...ER E N U OP A E CON OMY E o o cP p r 4 5 J n 2 1 c n mi a es 1 | u e 0 0 T e h n ig atr i Itrain l rd h C a g P t n n nen t a Ta e n e o a dC ptl lw o te uf o p rt n n a i Fo s fh G lC o eai a o C u c C u t e i C mp r o w t o n i o nr sn o ai n i l i s h O h r iE p r n C u t e te O l x ot g o nr s i i Mag P ees ra etr E R P A C MMISO U OEN O S IN Economic Papers are written by the Staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The Papers are intended to increase awareness of the technical work being done by staff and to seek comments and suggestions for further analysis. The views expressed are the author’s alone and do not necessarily correspond to those of the European Commission. Comments and enquiries should be addressed to: European Commission Directorate-General for Economic and Financial Affairs Publications B-1049 Brussels Belgium E-mail: Ecfin-Info@ec.europa.eu This paper exists in English only and can be downloaded from the website ec.europa.eu/economy_finance/publications A great deal of additional information is available on the Internet. It can be accessed through the Europa server (ec.europa.eu) KC-AI-10-415-EN-N ISSN 1725-3187 ISBN 978-92-79-14901-6 doi 10.2765/42450 © European Union, 2010 Reproduction is authorised provided the source is acknowledged. The Changing Pattern in International Trade and Capital Flows of the Gulf Cooperation Council Countries in Comparison...
Words: 7747 - Pages: 31
...Islamic Banking and Finance To Dr Mohammad Omar Zubair, who is a source of inspiration for all those working in the field of Islamic economics and finance Islamic Banking and Finance New Perspectives on Profit-Sharing and Risk Edited by Munawar Iqbal Islamic Development Bank, Saudi Arabia David T. Llewellyn Loughborough University, UK Edward Elgar Cheltenham, UK • Northampton, MA, USA In association with: International Association of Islamic Economics Islamic Development Bank The Islamic Foundation © Dr Munawar Iqbal and Professor David T. Llewellyn 2002 (on behalf of the Steering Committee for the Fourth International Conference on Islamic Economics and Banking held at Loughborough University, UK, August 13–15, 2000) All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited Glensanda House Montpellier Parade Cheltenham Glos GL50 1UA UK Edward Elgar Publishing, Inc. 136 West Street Suite 202 Northampton Massachusetts 01060 USA A catalogue record for this book is available from the British Library Library of Congress Cataloguing in Publication Data Islamic Banking and Finance: New Perspectives on Profit-Sharing and Risk / edited by Munawar Iqbal, David T. Llewellyn p. cm. “Some of the papers were presented...
Words: 106697 - Pages: 427
...512 per share ALMARAI COMPANY A Saudi Joint Stock Company (under conversion) in accordance with Ministerial Resolution No. 773 dated 6/5/1426H (Corresponding to 13/6/2005G) Offering Period: 27/5/1426H to 7/6/1426H (Corresponding to 4/7/2005G to 13/7/2005G) Almarai Company Limited (“Almarai” or the “Company”) was formed as a Saudi limited liability company with Commercial Registration Number 1010084223, dated 19/12/1411H (corresponding to 1/7/1991G). The Minister of Commerce and Industry has, pursuant to resolution No. 773 dated 6/5/1426H (corresponding to 13/6/2005G), authorized the conversion of the Company from a limited liability company into a joint stock company. The share capital of the Company is SAR 750 million consisting of fifteen (15) million shares with a nominal value of SAR 50 each. Following completion of the Offering (as defined below) and the conclusion of the Conversion General Assembly, an application will be submitted to the Minister of Commerce and Industry requesting him to announce the conversion of the Company. The Company will be considered duly converted into a joint stock company from the date of issuance of the Ministerial Resolution declaring its conversion. The Initial Public Offering (the “Offering”) of 4,500,000 shares (the “Offer Shares”) with a nominal value of SAR 50 each, all of which are fully paid, and representing 30% of the issued share capital of Almarai, is directed at and may be accepted by Saudi nationals only. The Offer Shares...
Words: 51292 - Pages: 206
...1 The Impact of China-Africa Trade Relations: The Case of Angola By Dr Ron Sandrey Associate Trade Law Centre of Southern Africa Prepared for the African Economic Research Consortium Nairobi, Kenya November 2009 2 Acknowledgements The author would like to thank Hannah Edinger, Research Fellow, China Africa Network, Centre for Business and Academic Research, Gordon Institute of Business Science, University of Pretoria; and Senior Manager & Head of Research at Frontier Advisory, for comments on a previous draft, and for research and editorial assistance. The author would also like to express gratitude to the African Economic Research Consortium for commissioning the research paper. 3 Table of Contents 1. Introduction……………………………………………………………………. 4 1.1 Problem Statement…………………………………………………………………... 4 1.2 Objectives of Report……………………………………………………………….… 5 1.3 Overview of Report……………………………………………………………….….. 7 2. Background………………………………………………………………….… 9 2.1 Angola & China Country Snapshots and the background trading relationship………………………………………………………………………….… 9 2.1.1 2.1.2 2.1.3 2.1.4 2.1.5 2.1.6 2.1.7 2.2.1 2.2.2 2.2.3 Angola – A Country Snapshot………………………………………………………….…. China – A Country Snapshot……………………………………………………………… Angola’s trade profile………………………………………………………………………. Angola’s trade profile with China…………………………………………………………. Angola’s other trade partners……………………………………………………………… Who are the gainers and losers from Angola’s increasing merchandise trade flows...
Words: 27003 - Pages: 109
.................................................................7 3. Understanding Riba ...........................................................10 3.1 A world shaped by Riba.................................................... 10 3.2 What is Riba? ................................................................. 11 4. The Misunderstanding of Riba............................................20 4.1. Religious reformism and capitalism ................................... 20 4.2 The Islamic Reformers ..................................................... 23 4.3 The followers of Reda ...................................................... 27 4.4 The misunderstanding of Riba an-nasiah today.................... 28 4.5 Equating Riba to interest in a loan ..................................... 33 4.6 Islamic Banking .............................................................. 34 4.6.1 Islamic Banks are banks ............................................. 34 4.6.2 Murabaha: what it is and what it is not ......................... 38 4.6.3 How the Islamic Bank’s version of the contract of Murabaha came into being ................................................................. 41 4.6.4 The danger of making principles out of contracts............ 46 4.7 The Stages of the “Islamisation” process ............................ 48 4.8 On the methodology of modernism .................................... 49 5. Understanding Paper Money ..............................................54 5.1 Paper money...
Words: 24329 - Pages: 98
.................................................................7 3. Understanding Riba ...........................................................10 3.1 A world shaped by Riba.................................................... 10 3.2 What is Riba? ................................................................. 11 4. The Misunderstanding of Riba............................................20 4.1. Religious reformism and capitalism ................................... 20 4.2 The Islamic Reformers ..................................................... 23 4.3 The followers of Reda ...................................................... 27 4.4 The misunderstanding of Riba an-nasiah today.................... 28 4.5 Equating Riba to interest in a loan ..................................... 33 4.6 Islamic Banking .............................................................. 34 4.6.1 Islamic Banks are banks ............................................. 34 4.6.2 Murabaha: what it is and what it is not ......................... 38 4.6.3 How the Islamic Bank’s version of the contract of Murabaha came into being ................................................................. 41 4.6.4 The danger of making principles out of contracts............ 46 4.7 The Stages of the “Islamisation” process ............................ 48 4.8 On the methodology of modernism .................................... 49 5. Understanding Paper Money ..............................................54 5.1 Paper money...
Words: 24329 - Pages: 98
...INTRODUCTION Country risk refers to the risk of investing or lending in a country, arising from possible changes in the business environment that may adversely affect operating profits or the value of assets in the country. For example, financial factors such as currency controls, devaluation or regulatory changes, or stability factors such as mass riots, civil war and other potential events contribute to companies' operational risks. This term is also sometimes referred to as political risk; however, country risk is a more general term that generally refers only to risks affecting all companies operating within or involved with a particular country. Many investors choose to place a portion of their portfolios in foreign securities. This decision involves an analysis of various mutual funds, exchange traded funds (ETFs), or stock and bond offerings. However, investors often neglect an important first step in the process of international investing. When done properly, the decision to invest overseas begins with determining the riskiness of the investment climate in the country under consideration. Country risk refers to the economic, political and business risks that are unique to a specific country, and that might result in unexpected investment losses. This country risk analysis is a fundamental step in building and monitoring an international portfolio. Investors that use the many excellent information sources available to evaluate country risk will be better prepared...
Words: 5708 - Pages: 23
...A Summer Training Project Report on “RISK MANAGEMENT BY INDUSIND BANK LTD.” Undertaken at INDUSIND BANK, AGRA 10th April to 10th June 2009 Submitted by SUBODH AGARWAL Enrollment no. : 4108163163 Management of Business Finance INDIAN INSTITUE OF FINANCE CORPORATE GUIDE: MR. ASHOK SHARMA ASST. MANAGER AGRA BRANCH, AGRA UTTAR PRADESH. ACKNOWLEDGEMENT Expressing gratitude is not just an exercise of formality rather doing so evokes the memories of my association with my mentors and mates. I thank Chairman Prof. J. D. Agarwal and Director Aman Agarwal for allowing me to carry out this project. I wish to express my sincere gratitude to my corporate guide, Mr. Ashok Sharma for guiding me to understand the concepts those were not clear to me. I learnt a lot from his professional sknowledge. SUBODH AGARWAL 4108163163 Management of Business Finance Preface As a part of Management of Business Finance (MBF) programme, a student has to pursue a project duly approved by the Director of the Indian Institute of Finance. I had the privilege of undertaking a project on “Risk Management by INDUSIND BANK LTD.” My project report is divided into seven chapters and they are given as under: Chapter 1 INTRODUCTION Chapter 2 Review of literature Chapter 3 Research Methodology Chapter 4 Analysis Chapter 5 Consist of Findings, Conclusion, Suggestions, Limitations SIGNATURE: Name: SUBODH AGARWAL Enrollment No.: 41O8163163 Management of Business Finance CERTIFICATE This...
Words: 47032 - Pages: 189
...STENEFORD MANJENGWA 520151129C742F1EE6368 COURSE NAME: DEVELOPMENT OF CURRICULUM DESIGN Financial Accounting ATLANTIC INTERNATIONAL UNIVERSITY TABLE OF CONTENTS Introduction ………………………………………………………….3 History ……………………………………………………………….3 Description………………………………………………………….....4 Financial Reporting …………………………………………………..5 Accounting Principles…………………………………………………6 Balance Sheet…………………………………………………………7 Income Statements……………………………………………………8 Other Financial Statements…………………………………………..9 Bookkeeping Cycle…………………………………………………….9 Regulations and Standards…………………………………………..11 Accounting Reforms…………………………………………………..12 Biological Assets Research…………………………………………...13 Literatures Review……………………………………………………..14 Methodology and Model…………………………………………….... 16 Findings………………………………………………………………….18 Conclusion……………………………………………………………….19 References………………………………………………………………20 Financial Accounting INTRODUCTION Financial accounting refers to information describing the financial resources. Obligation and activities of an economic entity (either an organization or an individual). Accountants use the term financial position to describe an entity’s financial resources and obligations at appoint...
Words: 7526 - Pages: 31
...A N N U A L REPORT 2015 Financial Highlights As of or for the year ended December 31, (in millions, except per share, ratio data and headcount) Reported basis1 Total net revenue Total noninterest expense Pre-provision profit Provision for credit losses Net income Per common share data Net income per share: Basic Diluted Cash dividends declared Book value Tangible book value2 2015 $ $ $ Selected ratios Return on common equity Return on tangible common equity2 Common equity Tier 1 (“CET1”) capital ratio3 Tier 1 capital ratio3 Total capital ratio3 Selected balance sheet data (period-end) Loans Total assets Deposits Total stockholders’ equity Headcount 93,543 59,014 34,529 3,827 24,442 6.05 6.00 1.72 60.46 48.13 2014 $ $ $ 95,112 61,274 33,838 3,139 21,745 5.33 5.29 1.58 56.98 44.60 11% 13 11.6 13.3 14.7 $ 837,299 2,351,698 1,279,715 247,573 234,598 10% 13 10.2 11.4 12.7 $ 757,336 2,572,274 1,363,427 231,727 241,359 Note: 2014 has been revised to reflect the adoption of new accounting guidance related to debt issuance costs and investments in affordable housing projects. For additional information, see Accounting and Reporting Developments and Note 1 on pages 170 and 183, respectively. 1 Results are presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), except where otherwise noted. 2 Non-GAAP financial measure. For further discussion, see “Explanation and Reconciliation of the Firm’s Use Of Non-GAAP ...
Words: 207037 - Pages: 829
...Anthropological and Accounting Knowledge in Islamic Banking and Finance: Rethinking Critical Accounts Author(s): Bill Maurer Reviewed work(s): Source: The Journal of the Royal Anthropological Institute, Vol. 8, No. 4 (Dec., 2002), pp. 645667 Published by: Royal Anthropological Institute of Great Britain and Ireland Stable URL: http://www.jstor.org/stable/3134937 . Accessed: 27/02/2012 02:27 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. Royal Anthropological Institute of Great Britain and Ireland is collaborating with JSTOR to digitize, preserve and extend access to The Journal of the Royal Anthropological Institute. http://www.jstor.org ANTHROPOLOGICAL AND ACCOUNTING KNOWLEDGE IN ISLAMIC BANKING AND FINANCE: RETHINKING CRITICAL ACCOUNTS BILL MAURER Universityof Californiaat Irvine Accounting for accounting demands renewed attention to the knowledge practices of the accounting profession and anthropological analysis. Using data and theory from Islamic accountancy in Indonesia and the global network...
Words: 12667 - Pages: 51
...UNIVERSITY OF DHAKA DEPARTMENT OF ACCOUNTING & INFORMATION SYSTEMS ------------------------------------------------- ------------------------------------------------- Corporate Tax Planning ------------------------------------------------- Term Paper: Tax Incentives for Attracting FDI and Some Policy Recommendation University Of Dhaka Department of Accounting & Information Systems MBA Program Course title: Corporate Tax Planning A Term Paper on "Tax incentives for attracting FDI and some policy recommendation" Batch: 15th Section A MBA 1st Semester Date of Submission: 30th September, 2013. Letter of Transmittal September 30, 2013 To Mohammad Moniruzzaman ACA Assistant Professor Department of Accounting & Information Systems Faculty of Business Administration University of Dhaka Subject: Submission of term paper on “Tax incentives for attracting FDI and some policy recommendation” Honorable Teacher, It is our pleasure to submit this term paper featuring “Tax incentives for attracting FDI and some policy recommendation”. As a part of our MBA program we tried our best to gather relevant information for preparing a complete term paper. Without your sincere co-operation and proper guideline, it would not possible for us to prepare the term paper. For this act of kindness, we are grateful to you. This overview is not fully free from mistake due to some limitations. We hope you will accept it with gracious consideration...
Words: 11268 - Pages: 46
...IIMB-WP N0. 470 WORKING PAPER NO: 470 BASEL BANKING NORMS – A PRIMER Akshay Uday Shenoy PGP Student Indian Institute of Management Bangalore Bannerghatta Road, Bangalore – 560076 akshay.shenoy@iimb.ernet.in Yatin Balkrishna Mohane PGP Student Indian Institute of Management Bangalore Bannerghatta Road, Bangalore – 560076 yatin.mohane@iimb.ernet.in Charan Singh RBI Chair Professor Economics & Social Science Indian Institute of Management Bangalore Bannerghatta Road, Bangalore – 5600 76 Ph: 080-26993818 charansingh@iimb.ernet.in Year of Publication-October 2014 Basel Banking Norms – A Primer1 Abstract This paper aims to first build a deeper understanding of the emergence of Basel banking norms (Basel I), and the transition to each of the subsequent regulations (Basel II and Basel III). The primary purpose of developing this understanding is to further analyze the extent of effectiveness of the Basel norms. To explore how such regulations impact an economy, we have specifically looked at five economies of the world (including India), which are geographically apart, in this context. The idea here is to study how, for instance, banking institutions have shaped up to these norms – and whether the effects were favorable or adverse. We then conclude by conceptually looking at the future direction of regulations such as the Basel norms in the banking industry. Keywords: Banking, Financial Services, Regulation, Basel Norms, Capital Adequacy, Liquidity ...
Words: 13616 - Pages: 55
...UNCTAD/ITE/IIA/5 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT How to Prepare Your Business Plan UNITED NATIONS New York and Geneva, 2002 Note UNCTAD serves as the focal point within the United Nations Secretariat for all matters related to foreign direct investment and transnational corporations. In the past, the Programme on Transnational Corporations was carried out by the United Nations Centre on Transnational Corporations (19751992) and the Transnational Corporations and Management Division of the United Nations Department of Economic and Social Development. UNCTAD seeks to create an enabling environment for international investment and enterprise development. Its work is carried out through intergovernmental deliberations, technical assistance activities, seminars, workshops and conferences. The term “country” as used in this study also refers, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgement about the stage of development reached by a particular country or area in the development...
Words: 55910 - Pages: 224
...International Journal of Islamic Financial Services Vol. 1 No.3 ISLAMIC BANKING IN BANGLADESH: PERFORMANCE, PROBLEMS & PROSPECTS Md. Abdul Awwal Sarker Islamic banks can provide efficient banking services to the nation if they are supported with appropriate banking laws, and regulations. This will help them introducing PLS modes of operations, which are very much conducive to economic development. It would be better if Islamic banks had the opportunity to work as a sole system in an economy. That would provide Islamic banking system to fully utilize its potentials. Studies show that Islamic banks can not operate with its full efficiency level if it operates under a conventional banking framework, their efficiency goes down in a number of dimensions. The deterioration is not because of Islamic bank’s own mechanical deficiencies. Rather it is the efficiency-blunt operations of the conventional banking system that puts obstructions to efficient operation of Islamic banks. This does not mean that the survival of Islamic banks operating within the conventional banking framework is altogether threatened. Evidences from Bangladesh indicate that Islamic banks can survive even within a conventional banking framework by which over from PLS to trade related modes of financing. The Genesis of Islamic Banking in Bangladesh At birth, Bangladesh inherited an interest based banking system, which was introduced here earlier when the country was a part of British Colony. Since its...
Words: 9763 - Pages: 40
