...Q-3 to present your views on the goals of IBF and its responsibility (if any) to a ‘bigger agenda’; between being part of a movement as opposed to being an ‘industry’ Initial or Ideal Goals and Objectives of IBF Based On Chapra Concept and It Is Benefits The idea of Islamic banking was initiated and brought up by some economists who were conscious about socio economic development of Muslim nations based on Islamic principles. It was based on noble vision and objective of Islamic banking base on profit and loses sharing principle. The foundation of Islamic banking theory that they proposed was based on mudaraba and musharakah contracts as mechanism to operate Islamic banking system. “The early contributions on the theory of Islamic banking were only discussed as part of the subject in Islamic economic system. For example, the book by Qureshi on Islam and the Theory of Interest (Qureshi (l946)) which looked upon banking as a social service that should be sponsored by the government like other public institutions such as public health and education.2 His view was based on the point that the bank could neither pay any interest to account holders nor charge any interest on loans advanced. He also suggests the possibility for both Islamic banks and entrepreneur to create a partnership. No mention was made of profit-sharing.” Other economists were come up with different ideas at earlier stages such “the principle of mudarabah...
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...to highlight the basic foundation of Islamic financial system and the development of different markets and institutions. It will then point out certain issues and challenges facing the Islamic Financial Institutions. HISTORY Early History: The history of Islamic Financial system goes back to 1,000 – 1,500 AD, during which the Middle Eastern tradesmen would engage in transactions based on Shariah. During that time, the Ottoman Empire Arabs had good trade relationships with the Spanish, and they established their financial systems without interest, based on profit and loss sharing basis. As time went by, Middle Eastern and Asian regions became important trading partners for European companies such as the Dutch East India Company, as a result of which European banks started to spread their branches in these countries, which typically were interest-based. Thus the conventional financial institutions became more dominant as Western countries started to play an important role in world economy. Although, credit unions and co-operative societies based on profit and loss sharing system continued to exist, their activities were focused on very small geographical areas. Islamic Banking Practice, Early Initiatives: Islamic Finance started to grow radically in the mid 1980s when the first financial company based on Shariah, Mit Ghamr...
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... 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 material respect and all reasonable enquiries...
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...FINANCIAL RISKS OF SUKUK STRUCTURES Ali Arsalan Tariq M.Sc. International Banking Copyright AA Tariq, September 2004 A dissertation submitted in partial fulfilment of the requirements for the degree of Masters of Science at Loughborough University, UK. Acknowledgements First and foremost, I would like to thank my family – mother, father and my siblings – for their undying love. I would never have come so far without them. I would also like to take this opportunity to thank my supervisor, Dr. Humayon Dar, for his insightful guidance and for always being welcoming and patient with my unannounced visits throughout the year. This dissertation would never have been produced otherwise. Last but not least, I would like to thank my friends at Loughborough University that have made my summer of 2004 all the more memorable. For everything that is right, credit goes to all of the above. For anything that is wrong, I am culpable. Ali Arsalan Tariq September 2004 2 TABLE OF CONTENTS I. Introduction II. Islamic Financial Assets: Overview of Theoretical Aspects 2.1 Prohibitions 2.1.1. Prohibition of Riba (Interest) ` 2.1.2. Prohibitions of Gharar (Excessive Uncertainty) 2.1.3. Avoidance of Unethical Investments and Services 2.2 Alternative Basis of Financial Instruments 2.2.1 Partnership Contracts 2.2.2. Exchange Contracts 2.2.3. Financial Assets III. Evolution and Profile of Sukuk Structures and Markets 3.1 Types of Sukuk 3.1.1 Pure Ijarah Sukuk 3.1.2. Hybrid/Pooled Sukuk 3.1.3. Variable...
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...deeply committed to Islamic way of life as enshrined in the Holy Qur'an and the Sunnah. Naturally, it remains a deep cry in their hearts to fashion and design their economic lives in accordance with the percepts of Islam. The establishment of Islami Bank Bangladesh Limited on March 13, 1983, as the first of its kind in Southeast Asia, was the true reflection of this inner urge of its people. It was both a hope and a challenge to the Islam loving people of the country in general and the pioneers of the Islamic banking movement to make it a success. In the beginning there was some doubt in the minds of many people about the viability as well as the sustainability of the Islamic banking system. But the history of two decades of Islamic banking operation in Bangladesh not only removed this doubt from the minds of the people but also showed how a new banking concept based on Islamic values could so rapidly establish itself as the most modern, dynamic, and popular bank of the country. Within this short span of time the workforce of Islamic banks in Bangladesh in general and Islami Bank Bangladesh Limited, in particular, by their strong commitment and tireless effort have been able to prove the superiority of Islamic banking over conventional banking in every department of banking operations and services. The success of Islamic banks not only gave them enough floors in the field of banking but also encouraged at least one conventional bank to convert fully all its operations on Islamic...
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...1.0 Introduction: BBA is one of the most commendable professional degrees.The main objectives of BBA degreeis to provide the students with the prectical aspect of academic learning to the organizational setting. For the attainment of the purpose curriculum and syllabus is designed in a manner so that student are facilitated to have particular or empirical working experience to some extent. Inclusion of internship is a proof of one of the attempts. I am a student of Leading University, Sylhet. In BBA, my major subject is Accounting and Finance. For that consequence, I am performing my internship in banking sector and the organization is the SJIB in this regard. I selected the research topic as “ Overview of Banking Operations in Shahjalal Islamic Bank”. 1.1 Objective of the study: • The difference between Islamic and Conventional banking system • Overview and analysis of SJIBL • Overview of the Islamic Banking industry in Bangladesh • Concept of Islamic Banking 1.2 Source of Information: • Primary source : The primary source of information was gathered from the practical working experience during the internship period. • Secondary information : The secondary information was gathered from Bank’s Annual Reports, Manuals, Guidelines and Internet etc. 1.3 Scope of the study: This project has stipulated its analysis to the Islamic Banking system in Bangladesh only. Mainly SJIBL has been discussed here to understand the Islamic banking system. The study also...
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...analyze the financial secondary data for only publicly traded banks in the same region. The findings of the study show that there is a significant difference between the two sectors in 2007 and 2009 and there are no significant differences in 2008, which indicates the effect of the crisis on both sectors. IBs outperform TBs in 2007 and TBs outperform IBs in 2009. This result indicates the spread of the crisis to the real economy where IBs usually operate. INTRODUCTION Forty years ago Islamic Finance was virtually an unknown system; interestingly it has expanded to become a distinctive and fast growing segment of the International Financials markets. With a growth rate that ranges from 15% to 20% (EL- Qoroshy 2005). Islamic Finance in general and Islamic banking in specific become main players in the financial world. According to the IMF survey (2010) the total capital managed under Islamic Finance systems was estimated to be $820 billion at the end of 2008. More than 200 Islamic Banks operate in over than 70 countries concentrated in the MENA region and many western countries (Hassan & lewis, 2007). Obviously, the Islamic Banking sector attracts more attention during the financial crisis started in 2008. This attention is justified by the minor effect of the crisis on the financial institutions that comply to Islamic sharia’a (laws) (Chapra, 2008). In...
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...encouraged every time we attend his class. Without his encouragement and guidance this project would not have materialized. The guidance and support received from all the members who contributed and who are contributing to this project, was vital for the success of the project. We are grateful for their constant support and help. ABSTRACT: This research is conducted just to explore that what are the issues and challenges as also what opportunities are there for the Islamic banks in Pakistan. As Pakistan is a Muslim country and the main population is of Muslims, there is a great importance of Islamic banking in this country and people are getting aware of this financial system. But the main challenge here that is faced by the Islamic banking is that Pakistan govt. is supporting conventional banking more. For this research interviews were taken from the employees and the customers of Islamic banks. These interviews are about the basics of the Islamic banking, about the awareness of Muslim society, the opportunities for the development and growth and the challenges that are faced by the Islamic banks in Pakistan. This research shows that as the Muslims in Pakistan want halal banking and are switching towards Islamic banks as they want to live their lives according to Islam, so there are opportunities for the Islamic financial system in Pakistan. In order to make this financial system successful the banking authorities should...
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...performance, greater strategic role, globally relevant issues) 1.7 Example 1.1: A Busniess Dilemma 1.7 Counterpoint (opposing arguement, soft skills, first: make the right decision about the services they perform - second:) 1.7 Providing And Implementing Advice (technical skills, soft skills) 1.8 Figure 1.1 - Providing Business Advisory Services 1.8 (issue, requirement, request, investigation, advice, decision, implementation) 1.8 (recommend actions should be well supported, identify key stakeholders) 1.9 Figure 1.2 - The Chain Of Events For Business Advisory Services) 1.9 Example 1.2: Succession Plan - Please Help 1.9 Accounting Roles 1.10 (5 roles as identified by the International Federation of Accountants) 1.10 Example 1.3: Specialist Accounting Roles 1.11 Providing Strategic Advice 1.12 (accounting roles either: reactive or proactive) 1.12 Example 1.4: The First Strategic Decision 1.12 (Hertz, Beasley & White 2009) 1.12 (types advice provided by accoutants: financial management, productivity...
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...CERTIFICATE EXAMINATION IN INVESTMENT-LINKED LIFE INSURANCE PREFACE This course contains the study materials for the Certificate Examination in InvestmentLinked Life Insurance. The book may look ominously thick but please bear in mind that the market out there, both, the product producers and clients market has undergone tremendous changes in the last 15 years. The sudden deluge of information found here as compared to the earlier version is to provide a slightly higher level of understanding amongst agents, so that they can be better prepared when facing a client. The objective of this course is to provide basic fundamental knowledge of how investment-linked life insurance works and how to market it to the public. This course also introduces the agent to the world of Investment-Li n k e d L i f e Insurance sales and it is also hoped that the agents will not stop with this course but empower themselves with higher qualifications in the coming future. The Chapters in this course are designed in such a way, that a new person will get a clear picture of what Investment-Linked Life Insurance is all about and also sets a template for them to follow to a higher level in the future. It is hoped that the agents will utilise this course effectively and carry out their sales activities with stronger conviction and heightened confidence. CERTIFICATE EXAMINATION IN INVESTMENT-LINKED LIFE INSURANCE CEILLI CERTIFICATE EXAMINATION IN INVESTMENT-LINKED LIFE INSURANCE 1st Edition...
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...Construction sector, DRB-HICOM’s operating companies have always had a strong presence in the local market. Helmed by bold leadership and imbued with core values, strong work ethics and a vision to be number 1, the DRB-HICOM brand is well-positioned to go a step further to become a leading global brand in the future. OUR VISION to be number 1 and continuously excel in all that we do OUR MISSION to lead in the growth of the nation in the areas of DRB-HICOM’S core businesses SHARED VALUES excellence decorum teamwork integrity innovation quality transparency 2 Vision & Mission KEY INITIATIVES 112 114 Human Capital Development Corporate Responsibility HIGHLIGHTS 4 7 Notice of Annual General Meeting Statement Accompanying Notice of 24th Annual General Meeting FINANCIAL STATEMENTS 122 126 Directors’ Report Financial Statements 126 Statements of Comprehensive Income 128 Consolidated Statement of...
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...Construction sector, DRB-HICOM’s operating companies have always had a strong presence in the local market. Helmed by bold leadership and imbued with core values, strong work ethics and a vision to be number 1, the DRB-HICOM brand is well-positioned to go a step further to become a leading global brand in the future. OUR VISION to be number 1 and continuously excel in all that we do OUR MISSION to lead in the growth of the nation in the areas of DRB-HICOM’S core businesses SHARED VALUES excellence decorum teamwork integrity innovation quality transparency 2 Vision & Mission KEY INITIATIVES 112 114 Human Capital Development Corporate Responsibility HIGHLIGHTS 4 7 Notice of Annual General Meeting Statement Accompanying Notice of 24th Annual General Meeting FINANCIAL STATEMENTS 122 126 Directors’ Report Financial Statements 126 Statements of Comprehensive Income 128 Consolidated Statement of...
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...Working Paper 3/2010 Investment Climate Series Investment Climate in Bangladesh: Enhanced Role of the Capital Market Dr. Prashanta K. Banerjee Md. Mohiuddin Siddique Economic Research Group Working paper No: 3/2010 Investment Climate Series Investment Climate in Bangladesh: Enhanced Role of the Capital Market Authors Dr. Prashanta Kumer Banerjee1 Mohiuddin Siddique2 Mentors Mohammad Musa Ph.D3 Farook Chowdhury4 ECONOMIC RESEARCH GROUP JUNE 2010 1 Senior Associate Professor, Bangladesh Institute of Bank Management (BIBM), Dhaka 2 Associate Professor, BIBM, Dhaka 3 Professor of Finance, School of Business, United International University 4 Program Manager, BMB Mott MacDonald, Dhaka. Published By Economic Research Group (ERG), Dhaka, Bangladesh The papers in this series are published as part of contract under the Small Grants Program, implemented by ERG and BMB Mott MacDonald and supported by the Bangladesh Investment Climate Fund (BICF). BICF is managed by IFC, in partnership with the U.K. Department for International Development and the European Union. Details about the program can be found at http://www.ergonline.org/ifc/index_of_SGAPP.html © Dr. Prashanta Kumer Banerjee, Mohiuddin Siddique, 2010 This publication may be reproduced, stored or transmitted for research and academic works without prior permission of the publisher or the author(s) but proper acknowledgement must be given...
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...STANDARD EDITION Ross Westerfield Jordan FUNDAMENTALS OF CORPORATE FINANCE tenth edition StuDEntS... Want to get better grades? (Who doesn’t?) Prefer to do your homework online? (After all, you are online anyway…) Need a better way to study before the big test? (A little peace of mind is a good thing…) With McGraw-Hill's Connect Plus Finance, ® StudentS get: • Easy online access to homework, tests, and quizzes assigned by your instructor. • Immediate feedback on how you’re doing. (No more wishing you could call your instructor at 1 a.m.) • Quick access to lectures, practice materials, eBook, and more. (All the material you need to be successful is right at your fingertips.) • A Self-Quiz and Study tool that assesses your knowledge and recommends specific readings, supplemental study materials, and additional practice work.* *Available with select McGraw-Hill titles. Less managing. More teaching. Greater learning. InStRuctoRS... Would you like your students to show up for class more prepared? (Let’s face it, class is much more fun if everyone is engaged and prepared…) Want an easy way to assign homework online and track student progress? (Less time grading means more time teaching…) Want an instant view of student or class performance? (No more wondering if students understand…) Need to collect data and generate reports required for administration or accreditation? (Say goodbye to manually tracking student learning outcomes…) Want to record...
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