Thursday, August 27, 2020
Determinants and Consequences of Early Marriage in Java Essay This investigation examines the determinants and examples of early marriage and investigates its results on conjugal disintegration, work status and occupation, relocation, and prophylactic use in Java, Indonesia. Information from the 1991 Demographic and Health Survey are gotten on 5816 at any point wedded ladies, 15-49 years of age, living on Java. Early marriage happens among ladies before age 20. Subjects are assembled as living in Jakarta, Bandung, Semarang, Jogyakarta, and Surabaya; living in townships and other urban zones; and living in country regions. Discoveries demonstrate that 70% of ever hitched ladies in Java wedded early. Practically 80% of ladies who were raised in towns wedded early. 81.2% who despite everything live in rustic regions wedded early. 20% had no conventional training. 74% of Muslim ladies wedded early. 79% without work before marriage wedded early. Disintegration was progressively normal among ladies living in country zones. 31% of ladies in provincial territories, 20% living in huge urban areas, and 23% living in towns were no longer in their first relationships. Ladies who wedded early were multiple times bound to encounter disintegration than ladies who wedded later. The level of ladies whose first relationships finished was most noteworthy among ladies who were hitched the longest. The impact of marriage age on current working status and the example of working status among ahead of schedule and late marriage were not critical. 80% had ever utilized contraception. Ladies who wedded late were increasingly portable and were bound to have a higher word related status. Strategic discoveries demonstrate that womens training, work status before marriage, spouses instruction, and current living arrangement were huge indicators of early marriage. Training was the most grounded indicator. The likelihood of disintegration was most elevated among uneducated, early wedded, Muslim ladies living in large urban areas. The most reduced likelihood was among later hitched ladies, living in little urban communities, and with a tertiary degree of training.
Saturday, August 22, 2020
alturism Essay Unselfishness is utilized in conversations of morals as an option in contrast to moral pride: the conviction that individuals should be narrow minded. Selflessness drives us to locate a center ground between being simply self intrigued and committing our whole lives to the gathering. We discover that its not desirable over be excessively self intrigued, yet can be destructive to commit all your vitality to others. Excessively much personal circumstance can be as unsafe as a lot of righteousness towards others. As a moral egomaniac, what you may gain from unselfishness is; there are sure circumstances where it could pay not to act naturally intrigued. A genuine model would be a few people stuck on a remote location. In the event that everybody left bound for their different endurance, morose just a couple would live long. In the event that the individuals joined together, shared the work and supplies, without a doubt most or all would endure longer.This shows that there are circumstan ces you can deal with better when you decided to be in a gathering, at that point all alone. All in all I figure any individual ought to deliberately consider before choosing to act to their greatest advantage or represent a gathering that they are part in. Individuals should attempt to consider what may be increasingly gainful for them in the long haul just as right away. On the off chance that the most exceedingly awful is valid; and people are simply egotistical creatures, what individuals ought to do is substitute a little benevolent way of thinking in their reasoning. This would help fuse each self intrigued individual into a gathering that capacities better than any individuals could separately. It would presumably help extend the accessible decisions for individuals who feel they can't settle on a choice. I figure it can likewise lead the world in a progressively open minded course.
School Physical Plant Management What do you comprehend with the term school plant? The school plant is the totality of everything that make up an educational system. It includes the physical and material offices in type of structures, school site and the condition that epitomize the school. In addition, a school plants incorporate the site, the structure and hardware and this incorporate the changeless structures like workshop, libraries, homerooms, research centers and semi perpetual structures like the instructive framework itself. We will compose a custom exposition test on School Physical Plant Management or then again any comparable point just for you Request Now The school offices comprise of a wide range of structures for scholastic and non-scholarly exercises, gear for scholarly and non-scholastic exercises, zones for sports and games, scene, homesteads and gardens including trees, streets and ways. Others incorporate furnishings and latrine offices, lighting, acoustics, storerooms and pressing part, security, transportation, ICT, cleaning materials, food administrations, and uncommon offices for the genuinely tested people. Depict the 2 significant elements of school plant? An Environment to Facilitate Learning The basic role of the educating and learning process is to realize in the student attractive change in conduct through basic reasoning. This procedure doesn't occur in a vacuum yet rather in a situation organized to encourage learning. Henceforth, this condition of an association as all components pertinent to its activity and they incorporate immediate and aberrant activity components. School offices, establish the significant segments of both immediate and circuitous activity components in nature of learning. Highlight Article Ã¢â¬Ã Country School Ã¢â¬ Allen Curnow These offices assume crucial job in the realization of the instructive objectives and targets by fulfilling the physical and passionate needs of the staff and understudies of the school. Knezevich (1975, p. 563) underlined that the physical needs are met through arrangement of safe structure, satisfactory clean offices, a decent visual condition, proper warm condition, and adequate safe house space for his work and play. His passionate needs are met by making charming encompassing, a neighborly climate, and a moving situation. The instructive framework has experienced enormous changes as its way of thinking, widened objectives and goals, new ways to deal with administration conveyance and engineering plan, quantum jump in school enrolment, variety of educational programs projects and extra-educational plans exercises, presentation of Information and Communication Technology (ICT) and extended scholarly help administrations, for example, direction administrations to understudies, educators and the network, combination of the school and network. 3. In what ways does instructional program impact the idea of school plant? Schools exist to educate and learning. Human and material assets are conveyed for this reason. School offices are the material assets accommodated staff and understudies to enhance their efficiency in the educating and learning process. The acknowledgment that the exchange of information doesn't just happen in the four dividers of the study hall from the educator to the understudies but instead that learning happens through disclosure, investigation, connection with the inner and outer condition has required the imaginative and creative advancement of instructing and learning offices that mirror these changes. Schools exist to serve financial and political necessities of the ever-evolving society, thus, they are in steady communication with their outer condition. They get contributions from the outside condition as human and material assets, forms them and void same into the general public as completed items and administrations. The nature of the items bears an immediate relationship with the nature of the offices sent during the time spent the creation. This requests cutting edge offices are given in schools to get ready school leavers for life in the worldwide town. A few investigations have indicated that a cozy relationship exists between the physical condition and the scholarly exhibition of understudies. Nwagwu (1978) and Ogunsaju (1980) kept up that the nature of training that kids get bears direct pertinence to the accessibility or deficiency in that department of physical offices and by and large environment in which learning happens. For instance, look into discoveries have indicated that understudies learn better when a mix of techniques and materials are utilized during instructing. Besides, accentuation has moved towards concentrating on understudies as against showing enormous classes which assumes that all understudies in a class can learn at a similar pace. The ramifications of the prior is that in structuring school plant, arrangement ought to be made for individual and little gathering association and for enormous gatherings for scholarly and social exercises. Step by step instructions to refer to School Physical Plant Management, Essay models
Friday, August 21, 2020
The tale Ã¢â¬Å"PassingÃ¢â¬ was written in 1929 and get one of the most acclaimed books of Nella Larsen. Like different books which were additionally expounded on Ã¢â¬Å"passingÃ¢â¬ , Ã¢â¬Å"PassingÃ¢â¬ of Nella Larsen mirrors the intense existence of African-American in the nineteenth century, when they were battling with prejudice to have the equivalent rights. Clare Kendry and Irene Redfield in Ã¢â¬Å"PassingÃ¢â¬ both were conceived Negroes yet with fair complexion so they could be Ã¢â¬Å"passingÃ¢â¬ . Be that as it may, these two ladies have various options throughout their life, which lead to the catastrophe when they meet each other following twelve years. The epic finishes with ClareÃ¢â¬â¢s demise without uncovering to the perusers who executes her, which urges the perusers to think about the questionable finish of Ã¢â¬Å"PassingÃ¢â¬ by consistently deciphering proof all through of the novel. By that way, Nella Larsen may need her perusers to be receptive to see how individuals become the casualty of disparity and social limitation in term of race and sexual orientation. Closure her novel in vulnerability, Nella Larsen intrigues her perusers about who is liable for ClareÃ¢â¬â¢s demise. The two potential things may happen are whether Clare ends it all or Irene pushes her out of the window. Clare has her motivations to end it all since her significant other discovers that she was brought into the world a Negro. For him, all Negroes are Ã¢â¬Å"black scrimy devilsÃ¢â¬ and Ã¢â¬Å"always looting and executing peopleÃ¢â¬ (70). These biases exist in JackÃ¢â¬â¢s mind as well as among many white individuals. These brutal preferences and segregation had compromised ClareÃ¢â¬â¢s marriage for quite a while before her passing. Clare may be constantly prepared for the day that reality with regards to her race would take everything from her. When Irene solicited her whether she thought from how she could do if her significant other gets some answers concerning her race, she just said yes with a grin. What's more, right now Clare remains close to the window, Ã¢â¬Å"she appeared to be unconscious of peril or coldblooded. There was even a swoon bless her full, red lips, and in her sparkling eyesÃ¢â¬ (209). When Clare faces a challenge by joining the Negroes people group, she may get ready for that day, for her demise. Be that as it may, there are additionally confirms for the likelihood that Irene executes Clare. To start with, she has the inspiration. In IreneÃ¢â¬â¢s mind, Clare is one who Ã¢â¬Å"not just that she needed to have it both ways, yet that she needed to snack at the cakes of other people as wellÃ¢â¬ (88). Before observing Clare, IreneÃ¢â¬â¢s life props up on under her influence: a family with a specialist spouse and two children, living in Negroes communityÃ¢â¬ ¦ But Clare comes and raises the dread inside Irene that Clare and Brian, IreneÃ¢â¬â¢s husband, may engage in extramarital relations. In spite of the fact that Irene doesnÃ¢â¬â¢t have any reasonable evidences for what she think, yet she can feel it through the changing in disposition of Brian: Ã¢â¬Å"For a moment, Irene dithered, at that point turned her head, however she comprehended what it was the held HughÃ¢â¬â¢s look. Clare, who had abruptly blurred every one of her days. Brian, the dad of Ted and JuniorÃ¢â¬ ¦then she saw him grin, and the grin made his face all excited, and sparkling. Ã¢â¬ (169-170). Also, the perusers can understand how the nearness of Clare makes Irene endures: Ã¢â¬Å"It hurt. It hurt like hellÃ¢â¬ ¦She was sick of Clare Kendry. She needed to be liberated from her. Ã¢â¬ (174-179). The perusers likewise has motivation to presume Irene since she as of now consider how to dispose of Clare before ClareÃ¢â¬â¢s demise: Ã¢â¬Å"If Clare ought to dieÃ¢â¬ ¦To figure, indeed, to wish thatÃ¢â¬ ¦the thought remained with her. She was unable to dispose of itÃ¢â¬ (187). In the gathering, before Clare drops out from the window, Irene is the person who open it in spite of the cold outside. The picture of Irene Ã¢â¬Å"watching the small flash drop gradually to the white groundÃ¢â¬ makes the perusers identifies with the tumbling down of Clare after that (207). Right now that Clare remains at the window, Irene Ã¢â¬Å"laid a hand on ClareÃ¢â¬â¢s uncovered arm. One idea had her. She couldnÃ¢â¬â¢t have Clare Kendry thrown away by Bellew. She couldnÃ¢â¬â¢t have her freeÃ¢â¬ (209). What's more, watching Clare drops out from the window, Ã¢â¬Å"Irene wasnÃ¢â¬â¢t sorry. She was amazedÃ¢â¬ (210). IreneÃ¢â¬â¢s thought and disposition towards Clare right now she drops out from the window demonstrated that Irene, regardless of whether answerable for ClareÃ¢â¬â¢s passing or not, needs Clare to kick the bucket. Along these lines, the perusers can speculate that Irene is the person who push Clare out of the window, prompting ClareÃ¢â¬â¢s passing. In spite of numerous signs support for the likelihood that Irene murders Clare, the creator doesnÃ¢â¬â¢t need a conspicuous end for her novel. She continues examining her perusers concerning the amount they could believe what they see. All through the novel, Nella Larsen communicates her demeanor in derision of white peopleÃ¢â¬â¢s visual impairment when they separate dark individuals without knowing who they truly are. Jack, a bigot, weds a Negro lady since he trusts in what he sees. Numerous individuals witness ClareÃ¢â¬â¢s demise however no one could make certain about what they saw. They even speculate Jack since he is the main white individuals there. By consummation the novel in vulnerability, Nella Larsen questions her perusers about how they decipher and get who or what pushes individuals to death. In the event that there is no bigotry, Clare would not end it all, and Jack wouldnÃ¢â¬â¢t be suspected on the grounds that he is white. Accordingly, the most dubious individual would be Irene. In the event that Irene doesnÃ¢â¬â¢t have any weight about keeping her life as it must be as per social standards, she wouldnÃ¢â¬â¢t have inspiration to slaughter Clare since she doesnÃ¢â¬â¢t love Brian: Ã¢â¬Å"She couldnÃ¢â¬â¢t now be certain that she had ever genuinely known love. Not in any event, for BrianÃ¢â¬ ¦ she despite everything expected to hold quick to the external shell of her marriage, to keep her life fixed, certainÃ¢â¬ (201). The picture of Irene put her hand on ClareÃ¢â¬â¢s uncovered arms before Clare dropping out of the window represent for the battling inside Irene. Irene assumes the job of one who could help Clare return to her locale, however she additionally puts Clare in hazard by not informing Clare concerning Jack seeing Irene with a dark lady. Before Clare kicked the bucket, Irene must be the one keep Clare down, however she is likewise dubious for executing Irene. Reality isnÃ¢â¬â¢t consistently uncovered in what we see, yet additionally by they way we decipher what we think about it, which relies much upon our mentality toward it. Nella Larsen let her perusers have their own specific manner to think about this dubious end so as to scrutinize their convictions and their qualities. This questionable finish of Ã¢â¬Å"PassingÃ¢â¬ likewise like the vulnerability of peopleÃ¢â¬â¢s life under different weights originates from social limitation, for example, race and sex. ClareÃ¢â¬â¢s demise represent for individuals as the casualty of disparity and social limitation.
What to Take to University (and What to Leave at Home) What to Take to University (and What to Leave at Home) Results day has been and gone, so the next challenge before your time at university starts is to pack. I know from experience how tricky it is to know what you're going to need at university, especially if itâs unclear what will be provided by your halls or accommodation. If you need a hand figuring out what belongs in your suitcase and what doesnât, hereâs a rundown of some of the things I found to be essential when starting university. Firstly, save space by only packing your âwinterâ wardrobe via GIPHY I thought I would need to bring everything I owned to university, but you really only need to bring clothes for autumn/winter in first term. Then, after Christmas, you can bring the spring/summer clothes. Bringing it all at once just means youâll have no wardrobe space and your room will become extremely cluttered really easily. Make sure to bring coat hangers with you. This is key as most halls don't provide many, if any at all. Donât forget your ID and university documents via GIPHY When you enrol, the university may ask for things like your passport, other forms of ID, your acceptance letter, and other uni documentation. I suggest you file them away in one folder that you can easily get to when you move in. You can add any new documentation you receive when you arrive (such as login details and passwords for the university system or the new Netflix account you proudly buy with your student loan!). What to take for the kitchen via GIPHY If you're in catered halls, then this list of kitchen essentials may not be necessary, but from my experience of self-catered halls, hereâs a list of the things I found to be super useful: Distinctive plates and cutlery: By this, I mean buy ones that can easily be identified as yours. Mine were all red and the cutlery had red handles so I knew exactly which was mine. You want to avoid all having the same cheap white Sainsbury's plate and arguing over who didn't wash up! Basic cooking accessories: If youâre anything like me, I didnât know what a capable cook would need before starting university. While you could try and survive for a year off oven chips and fish fingers, taking basic items like a baking tray, tongs, a fish slice, a wooden spoon, a pot with a lid, a frying pan, some kitchen knives, a pair of kitchen scissors, a measuring jug, and, MOST importantly, a colander enables you to cook a wider range of dishes. Iâm not underplaying the importance of the colander by the way. It's not a false stereotype that pasta makes up a large proportion of a student's diet. You will need a colander, end of. Bottle and can openers: It's handy to have these just to avoid attempting to open a can of beans with a knife, like I did once, and slicing your hand open. The bottle opener will come in handy when drinking with your new flatmates too. Other essentials: Tea towels, bag clips for open bags of crisps or cereal, your own washing up sponge and liquid, and oven gloves are also a must. I actually had oven gloves that looked like proper winter gloves so I could grip my tray of chips better, and they were probably the most useful thing I packed for university. Toiletries and medication via GIPHY If you're lucky your parent/guardian may have this covered, as it seems to be a trend that families make care packages for their children to take to university. These often include things like paracetamol, plasters, antiseptic cream, and probably most importantly, cold and flu remedy. Fresherâs flu is a very real thing so being stocked up with that is a must. You'll also need everything you use at home such as a toothbrush, toothpaste, shampoo etc. but you shouldnât need us to tell you that. I had an en suite bathroom at university, so I was lucky in that I could keep my toiletries in there all the time. However, if you're sharing showers, you may want to buy a portable shower bag that hangs up in the shower to make sharing as convenient as possible. If youâre sharing, youâll also probably need some slippers to avoid walking on the gross halls' floor barefoot when you go to and from the bathroom. If you have your own bathroom there are a few other things you'll need. I had a bath mat, and another mat to go around the base of the loo. Also, a loo brush and lots of cleaning products are essential. Buy the right stationery for your course via GIPHY While you can buy this once you're at uni, it's still useful to consider what you'll actually need. Depending on your course you'll need different equipment so buy accordingly. You may need to buy course books, but I would recommend being careful and selecting only the ones you really will need. Try to talk to some current students to gauge which are actually useful. I bought so many that I didn't need so do yourself a favour and double check! Donât forget to find room for some home comforts via GIPHY These are the items which wonât come to mind immediately but will help you to settle into your uni room very quickly and help if you ever feel a bit homesick. It could be that you pack your favorite mug, a photo album, or maybe some posters you had up in your old room. Decorating your room and filling it with your trinkets and knick-knacks is really important to make uni feel more homely. Halls' rooms vary but quite a lot are a tad grotty and plain, so bringing bunting or some succulents can really help to brighten up the place. Look out for uni events such as plant and poster sales as they are a great opportunity to buy everything you'll need to spruce up your room. Things you donât really need but will make your life easier/more fun via GIPHY A speaker: You'll be everyone's favorite flatmate if you have a decent speaker for pre-drinks. A printer: This is more for convenience than anything but it's a lot easier to print that last minute essay if you can do it from the comfort of your room instead of attempting to find a working printer at uni. A lamp: Your halls will more than likely provide one but they are not always that useful. My halls gave us a small color changing circular lamp which, while being super cool, was the most impractical thing. An extension lead: There were definitely not enough plug sockets for me to charge everything I owned so having an extension lead was extremely useful. What to leave at home via GIPHY To be honest, you should leave as much at home as you can. The aim is to travel light. This will make moving out of halls and into your second year house a lot easier. I know from experience that taking pretty much everything from home makes moving out after first year extremely stressful. Unfortunately, and I know this is difficult to accept, you will have to leave your pet at home (if you have one!). This can be really tough, but remember youâll see them every time youâre home over the holidays. It seems people miss their pets more than their family! Finally, this is a little cheesy but also try to leave your worries at home. Uni is an opportunity to try new things, step out of your comfort zone, and meet lots of new people, so leaving your fears and trepidations at home will make your introduction to university that bit smoother. Want more content like this? Register for free site membership to get regular updates and your own personal content feed.
Saturday, June 27, 2020
Islamic principles have stated clearly that all business transactions have to follow the fairness behavior stated in Islamic law where no party should gain any sort of unequal treatment thus when an investment occurs between two parties both the parties should divide the profit or loss according to the business status (Schon; 2009). Islamic principles related to monetary transactions have stated clearly that no harm or use of harmful products is allowed to be conducted under the Islamic business (Schon; 2009). Thus; Gambling, prostitution and similar projects should be banned from using Islamic money as a tool of transactions (Schon; 2009). 2.1 Principles behind Islamic Banking Two basic principles behind Islamic banking are the sharing of profit and loss (PLS), significantly, the prohibition of collection and payment of interest. In fact, collecting interest is not permitted under Islamic law. Islamic banking refers to a system of banking or banking activities that is consistent with Islamic law and principles and guided by Islamic economics (Sipra, 2002). 2.3 Islamic Banking around the World Present Islamic finance has exist globally since the 1970.Currently, Islamic finance represent small but growing fragment of the global finance industry (Ariss 2010). Estimates diverge of the total size of the assets held globally under Islamic finance, ranging upwards from 800 billion and with growth rates of 10% to 15% annually over the past ten years. Indeed, United Kingdom has announced initiations to reserve London as a main player in the Islamic finance industry (Kerr, 2007); the global market for Islamic bonds known as Sukuk us estimated to be $70 billion currently and is projected to reach $100 billion by 2010.Global issuance of Islamic bonds has increased more than five-fold from 2004 to 2007. Assets of the top 500 Islamic banks expanded 28.6% to $822 billion at year-end 2009 Islamic industry size is estimated to be at 400 billion USD with growth of 15% per annum. Demand for Islamic banking products and service is growing, Islamic banking has developed into a full fledg e system, today Islamic banks are working in 75 countries beside that there are many financial institutions from the conventional banking systems have lunched Islamic banking windows working side by side with Islamic banks to overcome the growing market demand on Islamic products and services. In Malaysia and Bahrain Islamic banks are working at parallel with conventional banks participating in the overall money transacted (Scribd; 2010). In some countries, such as Iran, Sudan and Pakistan, Islamic bank are the only mainstream financial institutions. In others, they exist within conjunction with conventional banking. The Arab Gulf region and Southeast Asia, led by Malaysia, traditionally have been the major centers for Islamic banking. In recent years Islamic banking has expanded into Africa, particular in Sudan (Tahir 2007). Sudan has full financial system running at a national level by Islamic finance and banking principles, Iran also have switched to fully working Islamic b anking system in spite of the conceptual interpretation differences.UK, Euro countries and many other countries have initiated Islamic banking participations by allowing Islamic banks to start doing business (Tahir 2007). Chart 2.1 is showing that Iran is the higher ranked in Islamic banking assts followed by Saudi Arabia and Malaysia. Indeed, Bahrain has 10 Islamic banks compare with 19 banks in Sudan. In fact, Iran, Sudan and Pakistan fully operate as a full main stream Islamic banking system. Chart 2.1 Break Down of the Worlds 100 Islamic Banks Source: Asian Banker Research Bahrain have a large concentration of Islamic banking in the Middle East where it hosts 26 institutions offering different products and services including commercial banking, offshore banking, investment banking and fund management , Bahrain also purse a dual banking system where conventional and Islamic banking are treated equally by the Bahrain Monetary Agency , Bahrain also hosts the newly creat ed liquidity management center and the international Islamic financial market , to coordinate the operation of Islamic banking around the world. Malaysia has a comprehensive Islamic banking industry where conventional and Islamic banks are working at a competitive environment; the conventional banks are allowed to open Islamic windows. The share of Islamic banking operation in Malaysia has grown from a nil to 8 percent in 2003 where the government in Malaysia has a plan to enhance that to 20 percent by 2011. There is a growing interest for Islamic finance and a business opportunity for lenders in the United States where Islamic banking is largely exists in the personal home mortgages (Tahir 2007). Chart 2.2 explains that the issuance of Sukuk financial records for about 10% of the comprehensive Islamic finance industry, subsequent to fast growth over the past decade. Cumulative total issues topped the figurative mark of $100 billion at year-end 2009, compared with less than $500 million at year-end 2001. The market is slowly reviving after a major slowdown in 2008. Sukuk issues totaling $23.3 billion in 2009 clearly outpaced the $14.9 billion registered in 2008 and regained some ground against record issues of $34.3 billion in 2007. Chart 2.2 Sukuk Issuance in billions USD from 2001 to 2009 Source : (Poors 2010) 2.6 Definition of Corporate Governance The agency problem arises because of the relationship between the owners and the management. The scandal in corporate governance made the scholars defining corporate governance based on the problem solving perspective or corporate affairs perspective. In addition, most definition states that internal governance mechanism involves board of directors and ownership structure while external involves taking over market and legal system. Researchers have defined corporate governance in a variety of ways, and the most widely cited definitions follow. A definition by the finance committee on corporate governance in Malaysia in the report on corporate governance (2002) stated that: Corporate governance is the process and structure used to direct and manage the business and affairs of the company towards enhancing business prosperity and corporate accountability with the ultimate objective of realizing long term shareholder value, whilst taking account the interests of other stakeholders. This indicates that corporate governance is not only applied to the shareholders but the other stakeholders as well. 2.7 Corporate Governance System around the World 2.7.1 Anglo-Saxon Corporate Governance System The Anglo -Saxon system is taking by the main source of firms finance. Therefore, the main concentration of Anglo-Saxon corporate governance is the shareholder interest where the principle is applied by given the right to each shareholder to vote pursuant to that the law found to be protecting the shareholder against the management where a shareholder can be found misusing the company money which might affect the shareholder wealth. The composition of the Anglo-Saxon corporate governance system is one board of directors constituting of executives and non-executives. The executive directors are managers of the corporations; whereas the non-executive directors are representing the shareholders to monitor the manager in their day to day business. Both executive and non-executives directors members are appointed and dismissed by general assembly of shareholders.(Denis and McConnell 2003). 2.7.2 Germanic Corporate Governance System The Germanic corporate governance system deals with the firm as an autonomous economic entity which may benefit to shareholders and stakeholders in the firm. Countries which implement this system use two board systems consisting of a supervisory board and managing board. Supervisory board main duties are to appoint the managing dismiss managing board and to evaluate management performance. Germanic corporate governance system considers the bank as the main source of finance. Therefore, the bank has a significant voting right in shareholders shareholders assembly and also represents shareholders interest in a supervisory board (Odenius; 2008) . 2.7.3 Latin Corporate Governance System The Latin corporate governance system is considered more flexible compared with previous Systems. In a context of board of directors, Latin corporations have an option to select either one board as Anglo-Saxon system or two boards as in Germanic System, shareholders have more influence in the Latin system i.e. in French legislation, shareholders can remove a director, which overrule on a share one vote system.(Aguilera and Ermoli 2005) 2.7.4 Japanese Corporate Governance System The board of directors in Japanese system comprises a board of directors, an office of representive directors and an office of auditors. The president is the rarely the chair man of the board. Banks have high influence on the decision making of the management in the Japanese system .(Allen; and Zhao; 2007) 2.7.5 Islamic Corporate Governance. The corporate governance in Islamic banking is based on Islamic law and principles. The governance of the banks is subject to acceptance of the principles and standard of Shariah. Islamic corporate governance tension on all the parties involved in the organization to practice Islamic law principles. Since Islamic banks in many ways are similar to the conventional banks; the existence of a proper frame work of corporate governance is a matter of dire necessity (Pellegrini 2006). However, in accordance with the fact that Islamic banking and conventional banking are different because Islamic banking activities are underlined by Islamic law its not appropriate for Islamic banking to divert from Islamic practices .Thus, the responsibility is on Islamic banks to ensure that all activities are subject to Shariah law acceptance (Pellegrini 2006). In terms of guidelines and principles constructed in accordance with Islamic law there are many standardizing agencies; theses agencies inc lude the Islamic financial service board (IFSB), the accounting and auditing organization for Islamic financial institutions (AAOIFI), and International Islamic rating agency (IIRA); are of the important bodies concerned with regulations enhancing the supervision in Islamic financial institutions (Grais and Pellegrini 2006; Pellegrini 2006; Wafik Grais 2007). Researchers have conceptually explained the differences attributed to corporate governance principles in Islamic law and corporate governance principles in non Islamic law, the proposed considerations mostly concentrated on Shariah supervisions, financing modes and risk managements. In addition, Islamic finance scholars have supported the explanation of theoretical base of Islamic banking and finance on stakeholder theory considering that any party who affect of get affected by the activities conducted in the Islamic financial institution is a stack holder of the Islamic financial institution (BAHJATT; 1997; Chapera 2004; Ab u-Tapanjeh 2009). Table 1.1 focuses on the differences between the organization for economic cooperation and developments principles and Islamic principles where sole authority is to Shariah, society is a stakeholder and the sense of equality between different parties involved in the corporation process. Islamic perspective on corporate governance, to some extent, resembles to the stakeholder model. Indeed, it provides a more solid justification regarding who can qualify as a stakeholder and what are the rights and responsibilities that both firms and their various stakeholders may assume. Table 1.1 Corporate Governance from Islamic Prospective OECD Principles and Annotation Islamic Principles Insuring the basis for an effective corporate governance framework Promotion of transparent and efficient markets with rule of law and division of responsibilities Promotion of business within ethical framework of Shariah,Believes in profit and loss,Primacy of Justice and social welfare withsocial and spiritual obligations,Prohibition of interest The rights of shareholders and key ownership functions Basic shareholder rights, Participation in Decision-making at the general meetings, Structures and arrangements markets for corporate control, Ownership rights by all shareholders including institutional shareholders, Consultative process between shareholders and institutional shareholders Property as trust from God, Sole Authority is God, Society as stakeholders, Accountability not only to stakeholders but also to God, the ultimate owner The equitable treatment of shareholders Protection to minority and foreign shareholders Just and fairness of value The role of stakeholders in corporate governance In creating wealth, jobs and sustainability of financially sound Enterprises Islamic accountability to Falahand social welfare orientation, Haram/Halaldichotomy in transaction, Social individual welfare from both spiritual and material Disclosure and transparency Matters regarding corporation, Financial situation, Performance, ownership and Governance Accountability with Shariahcompliance, Socio-economic objectives related to firms control and accountability to all its stakeholders, Justice, equality, truthfulness transparency, Wider accountability with written as well as oral disclosure The responsibilities of the board Strategic guidance, Monitoring of management, Accountability to company and stakeholders Accountability not only to company or board or stakeholders but also to Allah the ultimate authority who leads to welfare and success, Holistic and integrative guidance, Negotiation and co-operation, Consultation and consensus seeking for each decision with related stakeholders Source : (OECD 1999; Abu-Tapanjeh 2009) Unlike the known corporate governance systems where the solving of agency conflict is one of the important issues related to the governance mechanisms. Islamic corporate governance laid the liaison and activities of the bank to Shariah supervisory board and main Shariah board at the central bank of the country. Thus, each party involved in the transaction and activities of the bank is stakeholder. The Islamic finance activities have the obligation towards employees, community and related parties of organization. The staff in Islamic bank should act according to Islamic principles and adhere to the teaching of Islam. Accounting standards in the Islamic bank should consider that Islamic banking is interest free banking(M; 2007). Shariah supervisory board (SSB) has the authority to reject any of the projects which is not in accordance with their expectation. Indeed, the process of the Shariah reviewing the activities is one of the fundamentals of Islamic banking transaction. The Shariah reviewing process includes risk management, auditing committee and Shariah research functions (Hamzah 2009). . Figure 2.1 is explaining the process of The Shariah supervisory board where Shariah board receives the new projects and products before they are presented to the customers in order to assure the Shariah compliance. Shariah board process will supervise bank activities and processes in order to assure the Shariah compliance. Shariah supervisory board has the responsibility to enhance the Islamic banking knowledge among the employees in the Islamic banks. Figure 2.1 Shariah Board Process Source : (BNM 1 October 2005) The board of directors is committed to the decisions made by the Shariah supervisory board irrespective of whether the majority approve or disapprove. The meeting of the board usually is held periodically or whenever the situation require (DIB 2010). 2.8 Principles of Islamic Corporate Governance The Islamic financial service board (IFSB) is an international guidelines and regulation organization that concentrate on improving the consistency and firmness of the Islamic financial services institutions by issuing global standards and principles for the industry, mostly distinct to include institutions which deal under Islamic law (IFSB 2006). The principles is concerned about enhancing the process of the Islamic banks under a proper mechanism related to Shariah law which highlight and explain what are the duties and responsibilities related to stakeholder in the Islamic bank. The principles detail the process and structure of governance in the Islamic to achieve the optimum smooth of return to stakeholders (IFSB 2006). As per the principles guidelines its of importance to meet to principles because that will help providing a typical disclosure particularly financial statements for internal audit which deliver a great responsibility to the stakeholders, indeed it also en dorses the Basel I, II and the principles of corporate governance in banks, so as to ensure the safety of Islamic banking and to provide protection for the assets and rights of customers of Islamic banks encouraging commitment to the decisions of (IFSB) .The sitting standards by IFSB for Islamic financial institutions involve the discussion on the mechanism to balance between different stakeholders in the organization including the duties and responsibilities, the board of directors and financial reporting requirements (IFSB 2006). Table 2.1 presents the main principles for Islamic financial institutions including Islamic banks which must adhere to Islamic law including governance mechanisms, right of investment account holders, and compliance with Islamic Shariah rules and the transparency of account reporting. Table 2.1 the Guiding Principles of Islamic Financial Service Board IFSB Principle 1.1: IIFS shall establish a comprehensive governance policy framework which sets out the strategic roles and functions of each organ of governance and mechanisms for balancing the IIFSs accountabilities to various stakeholders. Principle 1.2: IIFS shall ensure that the reporting of their financial and non-financial information meets the requirements of internationally recognized accounting standards which are in compliance with Shariahrules and principles and are applicable to the Islamic financial services industry as recognized by the supervisory authorities of the country. Principle 2.1: IIFS shall acknowledge IAHs right to monitor the performance of their investments and the associated risks, and put into place adequate means to ensure that these rights are observed and exercised. Principle 2.2: IIFS shall adopt a sound investment strategy which is appropriately aligned to the risk and return expectations of IAH (bearing in mind the distinction between restricted and unrestricted IAH), and be transparent in smoothing any returns. Principle 3.1: I IFS shall have in place an appropriate mechanism for obtaining rulings from Shariahscholars, applying Fatwaand monitoring Shariahcompliance in all aspects of their products, operations and activities. Principle 3.2: IIFS shall comply with the Shariahrules and principles as expressed in the rulings of the IIFSs Shariahscholars. The IIFS shall make these rulings available to the public. Principle 4: IIFS shall make adequate and timely disclosure to IAH and the public of material and relevant information on the investment accounts that they manage. Source: International Islamic Finance Services Board (IFSB 2006) 2.8.1 Ownership Islamic banks guiding principles permit the bank to constitute the capital from original and foreign resources, in respect to the rate of deposit and place of deposit of the capital fund , it will be decided by the proficient authority, Islamic bank will constitute a reserve fund and every year an specific amount of profit will be kept in this fund from the net income after paying of tax and Zakat at the time assessing the minimum asset Islamic bank will take into consideration the balance of Savings Account, Investment Account, other deposit liabilities including the cash in hand other liabilities as directed by the proficient authority (SolÃ © 2008). 2.8.2 Board Size The principles of Islamic banking enhances the implementations of Basel I, II and III In explaining the board size requirement in Islamic banks, the governance code recommended that the impact of size should be examined on the board effectiveness. However there is no specified numbers of the board recommended. It is in line with the above-mentioned arguments that a board should not be too big or too small. However, the Islamic banks should allow a board with active participation and has the ability to make effective decisions and performing their functions (SolÃ © 2008). 2.8.3 Qualifications As part of the governance enhancement effort, IIFSB in its listing requirements requires all directors of Islamic banks to undertake continuous training and education improvement process. It aims at influencing corporate thinking on governance issues among the directors (Kasri 2008). 2.8.4 Disclosure As the Islamic financial services industry increases its activities in the global financial scaffold, IIFS requires the Islamic banks to abide by globally recognized reporting standards. IIFS is therefore ensuring that the reporting of financial and non-financial information is in harmony with worldwide recognized accounting standards, particularly those applicable to Islamic financial services. Islamic bank will appoint an auditor every year, which is to be approved by the proficient authority (SolÃ © 2008). The main principles enhancing the world banking system are the Basel principles. Basel is a committee focusing on formulating standards for banks especially those guidelines which help to maintain the risk level and safety against financial crisis. The Basel committees standards have been going through wide improvement from time to another. Basel I in 1998 required the countries to have a minimal capital requirement for banks; most of the focus was on credit risk. Basel I instructed the banks with international presence to hold capital equal to 8 % of the risk weighted assets. Following that, the Basel II introduced in 2004 was encouraging all countries to adopt the regulations proposed on their banking system. Indeed, Basel II was the creation dilemma of banking laws and regulations against problems that may arise particularly in capital management and risk management. Then, Basel III was a responding improvement to financial crisis where the committee instructed the banks to hold apportion of its capital to preserve against abnormal loss (SolÃ © 2008). Critically, Islamic banks were already enhancing the principles of Basel III which is been translated in their financial status after the crisis as they have not been affected by crisis same as the conventional banks.(Networking 2010) Abu-Tapanjeh, A. M. (2009). Corporate governance from the Islamic perspective: A comparative analysis with OECD principles. Critical Perspectives on Accounting 2 0(5): 556-567. Aguilera , R. V. and I. Ermoli (2005). A Comparative Analysis of Corporate Governance Systems in Latin America: Argentina, Brazil, Chile, Colombia and Venezuela. SSRN eLibrary. Allen;, F. and M. Zhao; (2007) The Corporate Governance Model of Japan: Shareholders are not Rulers. Ariss, R. T. (2010). Competitive Conditions in Islamic and Conventional Banking: A Global Perspective. Review of Financial Economics 19: 101-108. BAHJATT;, M. F. (1997). TOWARDS STANDARDS FOR RELIGIOUS AUDIT IN ISLAMIC BANKS. Review of Islamic Economics, 3(2): 39. BNM (1 October 2005). Guidelines on Corporate Governance for Licensed Institutions. Chapera, M. U. (2004). Stackholder Model of Governance in Islamic Economic System. Islamic Economic Studies. 11(2). Denis, D. K. and J. J. McConnell (2003). International Corporate Governance. SSRN eLibrary. Grais, W. and M. Pellegrini (2006). Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services. SSRN eLibrary. Hamzah, H. (2009). The Control of Islamic Bank Activity by the Shariah Board : Effectiveness and Limits. Economic and Quantitative method Tunis, University of Manouba IFSB (2006) Guding Princibiles on Corporate Governance for Instituation Offering Only Islamic Financial Services (Exculding Islamic Finance Insurance and Mutual fund) Kasri, R. A. (2008). Corporate Governance: Conventional vs. Islamic Perspective. SSRN eLibrary. M;, A. E. W. (2007) A unified voice : The Role of Shariah Advisery Boards in Islamic Finance. Networking, I. b. (2010) Basel III in support of the Islamic banking principal Odenius;, J. (2008) Germanys Corporate Governance Reforms: Has the System Become Flexible Enough? OECD (1999) OECD Principles of Corporate Governance. Pellegrini, W. G. a. M. (2006). Corporate Governance in instiuations offering Islamic financial Services : Issues and Options. Islamic economic ,Banking and Finance Poors, S. a. (2010). Islam ic Finance Outlook 2010. Schon;, N. (2009). Islamic banking and finance, Spriamus Press Ltd. Scribd; (2010) Islamic Banking vs Conventional Banking. Islamic Banking vs Conventional Banking SolÃ ©, J. (2008) Introducing Islamic Banks into Conventional Banking Systems. Tahir, S. (2007). Islamic Theory and Practice Survey of Literature Jouranl of Economic Corporation 28(1): 1-72. Wafik Grais , M. P. (2007). Corporate Governance and Shariah Compliance in institutions offering Islamic Financial Services. Wold Bank Research Working Papers 4054.
Monday, May 25, 2020
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