...Accounting Research Institute, Faculty of Accountancy UniversitiTeknologi MARA, Shah Alam, Malaysia Sheila Nu NuHtay Institute of Islamic Banking and Finance International Islamic University Malaysia, Gombak, Malaysia Syed Ahmed Salman PhD. Candidate and research assistant at Institute of Islamic Banking and Finance, International Islamic University Malaysia, Kuala Lumpur Sponsored or supported by: ARIHICoE Research Grant Abstract Since the last few decades, Islamic finance industry has developed tremendously penetrating not only the Muslim countries but surprisingly the non-Muslim countries as well. It has been acknowledged by the scholars on the need for this development to cater for the Islamic banking, Takaful and Islamic capital market industries. These three main industries are interrelated and dependent on each other in order to ensure that the whole Islamic financial system is in compliance with the Islamic principles. Among these three streams of the service industry, the Islamic capital market plays a crucial role to support the other two. Since Islamic banks and Takaful operators have to invest to provide the benefits to the investors and policy holders which are compatible with the conventional counterparts, the Islamic capital market is assumed to be the backbone for the two to survive and grow in the Islamic finance industry. Country such as Malaysia has issued the Shari’ah Governance Framework (SGF) specifically for Islamic banking sector in its most recent development...
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...fully describe these words (finance and accounting) as both have very wide meanings and applications in the business world. Most business has an aim to make profit and to remain solvent and the above two concepts play an important role in achieving this objective. This paper aims to answer the above questions and further goes on to say why both should and are considered a vital part of business and their importance in the whole business set up. Literature Review Accounting has been defined as the soul of the business (Collin P, 2004). Accounting is described as the means by which information is communicated in a firm, and is thus known as the language of business. Accounting is described as a vital function in preventing fraud and corporate corruptions in organisations (Glautier, M.W.E. and B. Underdown, Accounting theory and practice). Accounting is important as it provides information to external parties (stakeholders) by providing a true picture on the business financial position. Finance is described as an administrative function aimed at raising funds for the business (B.B Howard. Introduction to Business Finance). Finance is aimed to maximise the value of the firm and attain the main objectives of the firm; I. Shareholders wealth maximisation II. Profit maximisation This is achieved by determining the optimum capital structure and the efficient utilisation of resources by analysing risk and return (B. B Howard. Introduction to Business Finance). Findings and analysis ...
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...CORPORATE FINANCE EXERCISE SESSION I: REVIEW ANSWER CHAPTER 1. INTRODUCTION TO CF: 1. What are the nature and the objective corporate finance? * Corporate finance: any financial or monetary activity that deals with a company and its money. * Objective: maximize the profits, increase liquidity, enhance competition ability 2. Describe the financial relationships in a company. Shareholders are considered partial owners of an organization, although business owners retain majority ownership. Employees work for companies and receive wages for their job performance, but do not own any part of the company unless they purchase stock or acquire it through benefits. (Shareholder Rights When investors buy shares of a company’s stock, they acquire ownership rights to the organization. However, shareholder ownership rights are usually limited. A corporation’s bylaws outline the specific rights of shareholders. In most cases, shareholders acquire rights to vote in members of a corporation’s board of directors, and to vote on certain issues that impact the organization. The voting power of shareholders is dependent on the number of individual shares owned. Shareholders possess certain rights to a company’s assets and dividends. If a company goes bankrupt, a bankruptcy court may award shareholders the rights to receive money from the liquidation of the company’s assets. Importance of Shareholders Companies depend on shareholders to buy their stocks to raise money for...
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...industry: Financial Advisor, Director of Recruiting, and Operations Manager/Principal. These specific careers were selected among a pool of many others because we believe there is a correlation with these professions with the beginning, middle and end stages of a career in the industry. To learn more about these fields we were given the pleasure of interviewing and talking to the individuals that have seen success, failure, and have overcome obstacles to earn lucrative incomes throughout their career. The given perspectives of these community role models have helped us with our research on really getting an in depth look on...
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...Name Assessor Date issued 29/09/2015 Internal Verifier MUHAMAMD SAJID Task 1 / Task 2 F Khan Task 3 / Task 4 Week 8 Week 14 Assignment title Learning Outcome Corporate finance in decision making Assessment In this assignment you will have the opportunity to Criteria present evidence that shows you are able to: Task no LO1 Understand the sources of finance available to a Business 1.1 identify the sources of finance available to a business 1 1.2 assess the implications of the different sources 1 1.3 1 2.1 evaluate appropriate sources of finance for a business project analyse the costs of different sources of finance 2.2 explain the importance of financial planning 2 2.3 2 2.4 assess the information needs of different decision makers explain the impact of finance on the financial statements 3.1 analyse budgets and make appropriate decisions 3 3.2 explain the calculation of unit costs and make pricing 3 3.3 assess the viability of a project using investment appraisal techniques 3 4.1 discuss the main financial statements 4 4.2 compare appropriate formats of financial statements for different types of business 4 4.3 interpret financial statements using appropriate ratios and comparisons, both internal and external. 4 LO2 Understand the implications of finance as a resource within a business LO3 Be able to make financial decisions based on financial information LO4 Be able to evaluate the financial performance of a business Evidence...
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...retain a copy of the assessment item on its database for the purpose of future plagiarism checking).I certify that I have read and understood the Institute Rules in respect of Student Academic Misconduct. | | | | | | | Date | Student Signature | B. MARKER TO COMPLETE Comment : | Grade | | | | | | | | | | | | | | | Date | Marker’s Signature | | | IV’s Feedback | | | | | | | Date | IV’s Signature | Higher National Diploma in Business Management | Unit Title: Managing Financial Resources and Decisions | Assignment Title & Number:QCF-S1-A1-MFR | Learning Outcomes Covered:Outcome1: Understand the sources offinance available to a businessOutcome2:Understand the implications of finance as a resource within a businessOutcome3:Be able to make financial decisions based on financial informationOutcome4:Be able to evaluate the financial performance of a business | Assessment Criteria Covered: 1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 2.4,...
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... |PAGE NO. | | |PART-I General Information | | |1 |About the industry |01 | |2 |About the Company |06 | |3 |About the Functional Departments | | | |Production Department |14 | | |Finance Department |17 | | |Marketing Department |19 | | |Human Resource Management Department |22 | | |Purchase and Stores Department |27 | |...
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...A B. Finance Specialization Requirements (12 semester hours): Term Two (spring) | | | IMB 531 Portfolio Analysis and Management I: Equity | (2) | | IMB 532 Portfolio Analysis and Management II: Fixed Income | (2) | | IMB 533 Portfolio Analysis and Management III: Derivatives and Financial Risk Management | (2) | | IMB 536 Global Macroeconomic Trends and Financial Institutions or CSB Elective | (1) | | IMB 534 International Real Estate Investment | (1) | | IMB 539 Financial Management | (2) | | IMB --- CSB Elective | (2) | | Or | | | | | | IMB 595 Special Topics in International Business (to be completed at an IBSA partner school) | | C. Thesis or Extensive Written Case Analysis (12 semester hours): Term 3 (summer) | | | IMB 599 Thesis | (6) | | IMB 594 Capstone Project / Practicum | (6) | IMBA Course Descriptions (UNCW) The course descriptions shown below are only for courses offered by UNCW and the Cameron School of Business. See each alliance school for their course offerings. IMB 531. Cases in International Finance (1-2) This course will focus on international financial management cases. Cases will build on topics of international monetary systems, international investment decisions, portfolio diversifications, multinational capital structure, and foreign exchange risk and management. IMB 532. Portfolio Analysis and Management I (2) This course is designed to focus on tool and techniques of modern portfolio theory...
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...running a camp can take a few blows, but other areas cannot. This paper will debate the usage of some of the different areas that make up a camp, and whether or not they are absolutely necessary to the full affect to make the camp work. To give an adequate picture of how a camp is formed, the best way to imagine it is to think of a skeletal system. The bones of the camp are the strategic planning and design of the camp itself; if an idea wasn’t there, the camp would never get off the ground. The staff and facilities itself are the muscles of the camp. Without them, the camp director would never be able to get things done, and the participants would not gain anything from the experience. Risk management is a big part of camp life, so in a way it would be the skin. The skin protects everything inside, but can take a few blows for the greater cause. Everything else can be considered as the veins. Marketing, finance, food services, volunteers and transportation services are things that most often get over looked, but could conceivably be the most important to the overall operation. This could be because they are seen as after effects; especially for camps that have no need for them. All together, in order for a camp to function properly, these different aspects need to be planned for and understood in order for the participants to get the most out of their camp experience. It all begins with the practice of marketing a camp. In order to have the need for anything else, people need...
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...1.0 Introduction Capital markets are a major source of finance for large companies engaging in investment projects. Successful investment projects can bring tremendous returns to shareholders in the form of dividend payment and increased share value. However, the source of finance affects a company’s overall cost of capital and by extension its dividends to shareholders. This report addresses the importance of the capital market and the efficient market hypothesis theories. The various source of finance available to large companies and the related cost. As well as the importance of the dividend decision and its possible affect on the company’s share price. [pic] 2.0 The role and importance of capital markets and efficient market hypothesis (EMH) [pic] The Role and Importance of Capital Markets A capital market is a market for the trading of long term securities such as, but not limited to debt and equity securities. A capital market which includes bond markets and stock exchanges serves two major functions. Firstly, it acts as a primary market for issuing new equity and debt capital. This means that companies[1] who want to raise new financing for investment projects or business expansion can source funding via this market. Secondly, it also acts as a secondary market for trading (that is to say buying and selling) of existing securities. The secondary market also serves as a source of pricing information for the primary market. Capital markets provide important...
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...Corporate Governance in Financial Services UMACTF-15-M Corporate Financial Strategy – 2014 Student number- 07975484 Word Count- 2,021 Introduction Dictum Meum Pactum- My word is my bond. Simple, powerful, trustworthy. Unfortunately, the world we live in is not simple, those that hold power (and those that do not) are not always trustworthy. Moral hazard is rife in everyday decisions we make, when multimillion amounts are on the line this does not simply fade. In fact, the temptation to break moral code is as high as it will ever be. As much as we would like to trust those in control to be acting in our best interest, we definitely feel better when there are safeguards in place to ensure we are protected. These safeguards are the beginning of the notion of corporate governance, “The process of supervision and control intended to ensure that the company’s management acts in accordance with the interests of shareholders” Parkinson (1993). Over the course of this essay I will investigate and explain how corporate governance has failed and how this failure is arguably at fault for, or at least contributed to, the recent financial crisis in the UK. Critically assessing the pitfalls in corporate governance I will present a reasonable case for where responsibility lies for resolving previous problems and from this move to suggest potential areas for improvement that may limit the potential for future failure. What has happened? We have experienced financial...
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...from this Mark A. Belnick, Mark H. Swartz, and Dennis Kozlowski How did they benefit? These three men benefited by starting a program that they benefited in the form of using Tyco stock, cash bonuses and forgiveness of loans and earning about 150 million between all three of the men. How were they harmed? The shareholders were the main people that were hurt were the shareholders were affected and harmed because there were not getting the right finances or accurate reports given to them such as annual reports because of misappropriated funds. This is called getting a cook book. b. What rights or claims were violated? The Security and Exchange Act of 1934 which is a law that governs secondary trading when it comes to bonds, debentures, and stocks. Also the Securities Act of 1933 which protects the offers and sells of securities and possibly part of RICCO was violated. c. What specific interests were in conflict? Mark H. Swartz's role as CFO requires him to accurately report the corporation's finances to the board of directors and shareholders, as CEO Dennis Kozlowski is supposed to oversee this same thing. It appears the both knowingly knew they were not doing the correct ting. d. What were the responsibilities and obligations of those in leadership positions? To honestly, accurately and be able to run a company to accurately report the...
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...REPORT ON THE PROPOSED RISK MANAGEMENT POLICY, ITS IMPORTANCE, STRATEGY AND RISK CULTURE OF CHOPPIES ENTERPRISE LIMITED PRESENTED TO: BOARD OF DIRECTORS, CHOPPIES GROUP OF COMPANIES BY: Mr Monamodi Collen Gontse (RISK MANAGER) 1st OCTOBER 2014 Choppies Accounts Boardroom; 2nd Floor Gaborone International Commerce Park Choppies Enterprises Limited, PLOT No 100 Gaborone International Commerce Park, East Gate Gaborone West, Botswana Contents 1. TERMS OF REFERENCE 3 2. ACKNOWLEDGEMENT 4 3. EXECUTIVE SUMMARY 5 4. INTRODUCTION 6-7 5. BACKGROUND 7-9 6. IMPORTANCE OF RISK MANAGEMENT POLICY & CHOPPIES RISK MANAGEMENT POLICY 10-12 7. RISK MANAGEMENT ARCHITECTURE 12-15 8. RISK AWARE CULTURE 15-17 9. ISO 31000 APPLICATION IN CHOPPIES ENTERPRISES LTD 17-18 10. RECOMMENDATIONS 18 11. CONCLUSION 18 12. References 19-20 Terms of Reference This report strives to evaluate the effectiveness of Choppies Enterprises Limited ERM, using the ISO 31000 Risk Management framework as a standard, documenting the findings...
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...Journal of International Accounting, Auditing & Taxation 10 (2001) 139 –156 A study of the relationship between corporate governance structures and the extent of voluntary disclosure Simon S.M. Ho*, Kar Shun Wong School of Accountancy, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong Abstract The primary objective of this study is to test a theoretical framework relating four major corporate governance attributes with the extent of voluntary disclosure provided by listed firms in Hong Kong. These corporate governance attributes are the proportion of independent directors to total number of directors on the board, the existence of a voluntary audit committee, the existence of dominant personalities (CEO/Chairman duality), and the percentage of family members on the board. Using a weighted relative disclosure index for measuring voluntary disclosure, the results indicate that the existence of an audit committee is significantly and positively related to the extent of voluntary disclosure, while the percentage of family members on the board is negatively related to the extent of voluntary disclosure. The study provides empirical evidence to policy makers and regulators in East Asia for implementing the two new board governance requirements on audit committee and family control. © 2001 Elsevier Science Inc. All rights reserved. Keywords: Corporate disclosure; Corporate governance; Voluntary disclosure; Hong Kong 1. Introduction It is commonly agreed...
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...down the primary functions of the Bank as: * to formulate necessary monetary and foreign exchange policies to maintain the stability in price and consolidate the balance of payments for sustainable development of the economy of Nepal; * to develop a secure, healthy and efficient system of payments; * to make appropriate supervision of the banking and financial system in order to maintain its stability and foster its healthy development; and * to further enhance the public confidence in Nepal's entire banking and financial system. The Bank is eminently aware that, for the achievement of the above objectives in the present dynamic environment, sustained progress and continued reform of the financial sector is of utmost importance. Continuously aware of this great responsibility, NRB is seriously pursuing various policies, strategies and actions, all of which are conveyed in the annual report on monetary policy. Vision To become “ A modern, dynamic, credible and effective Central Bank” Mission To maintain macro-economic stability through sound and effective monetary, foreign exchange and financial sector policies. NRB Governors over the years S.N. | Name of Governor | Term of office | 1. | Mr. Himalaya Shumsher J.B. Rana | April 26, 1956 – February 7, 1961 | 2. | Mr. Laxmi Nath Gautam |...
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