...ASSIGNMENT#1 Submitted By: Saadia 1. Accounting and Auditing Organization for Islamic financial institution (AAOIFI) The AAOIFI is a non-profit organization that focuses mainly on the area of accounting and auditing for Islamic financial institutions. While recognizing the need for standards, AAOIFI was established on February 1990 in Algeria and was registered on March 1991 in the kingdom of Bahrain. The organization is supported by 200 institution members from 45 countries across the global. The AAOIFI is one of prominent Islamic agency that attempts to install accounting and auditing standard for Islamic financial industry. The main object is to develop and disseminate accounting and auditing thought relevant to Islamic financial institutions and their applications. Its tasks include holding seminars, publishing periodicals, newsletters, commissioning research and prepare, promulgate, interpret and review, the accounting and auditing standards for Islamic financial institutions. Its notable efforts are to inform and encourage banking supervisors around the world to adopt its standard as the benchmark for Islamic financial institutions in their countries. These attempts to improve the transparency and comparability of the financial reporting of Islamic financial institutions are bearing fruit. The AAOIFI’s standard has been applied in various countries such as Bahrain and Sudan which require Islamic Banks in their countries to follow AAOIFI’s standards. In Qatar and Saudi...
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...THE AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILIPPINES, AUTHORIZING ITS CONDUCT OF ISLAMIC BANKING BUSINESS, AND REPEALING FOR THIS PURPOSE PRESIDENTIAL DECREE NUMBERED TWO HUNDRED AND SIXTY-FOUR AS AMENDED BY PRESIDENTIAL DECREE NUMBERED FIVE HUNDRED AND FORTY-TWO (CREATING THE PHILIPPINE AMANAH BANK) Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:: WHEREAS, the State, in Section 20, Article II of the Constitution, encourages private enterprise and provides incentives to needed investments; WHEREAS, under the Constitution, the use of property bears a social function so that the consequences in law also must be defined by policy objectives related to property rights in productive enterprises; WHEREAS, toward this end, the Government has committed itself to the establishment of an Islamic bank that operates within a legal framework permitting the investors or participants the rights to equitable or beneficial share in the profits realized from financing productive activities and other operations: Now, therefore. THE CHARTER OF THE AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILIPPINES Section 1. Title. - This Act shall be known as "The Charter of the Al-Amanah Islamic Investment Bank of the Philippines." ESTABLISHMENT AND FUNCTIONS Section 2. Name, Domicile and Place of Business. - There is hereby created the Al-Amanah Islamic Investment Bank of the Philippines, which shall be hereinafter called the Islamic Bank.ts principal...
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...Introduction Corporate governance refers to the method by which a corporation is directed, administered or controlled. It includes the laws and customs affecting that direction, as well as the goals for which it is governed. Corporate governance mechanisms and controls are designed to reduce the inefficiencies that arise from moral hazard and adverse selection. Corporate governance is also viewed as a process of monitoring performance by applying appropriate counter-measures and dealing with concepts such as transparency, integrity and accountability. Corporate governance requires corporations to exercise immense accountability to shareholders and the public, and also monitors the management of organisations in running their businesses. Corporate governance is normally divided into two categories, that is, self and statutory. Self-regulation involves aspects of corporate governance that are difficult to legislate. The issues in this category involve the human element, ie the independence of the board of directors, the relationship with the management and appraisal of the director’s performance. Statutory regulation, on the other hand, is the framework of corporate governance that can be explained in legal terms. The legislative and regulatory rules include: 1. Duties, obligations, rights and liabilities of directors, controlling shareholders and company officers. 2. Disclosure and transparency. Today, good corporate governance is considered vital as it promotes morality...
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...Logistics and Supply Chain Management June 17, 2015 Abstract As organizations increase their global footprint, the need for reliable, ethical, and sustainable suppliers also increases. Understanding this need, more businesses are engaging suppliers that are the most cost effective and not necessarily the most ethical. This brings me to the research of purchasing ethics. Specifically how do ethics change the landscape of today’s global market? This paper will look at several factors that include the cross cultural understanding of ethics, the personal and professional responsibility, and several ethical challenges such as environmental responsibility and human rights and the impact it has on the global market. Key Words: business ethics, global market, cultural factors, professional responsibility, ethical challenges I. WHAT IS ETHICS – DEFINITION AND UNDERSTANDING Clearly define what ethics mean in the global market and the domestic market and how it is interpreted in each. II. CULTURAL FACTORS IN GLOBAL MARKETS Identify how cultural factors such as religion, sexual orientation, and accepted standard practices influence or hinder international and domestic business. III. PERSONAL AND PROFESSIONAL RESPONSIBILITY TO BUSINESSES Identify the responsibility and moral obligation when ethical dilemmas occur, your personal code of ethics or that of the executive, or corporation. IV. ETHICAL CHALLENGES TO GLOBAL MARKETS Understand the responses...
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...influences structure out comes. Therefore service organization, supported the results of the current study, would be able to establish and manage feeling and emotions of their staff in providing top quality and superior services to focus on customers and additionally to market the spirit of service providing and effectiveness of staff, produce some competitive blessings for themselves. Within the current banking setting service quality is one among the most “weapons” that modify banks to differentiate though a really standardized and heavily regulated product from the competition. Following a technique supported service quality is extremely typically a “must” within the current marketplace. These changes compact on each the structure of the trade and also the nature of competition between banks. That’s been same; service quality has become associate more and more vital issue for living and success within the banking sector. This text assesses the effectiveness of the SERVQUAL’s 5 dimensions to the Islamic Bank and measures service quality judged by the customer’s perceptions. that the results from analysis of them supported co relational analysis, simple regression toward the SPSS version twenty for knowledge analysis, total sample two hundred, show that 'emotional intelligence has no impact on the service quality provided to customers'. The expectations of customers were manner over perception that they had regarding Islamic Bank services. Showing 'there is a Gap between perceived...
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...International And Regional Organizations: | Pakistan’s Role In Organizations | | In this paper I have discussed the International and Regional Organizations. Moreover, I have discussed Pakistan’s Role in different Organizations i.e. South Asian Association For Regional Corporation, United Nations, Economic Co=operation Organization, Non Aligned Movement and Organization Of Islamic Conference. | | | | | Name: Class: Subject: Subj Code: Submitted To: Submission Date: International And Regional Organizations: Introduction: An international organization is an organization with an international membership, scope, or presence. There are two types: International nongovernmental organizations (NGOs): non-governmental organizations (NGOs) that operate internationally. These include International non-profit organizations. Examples include the World Organization of the Scout Movement, International Committee of the Red Cross International corporations, referred to as multinational corporations. Intergovernmental organizations, also known as international governmental organizations (IGOs): the type of organization most closely associated with the term 'international organization', these are organizations that are made up primarily of sovereign states. Example includes the United Nations (UN). Recognized Regional Organizations (ROs) are independent bodies which share IFAC's mission and values and which, in many cases, share IFAC's membership. ROs play...
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...Vol. 1 No. 6 June 2013 SHARIAH GOVERNANCE FOR ISLAMIC CAPITAL MARKET: A STEP FORWARD Nawal Kasim 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...
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...Chapter-one Introduction Introduction 1.1 Back Ground of the Study Training and Development of employees is superseding importance to the continued success of any organization. Training is a learning process, which seeks relatively permanent change in an individual that will improve the ability to perform on the job. Training involves the change of knowledge, skills, and attitude or behavior. By Training, it is meant the process of learning potential knowledge for job and making them to apply for actual or anticipated organizational success. On the other hand development is the acquisition of knowledge, skills and behaviors that improve and employee's ability to meet changes in job requirements and in client and customer demands. In contrast, by T&D procedure it is meant the methodological steps through which human resources are skilled for doing job smoothly. The Padma Islami Life Insurance Co. Ltd. has established a Training and research Academy for their employees Training and Development. The components of the Training System are discussed below. 1.2 Objective of the Study Main Objective: The main objective of the study is to know the Training and Development Systems of Padma Islami Life Insurance Company Ltd. Specific Objective Specific Objectives are as follows: 1. To know about the training mechanism of Padma Islami Life Insurance Company Ltd. 2. To know about the Training and Development materials of Padma Islami Life Insurance...
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...disclosure by Islamic banks: evidence from Gulf Cooperation Council countries Abdullah Awadh Bukair and Azhar Abdul Rahman Abstract Corporate social activities have become major subjects because of their effects on the quality life of citizens, in particular, and on the society at large. Therefore, today, there is an increase awareness of social responsibility due to the challenges meeting the financial institutions (particularly, Islamic banking) around the world. This paper examines the influence of the board of directors’ characteristics, consisting of board size, board composition, and the separation roles of CEO and chairman, on corporate social responsibility (CSR) disclosure in 53 annual reports of Islamic banks of Gulf Cooperation Council (GCC) countries after controlling of bank size, financial performance and relevant public. Based on the framework of legitimacy theory, the findings show that CSR disclosure has a negative and insignificant relationship with board composition. On contrast, the study found insignificantly and positive association between CSR disclosure and other characteristics of board of directors (board size and the separation roles of CEO and chairman). With regards control variables, the study indicates that bank size and financial performance have a positive and significant influence on CSR disclosure, while relevant public has no effect. Therefore, the results indicate that corporate governance structure of board of directors within Islamic banks of...
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...to provide banking services based on Islamic principles. The bank, which started its operation with only 3 branches in the first year of its inception, has now 254 branches in 28 years of operation. As a bank, Islami Bank Bangladesh Limited receives deposits from its customers from all over the country as well as from abroad on profit and loss sharing basis and deploys that fund to different investment clients to gain profit. The bank distributes an agreed portion of the profit earned to the customers and the shareholders. Islami Bank Bangladesh Limited also performs foreign exchange business. In this process, the bank endeavors to contribute to the betterment of the society. In the context of open market economy, the foreign exchange business is growing rapidly and playing a vital role in the economic growth of a country. About 40 % of total business of our country is rolling through foreign exchange transaction. Islami Bank Bangladesh Limited has significantly contributed in flow of international transactions. Among the private commercial bank of our country IBBL is being kept the first position in export, import, remittance flow and as well as earnings the operating profit. Why I have chosen this topic, because to focus the foreign exchange banking performance of IBBL & its activities as based on Islamic Shariah. This study is done to evaluate the overall activities of IBBL. Findings of the study may benefit the organization itself to take strategic decision on...
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...Project submitted by: Syed Saquran Ali Kazmi Karar Abbas Riffat Batool Aisha Nadeem Quaid-i-Azam School of Management Science Table of Contents 1 Ethics…………………………………………………………………………. 3 2 Business Ethics………………………………………………………………. 3 3 History……………………………………………………………………….. 4 4 Business ethic policy………………………………………………………… 5 5 Corporation in Business ethics……………………………………………... 5 6 Corporation a Moral agent………………………………………………… 6 7 Corporation to be governed………………………………………………… 6 8 The Employment relation in Business Ethics……………………………… 7 9 International Business Ethics………………………………………………. 9 10 Problems in Business Ethics………………………………………………… 10 11 Challenges in business Ethics……………………………………………….. 11 12 CASE: Business Ethics in Islam…………………………………………….. 12 13 Ethics in Islam……………………………………………………….. 13 14 Freedom in Enterprises……………………………………………… 13 15 Islam Tenets Concerning Business Transactions………………….. 14 16 Keenness to Earn Legitimate (Halal) Earnings…………………….. 14 17 Trade through Mutual Consent…………………………………….. 15 18 Truthfulness in Business Transactions……………………………... 16 19 Trustworthiness in Business Transactions…………………………. 16 20 Generosity and Leniency in Business Transactions………………... 17 21 Honoring and fulfilling Business Obligations………………………. 17 22 Fair Treatment of Workers…………………………………………. 18 23 Prohibited matters in Business Transactions……………………….. 18 24 Dealing in Prohibited (Haram) Items……………………………….. 18 25 Sale of Al-Gharar...
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...Perceptions on Islamic Banking Acceptance Abstract This research was conducted to investigate bank employee perceptions on Islamic banking acceptance. The questionnaires were distributed to bank employee at Maybank Islamic Wangsa Maju (Islamic bank) and Maybank Setapak (Islamic window) Kuala Lumpur. Interestingly, few of the bank employees possessed a relevant academic background or relevant experience in banking on this career. The bank employee also claimed that they had very limited knowledge in this area prior to working with the banks; thus, the issue of the availability of well-trained and skilled employees must be addressed critically by the government, industry players and educationists for the sustainable growth of Islamic banking in Malaysia, and to meet the target set for the year 2011. Keywords: Bank Employees perceptions, Islamic Banking, Product & Service, Training & Experience 1.0 INTRODUCTION 1.1 Background of study In 1970, Islamic banking was almost unknown and considered to be wishful thinking. By the early years of the twenty-first century, however, Islamic banking the deniable truth has emerged, for it is growing at a steady pace. The size of the industry, which amounted to a few hundred thousand dollars in 1975, had reached billions of dollars by 2004. The value of Shari’ah-compliant accounts worldwide is estimated between US$200 billion and US$500 billion and is growing at an average annual rate of 10-15 per cent. It is predicted that Islamic banks...
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...------------------------------------------------- Financial System of Bangladesh The Financial System is a set of institutional arrangement through which surplus units transfer their fund to deficit units. At present the financial system in Bangladesh is mainly composed of two types of institutions like banks and non-bank financial institution (NBFIs). The formal financial sector in Bangladesh includes: (a) Bangladesh Bank as the central bank, (b) 48 commercial banks, including 4 Government owned commercial banks, 30 domestic private banks (PCBs) (of which 6 banks are operating under Islamic Shariah), 9 foreign banks (FCBs) (of which 1 bank is operating as Islamic bank); and 5 government-owned specialized banks (DFIs); (c) 28 non-bank financial institutions (NBFIs) – licensed by the Bangladesh Bank); (d) 2 large government- owned insurance companies (life and general) and 60 private owned (17 life and 43 general) insurance companies; (e) 2 stock exchanges and, (f) some co-operative banks. Besides, a good number of semi-formal micro finance institutions (MFIs) also are operating in Bangladesh. Structure of Financial System: The main constituents of financial system are : i) Financial Institutions ii) Financial Instruments, and iii) Financial Markets. Financial Institutions The modern name of Financial Institution is Financial Intermediary (FI), because it mediates or stand between ultimate borrowers and ultimate lenders and helps transfer funds from one to another...
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...hearted gratitude to my fellow friends near and dear ones who faired encouragement, information, inspiration and assistance during the course of constructing this internship report. Executive Summary: This report will give a clear idea about total activities and its performance. Especially this report focuses on the “Analysis of Different Modes of Investment of Islami Bank Bangladesh Limited IBBL”. After reading this report it will be easy to get idea about establishment of Islami Bank Bangladesh Limited (IBBL). This report also focuses on performance evaluation of IBBL .This report also explains the general banking, Investment and Foreign Trade of IBBL .This report also contains findings, recommendation and conclusion. IBBL is an Islamic Bank based...
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...emerged as a global problem against which an internationally united battle has to be fought constantly. Violent behaviour in order to create an atmosphere of fear in the society or a part of it for political ends is generally termed as Terrorism. A terrorist is a person who creates fear panic among the organization to which he belongs. Terrorists resort to various ways to accomplish these goals like planting crude home-made bombs, hand-grenades or other explosives in a shopping centre or a crowded place like a railway-station or a bus stand or even a bus, train or aeroplane, kidnapping, assassination or hijacking. Different terrorist activities all over the world may have different aims, but a few goals, common to all may be underlined. It may be because they want a regime to react or they intend to mobilize a mass support through fear, to eliminate opponents or enemies or to magnify their cause. Terrorist groups are the biggest threat to any civilian of any country. Here is the list of terrorist groups from the ones who are not very well known and whose terror attacks are not much recorded to the ones who terrorize the whole world and cause severe catastrophe. 10. Armed Islamic Group of Algeria (GIA) With an endeavor to overrule the Algerian government, this terrorist group was founded in July 1992 and became notorious in 1994, after hijacking the “Air France Flight 8969″. Since then it has conducted a deadly crusade of killing innocent civilians, bombarding public places,...
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