | $2,469.16 | #6 | Nov 20th | Auto, Inc (fix car) | -$2,500 | | -$30.81 | #7 | Nov 23rd | Overdraft fee | -$90 | | -$59.16 | #8 | Nov 23rd | Loan from sister | | +$200 | $110 | #9 | Nov 29rd | Bank charge | -$20 | | $90 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Reflection: Answer the following prompts: 1. Explain how you used signed numbers in this activity? How I used signed numbers in this activity was to make sure I wrote out each transaction correctly. In the payment area whenever I see money is being taken to pay something I put a negative by it. A plus for what was coming in. So I could tell what I had coming in/out. So I can manage my checkbook correctly. 2. Describe two additional real-life situations that involve signed numbers. When I am doing math problems such as an fractions. Also when I am cooking, There is always a problem or solution that involves -/+. 3. In #5 in the check register, you purchased three bottles of Pepsi at $0.99 each. Suppose you purchase x bottles. Write an algebraic expression...
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...Assignment #2 Use Cases Raquel S Murillo Dr. Johnnie E. Drake, Jr. HCAD 520: Healthcare System Analysis February 3, 2014 Use Cases Need cash? When a customer decides that he or she needs to process a withdrawal from their bank account that action is exactly that, a process. The customer first inserts their ATM into the card reader slot and expects that the transaction will go by smoothly and uneventful, but things could possibly go wrong. If the card reader is not able to read the card, it will eject the card and display an error message on the screen. Examples of an error message may include “Error Code 1” which would me that the system has timed-out while trying to process your request. If the system is able to successfully read the card, it will move on to ask for the customer’s pin number. The system will, in a matter of seconds, verify that the pin number entered is in fact correct and if so continue with the process. As soon as the pin number is verified, it will than display a menu of various options. Among that list of options, the customer will find the option to withdraw money. And this will be the beginning of a new process. Once the card has been inserted, read, accepted, and authenticated by the system; the withdrawal transaction will begin. This withdrawal transaction has many steps that need to be followed. First off, the system will display the question on the screen asking the customer to choose whether to withdraw from a savings or...
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...Chapter 4 Real World Word Problems 1. Citibank charges $17 for 150 checks. In Sunday's, Boston Globe, you can order 200 checks for $5.50 as a first time customer. Shipping cost is $1.95. What is the total savings by getting your checks from the advertisement in The Sunday Boston Globe? 2. Ranch Company received a bank statement showing a bank balance of $9,732. Ranch's bookkeeper noticed that the bank collected a $2,400 note. A $500 June 1 deposit was in transit. Outstanding checks for the month were $492. The bank charged a $15 service charge. Ranch forgot to record a $45 withdrawal from the ATM. Could you help Ranch's bookkeeper prepare a reconciliation assuming Ranch has a $7,400 checkbook balance? 3. Alice Kool has a checking account with Citizens Bank. Her current balance June 1 was $1,017.20. For the month of June, the following information was recorded in her check register. What is her ending checkbook balance on June 30? June 8 | Check No. 611 | Amazon.com | $81.96 | 15 | Check No. 612 | Dell Computer | 33.10 | 19 | Deposit | | 800.40 | 20 | Check No. 613 | Sprint | 110.22 | 24 | Check No. 614 | Krispy Kreme | 217.55 | 29 | Deposit | | 198.10 | 4. Anna Carmen, who banks in New Jersey, wants to balance her checkbook, which shows a balance of $1,018.25. The bank shows a balance of $210.20. The following checks have not cleared the bank: No. 85, $20.50; No. 87, $145.50; and No. 88, $215.10. Anna has a $20.00 service...
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...IMPORTANT NOTICE TO FIRST TENNESSEE BANK CUSTOMERS This notice describes changes to the terms of the First Tennessee Bank Fee Schedule (“Fee Schedule”). Effective September 26, 2011, unless a later effective date is noted with regard to certain fees, the following will apply to your consumer deposit account with First Tennessee Bank. Except for the changes described herein, all other provisions of the Fee Schedule remain in effect. The section titled Automated Teller Machines (ATMs) is amended to read as follows: There is no charge to use an ATM card or First CheckSM Visa® Debit card issued by us for your deposits, cash withdrawals or most balance inquiries at any of our ATMs. A $2 fee will be charged for QuickStatementsSM. QuickStatements provides a print-out of your last ten transactions (including bank charges) and your available balance. Checking accounts are charged $2.00 for each account transaction and each balance inquiry using a non-First Tennessee ATM. Premier Checking accounts do not incur a charge for use of a non-First Tennessee ATM. The owner of that ATM (or the network it uses) might also surcharge you to use its machine. Surcharges from owners of other ATMs are refunded to Premier Checking customers. The section titled Charge back check fee is amended to read as follows: A charge of $16 is made for each check you deposit that is returned to us unpaid and debited from your account. The section titled Miscellaneous Charges is amended to read as follows: Cashier’s...
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...University of Technology, Jamaica Faculty of Business and Management School of Business Administration Post Graduate Division SUBMISSION DATE: July 24, 2010 Service Encounter themes with San Flora Express Recovery Satisfactory I ordered a bouquet from San Flora Express and paid for same day service but the wrong bouquet was delivered a day later. The customer service manager called back to apologize and advise me about the delay and sent a gift basket on the delivery day, sent an upgrade to the floral arrangement the following day and this was done without any additional charges. Dissatisfactory The customer service representative informed me that there was nothing they could do about delivering my bouquet on-time and told me that late or next day delivery was a consequence of placing an order on a public holiday. This was not explained when I was making the ordering and payment. She furthered informed me that the order was non-refundable. Adaptability Satisfactory My cousin went into labour a week and a half before the expected time. The policy at San Flora Express states that orders placed after mid-day will be delivered on the following day. However, the receptionist said there were not much delivery to go out that afternoon and made an exception in my case to have the bouquet delivered that evening. Dissatisfactory I know that my cousin is allergic to Daffodils and Chrysanthemums so I asked San Flora Express to inform me of the types of flowers...
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