Islamic Management

Definition : Definition management â€Å"The conventional definition of management is getting work done through people, but real management is developing people through work. † Characteristic of conventional management : Examinees each resource sector and environment component in isolation Examines each resource sector and/or environmental component in isolation (e. g. , water, air, forests, fish) Focuses on biotic components; limited, if any, consideration of ecological processes (e. g. , hydrological process) Targets only specific resources of interest; typically those of commercial value Conflicting management policiesComparision Islamic management and conventional management 1. 2 CONVENTIONAL AND ISLAMIC UNIT TRUSTS 1. 2. 1 CONVENTIONAL UNIT TRUSTS Based on the Guidelines on Unit Trust Funds issued by the Securities Commission in October 1991, a unit trust fund company can only invest in authorized Malaysian assets, which include listed and unlisted securities of Malaysian companies, Malaysian Government Securities, Cagamas bonds, bankers’ acceptances, Negotiable Certificates of Deposits, Government Investment Certificates and cash (Banker’s Journal Malaysia, 1995).However, in March 1994, the Commission has provided a provision by which trust funds can invest (10% of portfolio) in overseas stock. Hence, conventional unit trust funds can invest in any of the above Malaysian assets without any restriction as long as the funds have not reached its maximum approved size. 3 1. 2. 2 ISLAMIC UNIT TRUSTS The Islamic unit trusts mainly focus on the investments in portfolios of ‘halal’ stocks and bonds complying with the Syariah principles.Such ‘halal’ stocks exclude companies involving in activities, products or services related to conventional banking, insurance and financial services, gambling, alcoholic beverages and non-halal food products and also companies whose products can cause illness, death, disease or even p romote social ills such as tobacco. From an Islamic perspective, the above industries are avoided as they represent elements that are forbidden by Allah and the harmful effects of such products on mankind (Smart Investor, 2002).The returns of Islamic unit trusts also avoid the incidence of ‘riba’ or usury interest through the process of cleaning or purification by the removal of such amounts representing the interest element. In instances where a fund has inadvertently made profits investing in non-permissible sectors, the fund will liquidate the investments. The proceeds of the gain will then be donated to charities. Mohd Nasir (2000) mentioned in his paper that the Syariah principle of ‘musharakah’ acts as a base for Islamic unit trust whereby it is a participatory financing involving agreement between the contributor of capital and the user.Therefore, the providers of funds or partners are the unitholders in an Islamic unit trust. A formal contract betwe en the unitholders, capital or fund, profit, the offer, the acceptance and the investment activities are also available within the practice of the Islamic unit trust. The concept of ‘al-wadiah yad dhamanah’ or guaranteed safe custody is involved in the operation of the Islamic unit trust fund. Prior to the funds existence, the owners of assets are the investors, custodian holder is the fund manager, and asset is the money invested.After the creation of the fund, the owners of assets are the unit holders, the custodian is the trustee and the assets include all assets of the fund. Besides that, the concept of ‘al-bai’bithamin ajil’ is also practiced in the Islamic unit trust whereby there is a transaction of buying and redemption of units of funds. In this case, the purchase or redemption price is the managers forward selling or buying price at the next valuation point when investors decide to buy or unitholders decide to redeem their shares. Moreover, the valuation point is the price at the close of business for the day.Nonetheless, based on ‘al-wakalah principle’, the price must be determined at the time the contract of sale or purchase is executed. As a result, the current practice of Islamic unit trust does not conform to the ‘al-wakalah’ principle. Thus, it has been suggested that daily historical price would be more appropriate in order to observe the Syariah principles (Shariff, 2002). Apart from having the same standard criteria for other conventional unit trusts as explained in the Securities Commission’s Guidelines on Unit Trust Funds (1997), the Islamic unit 4 trust funds must lso meet the criteria as advised by the Securities Commission’s Syariah Advisory Council (SAC) 2 . For example, the Islamic unit trust funds can only invest in securities approved by the SAC. The trust funds are also required to appoint a Syariah committee or syariah consultant who must be approved by the C ommission. As at October 25 th , 2002, the SAC has approved 684 securities [543 approved securities as at January 2 nd , 1999 (Arbi, 1999)] listed on the KLSE and classified them as ‘halal’ stocks thus can be bought by the Islamic trust fund managers

Legal Studies †Basic Legal Concepts Essay

Law – is a set of rules that is binding the community. A set of rules that can be enforced and is officially recognized. Law must be capable or reform and change as society’s values and ethics change. Relationship between customs, rules and laws- Customs and rules govern behavior but the courts do not enforce them on community members. The community may generally see a custom as right but it is not legally enforceable. Rules, however, may punish offenders but rules only apply in certain circumstances and areas. Laws are legally sanctioned and are enforced by the courts. Although the community generally accepts all three, rules and customs do not have the same legal sanction as laws. An example of this is smoking in public restaurants. It was a custom for shop owners to provide a smoking and non-smoking section in their restaurants. Once the dangers of smoking became known rules were put in to prevent smoking in restaurants. Laws were then passed in public interest to make sure that smoking was only allowed in outdoor sections of restaurants. * They are all types of rules  * They can all be made into laws * They all regulate human behaviour * They all carry consequences when they are breeched, sanctions Values- Principals or attitudes which society sees as important. The moral principles and beliefs which reflect society’s judgment about the importance of different things. a personal belief system Ethics- a set of moral beliefs governing behaviour. Ethics define what we consider to be the right and wrong way to behave. a code of conduct; moral principles Characteristics of Just Laws * It is enforceable * It is binding on the community * It is in the public’s interest * It is discoverable * It is accepted by the community * It reflects community morality Nature of Justice * Equality- equal treatment or equal opportunity. That all people are entitled to enjoy the same rights, responsibilities, opportunities and that no one should be privileged or disadvantaged. * Fairness- achieving equal outcomes for people. Achieving reasonable and equal outcomes according to generally accepted ideas about what is right and just. * Accessible  Procedural Fairness, Principles of Natural Justice * The right to be heard * The right to have a decision made by an unbiased decision maker * The right to a decision based on logically relevant evidence Justice- a concept about what is right and wrong and what is fair and unfair. A combination of elements such as, equality, fairness and reasonableness Rule of Law – Everyone is subject to the same laws, no one is above the law. Punished equally through sanctions (penalty) Anarchy- a state of chaos resulting from the absence of laws and/or government. Tyranny – rule by a single leader holding absolute power in a nation-state

Challenges Facing the East Asia Region Essay Example | Topics and Well Written Essays - 1250 words

Challenges Facing the East Asia Region - Essay Example Challenges Facing the East Asia Region a) Competing interests of China and Japan The polities, economies and the populations of East Asia are all dependent on the competing strategic interests of China and Japan, which pose a challenge to individual states within the region (IISS, 2014). This challenge has been aggravated by the security factors as well as the competition for territories amongst the two superpowers in the region such as the control over certain islands and parts of the sea (Feigenbaum, 2015). For example, Japan has made attempts at being the major player in the region in terms of security and the management of contested regions such as the Senkaku/Diaoyu Islands and the South China Sea. Moreover, the perceived closeness to the United States as is the case of Japan as opposed to China has further brought challenges in the determination of the geopolitical positioning of nations in the East Asia region. The above point implies that that the assertive reaction of China to the regional security of the East Asia region coupled with Japan’s nationalism in foreign policy has had an enduring effect on the neighboring nations, hence worsening the situation in region. For example, the Philippines and Vietnam as other players in the East Asia region have sided with Japan in the handling of the territorial issues with regard to the contested islands and sea territories. Apart from the above two dominant players, the major players in this region that derive their influence from them are North Korea and South Korea.

Why do you want to teach Special Education Essay

Why do you want to teach Special Education - Essay Example I am aware that a special education teacher is required to be organized, patient, has the ability to motivate his students, understand his students and the teacher should also be able to accept the differences in others, something I experienced on a first hand basis. It is to my understanding that special education is a little different from the normal education system in that; their curriculum is modified to meet the students’ needs. The special education program is available at all levels from preschool, elementary, middle, and secondary level (â€Å"U.S Bureau of Labour Statistics† 206).  The teaching modes include the use of individualized instructions that can only apply to a specific child, for example, some students might need extra time during exams or others might need the teacher to teach at a slow pace for them to understand.  Furthermore, I also understand that there must be a strong teacher-parent relationship because that is the only way a parent will trust the school to take care of his or her child. In addition, there are reports of a rise in job prospects, in this area, due to a rise in enrolment of students with disabilities, and I believe I can get this opportunity (â€Å"U.S Bureau of Labour Statistics†

Supply Chain Management of Wal-Mart Way Essay Example | Topics and Well Written Essays - 2250 words

Supply Chain Management of Wal-Mart Way - Essay Example From this discussion it is clear that in the highly competitive environment of global business, companies develop unique competencies to maintain strategic positioning within the industry. The various external paradigms and constantly changing environmental factors necessitate organizations to evolve new strategies and mechanisms to meet their challenges. Porter believes that doing business differently significantly helps companies to maintain leverage. Flexible approach to business strategies and plan hugely support organizational vision, mission and goals. Thus, strategies become critical element that promote creativity and provide them with competitive advantage. The paper would be analyzing and evaluating supply chain management of Wal-Mart US an effective tool of competitive advantage.This paper declares that  Wal-Mart was established by Sam Walton as a small grocery store in 1962 in Arkanas, US. It was soon expanded as chain of stores finally setting up as a supermarket chain . Its wide ranging product is designed to meet the various needs of household. It is focused on the changing needs of the customers and therefore strives for flexible approach in its strategies and plans. It started expansion across the globe from 1991 and today boasts of around 1.8 million associates or workers in nearly 7000 stores across the world. The company extensively relies on technology to enhance its operational efficiency that significantly helps its goals of ‘every day low price’ on its various products.... The company extensively relies on technology to enhance its operational efficiency that significantly helps its goals of ‘every day low price’ on its various products. As the largest retailer in the world, Wal-Mart has been creatively exploiting logistics and supply chain for its niche market position. The effective supply chain and logistics help coordinate the organization’s various linkages with the external agencies and promotes efficient receipt and delivery of goods and services. It has judiciously used advancing technology to improve its operation efficiency in supply and distribution of goods. Data collection method The relevant data has been collected through secondary sources found through literature review, company website and internet. Review on supply chain management Situation analysis Effective supply chain management hugely facilitates smooth flow of information, goods and services and financial transactions at different levels of operations. In th e current times, it is a critical element of competitive advantage because its main components like procurement, distribution, logistics and inventory are essential aspect of timely delivery of desired goods to the target segment. At the same time, they also help the companies to reduce cost of slow moving goods and meet the demands of products that are in high demand. The use of technology helps to evaluate and forecast demand and fill supply to meet the contingencies. The company has centralized its distribution system by creating ‘hubs’ or warehouses from where it dispatches all the goods to their respective customers/ retailers. The hubs are vital part of its effective supply chain as it also helps Wal-Mart to buy goods directly from the manufacturers. It therefore serves

Evaluation of The Capital Asset Pricing Model (GlaxoSmithKline) Essay

Evaluation of The Capital Asset Pricing Model (GlaxoSmithKline) - Essay Example This model generated the idea of beta, that is, the risk of the specific stock. The CAPM model thus is mainly used by firms for estimating the cost of equity. CAPM Assumptions The CAPM model makes some assumptions for calculating the price of the securities which are risky. These assumptions are as follows : †¢ The market is efficient and perfect. The information regarding the market is easily available to all the investors. No single investor can influence the stock price change of the market. As the market is efficient there is no transaction cost, no taxes (kapil, 2011, p.168). †¢ The investors are risk averse in nature. All the investors have same expectation about the return from the market. It is also assumed that the assets are perfectly liquid and they are divisible infinitely. It means the investor can buy or sell any amount of stock. It is also assumed that all assets can be sold or bought in the market by the investors including the human capital. †¢ At the risk free rate the investors can borrow or lend unlimited amount and they can expect risk free rate of interest from the funds. †¢ Unlimited short selling is allowed as per the assumption of CAPM model. †¢ The investors are concerned with a single period price of asset and the mean and variance of the concerned asset (Elton et al, 2009, p.283). ... CAPM Limitations CAPM model is criticised because of the number of assumptions it makes. It is assumed in the model that the market is efficient which in reality it is not. The information regarding the market is not readily available to the investors. There is also the transaction cost of trading and the taxation cost which the model does not take into consideration. In the model it is assumed that the investors are interested only for a single period of change in the asset pricing. But in reality when they invest they do the fundamental analysis of the stock which means they analyze the historical value of the asset taking a long period into consideration. The beta of the asset changes over the period, it is not stable as assumed by the CAPM model. The investors are not also risk averse in nature and also it is not possible that the assets are divisible entirely. The relationship of beta and return is weak practically (Damodaran, n.d., p.13). It is also a factor that the firm may c hange in the period for which the estimation is made. Instead of these limitations, CAPM model provides the quantitative and logical tool for measuring the risk and return relationship of the asset or the portfolio. Part II GlaxoSmithKline Risk and Return Analysis About the Company GlaxoSmithKline, a company of the pharmaceutical industry was founded in the year 2000 and listed in the London stock exchange and the New York Stock Exchange. The company is a constituent of FTSE 100 index. The company is based in London and in terms of revenue it is the third largest company in the world. The company’s business is spread throughout the world. The long term

Exploring the interest Essay Example | Topics and Well Written Essays - 750 words - 1

Exploring the interest - Essay Example Both Baca and Lu assert that language skills can be used for a variety of purposes and to advance causes which cannot be advanced otherwise. Reading books can play a phenomenal role in a person’s life and the power of writing is such that it can cleanse the wounds and quench the maddening thirst. Baca’s description of what he experienced while writing and how writing relates to thinking suggests that the power of words cannot be denied as it helps transform all the hidden thoughts in black and white. Lu also suggests the same idea but in a different context. She claims that there is a conflict between the world of home and the world of schools. Things we learn at home can potentially conflict with the literacy taught in schools (xxx 372). Baca (cited in xxx 390) expresses in his autobiography how his interest in writing eventually helped him immensely in developing language skills which are important to come out to strangers. Good language skills and writing talent play an immense role in ensuring safety and happiness. While imprisoned, words of the poets like Neruda, Paz, and Hemingway brought life to Baca who thrived for such things as they made him feel liberated and rescued from the unfortunate circumstances which targeted him. Power of the words was such that it transformed Baca into another person whenever he listened to the poetry of great poets from other prisoners. Baca expresses how their poetic language used to enthrall him and carry him to places far away from the gloomy prison cells where he was captivated. That power rescued him from the highly unfortunate inability to defend himself by way of words. Nothing is as humiliating as not being able to express himself (Baca, cited in xxx 387). Lu, in similar context as Baca, express how words helped her to fill up the silence which always haunted her throughout her childhood due to not being able to speak up to her mother how overtly

Globalisation Essay Example | Topics and Well Written Essays - 2500 words

Globalisation - Essay Example These dimensions include economic, political, security, environment, and health social, cultural among others. Globalisation was coined in 1980’s but the concept is an ancient one that has a dissimilar significance to most people (Hansen et al, 2010). Apparently, scholars, policy makers and activist see it as a force that could be used to advance the economy in the world while others view the concept as a danger to the economic systems in the world. In light of view of globalisation as the concept that is relevant to the world economy, there is a remarkable increase in worldwide trade and exchanges through increasingly open, integrated and borderless international economy. Besides, remarkable growth has be noted in trade and exchange not only in traditional and international trade of commodities and services, but also in currency exchanges, in capital activities, transfer of technology, movement of people through international travelling and migration, over and above, the flow of information and ideas internationally (Ku?ng, 1998) Globalisation as an Unstoppable Force Globalisation has continually become an unstoppable force especially now when it has opened a golden chance for business, commerce and trade (Dervis and Altinay, 2011). In fact, never before in the history of the world has there emerged such a situation where many goods have been sold to many people in the easiest way as is happening currently. Moreover, the presence of information and communication has enabled everyone to access everything anywhere. In regard to this, markets are continually becoming global, numerous corporations are richer and powerful as compared to some countries. Of importance to note, is that there is a combination of reduced trade barrier, financial liberalisation, over and above, a technological revolt that has totally changed the environment of business in most of the industrialized countries. According to Boesak (2009), globalisation has promised more trade, more market, more business, and more information among other issues. This has been demonstrated through the considerable wealth that has continuously been brought by the tide of globalisation. Why does the World need a Global Set of Ethic rules and What would They be? A global ethic can be described as an ethical perspective which incorporates significant ethical relations between states, between individuals who live in different societies. In the ethic, there are claims with regard to the existence of some universal values and norms concerning obligations that have global scope (Chatterjee, 2011). Consequently, global ethics is a concept that entails ethical inquiry into the nature and explanation of the values and norms that are global. Simply, it articulates various issues that have risen in the recent past such as international aid, security, environmental problems, intervention and human rights. Never the less, scholars interested with global ethics argue that it is not possible of the global ethics to be accepted by the world over to make a single society. Needless to mention, global ethics are crucial and should be accepted as they arguably promote the global goals (Hutchings, 2010). In the event that some global ethics are not embraced by a considerable number of agents, the intended goals are not likely to be attained. Apparently, there can be diverse global ethics and diverse understanding of the goals. Some global ethics

Literature review (plz read the instruction) Essay

Literature review (plz read the instruction) - Essay Example The literature review of this study would mainly focus on the strategic planning practice on a micro activities level and it requires the organization to put in place a number of initiatives such as design, planning and implementation strategies. Critics points out that the strategic environment demands attention to be paid to such variables as internal quality management, Human Resource Management (HRM), internal value chain analysis, supply chain management, product portfolio development, product & marketing mix, market segmentation, event life cycle management, strategic product/customer/market orientation, a sound communication strategy and above all a competitor orientation strategy. Butler (2001) pointed that a perceptual mapping process to achieve strategic and organizational goals is nothing new in the micro level firm’s own operational environment. Thus the current dichotomy between strategic competitive environment and strategic operational environment is based on the organizational outcomes. The micro level activities of the firm are subject to a greater amount of competitive pressure than those firms which exclusively produce in order to sell in the domestic market or export physically. Thus the competitor orientation strategy of the micro level firm is determined by the level of internal and external competition. How best to meet this competitive pressure depends on the micro level firm’s ability to absorb excess demand through capacity and value creation. Internal value chain management process of the firm decisively places some limitations on its ability to meet this extra demand. Therefore it’s the pricing policy, HRM and internal management culture that ultimately enable the firm to meet this demand successfully. If the attendant VRIO (value, rarity, inimitability and organization) framework is sound enough to enable the management of the company to withstand pressure and devise