...If there is Shariah Non-Compliance in the entity, who is responsible to that activity? Conventional auditing procedures do not account for the specific Shariah compliance risk to which all Islamic financial institutions are exposed. The role of a Shariah auditor is different to that of a conventional auditor because its remit is derived from the basic values of Islamic society. The most important point to be noted is that a Shariah audit is separate from the financial and operational auditing processes undertaken by Islamic financial Institutions. Deloitte explains in its Islamic Accounting Guidelines that: “Standards for Islamic financial institutions have to be developed because in some cases Islamic financial institutions encounter problems because the existing standards were developed based on conventional institutions, product structures or practices, and may be perceived to be insufficient. The Islamic finance industry is in improvement whereby there is enhance in practice, improve risk management and also increase in number of investor. A proper standard framework for Shariah Compliance Audit is essential to ensure the harmonization of Shariah practice in Islamic Financial Institutions. The development of Shariah audit programme is also important as to ensure the procedures of each product in Islamic Financial Institutions are being followed. So this shows that Shariah Compliance Audit Framework and Audit Programme are important for Islamic Financial Institutions specifically...
Words: 313 - Pages: 2
...Background KFC began with Colonel Harland Sanders. He discovered his penchant for cooking when he was only 9 years old. Through the years he grew up to become a personage the world knows as Colonel Sanders, founder of KFC. He reached celebrity status in 1952, when he decided to franchise his famous Kentucky Fried Chicken recipe blends of 11 herbs and spices to the rest of America. By the early 70's, that special recipe reached Malaysia. Today, KFC Malaysia continues to serve finger lickin' good, succulent pieces of chicken. The flavourful blends of 11 herbs and spices give KFC's delicious aroma. With the chicken's natural juices sealed-in, leaving a special mouth watering taste that cannot be replaced. KFC prides itself as a fast-food restaurant that give customers great tasting chicken with a selection of home-styled side dishes and desserts to make a wholesome, complete and satisfying meal. KFC Malaysia The first KFC restaurant was opened in 1973 on Jalan Tunku Abdul Rahman. Today there are more than 500 KFC Restaurants nationwide and still counting. Great tasting chicken has become synonymous with KFC; and has been enjoyed by Malaysians ever since. In fact, KFC Malaysia has developed a distinctive Malaysian personality of its own. ESPECIALLY FOR MALAYSIANS We are an establishment that is run by Malaysians and managed by Malaysians; we took it upon ourselves to create a selection of food that would make Malaysia proud on the international scene. Kentucky...
Words: 4154 - Pages: 17
...banks. These additional risks arise for various reasons, including the specific nature of financing contracts and legal requirements to ensure compliance with Shariah principles. In order to manage and mitigate these greater risks, an Islamic bank needs to allocate more resources than what a conventional bank would need to do for the same purpose. A recent study of risk management practices of Islamic banks in Pakistan, undertaken by the authors, reveals that the strength of risk management practices has a negative relationship with profitability. The study examined the risk management practices of all five full fledged Islamic banks operating in the country. However, it is thought that while Islamic banks would need a relatively higher commitment of resources for their risk management function and thereby adversely affect profitability, it is crucial for their sustenance in the long run. Islamic banks need to arm themselves with management skills and operational systems to cope with this environment in the face of rapid growth. A weak risk culture has been identified as a hindrance to sustainable growth of Islamic banks by EY World Competitiveness Report 2013. The risks identified by the IFSB Guidelines 2005 were the focus of the study. These include credit risk, market risk, liquidity risk, operational risk, Shariah compliance risk, equity investment risk, rate of return risk and displaced commercial risk. The risk management practices were further subdivided into Risk Policy...
Words: 858 - Pages: 4
...Limitation There have been several limitations we have faced while completing the term paper. At every stage in this study we have been tried to be done with reasonable level of competence in the field of Human Resource Department. Despite of these efforts some internal and external shortcomings have been observed while doing the information collection, field working and editing and analyzing the data obtained from the respondents. The major limitations are as the followings: 1. Most of the respondents are not encourage to our survey, so a big portion of response error has been occurred at the initial stage. 2. No pre-contact with the employees have been ensured prior to the survey, which was necessary. 3. Relevant papers and documents were not available sufficiently because of confidentiality. In many case, up to date information is not available. The lack of knowledge about the sources of secondary data is also a limitation of this study. 4. Information was taken by bank from Dhaka city in one Branch only; it does not represent the rest of the country. 5. Some of the options are not adequately categorized. Where the information about the compensation of the employees as their demographic information has to be given; there could be a customize option for Compensation. This limitation results in a number of response errors. 6. In some cases lack of coordination with the some of the employees has caused turbulence & confusion while...
Words: 4486 - Pages: 18
...AN OVERVIEW OF SOUTHEAST BANK Southeast Bank Limited, a second generation private Bank, emerged in 1995 amid liberalization of global economies. Currently, its Authorized Capital is Tk.10, 000.00 million and its capital and reserve reached 9,927.16 million as of December 31, 2009. Its vision is to stand out as a premier banking institution in Bangladesh and contribute significantly to the national economy. The Bank, in the meantime, successfully completed 15th year of banking operations, recording significant growth in all the performance indicators. In 2009, the Bank earned an after tax profit of Tk.1870.19 million. The deposit of the bank grew by 41 percent to Tk.96, 669.05 million and advance by 29 percent to Tk.77, 497.57 million compared to those of 2008. During the last five years (2005-2009), the Bank achieved an average annual growth of 28 percent in deposit, 29 percent in advances, 52 percent in export and 29 percent in import and 110 percent in remittance. During the last five years, the export volume increased by three times to Tk.46,724.47 million and foreign remittance increased by seven times to Tk.23,800.00 million. Operational excellence, coupled with qualitative improvements continued to be of paramount importance to the Bank. At present, the Bank has 56 branches, 10 SME Centers and 1 Off-Shore Banking unit across the country. Plans have been drawn to raise another 10 branches and at least 10 more SME Centers in 2010. Bank’s journey towards greater operational...
Words: 3722 - Pages: 15
...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...
Words: 11405 - Pages: 46
...NNNNNNNNNN UNITED GROWTH BERHAD (Company No. 739648-W) Islamic Medium Term Notes pursuant to an Islamic Medium Term Notes Programme of RM2.2 billion under the Shariah principle of Musharakah Joint Lead Arrangers and Joint Lead Managers CIMB Investment Bank Berhad HSBC Amanah Malaysia Berhad (Company No: 18417-M) (Company No: 807705-X) 13 June 2012 IMPORTANT NOTICE Responsibility Statements This Information Memorandum has been approved by the directors of United Growth Berhad (Company No: 739648-W) (“UG” or “Issuer”) and UEM Group Berhad (Company No: 6551-K) (“UEM” or “Obligor”) and UG and UEM accept full responsibility for the accuracy of the information contained in this Information Memorandum. UG and UEM, after having made all reasonable enquiries, confirm that this Information Memorandum contains all information with respect to UG and UEM which is material in the context of the Islamic medium term notes programme of RM2.2 billion (“Programme”) and the offering of the Islamic medium term notes (“Sukuk”) under the Programme. The opinions and intentions expressed in this Information Memorandum in relation to UG and UEM are honestly held, have been reached after considering all relevant circumstances and are based on reasonable assumptions and there are no other facts in relation to UG and UEM or the Programme the omission of which would, in the context of the Sukuk issue, make any statement in this Information Memorandum misleading in any...
Words: 101090 - Pages: 405
...KUWAIT FINANCE HOUSE (MALAYSIA) BERHAD (672174-T) (Incorporated in Malaysia) Directors' Report and Audited Financial Statements as at 31 December 2010 Registered Office Level 18, Tower 2, Etiqa Twins, 11 Jalan Pinang, 50450 Kuala Lumpur KUWAIT FINANCE HOUSE (MALAYSIA) BERHAD (672174-T) (Incorporated in Malaysia) CONTENTS PERFORMANCE OVERVIEW STATEMENT OF CORPORATE GOVERNANCE DIRECTORS' REPORT STATEMENT BY DIRECTORS STATUTORY DECLARATION REPORT OF SHARIAH COMMITTEE INDEPENDENT AUDITORS' REPORT STATEMENTS OF FINANCIAL POSITION INCOME STATEMENTS STATEMENTS OF COMPREHENSIVE INCOME STATEMENTS OF CHANGES IN EQUITY STATEMENTS OF CASH FLOWS NOTES TO THE FINANCIAL STATEMENTS PAGE 1 1 - 18 19 - 23 24 25 26 - 27 28 - 29 31 - 32 33 34 35 36 - 37 38 - 139 KUWAIT FINANCE HOUSE (MALAYSIA) BERHAD (672174-T) (Incorporated in Malaysia) 1 PERFORMANCE OVERVIEW The Group and the Bank registered a loss after taxation of RM75.6 million and RM97.3 million respectively for the financial year ended 31 December 2010 due to the more challenging operating environment in 2010 as the Group and the Bank embarked on its business realignment and restructuring plans in early 2010. The total assets of the Group has decreased by RM661.5 million to RM10.9 billion as at 31 December 2010. Despite the anticipated full year results, the Group made marked progress in Quarter 1 to Quarter 4 of 2010 profit/(loss) before taxation and the Group stood on a strong capitalised position with a...
Words: 46736 - Pages: 187
...Different Modes of Investment of Islami Bank Bangladesh Limited [pic] Islami Bank Bangladesh Limited Date of submission: 19th May, 2011 Different Modes of Investment of Islami Bank Bangladesh Limited Kawran Bazar Branch and Its Performance Prepared By www.AssignmentPoint.com Student Declaration I hereby declare that report entitled Different Modes of Investment of Islami Bank Bangladesh Limited Kawran Bazar Branch and Its Investment Submitted in partial fulfillment of the requirement for the degree of Bachelors of Business Administration (BBA) Is my original work and not submitted for the award of any other Degree, Diploma Fellowship or other similar title or prizes ________________________________ www.AssignmentPoint.com Certification This is to certify that the internship Report titled Different Modes of Investment of Islami Bank Bangladesh Limited Kawran Bazar Branch and Its Investment Submitted in partial fulfillment of the requirement for the degree of Bachelor of Business Administration (BBA) is approved and accepted in form and quality. ________________ ____________________ Supervisor ...
Words: 16295 - Pages: 66
...Banking Sector Performance, Regulation and Bank Supervision Chapter-5 32 other hand, PCBs' deposits in 2006 amounted to Taka 955.5 billion or 51.3 percent of the total industry deposit against Taka 731.3 billion or 47.0 percent in 2005. FCBs' deposits in 2006 rose by Taka 38.2 billion or 33.9 percent over the previous year. The DFIs' deposits in 2006 were Taka 100.2 billion against Taka 89.5 billion in 2005 showing an increase of 12.0 percent over the year. Aggregated Balance Sheet 5.4 Assets: Aggregate industry assets in 2006 registered an overall increase by 17.8 percent over 2005. During this period, NCBs' assets increased by 3.1 percent and those of the PCBs' rose by 22.9 percent. Loans and advances played a major role on the uses of fund. Loans and advances amounting to Taka 1543.6 billion out of aggregate assets of Taka 5.2 In 2006 the nationalized commercial banks (NCBs) held 32.7 percent of the total industry assets as against 37.4 percent in 2005. Evidently, NCBs' domination in this area is showing a declining trend, while PCBs' share rose to 47.7 percent in 2006 as against 45.6 percent in 2005. The foreign commercial banks held 11.8 percent of the industry assets in 2006, showing a satisfactory increase by 4.5 percentage points over the previous year. The DFIs' share of assets was 7.8 percent in 2006 against 9.7 percent in 2005. 5.3 Total deposits of the banks in 2006 rose to Taka 1860.6 billion from Taka 1554.7 billion in 2005 showing...
Words: 11212 - Pages: 45
...1.1 Origin of the Report: This Internship Report has been prepared under the Internship program, an indispensable part of the Bachelor of Business Administration (BBA) program. For the internship purpose, I chose Islami Bank Bangladesh Ltd. (IBBL), Mirpur-10 Branch and prepare this report on the investment related activities of the organization. 1.2 Objective of the Study The primary objective of this report is to observe the investment related activities for the Investment Department of Islami Bank Bangladesh Ltd., Mirpur-10 Branch. The other objectives include: • To understand the different modes of investment of IBBL, Mirpur-10 Branch. • To familiarize with the various investment schemes offered by Mirpur-10 Branch. • To get the practical exposure of the banking activities. • To adapt with the corporate environment. 1.3 Scope of the Study In this report I have focused on all the qualitative which include profiles of IBBL, investment modes like Bai mode, Profit & loss sharing, bearing mode, Rent sharing mode, different schemes of investment such as household durable schemes, housing investment scheme, transport investment scheme, car investment scheme, investment scheme for doctors small business investment scheme, rural development scheme, etc. and lastly financial performances have been depicted. 1.4 Methodology of the Study The data required for this study were collected from both primary and secondary sources; however, majority of the information...
Words: 8642 - Pages: 35
...Chapter 1 1.1- Objective of the Term paper The main purpose of report is to focus on the recruitment and selection process that will enhance our skill and broaden our area of knowledge about the interesting world of human resource and management. Recruitment and selection process is such type of task that is based more on projections and creativity and it involves lot of effort to be successful. By making this report we will be able to reach to the in-depth of recruitment that will help to identify our lacking of job analysis and this will be helpful for our future career. This term paper being made as the requirement of the course human resource Management objectives. 1.2- Limitations We are really grateful to our course instructor Ethica Tanjeen as for her that we have got the opportunity to do such analytical task. Through making this term paper; we will be able to gain the practical knowledge. It will help us to improve our communication and analytical skill that will benefit us in future. As we are just studying in BBA so we have some lack of knowledge to do such task efficiently and effectively and there must be some mistakes in this report. But through doing such analytical job we can overcome our lacking. Chapter 2 Theoretical Frame Work 2.1- Recruitment and Selection Recruitment and selection are two of the most important functions of personnel management. Recruitment precedes selection and helps in selecting a right candidate. Recruitment...
Words: 6475 - Pages: 26
...meal shared between family and friends. at KFC, it is all about building a brand that brings people together and creates that ‘so good’ moments. Thus, the choice of the cover illustrates ‘so good’ which is what the brand is all about. KFC Holdings (Malaysia) BHd (65787-T) annual Report 2011 2 Contents Shareholders’Overview Financial Highlights 6 notice of annual general Meeting 9 statement accompanying notice of annual general Meeting 14 Our Performance in 2011 Corporate statement 18 Review of operations 32 Reliable Corporate Citizen Corporate social Responsibility 48 The Corporation Board of directors 60 Top Management Committee 76 Head of division 77 shariah advisory Council 80 Corporate information 81 group structure 82 Accountability Corporate governance statement 84 audit Committee Report 93 statement on internal Control 97 additional Compliance information 100 Financial Statements directors’ Report 127 statements of Financial Position 131 statements of Comprehensive income 132 Consolidated statement of Changes in Equity 133 statement of Changes in Equity 135 statements of Cash Flows 137 notes to the Financial statements 139 statement by directors 204 statutory declaration 204 independent auditors’ Report 205 list of Properties Held 207 analysis of shareholdings 220 analysis of Warrant Holdings 223 Form of Proxy KFC Holdings (Malaysia) BHd (65787-T) annual Report 2011 2 What We Bring To The Table... we bring a So Good Family...
Words: 63483 - Pages: 254
...Chapter-5 Banking Sector Performance, Regulation and Bank Supervision 5.1 Bangladesh Bank (BB) continued to focus on strengthening the financial system and improving functioning of the various segments. The broad parameters of the reforms undertaken during the year comprised ongoing deregulation of the operation of institutions within the BB's regulatory ambit, tightening of prudential regulation and improvement in supervisory oversight, expanding transparency and market disclosure, all with a view to improving overall efficiency and stability of the financial system. The following paragraphs highlight the recent regulatory and supervisory Table 5.1 Banking system structure 2006 Bank Number Number of types of banks branches SCBs DFIs PCBs FCBs Total 4 5 30 09 48 3384 1354 1776 48 6562 Total assets 786.7 187.2 1147.8 284.9 2406.7 % of industry assets 32.7 7.8 47.7 11.8 100.0 Deposits measures initiated by BB for banks and financial institutions and also the industry statistics of the banking sector and the performances trends. A. Banking Sector Performance 5.2 The banking sector of Bangladesh comprises of four categories of scheduled banks. These are state-owned commercial banks (SCBs), state-owned development finance institutions (DFIs), private commercial banks (PCBs) and foreign commercial banks (FCBs). The number of banks remained (billion Taka) 2007 % of Number Number of Total deposits of banks branches assets 35.2 5.4 51.3 8.1 100.0 4 5 30 09 48 3383 1359 1922...
Words: 12667 - Pages: 51
...TABLE OF CONTENTS Executive Summary Prefatory Origin of Bank Definition of Bank History of Banking in Bangladesh History of Private Banks in Bangladesh Current Structure of Banks in Bangladesh Introduction Origin of the Report Objectives Scope Rationale of the study Methodology Limitations Literature Review Organization Overview DBL Background Nature of Business Shariah Council of the bank Vision Mission Core Values Objective of EXIM Bank as a shariah basedIslamic Bank Strategic objectives of DBL Customer charter _____________________________________26 _____________________________________26 _____________________________________27 _____________________________________05 _____________________________________07 _____________________________________08 _____________________________________08 _____________________________________09 _____________________________________11 _____________________________________13 _____________________________________17 _____________________________________18 _____________________________________19 _____________________________________19 _____________________________________20 _____________________________________20 _____________________________________21 _____________________________________21 _____________________________________23 _____________________________________24 _____________________________________25 _____________________________________25 _____________________________________25 _____________________________________25 _____________________________________26...
Words: 25550 - Pages: 103
