Vessel electrical Distribution system Assignment

Vessel electrical Distribution system - Assignment Example These are vessels that apply complicated operational systems as extra precaution against accidents and that also needs effective management system, even employing well-tested computer software for electricity distribution and communication. Great example of modern large vessels are cruise ships, commercial and industrial ships and tankers, military ships, pipe layers, and drill, which have complicated electrical distribution systems with multiple generators, distribution boards, and significant essential services located throughout the vessel. The type of distribution system needs a power management system which is responsible for the automatic start/stop control of the generators, loads, and all interconnections inside the distribution ring. A ring-main configuration provides at least two power sources for each essential component. Electrical distribution and control systems become problematic sometimes due to the growing number of consumers and distribution units. In this scenario, we must be able to provide detailed attention on the complex distribution and control systems and a focus on the special operation and reliability. Working on these systems requires a collaborative effort as this is a real challenge for engineers and technicians. The crew who will operate need proper training. The worldwide shortage of qualified technical personnel affects the marine industry and superimposes the human factor on the operation issues. Engineering activities during the design of large distribution systems include the use of new modern tools, software packages, and often dynamic simulation analysis, all of which can lead to an increasing number of errors. One particular problematic area is the application of converters, which are related with so-called harmonic distortion. Converters need filtering equipment, which are quite expensive. Multiple installation or

Examine how far television is a global and globalising media form Essay

Examine how far television is a global and globalising media form - Essay Example A particular popular program can be watched by many people at one time unlike newspapers where people scramble for the copies or a radio where you listen without seeing. Television combines both visual and audio content. This has led to its tremendous success as a mass communication medium (Waisbord, 2000). Television has become a global means of communication, meaning that people can now communicate to each other all over the world, all with the aid of technology. Globalization has made it possible for all the television industries in the world communicate more effectively. This communications have made possible by the presence of well laid structural connections among the different communication systems used by television stations all over the world. This interconnections between the different television stations in the world has created an international business hub, all governed with the same business principals and goals (Jensen, 2000). . The technologies include the use of sate llites to relay information to the different TV station worldwide. For example the launch of AMOS-5 satellites located at 17Â °E by space com was a major boost to TV industries in Africa.AMOS-5 provides high-quality broadcast and communication services to Europe, the Middle East, the U.S. East Coast and Africa. Other satellites have all been put in place with companies such as Switzerland media all with the aim of relaying information to its client and doing business. The dynamics in the TV world are reflected in the approval of television formats. On the surface international airing of the different format does not only suggest a well incorporated economy with the industries, in also includes a well regulated content. All the media houses are therefore able to sale almost the same idea to its audience. These enable the audience watch different programs at different channels at the same time, and with the help of technology; television companies have successful reached their market (Whannel, 1993) . A company like coca cola is popular all over the world. Toyota pick-ups have roamed in the streets of African. TV programs and series such prison break have been aired all over the world. This can therefore be deemed as the golden age for business, commerce and trade. Never before, in the entire history of the world has there been such an opportunity to sell as many commodities to individuals as there is right now globally. Marketing strategies have been put in place but thanks to television and the entire media that marketing has been made easier promoting a company’s sales. Trade has also been conducted between state thanks to TV and the media as a whole (Jesus,1993) . Television programming goes beyond commercial relationships(Waisbord, 2000). Other key sector such as politics, antinational identification and transnational organizations are also affect. Television programming has an especially important role in shaping social meanings as communication co ntent dictates the way local and global mass media will affect people’s social experience. These include programs like news and report. Television coverage of political and social is a decisive factor for formation of opinion in democratic states. Reports and news should therefore be exact, truthful and reliable. Different debates on television have influenced public opinion in different angles. Reports on political private life has

Islamic Bank of Britain vs. Dubai Islamic Bank Comparison

Islamic Bank of Britain vs. Dubai Islamic Bank Comparison Chapter 1: Introduction 1.1- Introduction This chapter discusses the aims and objectives of the project. A detailed background of the study, research rationale and theoretical framework has also been discussed in this chapter. At the end of this chapter, the report structure of this thesis is mentioned. Research Title Islamic Bank of Britain vs. Dubai Islamic Bank (A Comparative Study) 1.2- Background of Study Islamic banking is very different as opposed to conventional banking, as it works on the principles of Islam and Sharia which entails avoiding interest and gives more preference to invest in a business and in sharing of profit and loss. There are several Islamic banks all over the world and all of them operate on the Sharia principles, however some progress to profit and some decline to loss and a prime example of this is the Islamic Bank of Britain. The Islamic bank of Britain was founded in 2004 by a group of Middle East investors. This was the first Islamic Bank in the United Kingdom. The formation of this bank was based on the simple foundation of Sharia conduct with typical products and services, however the bank underperformed, more so than anticipated. Losses were evident from the initiation of its business in the United Kingdom. Moreover, according to Financial times and its 2008 income statement, a loss of was highlighting, displaying major cause for concern. On the other hand, the Dubai Islamic Bank which was founded in UAE by Arabic investors and also adheres to Sharia principles has reported quarterly profit of US$ 122.5 million. This then raises the questions as to why Islamic Bank of Britain has been unable to attract the customers and what are the main factors causing losses for the bank every year. 1.3- Research Aim The aim of conducting this research is to discover the factors and causes troubling Islamic banking in United Kingdom as one of the major Islamic bank has accumulated losses for a considerable period of time, although its entrepreneurs are from the Gulf where Islamic banking has been growing and prospering. Moreover the rules of Sharia apply whether the Islamic Bank is in the UK or in UAE. After uncovering the underlying causes of the Islamic bankings plight in the United Kingdom recommendations will be drawn up to rectify the situation and highlight how improvements can be made. Circumstances will further be examined in form of comparisons between the United Kingdom and the UAE Islamic banks. 1.4- Research Objectives The objectives of this research are as follows: To investigate the performance of Islamic banks in UK and UAE To explore the reasons that affect the performance of Islamic Banks To study the investment portfolio of Islamic Banks in UK and UAE To analyse the impact of risks on the performance of Islamic Banks in UK and UAE 1.5- Research Rationale Islamic banking is a relatively new topic in the financial sector and especially in UK where the first Islamic bank started its business only in 2004. Though Islamic banks are quite successful across the globe, the first Islamic bank established in UK has not been able to gain significant success in the past 5 years. There is currently insufficient research conducted in regards to the performance of Islamic banks in the UK. This fact compels one to investigate this issue in order to gain some strong knowledge about the topic. 1.6- Theoretical Framework This research was designed in a structured format. Initially, a detailed study of literature was conducted. The purpose of this literature review was to gain an insight in regards to Islamic banking functioning across the globe. After reviewing the relevant literature, assessments were made as to how different Islamic banks improve their performance by designing their investment policies and how different type of risks can affect the performance of Islamic banks. This assisted in the analysis of both Dubai Islamic Bank and Islamic Bank of Britain, which further assisted in arriving at a conclusion to determine the reasons of poor performance of Islamic Bank of Britain. 1.7- Structure of Thesis Chapter 2 provides a review from literature which has been distributed into three sections. The first section describes the origin of banking and the main purpose of starting the banking. Second section explains about Islamic banking and its main functions. Chapter 3 discusses the current business operations of both the banks. I have given a detailed description of where both the banks invest their assets and how do they manage the risks. The purpose of this chapter is to find out how different investment and risk management techniques help the Islamic banks to give better performance. Chapter 4 highlights the methodology used in this thesis. A detailed description of the research methods used in thesis has been given in this chapter. All the sources of data used in this thesis have been explained in details and at the end of this chapter; I have given a detailed description of different accounting ratios used in this thesis. In this chapter, I have given a detailed description about the research methods used in this thesis. Chapter 5 comprises of different financial calculations. I have calculated various financial ratios for both the banks in order to do a side by side comparison to find out the reasons of poor performance of Islamic Bank of Britain. Chapter 6 includes a side by side comparison of the financial ratios of both the banks calculated in chapter 5. In addition to this, regression analysis has been given between certain risk ratios and profitability ratios to find out the impact of risk levels on returns. The possible reasons of poor performance of Islamic Bank of Britain in line with literature review and results in chapter 3 have also been discussed in this chapter. Chapter 7 discusses the conclusion of this thesis. All the research questions have been answered in an appropriate manner in line with the literature review and the results discussed in chapter 3, 5 6. At the end of this chapter, I have discussed any limitations of this research work. Chapter 2: Literature Review 2.1- Introduction This chapter provides a review from literature. It has been distributed into three sections. The first section describes about origin of banking and the main purpose of starting the banking. The second section explains Islamic banking and its main functions. Lastly the third section explains the origin of Islamic banking in Dubai and United Kingdom. 2.2- History of Banking The origins of banking are believed to have started after coinage, in the area between river Tigris and river Euphrates. People could keep their belongings safely in royal palaces and holy places. Within same period, some laws were developed and these laws are considered to be one of the earliest forms of laws (Glyn, 2002). 2.3- Banking Business A business that provides financial services to different customers and businesses is called as banking. A detailed definition of banking business can be a financial institution that accepts, collects, transfers, pays, safeguards or lends money for its customers (Sobczak, 1997, pp 6). 2.4- Islamic Banking A financial institution that operates under the principles of Islamic Shariah and it does not accept or pay out any interest (riba) is called an Islamic bank (Sadeque, 1980). Islamic banking is based on the idea of sharing profit and losses. Both the investor and the bank share any profits and losses as agreed at the time of opening the account (Venardos, 2006, pp 1). 2.5- History of Islamic Banking A few decades ago, conventional banks and other financial organisations were not providing the customers with any Shariah compliant services. This led to the necessity of starting such a financial institution that could provide the Muslim clients with the Shariah compliant services. The original Islamic bank initiated business in 1963. During the later years of 1970s, the Association of Islamic banks was established. Initially, Islamic banks were only operating in Islamic countries. In 1980, the first Islamic bank was open in a non-Islamic country and it further expanded into additional European and American countries. Within this short span of time, Islamic banks have progressed very well all over the world (Venardos, 2005, pp 65). 2.6- Services offered by Islamic Banks Islamic banks offer a range of services to their customers. A detailed description of these services is explained below. 2.5.1- Deposit Accounts Islamic banks offer three types of deposit accounts: current, savings and investment accounts. The customers are assured that they can withdraw their money on demand if agreed by both parties at the time of opening the account. In Islamic banking, demand deposits are places in a contract called Wadiah (trust). Islamic banks guarantee their customers to return their principal sum on demand. The banks cannot use this principal sum unless authorised by the customers. As the banks do not use this amount for their investments they do not pay back any profits on such accounts. Some banks offer some returns in the form of Hibah (gift). Islamic banks are using some innovative techniques for offering different products and most of the demand deposit accounts are structured within the contract of Mudharabah (Saeed, 1996, pp 101). 2.5.2- Current Accounts Current or demand deposit accounts are the same as those of conventional banks. Islamic banks guarantee the principal amount on demand (Hassan and Lewis, 2007, pp 131). 2.5.3- Saving Accounts Saving accounts are different from conventional banks in Islamic banking. In some Islamic banks, the depositors authorise the banks to use their deposited money, however they are guaranteed that they will be returned the full amount back from the bank. No profit is guaranteed in this sort of accounts. The banks usually use these deposits for short term projects (Al-Omar and Abdel-Haq, 1996, pp 51). 2.5.4- Investment Accounts Islamic banks accept the investment deposits for a fixed or unlimited time period. The investors agree at the time of opening the account to share any profit and loss at an agreed proportion. The banks do not guarantee to return the principal amount. Usually, the investment deposits have an expected maturity and expected rate of returns. Such investments are places under Mudharabah contract in which both the depositor and the bank agree at a ratio to share any profits or losses. This type of investment is totally different from conventional banks as there is no risk of losing any thing in those investments (Iqbal and Llewellyn, 2002, pp 198). 2.7- Financing modes in Islamic Banking Different banks use different modes to acquire assets and finance different projects. These modes can be distributed into three different areas namely investment, trade and lending services. 2.6.1- Investment Finance Khan (2009) says that Islamic banks can do investment financing in three different ways. First type of investment financing is called as Musharaka. In this type of investment financing, the bank can join another organisation or entity to open a joint venture. Both the parties participate in this venture in different roles. Both the parties agree on a set ratio of sharing any loss or profit before making such a venture. This type of venture is an independent entity and the bank can withdraw from this venture after an initial period. Second type of investment financing is called as Mudarabha in which the bank finances the projects and the clients provide with their expertise, labour and management. Both the parties i.e. bank and the clients share the profit but in case of any losses, its only the bank that will bear the losses. In third type of investment financing, the banks finance on the basis of an expected rate of return. If the profits are more than the expected rate of return, t he bank shares it with the clients but if the returns are lower than the expected rate, the bank will accept the lower rates. In case of any losses, the bank will share it (Khan, 2009). 2.6.2- Trade Finance Khan (2009) says that Islamic banks can do trade financing in different ways. The most common type of trade financing is called as Mark-up in which the bank buys an item for its client and the client agrees to pay back the bank the price and the agreed profit at later stage. In second type of trade financing, the bank buys an item for the client and then leases it to client for an agreed time period. At the end of the lease, the client pays the balance amount to the bank and becomes the owner of the item. Another type of trade financing is called as hire-purchase in which, the bank buys an item for its client and then hires it to the client for an agreed time period. At the end of this time period, the client becomes the owner automatically. Another type of trade finance in Islamic banking is called as sell-and-buy-back in which a client sells his property to the bank for an agreed time period at a condition that the client will buy back the property at an agreed rate. 2.6.3- Trade Finance Khan (2009) says that Islamic banks have different types of lending services including loans, no-cost-loans and overdrafts. Islamic banks offer the loans by charging the service charge. The bank does not charge any interest but they apply service charges to cover their expenses. Some Islamic banks offer the loans to needy people at no costs. Some Islamic banks also offer the overdraft services to the customers subject to some limits. The banks charge a certain amount if the customers request higher overdraft limits. 2.6.4- Miscellaneous Services Islamic banks offer additional services such as collecting the bills on behalf of different organisations, money transfers, trading foreign currency etc. Some banks charge a commission amount if their own money is not involved in such transactions. 2.8- Risks in Islamic Banking Khan (2003, pp 130-131) says that Islamic banking faces certain risks like conventional banking. The nature of these risks varies with the structure of the bank. As discussed earlier, Islamic banks usually operate under two different kinds of models. First type of model is known as the two tier Mudarabah model. This type of model operates under the principle of sharing both the profits and losses. The latter model is known as the single tier Mudarabah model. In this type of model, both the parties share the profit just on the liabilities side. Lewis and Hassan (2007, pp 144) say that Islamic banks have to follow certain rules based on Islamic Shariah. Both the authors believe that in this kind of situation, the nature of risk changes for Islamic banks and only a careful management of these risks can result in the better performance of the bank. Islamic banks face following risks: Operational Risks Credit Risks Liquidity Risks Withdrawal Risks Legal Risks 2.7.1- Operational Risks El-Hawary (2005, pp 21) says that this type of risk is caused when the people working for the bank fail to perform their duties appropriately or the systems used by the bank staff fail. Most of the time, this risk is caused due to the employees of the bank or any frauds. El-Hawary (2005, pp 21,22) has quoted the example of Dubai Islamic bank when the bank suffered huge losses due to an incompetent person during the later years of 1990s. Iqbal et al (1998) considers that the Islamic banks face more operational risk than conventional banks as a minor problem in computer systems can cost them too much. 2.7.2- Credit Risk Sundrarajan and Errico (2002, pp 5) believe that Islamic banks administer the profit loss accounts differently from conventional banks. Islamic banks determine the profit and loss ratios of different projects before the start of any agreement. On the basis of this expectation, Islamic banks set a share ratio that sometimes can cause them losses. In addition to this, Islamic banks carry on auditing the financial projects. In such situations, it becomes very difficult for the banks to standardise their financial products. Cihak and Hesse (2008, pp 5) believe that in PLS (Profit and loss sharing) accounts, the banks suffer losses as well if the profits are lower or the project ends in a loss. They believe that this is due to the reduced level of assets in the balance sheet. Sundrarajan and Errico (2002, pp 5) believe that in Mudarabah accounts, the banks can only share the profits but if the business ends up in loss, it becomes very difficult for the bank to recover the loans back due t o some legal complications as the Mudarabah accounts do not allow the Islamic banks to interfere in the business. On the other hand, in the case of Musharaka account, Islamic banks can monitor the financed projects and it reduces the risk levels significantly. 2.7.3- Legal Risk Haiwad (2008) says that Islamic banks have different kind of legal documents. He considers that due to compulsion of Islamic accounts to be Shariah compliant, the banks need to prepare a complex set of legal documents. In addition to this, the banks need to consider the local laws of the country as well before making any legal documents. Sometimes, it is very complicated to develop the legal documents that comply with both the Shariah law and the local law of the country. It ultimately increases the legal risk levels in the Islamic banks. 2.7.4- Liquidity Risk Aburime (2009) says that Islamic banks face the liquidity risk when the banks fail to sell their fixed assets at the desired rates. The banks usually develop the need to sell their fixed assets to meet their liabilities. This risk is increased due to the fact that Islamic banks do not accept any loans on interest so the Islamic banks are unable to come out of this situation by taking loans from other banks. Aburime (2009) considers that this risk is dependent on the economy of the country. The destabilisation of economy increases liquidity risk. 2.7.5- Withdrawal Risk Aburime (2009) says that sometimes, Islamic banks do not provide the customers with handsome amount of profits and it can lead to the customers withdrawing their money from the bank. In such situations, withdrawal risk is increased significantly. Aburime (2009) believes that this risk is more in Islamic banks as compared to the conventional banks. 2.9- Do Risk Levels affect Performance? Mencia (2009) says that a business can produce more money if there is greater risk at the start of the business provided the risks are managed appropriately. Kunt et al. (2009) says that those banks that generate income without any interests are at greater risks and can give better returns as compared to those that generate interest money. Haque and Mirakhor (2006) say that in Islamic banks, customers are at greater risk to lose their money and the banks are at lesser risk as Islamic banks do not guarantee any return at the time of account opening and in few accounts both profit and loss are shared. This fact can deter customers, leading them to invest their money in those banks where they do not have any risk to lose their money. Shim et al. (2000, pp 176, 177) has suggested that the extent of financing the business through debts is a useful indicator of risk levels in the business. They believe that if a business is financed more through debts, it is at higher risk. Helfert (2001, pp 128) has also same beliefs as that of Shim et al. (2000, pp 176, 177). He considers that financing the business through debts increases risks but at the same time it increases the probability of better returns as well. Falkenstein (2009) conducted research to explore the effects of risk levels on the returns of different businesses. His research results showed that the businesses that used more debts to finance their assets were at higher risk as compared to those that did not finance their assets through debts. The businesses that were at higher risk and that managed their risks appropriately produced better returns than those that were at lower risks. 2.10- Effective Risk Management in Islamic Banks Management of different types of risks is very different from conventional banks and due to some restrictions of Shariah laws it is very difficult to manage these risks. Effective credit risk management is a very complex procedure in Islamic banks as there is no permission of paying or receiving any interest. In addition to this, Sharias law does not allow to penalise the clients and this facility in Islamic banks is misused by some clients. In such situations, there are long delays in paying back the principal amount and it reduces the assets of the bank. Most of the Islamic banks use collaterals and take pledges from their clients. The best way to avoid the misuse of the facilities provides by Islamic banks, the banks can take more collateral before the start of different contracts. In addition to this, if the banks take personal guarantees before sanctioning the loans, it can help in reducing credit risk as well (Hawray et al., 2004). Shariah law forbids dealing harshly with those people that are in bad financial crisis. This facility can be misused by the clients. This issue costs the Islamic banks and it should be taken seriously. A comprehensive system to credit score each client before offering them the loan can make a huge difference. Furthermore, the banks should ask the clients to sign on possible enforcement as within Islamic law a person can be enforced if he has signed before the start of the contract. In addition to this, Islamic banks working in United Kingdom can think about legal actions against those that were unable to pay back the loans (Wilson, 2007). The nature of legal risks is very different in Islamic banks as compared to conventional banks as Islamic banks have to fulfil the requirements of both Shariah laws and local laws of the country they operate in. This makes the Islamic banking operations very complicated and legal risks are increased. The best way to come out of such situations is to make sure that prior to writing the contracts, requirements of local legislations are fulfilled as well. This can aid the banks in developing good knowledge about the possible ways of enforcement if a client fails to repay his loan. In Sharia law it is allowed to enforce those clients that file false claims. Bearing this fact in mind, Islamic banks should consider including this in the contracts. This will help the Islamic banks to reduce legal, liquidity and withdrawal risk as people will not attempt to misuse the lenient system (Djojosugito, 2008). 2.11- Diversification in Islamic Banks The banks that provide diverse financial services or spreading different risks into different geographic areas are likely to achieve improved diversification. In the case of Islamic banks, geographical diversification helps in breaking the banks concentration in limited areas and the bank usually gets good borrowers. (Greuning and Iqbal, 2008, p 264). Islamic banks mostly deal in the real estate business and most of these banks start their business from their regions and carry on working in that region. The real estate business has suffered huge losses in the past few years due to the effects of recession and interest rate variations across the globe. Due to this fact the investments in real estate have not proved very fruitful for such organisations. In order to gain good profits, Islamic banks need to diversify into different sectors and geographic areas as it will diversify the investments and the risks can be spread across different areas where the banks can get good borrowers and good investment opportunities (Islamic Investment Banking, 2009). There are different sectors that can prove beneficial for Islamic banks. The most important sector for diversification in Islamic banks is Insurance (Takaful). This sector is highly under developed even in big Islamic countries such as Malaysia where this sector is not developed much. Concentrating on this sector can prove very beneficial for Islamic banks (Thomas, KPMG.COM). Expansion of Islamic banks across different countries can prove to be very beneficial for them. Currently, Islamic banks are working in a lot of countries but their business size is very small. If these banks diversify into different zones of the world, it is inevitable to attain benefits. Furthermore, Islamic banks can consider to make strategic alliances with those conventional banks that wish to start Islamic banking as it will not only increase the size of Islamic banks but will help in obtaining a diverse work force as well. Finally, Islamic banks can get diverse competent staff that can help in improving different systems and it will ultimately result in reduced operational risks (Iqbal et al., 1998). Making of strategic alliances with other banks that wish to start Islamic banking will also help in reducing the liquidity risk. Making strategic alliances will help Islamic banks to increase their assets and the current assets level of Islamic banks will increase. This will help the Islamic banks to pay current liabilities and liquidity will be improved. Furthermore, strategic alliances will increase peoples trust in Islamic banks and the level of investments will be increased that will ultimately increase current assets and better liquidity of the banks (Iqbal et al., 1998). Chapter 3: Business Cases 3.1- Introduction This chapter will provide an overview of the current business operations of both the banks. Detailed descriptions of where both the banks invest their assets and how they manage the risks will follow. The purpose of this chapter is to find out how different investment and risk management techniques help the Islamic banks to give better performance. 3.2- Islamic Bank of Britain Islamic Bank of Britain started its business in UK in September 2004. This bank is the first Islamic Bank that started its business in UK. The bank is approved by FSA (Financial Services Authority). 3.2.1- Shareholders The bank has 10 major shareholders holding different levels of share in the bank. The biggest shareholder of the bank is Al Amal Investment and Trading that holds 52% of the total shares of the bank. IIB European Investment Company is the second major shareholder of the bank and it holds 10% shares of the bank. BNP Paribas Bahrain holds 8% of the shares; Mr. Al Rajhi holds 7% of the shares. The remaining 23% shares are owned by 6 other shareholders. 3.2.2- Investments The bank comprises of a board of directors and it is their responsibility to decide upon the investments. Most of the time, the bank invests its money in buying different properties, costly metals, different currencies etc. The bank mostly concentrates in buying the properties in United Kingdom. The board of directors decides all these matters in such a way that can be beneficial for its investors. 3.2.3- Services offered by the Bank The bank offers three main types of services to its clients Personal Business Premier 3.2.3-1. Personal Services In personal services, the bank offers current accounts, saving accounts and home purchase plans to its customers. In addition to this, the bank also offers personal finance to its customers. 3.2.3-2. Business Services In business services, the bank offers its clients business current, business savings, business finance, charity accounts and commercial property finance. 3.2.3-3. Premier Services The bank offers this service to those clients that are highly paid (at least  £100,000 per annum) and to those who can deposit more than  £75,000 in their account with a view to purchasing property in the UK that is worth more than  £250,000. 3.2.4- Risk Management in the Bank Islamic Bank of Britain manages its risks in a systematic way. Board of directors has the responsibility of managing the risks with the help of some committees assisting them. They have some written policies to manage the risks that are reviewed on a regular basis by an audit committee that is responsible to measure the risk levels and start the risk management after a certain risk threshold. The bank faces credit risk, liquidity risk, market risk and operational risk. A brief description of risk management is given below. 3.2.4-1. Credit Risk Management The bank has a systematic approach to manage the credit risk. To manage this risk certain producures are put into place such as the following: The bank makes credit policies The bank sets credit limits after assessing the profile of each borrower Credit risk assessment before start of agreement Collaterals for a few loans but in most accounts the bank does not ask for any collateral 3.2.4-2. Liquidity Risk Management The treasury department of Islamic Bank of Britain is responsible to manage liquidity risk. The bank uses following steps to manage liquidity risk; The treasury department maintains a portfolio of short term assets that can be liquefied. Comparison of liquid assets with asset maturity against any customer deposits Submission of any mismatches in liquid assets and asset maturity to financial services authority on quarterly basis 3.2.4-3. Market Risk Management The bank has a systematic approach to manage the market risk. To manage risks, the following procedures are adhered to: Profit rates for few accounts are agreed at the time of agreement start. Maturity profiles are constantly reviewed. Rates are agreed on a monthly basis for consumer finance transactions. Long term home purchase plans and commercial property finance are benchmarked against market measure. Process is assessed every six months. Profit rates on Mudaraba account are reviewed every month. 3.2.4-4. Operational Risk Management The bank has a systematic approach to manage the market risk. The board of directors of the bank is responsible to manage the operational risks. There are some risk committees that manage this risk under the guideline of the board of directors. The purpose of operational risk management is to implement such a system that can support the process efficiency and meeting the customer needs. To manage this risk the following procedure is respected: The bank aims to manage this risk by cutting down the costs on certain things. Getting reports from risk committees over regular periods of time 3.3- Dubai Islamic Bank Dubai Islamic Bank was formed in 1975 and is considered to be the first fully-fledged Islamic Bank in the world. The bank uses the latest innovative technology in its day-to-day operations. The bank is considered to be the undisputed leader in the field of Islamic banking and sets its examples for new starters in Islamic banking. A lot of Islamic banks in the world including Arab countries follow Dubai Islamic Bank to start and run their day-to-day operations (http://www.alislami.ae/en/index.htm). 3.3.1- Shareholders The Government of Dubai is the major shareholder of the bank and other shares are held by additional stakeholders in Dubai. 3.3.2- Investments The bank invests its money all over the world and is open to any businesses that require financing through the bank. The bank invests in properties, c

Sir Gawain and the Green Knight Essay -- Sir Gawain Green Knight Essay

Sir Gawain and the Green Knight In this passage taken from Sir Gawain and the Green Knight Lines 1623-1718, the reader sees how Sir Gawain is the hero of the poem, through the tests of the host. Sir Gawain is speaking to the host of the castle where he is staying for a few days before journeying on to the Green Chapel. The host has just returned from hunting and killing some boar. While the host is out hunting for the boar, we learn that Sir Gawain is developing a love interest in a special lady friend, the wife of the host, who makes several attempts to seduce him. Before this hunt, Gawain and the host make a promise to each other that they will exchange whatever they may win that day for the other's winnings. The host gives Sir Gawain the boar in exchange for two kisses. Then the host says to Sir Gawain "Now we are even" (Norton, 236, line 1641.) There is a vivid description of the meal that follows, as well as the singing of Christmas songs. Then Gawain tells the host that he should be on his way to the Green Ch apel to face the Green Knight. The host comments on the fact that he has tested Gawain twice and is quite impressed with his performance. The host then tells Gawain about the third test. In the test, the winner will take all, and the loser takes nothing. Gawain thinks this is all just a game and doesn't realize that it is actually a test. Sir Gawain later decides that he will stay, after learning from the host that the Green Chapel is not too far away from the castle. He has some more drinks with the host. After this, he goes to bed and gets the best night's rest, and is up early the next morning. That morning, the host hunts for some fox as Gawain lies in bed. The passage ends with a description of how the host an... ...n suffers a wound to his neck. But, that does not stop him. He points out to the Green Knight that he is not immortal as the Green Knight is. The wound in his neck shows this. Unlike the Green Knight, Sir Gawain cannot just put his head back on his head. This also shows that he is a hero. He is not a "superman" like the Green Knight appears to be. He can die, and he still risks his life in fighting the Green Knight. In conclusion, this passage taken from Sir Gawain and the Green Knight shows the reader how brave Sir Gawain really is. Here, the reader sees that Gawain is ready and able to face any challenge and obstacle that cross his path. Rather, he approaches these challenges and obstacles with the utmost bravery that a true hero can have. Works Cited: Abrams, M. H. The Norton Anthology of English Literature. New York: W.W. Norton & Company, Inc., 1993. Sir Gawain and the Green Knight Essay -- Sir Gawain Green Knight Essay Sir Gawain and the Green Knight In this passage taken from Sir Gawain and the Green Knight Lines 1623-1718, the reader sees how Sir Gawain is the hero of the poem, through the tests of the host. Sir Gawain is speaking to the host of the castle where he is staying for a few days before journeying on to the Green Chapel. The host has just returned from hunting and killing some boar. While the host is out hunting for the boar, we learn that Sir Gawain is developing a love interest in a special lady friend, the wife of the host, who makes several attempts to seduce him. Before this hunt, Gawain and the host make a promise to each other that they will exchange whatever they may win that day for the other's winnings. The host gives Sir Gawain the boar in exchange for two kisses. Then the host says to Sir Gawain "Now we are even" (Norton, 236, line 1641.) There is a vivid description of the meal that follows, as well as the singing of Christmas songs. Then Gawain tells the host that he should be on his way to the Green Ch apel to face the Green Knight. The host comments on the fact that he has tested Gawain twice and is quite impressed with his performance. The host then tells Gawain about the third test. In the test, the winner will take all, and the loser takes nothing. Gawain thinks this is all just a game and doesn't realize that it is actually a test. Sir Gawain later decides that he will stay, after learning from the host that the Green Chapel is not too far away from the castle. He has some more drinks with the host. After this, he goes to bed and gets the best night's rest, and is up early the next morning. That morning, the host hunts for some fox as Gawain lies in bed. The passage ends with a description of how the host an... ...n suffers a wound to his neck. But, that does not stop him. He points out to the Green Knight that he is not immortal as the Green Knight is. The wound in his neck shows this. Unlike the Green Knight, Sir Gawain cannot just put his head back on his head. This also shows that he is a hero. He is not a "superman" like the Green Knight appears to be. He can die, and he still risks his life in fighting the Green Knight. In conclusion, this passage taken from Sir Gawain and the Green Knight shows the reader how brave Sir Gawain really is. Here, the reader sees that Gawain is ready and able to face any challenge and obstacle that cross his path. Rather, he approaches these challenges and obstacles with the utmost bravery that a true hero can have. Works Cited: Abrams, M. H. The Norton Anthology of English Literature. New York: W.W. Norton & Company, Inc., 1993.

Racial Discrimination Against African Americans in the U.S. Labor Market

Racial Discrimination against African Americans in the U. S. Labor Market Josefina Anorga Carlos Albizu University Abstract The following work deals with racial discrimination against African Americans in the workplace. Terms as racial discrimination, racism, race and African Americans are going to be defined to a greater understanding of these. It presents different types of discrimination at work, statistics of the African American population who works in the U. S. , the way how it is changing over the years and the laws and entities that protect discrimination at the workforce. Racial Discrimination against African Americans in the Labor Market There are many ethnic and racial groups in the United States, such as Euro Americans, African Americans, Asian Americans, American Indians, Latin Americans, and others. Some of these groups have faced severe discrimination in social, political, educational, and economic opportunities. In our days, there are still large differences among these groups in areas like employment opportunities, income, education, criminal justice, voting and elections, health, and other fields. Because of this, many ways of unequal opportunities and discriminatory treatment persists in the United States in many ways, especially with African Americans. The term African Americans, also called Afro-Americans or Blacks, refers to residents or citizens of the United States who have African origins. It also describes a very diverse group of people in the American society. They may come from different ethnic backgrounds such as African, Caribbean, Central American or South American. According to Robert Hill in â€Å"The Strength of Black Families† African Americans have family characteristics such as strong kinship bonds, strong work orientation, adaptable family roles, high achievement orientation, and strong religious orientation (Harry, 1992; Hairston, 1983). Afro-Americans make up collective family structure and subjects like family and spirituality are very important for them. Although the number of African American Muslims has increased, their choice of religions tends to be Christianity (Harry, 1992). Even though the workplace is more diverse than ever and there is more consciousness of racial discrimination, African Americans, a racial-ethnic minority group in the United States, still have to face many discrimination problems. Many people in the U. S. have prejudices about African Americans describing them as inferior. â€Å"Research in social psychology suggests that categorizing individuals on the basis of salient, observable characteristics such as race, gender, age, and even patterns of dress and speech is inevitable, occurs automatically, and activates biases associated with these characteristics (Measuring Racial Discrimination, 2004). There are also many stereotypes that qualify them as poor, unemployed, unintelligent, uneducated, smelly, dirty, lazy, and also violent offenders. Discrimination means unequal treatment. To treat an individual or group of people differently based on their racial origins is called Racial Discrimination. It is also important to understand two terms that will be mentioned throughout the project, and those are: race and racism. The term race was used to distinguish populations in different areas on the basis of differing physical characteristics that had developed over time, such as skin color, facial features, and other characteristics† (Blank, Dabady, Citro, 2004), and â€Å"according to the US Civil Rights Commission 2010, racism is an action or attitude, conscious or unconscious, that subordinates and individual or group based on skin color or race. It can be enacted individually or institutionally†. The United States has been dominated in many aspects including the work place since the colonial era by the predominant group, Euro-Americans or Whites. White men are twice as likely to get management jobs as qualified black men, and three times as likely as black women (Smith & Elliott, 2004). It is expected that by the year 2050 Whites are not going to be the predominant group in this nation anymore. This is because the demographics are changing very fast and many of the minority groups are increasing enormously. By the year 2000, African Americans comprised the United States largest racial minority group comprehending 12. 3 percent of the total population Nowadays Latin Americans are the largest minority group in the U. S. ollowed by Afro-Americans that are expected to be 15% by the year 2050. Seventeen million were the number of Blacks that worked in the United States by the year 2000 and it is expected that by the year 2050 there will be 27 millions of this group in the workforce. This significant amount represents an important part of the population for this country (U. S. Census, 2001). As mentioned before, diversity in the U. S. workplace is growing fast and it is bringing more opportunities to the minority groups. But just as it brings positive things, also brings challenges, such as racial or ethnic discrimination, especially against African Americans. Although there are many types of racial discrimination, two of the most important and most common in the workplace are Direct Racial Discrimination and Indirect Racial Discrimination. The Direct Racial Discrimination is intentional and easier to recognize because the employee does not try to hide being discriminatory with another employee, but this can be very difficult to prove. In most of the cases, the person who is discriminating believes that the discriminated employee or co-worker is not going to blame or take any action against them. Some examples for this type of discrimination could be when an employee jokes that blacks cannot sit with whites while having lunch or when simply an employee makes uncomfortable comments and jokes about the skin color of another worker knowing that he is listening just to make him feel humiliated in front of other people (Mighealth, 2007). The second type of discrimination is Indirect Racial Discrimination. It is when a supervisor or employee is committing an act of racial discrimination but tries to hide it so that it does not seem they are discriminating against the other employee. It is to place a group of African Americans in disadvantage with other groups and it is also very difficult to prove because those actions can be justified very easily. Examples of this type of racial discrimination could be when a black employee is not recognized for their job or being denied for deserved promotions while Euro Americans are not. Other cases of this type of discrimination could be when a supervisor gives similar tasks that require the same amount of work to all their subordinates but more difficult tasks to African Americans or also, not evaluating their jobs as they do with the others (Mighealth, 2007). It is important to emphasize that many American companies are reported annually because of racial discrimination against African American employees. An example of this are the cases of two American companies Nike, a sportswear company, and Walgreens, the largest drugstore chain in the U. S. In the year 2007, 4 former employees of the Nike Company, who used to work in the Niketown store in Chicago, filed a racial discrimination lawsuit against the company. They accused one of the managers from the store for eferring to black employees and customers using inappropriate and discriminatory language, making false accusations against them, segregating them to low-paying jobs and sending security guards to closely monitor both employees and black customers (ABC News, July 31, 2007). According to the CBS 2, 2007, a lawsuit against Walgreens was filed based on the widespread racial bias toward thousands of black employees. The company was accused of making decisions about employee promotions and assignments based on race. There are two important entities that defend racial discrimination in the workplace in the United States. These are the Equal Employment Opportunity Commission (EEOC) and the Civil Rights Act of 1964 (Title VII). The Civil Rights Act says that is illegal to discriminate against a job applicant or a current employee because of the person’s skin color, national origin, religion, sex, age, disability or genetic information. It is also illegal to discriminate against a person because they have complained of discrimination, filed charges of discrimination or has participated in an investigation of employment discrimination. This law applies to all work situations including personnel selection, hiring, firing, promotions, harassment, training, salaries and benefits. The EEOC is responsible for enforcing federal laws against discrimination in the workplace. In the year 2007 according to the statistics issued by this Commission, 30,510 racial discrimination charges were recorded, compared with 82, 792 total charges in the workplace. In 2006 75, 768 charges were reported and 27, 238 or 35% were related to racial discrimination. In 2007, charges of racial discrimination increased 12% from the previous year, reaching their highest level in 13 years. By the year 2009, 33, 579 were the charges reported. There is an increase in discrimination against African Americans in the labor area as the statistics show, and this is expected to continue growing over the years. Racial discrimination is a social problem that is learned and can be solved with education and the help of government authorities and the various companies that comprise the workforce in the United States. Diversity in business is very beneficial, either to avoid charges of discrimination, increase productivity or the company's corporate image. Every individual, regardless of their skin color or origin, have the right as a human being, to be treated in a fair way. References Hairston, E. , & Smith, L. (1983). Black and deaf in America. Silver Springs, MD, TJ Publishers, Inc . Harry, B. (1992). Cultural diversity, families, and special education       system: Communication and empowerment. New York, NY, Teachers       College. US Civil Rights Commission (2010, January). . Retrieved January       30, 2010 from , U. S. Government Web site: http://www. usccr. gov/ Blank, R. M. , Dabady, M. , Citro. C. F. (2004). Measuring racial       discrimination. National Research Council. Retrieved from http:       //www. nap. edu/openbook. php? record_id=10887=26 Smith, R. A. , Elliott, J. (2004). Race, Gender, and Workplace Power,. , 69, . doi:10. 1177/000312240406900303 Grieco, E. M. , & Cassidy, R. C. (2001). Overview race and Hispanic       origin 2000. Retrieved January 31, 2010 from , U. S. Census       Bureau Web site: http://www. census. gov/prod/2001pubs/c2kbr01-1. pdf Mighealthnet (). Explanations of race discrimination. , , 1. Retrieved from ht       tp://mighealth. net/uk/index. hp/Explanations_of_Race_Discrimination Clark, A. S. (2007, March 7). Feds sue Walgreen Co. for bias class-action       lawsuit alleges drugstore chain discriminates against black       workers. CBS 2, , 1. Retrieved from http://www. cbsnews. com/stor       ies/2007/03/07/business/main2546179. shtml U. S. Equal Employment Opportunity Commission (). Charge statistics       fy 1997 t hrough fy 2009. Retrieved January 30, 2010 from , U. S. Government Web site: http://www. eeoc. gov/eeoc/statistics/enforcement/charges. cfm Appendix [pic] EEOC, 2009 Appendix [pic] Census, 2000 Appendix [pic] Census, 2008 [pic][pic]

Frederick Douglass Essay

â€Å"What he most dreaded, that I most desired.† (Narrative of the life of Frederick Douglass pg.48) Frederick Douglass states that knowledge and literacy are great forms of power. Slaves are considered property and are not treated with respect, and in his novel, Douglass expresses how he was able to overcome the altercations that he had to face contrasting it with how important it is to be literate. From being a former slave for life, to the education that his masters revoked from him, this man’s life was filled with hardships. In this novel, Douglass expresses the importance of knowledge by describing how he was able to learn, read, and write ,also what he discovered by becoming literate. This essay focuses on the ways literacy played an important role in his life, how knowledge can occasionally make you feel badly, and how knowledge being suppressed from those who are slaves affected the running of the slave system in the United States. â€Å"There can be no freedom without education.† This sentence was written by a slave named Fredrick Douglass. During slavery, â€Å"masters†¦ keep their slaves thus ignorant† (Narrative of the life of Fredrick Douglass pg.19) therefore, to keep them from rebelling against their owners and causing chaos throughout the south. Douglass writes how he was unable to continue receiving the education that his mistress started to provide him with because her husband instructed her to do otherwise. â€Å"A nigger should know nothing but to obey his master-to do as he is told to do. Learning would spoil the best nigger in the world. If you teach a slave how to read, they would become unmanageable and have no value to his ma ster.† (Narrative of the life of Frederick Douglass pg.47) The mistress’ husband understood that by maintaining slave’s grasp of knowledge the owners will constantly have them under control. If slaves were informed that there was something called abolition which would provide them with freedom, then they would cease to stay on the land of their owners, and even more importantly, not allow their  owners to own them and rebuttal. But something happened in Douglass’ life that assisted him to chase after the power of knowledge. With the sudden change of his mistress treating him as a man of no rights from previously portraying him as an equal caused an upset to the slaves owned by her husband. Douglass, however, started to discover what potential his knowledge could actually do for him. He states, â€Å"Nothing seemed to make her more angry than to see me with a newspaper. She seemed to think that here lay the danger† (Narrative of the life of Frederick Douglass pg.51) By Douglass being capable of reading he realize d the more he read â€Å"the more I was led to abhor and detest my enslavers.† (Narrative of the life of Frederick Douglass pg.53) Douglass’ literacy allowed him to understand what freedom is and his â€Å"determination to be free† (Narrative of the life of Frederick Douglass pg.81) only continued to grow. Frederick Douglass’ life was affected poorly by being literate at first. By reading different literature pieces like The Columbian Orator, Douglass discovered that there was a hope for him to become a free man. However, â€Å"Learning to read had been a curse rather than a blessing.† (Narrative of the life of Fredrick Douglass pg.53) Douglass displays how terrible he feels for not being able to do anything to free himself. He sometimes wishes that he was as ignorant as his fellow-slaves, who were used to their condition of not being aware that there was something that could potentially bring them freedom. He states, â€Å"I was broken in body, soul, and spirit. My natural elasticity was crushed, my intellect languished, the disposition to read departed, the cheerful spark that lingered about my eye died; the dark night of slavery closed in upon me; and behold a man transformed into a brute!†(Narrative of the life of Frederick Douglass pg.73) These statements Douglass shows how the idea of freedom tormented him and turned him violent. Being so close, but yet so far from freedom causes him to suffer. The knowledge which he has acquired is of no use when he is a slave and seems to be a useless attribute. However, Douglass does in fact â€Å"finally succeed in making†¦escape from slavery† (Narrativ e of the life of Frederick Douglass pg.103) his freedom allows him to speak his mind and put his knowledge to good use. Although he is free, Douglass does not turn his back on â€Å"a brother slave†. (Narrative of the life of Frederick Douglass pg.103) Instead, Frederick Douglass has â€Å"been engaged in pleading the cause of my brethren.† (Narrative of the life of Frederick  Douglass pg.117) Many of these slave women and men are trapped by slavery. African-Americans were continually restrained of their freewill and forced to live a life of serving the â€Å"White Man†. â€Å"It was the blood-stained gate, the entrance to hell of slavery, through which I was about to pass† (Narrative of the life of Frederick Douglass pg.23). Controlled by white men, slaves were trained to believe that they were inferior to the owner. â€Å"There were no beds given to the slaves, unless one coarse blanket to be considered such, and none but men and women had these.† (Narrative of the life of Frederick Douglass pg.26) The slaves were controlled by their lack of knowledge and fear of the Master. â€Å"By far the larger part of the slaves knows as little of their ages as horses know of theirs.† (Narrative of the life of Frederick Douglass pg. 19) Ignorance also played a major role in the controlling of slavery. Every master was well aware that they needed to know almost everything, and the slaves had to know almost nothing. This would allow the slave owners to not worry about a revolt against them, since education was not offered nor was it allowed on the slaves own time to partake in learning. The slaves were convinced that â€Å"a still tongue makes a wise head† (Narrative of the life of Frederick Douglass pg. 34) since that was what they were told to think. By slaves having no education and no opportunities to speak freely the slave system flourished. â€Å"A single word from the white men was enough-against all our wishes, prayers, and entreaties-to sunder forever the dearest friends, dearest kindred, and strongest ties known to human beings.† (Narrative of the life of Frederick Douglass pg.58)