SPSS Statistics Project Example | Topics and Well Written Essays - 250 words

SPSS - Statistics Project Example The understudies could ONLY investigation in nature to which they were allocated during the exploration time frame. Toward the finish of the 7-week research period, mid-term GPA was registered for every understudy. A change score was figured for every understudy: every understudies spring midterm GPA was deducted from their GPA for the previous fall semester. The thing that matters was every understudies GPA Improvement score. The GPA improvement score was utilized to gauge scholarly execution. Utilizing the SPSS 2 Ãâ€"3 ANOVA information document for Module 4 (situated in Topic Materials), answer the accompanying inquiries. NOTE: Helpful insights are given here to you to utilize while responding to these inquiries. There is no different answer sheet/manual for use while doing this task. At that point two†way between subjects ANOVA is utilized to dissect the consequences of a between subjects factorial structure with two autonomous (factors). The two†way ANOVA tests three theories: the fundamental impacts for every one of the two variables and the collaboration impact b. What do the aftereffects of the Tests of Between-Subjects Effects let you know? Was there a noteworthy fundamental impact of Environment on GPA improvement? Was there a critical primary impact of Sex on GPA improvement? Was there a noteworthy collaboration impact of Environment X Sex on GPA improvement? Report the outcomes for every one of these inquiries giving the genuine F-worth and p esteem utilizing the accompanying organization: F(df1, df2) = 0.785____, p = .__000_ or if the p is appeared as .000, compose it as p c. Use estimated time of arrival squared to give impact size/extent of difference accounted related with every F-esteem. In the event that the F-esteem for a principle impact or potentially for a connection impact is measurably noteworthy, what is the estimated time of arrival squared (ï  ¨2) esteem related with that result? Report estimated time of arrival squared, ï  ¨2; disregard halfway estimated time of arrival squared that SPSS can give. You have

Working Capital Essays

Working Capital Essays Working Capital Essay Working Capital Essay Tw elfth Edition INTERNATIONAL BUSINESS Environments and Operations John D. Daniels University of Miami Lee H. Radebaugh Brigham Young University Daniel P. Sullivan University of Delaware Pearson Education International Contents Preface 29 About the Authors PART ONE 39 BACKGROUND FOR INTERNATIONAL BUSINESS 44 1 Globalization and International Business 45 49 44 CASE: The Global Playground Introduction 48 W h a t Is International Business7. The Forces Driving Globalization 50 Factors in Increased Globalization 51 Whats Wrong with Globalization? 56 Threats to National Sovereignty 56 Financial Growth and Environmental Stress 57 Growing Income Inequality 57 s | Point ^J3ffi^S^^3 Offshoring Good Strategy? 58 Why Companies Engage in InternationaLBusiness Expanding Sales 60 , Acquiring Resources 60 Minimizing Risk 60 Modes of Operations in International Business Merchandise Exports and Imports 62 Service Exports and Imports 62 Investments 63 Types of International Organizations 63 Why International Business Differs from Domestic Business 64 Physical and Social Factors 65 The Competitive Environment 67 Looking to the Future: 61 Three Ways of Looking at Globalization 68 C A S E : Carnival Cruise Lines: Exploiting a Sea of Global Opportunity 69 74 Summary Key Terms 75 Endnotes 75 An Atlas 78 Map Index 86 Contents 2 PART TWO COMPARATIVE ENVIRONMENTAL FRAMEWORKS 90 91 90 The Cultural Environments Facing Business 94 95 C A S E : The Java Lounge-Adjusting to Saudi Arabian Culture Introduction The People Factor Cultural Awareness 96 97 A Little Learning Goes a Long Way The Nation as a Point of Reference How Cultures Form and Change The Idea of a Nation: Delineating Cultures 98 99 98 Language as Both a Diffuser and Stabilizer of Culture 100 103 Does Geography Matter? Where Birds of a Feather Flock Together Religion as a Cultural Stabilizer 104 Behavioral Practices Affecting Business 106 Issues in Social Stratification 106 Work Motivation 109 Relationship Preferences I II Risk-Taking Behavior I 12 Information and Task Processing I 13 Communications I 15 Dealing with Cultural Differences Accommodation I 18 118 Cultural Distance: Usefulness and Limitations I 19 Culture Shock 119 Company and Management Orientations 121 [ P o j n t B f l J H ^ f l Does International Business Lead to Cultural Imperialism? Procedures for Instituting Change 125 127 Looking to the Future: What Will Happen to National Cultures? C A S E : Charles Martin in Uganda: What to Do When a Manager Goes Native 128 123 Summary Key Terms Endnotes 132 133 3 The Political and Legal Environments Facing Business 137 136 C A S E : China-Legal Growing Pains in a Land of Opportunity Introduction 141 The Political Environment 142 143 Individualism Versus Collectivism Political Ideology 144 Trends in Political Systems 150 Contents Looking to the Future: What Might Become of Democracy? Political Risk 154 153 156 J | Point | g ^ | ^ j 3 Should Political Risk Management Be an Active Strategy? The Legal Environment 157 Legal Systems 158 Types of Legal Systems 158 The Diffusion of Legal Systems 159 Trends in Legal Systems 160 Understanding Bases of Rule 161 Implications for Managers 162 Legal Issues in International Business Operational Concerns 164 Strategic Concerns 166 Intellectual Property Rights 168 164 C A S E : Crime That Pays (and Pretty Well, Too) Summary Key Terms Endnotes 177 178 172 4 The Economic Environments Facing Businesses 184 186 180 181 C A S E : Economic Conundrums and the Comeback of Emerging Economies Introduction International Economic Analysis Components of the Economic Environment Gross National Income 187 Features of an Economy 196 Inflation 196 197 199 Unemployment Debt 198 Income Distribution Poverty 200 Labor Costs Productivity 201 202 187 The Balance of Payments | Point |[emailprotected]â §3^^fl Is a Trade Deficit an Advantage? Incorporating Economic Analysis 206 Types of Economic Systems 206 Economic Freedom and Market Transitions Making the Transition to a Market Economy Looking to the Future: C A S E : Meet the BRICs Summary 222 204 209 21 I Is There a Move to Push Back Economic Freedom? 216 218 Contents Key Terms Endnotes 223 5 Globalization and Society 230 231 232 226 227 C A S E : Ecomagination and the Global Greening of GE Introduction Evaluating the Impact of FDI Considering the Logic of FDI The Economic Impact of the M N E 234 Balance-of-Payments Effects 234 Growth and Employment Effects 236 The Foundations of Ethical Behavior 237 Why Do Companies Care About Ethical Behavior? 237 The Cultural Foundations of Ethical Behavior 238 The Legal Foundations of Ethical Behavior 240 Ethics and Corporate Bribery 241 Corruption and Bribery 241 | Point | j E B 5 E ^ f l Are Top Managers Responsible When Corruption Is Afoot? 44 Ethics and the Environment What Is Sustainability? Looking to the Future: 246 248 249 Global Warming and the Kyoto Protocol Ethical Dilemmas and Business Practices How to See the Trees in the Rain Forest Ethical Dilemmas and the Pharmaceutical Industry 249 Ethical Dimensions of Labor Conditions 251 Corporate Codes of Ethics: How Should a Company Behave? 254 C A S E : Anglo American PLC in Sou th Africa: What Do You Do When Costs Reach Epidemic Proportions? 256 Summary Key Terms Endnotes 260 261 THEORIES AND INSTITUTIONS: TRADE AND INVESTMENT 264 PART THREE International Trade and Factor-Mobility Theory 268 264 265 C A S E : Costa Rica: Using Foreign Trade to Trade-Up Economically Introduction Laissez-Faire Versus Interventionist Approaches to Exports and Imports 269 Theories of Trade Patterns 269 Contents Interventionist Theories Mercantilism 270 Free Trade Theories 271 270 Theory of Absolute Advantage 272 Theory of Comparative Advantage 274 Theories of Specialization: Some Assumptions and Limitations 276 Trade Patterns Theories 278 279 284 How Much Does a Country Trade? 278 What Types of Products Does a Country Trade? With Whom Do Countries Trade? Does Geography Make a difference? The Statics and Dynamics of Trade Product Life Cycle (PLC) Theory The Porter Diamond 287 282 285 Variety Is the Spice of Life | Point |g^^^J35flfl Should Nations Use Strategic Trade Policies? 289 Factor-Mobility Theory 291 292 293 295 298 299 Why Production Factors Move Effects of Factor Movements Looking to the Future: Summary Key Terms Endnotes 302 304 The Relationship Between Trade and Factor Mobility C A S E : LUKOIL: Trade Strategy atja Privatized Exporter J In What Direction Will Trade Winds Blow? 7 Governmental Influence on Trade 06 C A S E : Making the Emperors (and Everyone Elses) New Clothes: Textile and Clothing Trade 307 Introduction 310 Conflicting Results of Trade Policies 311 The Role of Stakeholders 31 I Economic Rationales for Governmental Intervention Fighting Unemployment 312 Protecting Infant Industries 313 Developing an Industrial Base 314 Economic Relationships with Other Countries 316 Noneconomic R ationales for Government Intervention Maintaining Essential Industries 319 Preventing Shipments to Unfriendly Countries 319 ^ Â § j t ^ 3 Should Governments Forgo Trade Sanctions? Keeping up or Extending Spheres of Influence Preserving National Identity 321 311 319 320 10 Contents Instruments of Trade Control Tariffs 322 321 Nontariff Barriers: Direct Price Influences 323 Nontariff Barriers: Quantity Controls 325 Dealing with Governmental Trade Influences Tactics for Dealing with Import Competition Looking to the Future: 328 329 330 Dynamics and Complexity C A S E : U. S. - Cuban Trade: When Does a Cold War Strategy Become a Cold War Relic? 330 Summary Key Terms Endnotes 333 334 8 Cross-National Cooperation and Agreements 337 340 339 336 C A S E : Toyotas European Drive Introduction The World Trade Organization (WTO) GATT: The Predecessor to the W T O What Does the W T O Do? 341 The Rise of Bilateral Agreements 342 Regional Economic Integration 343 The Effects of Integration 344 Major Regional Trading Groups 345 The European Union 346 351 356 The NorthAmerican Free Trade Agreement (NAFTA) Regional Economic Integration in the Americas | Point U B I H B I Is CAFTA-DR a Good Idea? 359 Regional Economic Integration in Asia 360 Regional Economic Integration in Africa Looking to the Future: 362 Will the WTO Overcome Bilateral and Regional Integration Efforts? 63 Other Forms of International Cooperation 364 Commodity Agreements Consumers and Producers C A S E : Wal-Mart Goes South Summary 370 365 366 367 Commodities and the World Economy The Organization of Petroleum Exporting Countries (OPEC) Key Terms Endnotes 371 Contents 11 9 PART FOUR WORLD FINANCIAL ENVIRONMENT 374 Global Foreign-Exchange Markets CASE: Going Down to the Wire in the Money-Transfer Market Introduct ion 377 W h a t Is Foreign Exchange? 377 375 Players on the Foreign-Exchange Market Does Geography Matter? 378 382 A few Aspects of the Foreign-Exchange Market Major Foreign-Exchange Markets The Spot Market 383 The Forward Market 387 Options 388 Futures 388 383 Foreign-Exchange Trades The Foreign-Exchange Trading Process Banks and Exchanges Looking to the Future: 390 388 392 Where Are Foreign-Exchange Markets Headed? 394 How Companies Use Foreign Exchange 393 Business Purposes (I): Cash Flow Aspects of Imports and Exports Business Purposes (II): Other Financial Flows C A S E : Banking on Argentina Summary Key Terms Endnotes 402 403 404 398 395 396 | Point | { | j f l j ^ ; g f I 3 Is It Ok to Speculate on Currency? 0 The Determination of Exchange Rates C A S E : El Salvador Adopts the U. S. Dollar Introduction 409 407 406 The International Monetary Fund 410 Origin and Objectives 410 The IMF Today 410 Evolution to Floating Exchange Rates 41 I Exchange-Rate Arrangements Fixed Versus Flexible Currencies 412 414 416 Exchange Arrangements with No Separate Legal Tender Currency Board Arrangements 416 C onventional F

War as Threat to Value of Life Essay Example | Topics and Well Written Essays - 1750 words

War as Threat to Value of Life - Essay Example Sometime in the past war had been the thing to take care of, and warriors used to be looked with extraordinary love and deference. Some way or another, the two Great Wars of twentieth century have understood the individuals the deadly delayed consequences of the slaughter and animosity, where a huge number of individuals passed on and turned injured and incapacitated, alongside the inversion of money related and logical accomplishments man had designed and formulated after the hard endeavors of numerous decades. Thus, wars carried ruination to advance, success, solidarity and virtues, and squash all morals and nature of human life under their chariot wheels. It is reality past doubt that the historical backdrop of war is as old as the historical backdrop of human appearance on the very essence of the earth. â€Å"Distinguished scholar Immanuel Kant vehemently contends that the condition of harmony among the individuals living one next to the other and staying in steady communication with each other can't be stayed quiet, all things considered in the idea of man to contain contrasts with other individual creatures. It is consequently it is war as opposed to harmony which could be expressed as the normal one.† (Porter, 2003: 310) One of the most basic explanations for the hostility and threat against others incorporates the intrinsic ravenous nature of people, which urges them to end the life of the adversary out of the sentiments of jealousy, desire, outrage and dread. It is subsequently the people and countries assault their adversaries so as to deny them of the benefits they have gotten. The Old Testament additionally portrays the story of the Abel’s murder on account of his genuine sibling Cain, who was slaughtered as a result of God’s favor upon him as the acknowledgment of Abel’s penance. (Beginning 4: 1-17) Thus, the progression of first human blood on the earth made ready towards the arrangement of killings, deaths, slaughter a nd wars for the people in the future to come. In any case, it was an individual ill will that came about into fratricide; as the people are as yet occupied in slaughtering their brethren throughout the previous a few centuries, yet their desire of commanding over others has seen no satiety by any stretch of the imagination. History shows the very reality that the wars are initiated, exacted and battled in the consecrated name of religion, equity, harmony, solidarity, opportunity and human rights, where war hawks crush human social orders, societies and developments just to secure pelf, force, notoriety and ownership. It is consequently the fighting exacted upon mankind during old Greek, Hellenistic, Roman and Medieval periods just intended to oppress the powerless neighbors so as to grab their riches and assets by murdering their men, subjugating their ladies and adding their domains to their own nations. The European scramble for Asia and Africa during seventeenth century ahead lik ewise mirrored the mercilessness and butchery practiced by the huge forces upon the feeble and helpless people just to pronounce themselves as the politically influential nation. The ongoing war

Perl Harbor(Japanese-American Relationship) Research Paper

Perl Harbor(Japanese-American Relationship) - Research Paper Example A comparative response of bigotry towards a gathering of individuals can be seen from the occasions of September 11, 2001. Since the psychological oppressors were from the Middle East, many Middle Eastern Americans have been singled out by different Americans and treated inadequately. The assault by the Japanese on the American maritime base Pearl Harbor on December 7, 1941, will everlastingly be known as â€Å"a day that will live in infamy.† The choice by the Japanese to assault the United States on their own dirt has regularly been alluded to as â€Å"awakening a resting giant.† This assault provoked the United States to proclaim war with Japan. The Japanese-American relationship went from to some degree serene to in a condition of war practically for the time being. The main reaction the United States could have had was to announce war on Japan. The book Hotel on the Corner of Bitter and Sweet by Jamie Ford gives an anecdotal, individual record of the stressed conne ction between the Japanese and Americans toward the start of World War II. In the book, a youthful Henry Lee becomes companions with a Japanese American young lady named Keiko Okabe. He is from China yet she was conceived in the United States. After the occasions of Pearl Harbor, the setting of the book in Seattle has developed enemy of Japanese. Keiko and her family are sent to an internment camp since they are Japanese in cause. The anecdotal novel shows the broad frenzy by Americans toward other Japanese Americans during this timeframe. After America announced war on Japan, Americans began to lose trust in their Japanese worker companions and neighbors. The arrangement was to drive the Japanese outsiders into internment camps so as to keep any government operatives from helping Japan. This arrangement was the consequence of dread, deception, and by and large obliviousness from the American individuals and government. Two months after the Japanese assaulted Pearl Harbor, President Franklin D. Roosevelt marked a request that constrained Japanese Americans to move to internment camps (Peterson 16). Somewhere in the range of 1942 and 1945, an expected 117,000 Japanese Americans lived in these camps. After an expected 3,500 Americans passed on during Pearl Harbor, and America announced war quickly on Japan accordingly (Tunnell 1). In his book about Japanese internment camps, Tunnell clarifies the response by Americans to their companions and neighbors who happened to be Japanese: â€Å"Fiery energetic promulgation against Japan filled papers and radio stations, and numerous Americans were overwhelmed by an unreasonable disdain of anything Japanese-including individual Americans who wore Japanese countenances (1).† America has numerous migrants, and in 1941 there were numerous outsiders who had come to America from Japan. The issue was that they â€Å"looked like the enemy† (Tunnell 2). Prejudice towards Japanese Americans before the assaults on Pea rl Harbor was normal: In the Pacific States, they were not permitted to claim land or wed outside their race-in a nation set up by migrants, no less! It was normal to see bulletins during the 1920’s, 1930’s, and mid 1940’s on the West Coast that read ‘Japs, don’t let the sun sparkle on you here. Keep moving,’ or ‘Japs continue moving. This is a white man’s neighborhood. (Tunnell 3) Many Americans were unexplainably supremacist to Japanese workers before the occasions of Pearl Harbor. The term â€Å"Japs† was a harsh term for the Japanese individuals. At that point, when Japan assaulted Pearl

One Missed Call by Takashi Miike Essay Example | Topics and Well Written Essays - 500 words

One Missed Call by Takashi Miike - Essay Example One Missed Call is the account of an understudy Yumi Nakamura whose companion Yoko gets a call with a ring tone she has never heard. The message is dated three days later with her own voice saying It's begun pouring. This is trailed by a spine-chilling shout and after certain days the occasions heard in the message really occur and Yoko passes on a grim demise. A few different casualties get comparable messages on their PDAs dated a day or two later on and kick the bucket savage passings. The story is about Yumi finding the wellspring of these calls with the assistance of a man whose sister was the main casualty to kick the bucket. Their interest drives them to a young lady who has passed on of asthma and her oppressive mother. In One Missed Call one discovers all the clichã ©s of J-Horror movies, for example, stun, repulsiveness and torment, however the chief here uses them adequately and alarms the crowd with some inventive turns. The scenes might be comfortable with fingers comin g out of organizers, creeping shadows, young ladies with protruding eyes trembling in corners and unnerving audio cues. Scenes, for example, a revive body pursuing Ko Shiasaki in the surrendered emergency clinic figure out how to stun the crowd. The casualties are tormented by the repulsiveness of the messages that they get on their phones. The killings demonstrated are grim and realistic in detail. Takashi Miike exceeds expectations in startling the crowd. The best succession of the film is the unscripted tv show where a panicked young lady who has gotten the deadly message is constrained by some TV makers.

Urban And Social Policy At SIPA What You Need To Know COLUMBIA UNIVERSITY - SIPA Admissions Blog

Urban And Social Policy At SIPA What You Need To Know COLUMBIA UNIVERSITY - SIPA Admissions Blog In the 21st century, it is absolutely pivotal for policymakers to understand the phenomenon of urbanization. Today, half of the world’s people reside in cities, and experts agree that this trend shows no sign of abating. According to Urban Habitat, by 2050 six billion inhabitants will call cities home. Because of this dramatic population explosion experienced by cities around the globe, there must be urban experts that can assess issues pertaining to growth. How will children in these areas be educated? Is there access to quality healthcare? What about transportation options, and national security issues, and housing policies, and crumbling infrastructure? This is where SIPA’s urban and social policy (USP) concentration comes in. The USP concentration at SIPA is purposely flexible; one chooses to specialize in either urban policy or social policy, and is required to take one of the offered core courses (I took Critical Issues In Urban Public Policy with former New York City Mayor David Dinkins and highly recommend it). After meeting those guidelines, students are free to explore the wide range of USP offerings, and the breadth of classes is really fantastic. The obvious observation on USP at SIPA is that there is no better place to study urban issues than in the heart of New York City. The school is able to draw on its strategic location and use the Big Apple as a supplement to the coursework. Why read about issues in transportation when you can speak to officials at the MTA and observe commuter patterns on the subway? Why sit through a powerpoint lecture on green spaces and urban renewal when you can go visit the High Line or the revamped Hudson River Park? Coupled with SIPA’s ability to attract professors with extensive experience in city government (USP Program Director Ester Fuchs is a prime example) and the ability to intern in a field that matches your interests, I would be hard-pressed to come up with a better scenario for those interested in urban studies. Moreover, our dual-degree program is perfectly aligned for students who want to get an education in public administration or international affairs and also delve deeper into another area of expertise. Aspiring city planners and architects should look into our program with GSAAP, future social workers should look into our partnership with Columbia’s School of Social Work, and budding teachers should look into taking classes with Teacher’s College. It is so easy for students to develop a curriculum that addresses urban issues and meets their career goals. Through my coursework in USP, I have had the privilege of taking classes on modern urban terrorism, sustainability in cities, and land use issues. I also am looking forward to my capstone workshop next semester, when I will be able to apply the skills I have honed in the classroom and apply them to a real-world scenario. If you are interested in reshaping our cities and in turn, reshaping society, I urge you to take a closer look at SIPA’s USP program.

Risk In Investment Sukuk Example For Free - Free Essay Example

In sukuk, credit risk means that the probability of an asset or loan becomes unchangeable due to a failure or delays in payment and if the correlation involves in engages by written agreement then the counterparty risk is the probability that the counterparty rebound on the situation of the delegate. Other than that, the outcome can be tough with a fall in the value of a banks assets and credit and counterparty risks essential in Islamic finance. They are one and lone due to the essence of Islamic financial instruments that somehow to be transformed to the basis of the Sukuk asset collective. Meanwhile, it has a different in conventional financial institutions and Islamic banks no need to access to the derivative instruments and other credit risk management mechanisms due to Sharia thoughts. Major Sukuk issuances have mostly bear on assets based on Ijarah, Istisna, Salam and Murabaha contracts. Other than that, there is several credit risk considerations joined with these modes of finance. Firstly, Salam contracts are bare to the risk that goods will not be endow on time or will not fulfil to the deal allotment and besides that Istisna contracts entail in performance risk. The client of the bank may fail on the conditions of the contract and the subcontractor may fail to make the vital services. In addition, there is also a coupon payment risk that connected to Sukuk and in case the obligor fault to clear all the payments of the demand coupons on time given. However, the asset reclamation risk might be arising as the underlying assets and might not be amply redeemed wh en the originator has to buy back from the certificate holder. Besides, there are also specific risks connected to the SPV such as the belief of making a payment risk entailed with the SPV where the maker need to repay back the certificate holders through a clearinghouse. Apart from that, the Sukuk coordinate are bared to a liquidity risk. Presently, sukuk coordinate do not have good structured and adequately aqueous derivative market and many of the credentials cultivate to be held until maturity. In addition, the hidden assets of the Sukuk credentials are also refer to a risk of shortfall which is a crucial risk in the case of accoutrements and massive degrees arrangement and yet there is a potentiality to lessen the risks of asset losses by using purvey for assurance to redeem back in the mould of Takaful. Types of Investment Sukuk Description of Investment Sukuk Shariah rulings and requirements Salam certificates These are documents of equal value issued for the sake of mobilizing Salam capital and the items to be delivered on Salam basis are owned by the certificate holders. Issuer: Sells Salam commodity Subscribers are: Buyers of that commodity. Mobilized Funds: The purchase price of the commodity, which the Salam capital. Certificate Holders: Entitled to the Salam commodity and the selling price or the price of selling the on parallel Salam basis if any. Istisnaa certificates These are documents that carry same cost and are addressed with the attempt of mobilising the funds required for producing a certain item and the items to be produced on Istisnaa basis are basically possess by the certificate keeper. Issuer: The manufacturer or supplier. Subscribers are: The buyers of the item to be produced Mobilized Funds: are the cost of the item Certificate Holders: Entitled to the item or the selling price of the manufactured item. Murabahah certificates These are documents of same amounts are addressed for the aim of financing the Murabahah commodity and the authorization holders will become the proprietors right of the Murabahah commodity. Issuer sells: Murabahah commodity Subscribers are: buyers of that commodity Mobilized Funds: the buying cost of the commodity Certificate Holders: Basically stand alone by the Murabahah commodity or the price of selling it. 3.9.3 Shariah Compliance Risk There are a lot of disadvantages of Shariah compliance risk in sukuk. Shariah compliance risk means to the failure of asset cost as prove of the issuers break of its fiduciary responsibilities with honors to obedience with Shariah and there might be a number of such instances of deliberate or acquitted breaches. Besides, the closure clauses or syaria jurist of the Sukuk announcement describe issues that will officially make the Sukuk exploit invalid and annulled due to Sharia non-compliance. For example, if the Sukuk is based on a hybrid of Ijara and Istisna assets, Ijara must always more than Istisna in the pool, otherwise the Sukuk deed will disperse and thus approximately speaking, Sharia compliance risk must be defined as a rate of return inevitable in comparison to the market rates, as a result of complying with the Sharia. Hence, the issue of competitiveness and survival in capital markets as a Sharia complaint the asset class. For example, in the case of occurrence of a Waki l or the  warrantor and the agent need to be unconnected entities to disprove any battle of interest and moral hazards. However, Islamic finance is an economic model imitates the essence of a faith that is a way of life for Muslims. Therefore, the pressure to keep alive the nature of Islamic financing in a Shariah compliant way remains powerful and the Sukuk structures must not only imitate this but also preserve competitiveness. Often it is the case that a fine balance is affect between Shariah conformity and project viability considerations to the degree or extent that jurists and Shariah consultants play a constantly vital impression in the classify of the Sukuk thought. For your information, there are a number of discrepancies regarding the applicability of Islamic financial instruments against the different schools of thought as well as the legal regimes in which the Sukuk are issued such a theoretical ambiguity would pose further operational risks that the Islamic bank might be run post nominal of Shariah jurisdictions. For example, the theoretical applicability of the Murabaha contract varies between different schools of thought and various jurists such as the Organization of the Islamic Conference (OIC) Fiqh Academy concur that the Murabaha contract is binding on only the seller of the contract and not on the buyer but other jurists hold the prospect that both the parties to a contract have an equal obligation to the terms of the contract. However, it is notable that financial engineering has made it possible for Shariah positions to join together. For example, a few years ago, floating rate Ijara was not broadly conceivable to be Shariah compliant as, according to the Shariah principles, the originator can only guarantee rents (returns) on the fixed return underlying assets. As mentioned above, fixed rate Sukuk face serious matters of market risks nowadays and to match the market requirements of Sukuk to be floating rate, the Shariah r equirements of rents must be in the fixed rate and the Ijara Sukuk are based on a Master Ijara Agreement with numerous subordinate Ijara agreements. Besides, in the subordinate Ijara contracts, the rents are revised semi-annually in accordance with the market benchmark. This is to ensure the rent is fixed for 6 months and floating at the same time. Major Ijara Sukuk likes Gutherie, Malaysia, Qatar, Saxony-Anhalt and so on are based on this marriage. Other than that, the investors might still have some matters in interest rate risk to a certain extent and they would be unprotected in the event that the floating rate rises to a level higher than the fixed rate of the underlying assets. Since the originator can only guarantee the fixed return on the underlying asset pools, the issue of floating rate returns still maintain disputatious, particularly in pooled hybrid Sukuk. So, the only major issuer to offer fixed rate distributions is the IDB which continues to face the underlying ra te of return risk. Another example relates to the liquidity facility. Liquidity facility is something likes a letter of credit,  standby bond purchase agreement  or other arrangement used to render liquidity  to purchase  securities or accommodates funds to the agent or its issuer to buy the securities that have been  tendered  to the  issuer  or its agent but which cannot be immediately or directly remarketed  to new investors until such time as they can be remarketed and the provider of the liquidity facility is typically a bank. Besides, stipulations for a liquidity facility to abate lags between payments to investors and returns on the underlying asset pools have been analyzed by the prospectuses of the sukuk. Some liquidity facilities have been formed to permit the trustee to make some advantages to the facility for any liquidity deficit ensuing from default in the Sukuk asset pools and the imbursement of the liq uidity services have been provisional upon surplus funds after the distribution of coupon payments to the Sukuk holders. However, it has been suggested by Shariah scholars that the sole purpose of such a liquidity facility should be to easily out delays between investor payments and returns on the underlying asset pools and the importance of such a liquidity facility can most efficiently be accumulated where the arrangement has floating rate payments because of the fixed rate returns would give the non-existence of interest rate differentials. A third example of the shariah compliance risk is that the functions and the relationships of special purpose vehicles (SPVs) and other third party agents. In the occurrence of a wakil or agent of the guarantor, wakil have to be separate entities to countermand any conflicts of interest and moral hazards. There also had been proposals to appeal to two SPVs in several instances instead of one. In this case, the first SPV would have to manage the financial obligations of purchasing and reselling the underlying Sukuk assets to the second SPV that would be a trust with the purpose of issuing the certificates. However, Shariah considerations prefer a single streamlined SPV that would perform in both functions of financing the transaction of Sukuk assets and servicing the trust certificates for the investors such an SPV should have foregoing experience in financial markets and they also should to remain independent of the originator. In the nutshells, what can I say here is the association of Shariah supervisors with Sukuk issues will guarantee investor confidence? The answer definitely will be yes. However, the convenience with which the Shariah compliance requirements can be married with the conditions of market competitiveness will remain a great challenge for the Sukuk issues. 3.9.4 Operational Risk Operational risk is a  form of  risk that summarizes the risks of a company or firm undertakes  when its try to operate within in their area or industry and operational risk is where the risk that is definitely not inbuilt in budgeting,  systematic or market wide  risk and whereas it is the risk that remaining after  crucial financing and systematic risk and it also includes risks resulting from  breakdowns in internal procedures, people and systems. However, there are several other risks definite to the process of the Sukuks and these risks mirror those continuances in conventional bond markets and are operational in the sense that they are inherent to the structure of the issuances rather than the underlying Islamic principles. Operational risk is divided into six risks which are default risk, coupon payment risk, asset redemption risk, spv specific risk, investor specific risk and lastly risk related to the asset as following: Firstly is the default risk which every prospectus has provisions for the termination of the certificate in the event of a default by the obligor and in case if the obligor fails to pay the rentals on the Ijarah agreements that form the coupon payments, the certificate holder can exercise the right to abolish the agreements of the contact and force the obligor to purchase back all the assets .Furthermore, certificate holder also can exercise the right to take legal action and force the obligor into debt rescheduling proceedings in the event that the obligor fails to compensate the principal amount of the certificate holder . Secondly is the coupon payment risk which the obligor might be fault to make a payment on the required coupons on the due date given and any delayed coupons will be subject to a specified payment amount that will be accumulated with the special purpose vehicles (SPV). However, these accumulated funds are suggested by Shariah councils to be donated for charita ble purposes. Thirdly is the asset redemption risk where the originator has to purchase back the underlying assets from the certificate holder. Furthermore, the principal amount paid may not be same to the Sukuk issue amount and as a result, there is the risk that the assets may not be fully redeemed. Next, the special purpose vehicle (spv) is generally designated to be a standalone institute that is bankruptcy or black list remote from the originator. However, there may be a view of resolution risk involved with the SPV in that the originator will have to network the payments through a clearinghouse and then the certificate holders will be compensate through the clearinghouse immediately. Another risk is the investor specific risk where the certificate holder is contributed to some of the risks that are applicable to Sukuk structures and these are primarily with respect of liquidity issues. Besides, the Sukuk structures, they are welcoming in dealing with liquidity managem ent issues in Islamic finance where the Islamic finance is revealed to a liquidity risk. Currently, there are related to liquidity risk because mainly its does not exist a good structured and sufficiently liquid secondary market. In addition,as we know the certificates are listed on several local markets but this alone does not signify their liquidity and the Sukuk certificates are medium to long term in maturity and their continued success will definitely depends on their ability to develop into highly liquid means of fund investment with adequate risk management mechanisms. However, as is the currently the case, all of the certificates be liable to remain until last of their maturity. Last but not least, Risk related to asset is the concealed assets of the Sukuk certificates where this risk is are similar to other risks as well and mainly there is the risk of loss of the assets and these are minimal with regards to Ijarah assets of land parcels. However, in case of equipment an d massive scale formation typifying some of the underlying IDB assets the risk of loss may not be so insignificant. Nevertheless, Islamic finance has Shariah providing acquiescent for insurance compensations in the structure of Takaful and these arrangements might have to be utilized to diminish the risks of asset losses and as it is related to the asset risk as well is the need to maintain the structures of the assets. Besides, proper maintenance will certify capable returns to the certificate holder and according to Shariah principles, the SPV will usually be required to bear the responsibilities on ensuring asset structure maintenance. 3.9.5 Institutional Rigidity Sukuk as we know is originate from developing countries and the financial infrastructure in some of these countries such as Bahrain and Malaysia are well developed but generally this infrastructure is delicate in most emerging economies. In our country Malaysia, sukuk are already used by Muslim and also non Muslim. It is not something new in this era. In addition, Sukuk require unique Shariah compliant structures and this creates a state, which can be termed as one of institutional rigidity and which cannot be removed in the short run, habitually it will raised the risks of Sukuks. The features of this state that having the matters are likes: Lack of hedging and financial engineering processes. For your information, hedging is making an investment to lower the risk of opposing price movements or drive in an asset. However, normally a hedge made up of taking an offsetting situation in allied to the security likes a futures contract. Non-existence of interbank money markets. Lack of best practice uniform controlling standards and commands. Weaknesses in litigation and legal framework support, particularly, in the treatment of default Non-uniform accounting, auditing and income and shortfall of recognition systems Non-strong investment assessment, promotion and monitoring infrastructure Ineffective external credit assessment systems Undeveloped state of financial markets Weak inter-segmental support and lost in connections. For example, without life insurance coverage the credit risk of a client is sure to be high. This is one of the important risk factors faced by Islamic banks due to non-existence of comprehensive Islamic insurance coverage. 3.10 Calculation Mechanism Sukuk profit is coming fromÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦.. As Shariah think about money to be a assessment appliance for cost and not stand for an asset in itself but it also need to stand in need of that one may not be accomplished to take income from money by itself. For your information, this self assurance of capital from money is known as Riba, and is obviously not allowed and now we already know that a lot of people misused their powers and keep doing these illegal activities but in sukuk we really take serious of this matter. However, some note that it is the money lending interpretation that is the more relevant for example when interest is applied in an unequal manner that can make or force individuals into debt traps and also a revolution of hardship and this already not special to Shariah as many non Islamic countries have extortion laws. In making a profit in sukuk, there also have the presumption for Islamic financial institutions and securitisations that the selling of claim or receivables without the hidden asset for par is not allowable. However, we need to take noted that some of the extant in Sukuk and somehow some of the Shariah boards arise to approve that as long as receivables are in a small part of the all embracing income flows and their existence is acceptable even though there is some alteration in the meaning of little. For the second point that have been raised by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is that they offensive the trading of receivables or claims as such in both of the Sukuk securitisations was seen to the due date so the physical assets such as land and properties are going to bring about the cash flows and also have been rendered to the investors as well as the payments or receivables due on those assets. If Tamweel or Sorouh PJSC is going alter to impoverish so the legal ownership of the properties and land might basically in with the investors. In addition, Institutions likes AAOIFI and the Islamic Financial Services Boa rd has an important part to caper in working together the different parties in an organised fashion to argue the affair and attain an agreement that will eventually lead to adequate standardisation to achieve the common long term goals of Islamic finance. Besides, in the censured Gulf Sukuk structures, there is naturally a rent or lease management income derived from the asset. However, under the Ijarah rent type affinity so the company obviously will agrees to make a payment on the given time to the Sukuk holders salary for applying of the asset and these will form the periodic fixed income flow that imitate the coupon in a conventional bond. However, in other structures likes Mudarabah and Musharaka, there might be several capitals that flow from the assets that are going to pass through to the Sukuk holders to make a payment for the profit. However, if there is an extra income officially it is taken as an encouragement fee or if there is a deficit, the maker has basically has an obligation to make a payment to the changes of the differences. The third AAOIFI principle come into view that they will stand to this practice and hinders the payments or loans if there is a loss in the expected earnings. Thus, same with the purchase responsibility and what we were talk over below, the investors again will depends on the corporate or bank to pay back their profit but not based on the underlying assets. How do we can calculate the profit rate from Sukuk? Do you think that sukuk will be a model to the conventional bond market? In our analyses, the answer definitely will be yes. Many people keep questioning how a Shariah compliant, non interest aspect the appliance might be recognizing in opposition to London Interbank Offered Rate  (LIBOR). For us, to use an analogy, for example if I have a building and lease it out to renters at a rate based on market forces, market forces might be stand for by a formula which may comprise all the cost of borrowing. Nowadays, we live a life in a worldwide economy where the amount of tale on loan influences even what we pay for our day to day provisions. However, there is therefore did not effect in referencing revenue to LIBOR as long as the asset that is appropriate is a Shariah compliant asset and it has been prove when the enormous most of qualified scholars hold up this observation or view. Another thing that we are forbidden to do is to give or lend money with the purpose to take money in the future at a profit or in the form of interest. Nowadays, most o f them like to lend money with a high interest but in Islamic law that is not the one trade that may advantage civilization as you are going to make a capital out of capital, as follows honestly speaking, the rich become better and richer while the poor turns to be worse and poorer. In addition here, there constantly has to be an hidden buying and selling behind it in which case you may absolve a blemish up or revenue rate and in Islamic law also advises us that we cannot trade money. Generally, capital is absolutely a medium of exchange and not a goods itself that might be traded. Pricing of Sukuks with Embedded Options How we are going to pricing sukuk with embedded option? Embedded option means a bond can be valued similar to the valuation of selection on equities by implementing binomial trees. In conventional bond issuance the value of the underlying assets will base on the level of interest rates whereas in Islamic contracts interest rates are substituted with the rate of return on the underlying assets. We can analyses the valuation of embedded options using altering scenarios in a tree diagram. Assume that futures one-year rates of return develop are as follows: YEAR 0 1 2 3 8.10 7.50 7.00 7.25 Rates 6.50 6.50 6.00 6.25 5.60 5.10 The represented tree can be utilized to value zero coupon certificates of various maturities. For example, the value of a 1-year zero coupon bonds at time 0 is B (0, 1) = 1/1.065 = 93.89 % of par value The value of a 2-year certificate at time 0 can be determined using the same discount mechanism. The value of a 1-year zero coupons at time 0 can be calculated as: If r= 7.00 1/1.07 = 93.45% of par value If r= 6.00 1/1.06 = 94.34% of par value As a result, an investor who owns a 2-year zero coupons knows that the investment will be worth either 93.45% of par value of 94.34% of par value in one year. If the probabilities of the two scenarios altered for risk are known then the investor can value the two year zero coupon bonds accordingly. Assuming 60 percent for r=7.00 and 40 percent for r=6 we can infer the value of 2-year zero coupon bond to be: B (0, 2) = 1/1.065 x [(0.6) x 93.45 + (0.4) x 94.34] = 88.0807 % of par value The estimate of callable bonds will appeal an adjusted technique as the callable bond is basically a portfolio of a non-callable bond and an American call option written with the non-callable bond as the underlying and a raid the price that is given by the call price. Accordingly, at each bulge of the tree the value of the bond can be given as follows: P = 1 + C at maturity P = max [CP, (1+C)/(1+r) ] one year prior to maturity P = max [{CP, 0.5 x (Pu + Pd) + C} (1 + r)] more than one year to maturity CP = price of the option C = coupon r = rate of return Pu = value of the certificate in one year if return goes up Pd = value of the certificate in one year if return goes down 4.0 Conclusion The overall finding of this research included in this study is clearly understood thorough the conclusion of this report that Sukuk, as mentioned earlier, has become a very important instrument worldwide over the past decade and it has been accepted not only by the Muslim investors but also by the many non-Muslim investors across the world. Its characteristics have allowed it to give a competitive advantage over other influential in the Islamic Capital Market. There are other advantage of Sukuk for the economies and financial markets in terms of discipline and more financial stability. Hence, the purpose of this work research did not extend beyond examining and analyzing issues which are very important to the future development and enhancement of the Sukuk industry. It is expected that Sukuk will encourage many Muslims world-wide to participate in financial markets and hence will be instrumental in expanding these markets, particularly in the evolving countries. In this research we analyzed a number of issues related to the evolution, underlying principles, structures, risks and competitiveness of Sukuk as Shariah compliant substitutes to traditional fixed income financial assets. Other than that, the evolution of the sukuk market in our country, Malaysia might be result in extensive and wide-ranging measures which include the creation of an effective issuance manner and it will increasing the price discovery manner and agreement system, enacting a method bear, developing the investor base, advertising liquidity in the secondary market, and protecting the lawful, arrangement and Syariah composition. The foundations for the allowable development of Islamic finance in general and the Islamic bond market in particular are now in place and it is hoped that current incentives and measures under the MIFC initiative as well as other internal and external factors, will encourage local and international financial market players to become MIFC service providers. By doing so, and by making Malaysia as their regional hub, these players might definitely boost their market attain and blow up their buyer satisfaction bases within this region. The observation of our research in sukuk is made on the basis of the following points like firstly, the essential employment and objective of the Sukuk issuance is to outfit way of bargain in the capital and money market sector to all society Muslim investors as well as non Muslims. However, for the Muslim investor they will make them harmony of mind, security reliance are high and focus attention on this thing. However, until mid 2008 the international Sukuk market was driven mainly by corporate issues or qausi-sovereign mostly without implicit government guarantee while sovereign Sukuk were few which had resulted into imbalance and hurdle for issues such as creation of bench mark yield curve. Since then, due to the financial crisis, the international Sukuk issuance trend has shifted towards Sovereign or f ew multilateral agencies issuances mainly due to better quality safe heaven reasons. Furthermore, there has been limited investors appetite for corporate risk. As regard to the issuances of Sukuk at the domestic level, the analysis shows that Malaysia is ahead. However, with consider to the growth in both international and domestic Sukuk issuances, the conclusion reached based on this study is that, until 2007 there has been high growth in both international and domestic Sukuk issuances, but the growth pattern was twist by the credit crunch. Nevertheless, in first half of 2009 the growth trend again showed sign of recovery and the market may have witnessed a stead reversal in Sukuk issuance if it was not hit by few troubled Sukuk issues. Tenor wise international Sukuk is mostly confined to 5 year tenor and there are just a couple of long term Sukuk which again high light the need for having balance between short, medium and long term tenors more for secondary market development purposes. At international level the Ijarah Sukuk is the most broadly used followed by Musharakah. During mid 2008 to mid 2009 the market witnessed the issuance of Sukuk dominated by Ijarah organize where issuance by Government of Indonesia of its retail and sovereign Sukuk are good examples. However, exchangeable or convertible and Hybrid Sukuk structures have also emerged as one of the potential growth drivers due to their innovation possible and also equity market link. Finally, the market situation and AAOIFI Shariah panel finding had affected the Musharakah and Mudarabah Sukuk issuance. However, we are of the view that the evaluation and the development of Sukuk is counted on to carry on which necessitate more and continue effort and improvement in many of its aspects. Admitting the challenges facing Islamic securitizations and bonds, there are likes to be a tough desire to overcome with explanations that will global up these product locality and numerous of chief investment banks and law firms are digging hard to find Shariah-compliant matters. However, to the liable investor appetency in the Gulf region and in the Far East for Halal investment chances and they require of many Islamic financial institutions to securities their hidden financings, we have faith in that overcome might be swiftly advanced that issue these arouse and these markets will establish abundant ground for all contributors. The recent trend shows that the Islamic Capital Market has grown and has drawn increasing interest from among the market players. This has motivate the need for creating appropriate measures in recognizing and measuring transactions relating to the issuance and investment of Islamic bonds to ensure compliance with Shariah Law. Hence, in response towards this need, AAOIFI has issued a new standard, FAS 17 which covers Islamic investments including Sukuk. Based to the standard, Islamic bonds should be categorized into three categories according to investment i ntentions, rather than two categories in accordance to the period of holding as is the practice in the traditional accounting. The classification of Islamic bonds is made to promote public maslahah or interest as underlies in the determination of zakat. Further, the standard states that the recognition for investment in Sukuk and shares shall be made on the acquisition date. In terms of its measurement, Islamic bonds should be measured at historical cost rather than fair market value. The standard also specifies the necessary requirements for Sukuk disclosures. The goal of these termination requirements is to ensure that adequate disclosure is made by the issuer of Sukuk for the purpose of assessing whether or not it complies with Shariah Law. In the effort to position Malaysia as a premier international Islamic financial centre, the Malaysian government has to encourage the private sector to be more effectively. The market for Sukuk authentication continues to grow and an import ant facet of this growth is the increased number of sovereign issuances typified by those issued by Malaysia, Bahrain and Qatar and, interestingly, Saxony-Anhalt in Germany. These certificates are appealing to global investors without having too much bearing on the underlying Islamicity of the certificates. Accordingly, Islamic secondary markets receive a boost because such sovereign issuances and the subsequent attraction of global investments encourage increased corporate confidence in their private issuances. Nevertheless, Ijarah Sukuks continue to hold as the most popular manifestation of Sukuk certificates. This is largely in part to their unambiguous Shariah conformity and familiar leasing formulae. However, leasing contracts on underlying real estate properties cannot single-handedly support the growing diversity of Sukuk investors. With increased global investors there will be a myriad of investment needs and thus other avenues of Sukuk issuances should be implemented to sat isfy these demands. Istisnaa, Mudarabah and Musharakah certificates are established as part of the AAOIFI standard and can be garnered to offer a plethora of Sukuk structures. The recent Sukuk issuance by the Islamic Development Bank serves as an excellent case study in this regard with their Shariah compliant diversity of investments. With the rapid emergence of Sukuk markets, risk management considerations have also come to the vanguard of the industry. Novel financial instruments bring with them original financial risks. An analogous situation represented itself in conventional financial markets in the early 80s with the emergence of interest rate derivatives to hedge against the financial risks of bonds. With the globalization of financial markets and increased convergence of Islamic finance and conventional markets, indirect interest rate effects as well as other financial risks will necessitate the development of Islamic financial risk management techniques. Derivatives are inherently against Shariah considerations because of the uncertainty associated with them that amounts to Gharar. However, we have discussed the possibility of extending the functions of embedded options to fit the needs of Sukuk certificates and Shariah considerations. This facility also provides a debt structure framework that helps to regulate the functions of traditional instruments in turn benefit from the convexity gains of these instrument. Firstly, there are no markets for liquid interest rate derivatives and secondly, interest rates are fluctuations lead to significant gain in credit risk and lower the bonds price. Accordingly to these statement, investors in emerging markets is suffering from the negative effects of volatilities but cannot benefit from the positive side and such benefits have been garnered in conventional emerging markets such as in brazil where the interest rate volatilities is the 90s warranted a protective cushion against these fluctuations in the f orm of putt able and callable bonds these debt structures can be transferred to the sukuk issuances in accordance to outstanding shariah concerns. However, in conventional markets, investors have also garnered the positive effects of swaps between different interest rates, exchange rates and between floating and fixed rates. Again, the feasibility of swaps in Islamic markets has been in contention as they are deemed to contravene Shariah considerations. However, the emergence of Sukuk certificates as mechanisms of liquidity management presents a novel asset-backed securities structure that can set the foundation for supporting risk-management derivative instruments. Our discussion centred on the viability of a swap between floating rate Sukuk (FRS) and fixed rate zero coupon embedded Sukuk (ZCES). Needless to say, the limit is not here. According to the standard, Islamic bonds should be classified into three categories according to investment intentions, rather than two catego ries in accordance to the period of holding as is the practice in the traditional accounting. The classification of Islamic bonds is made to promote public maslahah or interest as underlies in the determination of zakat. Further, the standard states that the recognition for investment in Sukuk and shares shall be made on the acquisition date. In terms of its measurement, Islamic bonds should be measured at historical cost rather than fair market value. The standard also specifies the necessary requirements for Sukuk disclosures. The goal of these disclosure requirements is to ensure that adequate disclosure is made by the issuer of Sukuk for the purpose of assessing whether or not it complies with Shariah Law. In the effort to position Malaysia as a premier international Islamic financial centre, the Malaysian government has to encourage the private sector to be more innovative in developing products and services that are in line with Shariah. It is also imperative that the accou nting practices adopted in the recording and reporting of Islamic bonds fully conforms to Shariah requirements and principles. Islamic scholars must continue to work with the financial professionals so that the knowledge gap between them can be reduced. In the future, empirical research should be carried out to compare the accounting treatment adopted and the reporting practices of organizations issuing Sukuk in Malaysia. It will also be beneficial to investigate the main differences between the practices adapted to account for Sukuk and the conventional bonds under the traditional accounting system. The sukuk market delivers a lot of advantages to both issuers and investors. Issuers can advantage from the bulky rose in liquidity in the Islamic world and also may beat on these new sources of funds. Mainstream bonds has been 10 to 20 basis points higher than the rising financing from the Islamic bond market in the current environment. Numbers of multilateral that arise in agencies are issuing sukuks to fund the projects of development. In addition, both corporate divisions and government agencies have taken into consideration that the sukuk market will be an striking source of funding. From the investor point of view, there are the advantages of diversification. In a sukuk issue in 2005, 48% of the issuance was bid by conventional-based investors. Excess liquidity in the global financial system has increased the demand for sukuk. That is also why sukuks are appealingly priced for issuers. The other advantage of investing for sukuk instrument is, firstly sukuk are valued aggressively in channel with conventional bond issues. Secondly, sukuk generally have better risk profile. Next, sukuk are contractible and fill the need for Shariah compatible tradable instruments. Lastly, short term Islamic financial market can benefit from Sukuk. In the nutshell, Sukuks provide an important research agenda for the future. Our research only clearly covers some of the important points. There is more work to be done and these topics can be expanded upon in further studies.

Sex, Gender, And Gender - 915 Words

When a child is born, the most common question asked is what is the baby’s sex? This question is asked because, sex is biologically determined, from the second we come out of the womb, by our chromosomes, genitalia, reproductive organs, and hormones. People often group sex and gender together as if they are the same thing, but really they are two separate categories. Gender is a category that splits bodies into a binary system of women and men. Ultimately the two terms intertwine because, one’s biologically determined sex is assigned a gender role to play. The main difference between the two is that gender excludes biology. Sex represents the body’s anatomy and physiological workings and gender represents social forces that mold behavior. Historically, science has played a major role in constructing and reinforcing sex as either male or female. Many scientists looked at the bodies as a whole and skeletons to make the distinction of only male and female sexes. 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case studies geography A2 - 1134 Words

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Impact of Mixed Ability Classrooms in Catholic School Free Essays

string(43) " as multiple learning stuffs or resources\." â€Å" A literature reappraisal is an history of what has been published on a subject by commissioned bookmans and research workers † ( Taylor, P.1 ) . In this chapter, my intent is to convey what cognition and thoughts have been established by others in my research field. We will write a custom essay sample on Impact of Mixed Ability Classrooms in Catholic School or any similar topic only for you Order Now I would discourse the literature which would assist me reply my research inquiries: What is the impact of Mixed Ability Classrooms in a Catholic School since its execution in 2005? Did low winners ability grouping scheme of GCS have a important impact on academic school accomplishment? Could Mixed Ability Classrooms and Ability Classrooms continue to coexist in the hereafter? The literature reviews what international organic structure has found on Mixed Ability and Ability Grouping and how it has impacted since execution, every bit good as its deductions in Mauritius particularly for GCS. This chapter is schematically structured as follows: Assorted Ability – Mauritanian definition v/s others Assorted Ability – Learning, Teaching and Assessment Strategies which could be applicable but are non used in the Mauritanian context Assorted Ability – Disadvantages Ability Grouping – Definition and which one is adapted to GCS. The pros and cons of Ability Grouping Ability Grouping v/s – Decisions of other literatures on the correlativity bing between grouping School accomplishment and accomplishment 2 Assorted Ability Assorted Ability is foremost defined before its deduction in the Mauritanian context is considered. Mckeon ( 2004 ) defines Assorted Ability Classroom as a group dwelling of able, mean, and kids with larning troubles in the same category. ( cited in Bremner, 2008, p.2 ) . Ireson and Hallam ( 2001 ) reinforce the thought of Mixed Ability schoolrooms as those providing for diverse â€Å" learning manners † and â€Å" penchants † . ( cited in Bremner, 2008, p.2 ) . These two definitions are consistent with what is found in the Mauritanian context. In 2005, the BEC changed the corporate purpose of all Mauritian Catholic Schools in following the Mixed Ability Policy. This was translated by a alteration in the consumption standards of these schools for Form 1 pupils. Admission standards, under BEC auspices, for Form 1 pupils since 2005 are as follows: Aggregate of 15 to 20 units at the Certificate of Primary Education Zoning: The Secondary School where application is lodged should be in the same zone as the Primary School attended Social Cases: on Humanitarian evidences Individual consequences in English, Mathematics, Science, French or History/Geography ( in that order ) will be used for campaigners with the same sum Aptitude tests/Interviews/Random choice if there are excessively many successful applications ( Beginning: BEC, 2003 ) Therefore the Form 1 schoolrooms in Catholic Schools had a diverse group of pupils since 2005. This state of affairs harmonises itself with the Catholic Education mission which is to: â€Å" humanise instruction, teaching methods, methods, agencies for pupils, instructors, parents to be more humanaˆÂ ¦A human instruction is a collaborative and originative attack to larning † ( Bishop Piat, Le Mauricien, Jan. 2006 ) . Assorted ability categories in Catholic schools of Mauritius therefore are made up of low, in-between and high winners within the same schoolroom. This construct is acknowledged by Dauguet ( 2007 ) that in Mauritius â€Å" Assorted Ability is related to performance-based groupings † ( p.58 ) and Merven ( 2005 ) â€Å" where pupils with different academic degrees will be in the same schoolroom † ( p.36 ) . It is understood that Mixed Ability is related to distinction since â€Å" diverseness means differences † ( Tileston, 2004, p.13 ) . The construct of distinction can be defined as â€Å" meeting the person demands of each scholar, of custom-making direction to assist pupils larn † ( Fogarty, 2005, p.2 ) . . Rose ( 2009 ) compared a Mixed Ability Class with an lift. The category is a lift, and everyone demands to acquire into the lift. Some will acquire on while others have to be dragged in. Some will go to the top while others may halt at the 3rd floor, others may merely make the first floor but everyone would hold travelled successfully someplace. ( English Teaching Professional, p. 3 ) . This narrative is in line with Mixed Ability doctrine where every pupil can go forth the schoolroom feeling that they have been challenged and that they have achieved something. Teaching, Learning and Appraisals are ingredients used as tools to do a Mixed Ability category effectual. 2.1 Learning, Teaching and Assessment Strategies in Mixed Ability Classrooms GCS Mixed Ability Classrooms have characteristics which are features of both the differentiated schoolroom every bit good as the traditional 1. ( Appendix.. ) . In my survey I aim to happen out whether Assorted Ability Classrooms at GCS were consistent with what is said on the subject in the international literature. Therefore Teaching, Learning and Assessment schemes which are used presently under Mixed Ability Policy would supply stuff for comparative analysis in my research. Tomlinson ( 1999 ) suggested that an pedagogue in a differentiated schoolroom would utilize as their planning footing, the pupils ‘ differences. The scholars on the other manus would be guided to do acquisition picks based on their involvements. In this context the scholars would be provided with an array of larning profiles such as preparedness, involvement and their attitude to larning which would determine direction. In a assorted ability schoolroom there is the possibility that pupils help their co-learners in trouble every bit good as their instructors in happening solutions to jobs. Furthermore pupils work with the pedagogue to establish encompassing whole-class every bit good as single acquisition purposes. In the same line of idea, the Mixed Ability attack expressed by Harris and Snow ( 2004 ) would do pupils go more effectual scholars and the usage of learner-centred schemes would give them the pick of content every bit good as larning manner. ( cited in Bremner, 2008 ) . Bremner ( 2008 ) acknowledged that Mixed Ability Classroom success depends on pupils larning as an person instead than holding a whole category instruction. The instructor in developing its instruction schemes would concentrate on multiple signifiers of intelligences found in diverse schoolroom as stipulated by Tomlinson ( 1999 ) . She farther advocated that in this context pedagogues will do usage of many instructional agreements every bit good as multiple learning stuffs or resources. You read "Impact of Mixed Ability Classrooms in Catholic School" in category "Essay examples" Therefore this would take to multiple positions on thoughts and events. In this manner, the teacher/facilitator enhances pupil ‘s accomplishments in position of doing independent scholars. The GCS pedagogues in the survey were concerned about the deficiency of resources. The scarce resources could be circumvented ( Bremner 2008 ) by Educators learning scholars to be effectual. This should be done by puting accomplishable ends, by doing usage of available tools and maintaining those in good running conditions, and by pull offing efficaciously their clip allo cated for work. To reenforce the key factors which would do a Mixed Ability Class successful, Moutou ( 2006 ) advocated that resource individual should hold a well planned and organised lesson program. The instructor should do proviso to provide for individualized demands. In order to suit assorted pupils ‘ demands, it should be supported by multi undertakings for one lesson. This scenario is more disputing for the instructor covering with multi degree category than a individual degree category. Similarly, this position is consistent with GCS pedagogues who found Mixed Ability Classrooms disputing. This ambitious attitude is reflected by the undermentioned quotation mark from Hubbard, Jones, Thornton and Wheeler: â€Å" Teacher ‘s attitude, their willingness to make, a sense of community in category, and a echt desire to assist, there can be progress at all degrees † ( 1983, p.318, cited in Moutou, 2006, p.1 ) . This ambitious attitude is contrasted with instructor centred attack where learning accent is on text book context and really few activities therefore engendering hapless lessons. This state of affairs is farther reinforced by deficient coaction in groups every bit good as unequal differentiated undertakings in category. ( HM Inspectors of Education cited in Bremner 2008 ) . GCS Educators have been challenged by the new policy to seek new ways of instruction and to do usage of available stuffs. Therefore, preparation and resources are of import tools to do a Mixed Ability category effectual. This links good with what Corbel ( 1989 ) said: â€Å" Professional development occurs of course in Mixed Ability Classes. These are categories that compel us to happen better ways of puting up everyday undertakings. They are the categories that make us believe, create and turn as a instructor † . ( p.4 ) . Learning, instruction and appraisals are portion of the pupil life. Thus, Tomlinson ( 1999 ) advanced that a schoolroom appraisal is â€Å" on-going and diagnostic † ( p.16 ) . He farther acknowledged that assorted types of assignments should be used in Mixed Ability Classrooms. To be in harmoniousness with a scholar ‘s demand clip flexibleness should non be a restraint. Differentiated/Mixed Ability direction and appraisal work together ( Tomlinson 1999, Chapman and King 2005 ) . Marzano ( 2000 ) suggested purposes of appraisal and direction as follows: â€Å" Appraisal should concentrate on pupil ‘s usage of cognition and complex concluding instead than their callback of low degree information † â€Å" Direction must reflect the best of what we know about how learning occurs. † ( cited in Chapman and King, 2005, p. ) Fullan ( 1998 ) reflects the above in qualifying that â€Å" appraisal has to drive the educational alteration docket around larning and pupil accomplishment † ( cited in Chapman and King, 2005, p. ) . Assessment is therefore portion of direction and has to be on-going and encompassing the acquisition procedure. Its purpose is to supply instructors with information on pupils ‘ profiles: â€Å" accomplishments, involvements and larning scheme † ( Tomlinson, 1999, p. ) . Teachers in differentiated schoolroom ( Tomlinson 1999 ) saw assessment non as a tool that semen at the terminal of a chapter or unit where it examined what has been learned instead it views appraisal as a manner of altering direction scheme. Differentiated appraisal should be used to roll up information on the pupils ‘ : â€Å" demands, accomplishments, prior cognition, manner and velocity at which they process new acquisition, and of showing advancement † ( Chapman and King ( 2005 ) p . ) . When sifting through the literature it is observed that varied agencies of appraisal directs larning and direction. In this context Formative Assessment which is ongoing before, during and after direction provides feedback on effectual pupil acquisition ( Chapman and King, 2005 ) . Diagnostic appraisals, as acknowledged by Dryer ( 2008 ) are done during the learning procedure. They tried to observe larning troubles in pupils and this has to be attended to. Appraisals, as defined by Dryer ( 2008 ) occur at the terminal of the ‘learning rhythm or stage and measures accomplishment ‘ are called Summative. The consequences ( p.17 ) are used as acknowledged by Chapman and King ( 2005 ) as ‘evidence for a class, for describing to parents, to place award receivers or to do arrangement determinations ‘ ( p. ) . Differentiated Appraisals are contrasted with traditional appraisal still in usage in Mauritanian schools. Puhl ( 1997 ) reflects on traditional appraisal which has as purpose summational trials that forces scholars to analyze. Traditional assessment focal point in on memorization and instructor centred scheme and encourages direction as a merchandise. The ensuing feedback on summational trials is concluding and normally these trials are written work. Mauritius, whose analyzing organic structure is external – UCLES, is a advocate of summational scrutinies. As it is an island and depends on export and imports for its endurance, it has to vie. This overall competition brings frontward an elitist society where Education follows the tendency. The Mauritanian instruction system allows for ‘star or national ‘ schools where the best acting pupil is recruited, laureates ( top ranked pupils at Higher School Certificate who benefits from a scholarship ) , and the parallel instruction – broad tuition based. All this encouraged the elitist system to proliferate. As lone conc luding mark counts in such system, summational scrutinies are adopted throughout the Mauritanian school system. Although since the 70 ‘s in England, and under the different Education Mauritian policy documents, Mixed Ability doctrine has been encouraged, such schoolrooms have encountered jobs. Salli-copur ( 2005 ) reported that it is hard for a instructor even for a little group to follow each scholar. Due to single differences pupils react otherwise to text book which can be gratifying for some and tiring for others. There is besides the fact that, pupils who feel confident voice out their replies quicker and more frequently than the diffident 1s. GCS Mixed Ability Classrooms are big. As a consequence of ailments from GCS Educators meeting troubles in managing and teaching Mixed Ability Classrooms, Low Achievers Ability Classroom was formed. 2.2 Ability Grouping As a consequence of Mixed Ability Policy implemented in the Catholic School under probe in the research, the low winners ability grouping was formed and used as a scheme to advance acquisition and beef up academic accomplishment. As stipulated by George ( 1988 ) the ability grouping pattern at GCS is aimed at: increasing academic criterions compared to what it was in a assorted ability environment, the pupils which could encompass a good feeling/attitude towards schools and besides in their input as a scholar, reenforcing instructors ‘ effectivity. In perusing through the literature, it was discovered that the ability grouping is besides known as: scene, stria, streaming, tracking. This is reflected in the undermentioned quotation mark: â€Å" The contention of set uping pupils in categories by accomplishment degrees, called ‘setting ‘ or ‘streaming ‘ in Scotland and ‘tracking ‘ or ‘ability grouping ‘ in the United States is over 100 old ages old † . ( Gamoran, 2002 ) . Therefore ability grouping is defined as: â€Å" Ability grouping is the pattern of spliting pupils for direction on the footing of their sensed capacities for larning † ( Balanced View, 2002, Vol 6, No.2 ) . The Balanced View ( 2002 ) makes the differentiation between â€Å" within category grouping † and â€Å" between category grouping † . The former group separates pupils of same ability into smaller groups while the latter allocate pupils to different categories based on accomplishment. GCS has adopted the ulterior system. Smith and Sutherland ( 2003 ) offered a principle for ability grouping in the sense that instructors would experience non merely more at easiness with a smaller scope of ability but besides it could be a manner of dividing pupils with behavior jobs. Such a category would actuate pupils and scholars to larn better than in a Assorted Ability one and therefore hold a opportunity in bettering their consequences. ( cited in the Journal of Research in Particular Education Needs, 2003 ) . GCS standards for Ability Grouping would be consistent with Barker-Lunn ( 1970 ) thought that â€Å" Teachers, faced with a Assorted Ability category, will group the students harmonizing to their abilities ; in other words, they will work out the jobs presented to them by the unstreamed school by streaming within the category † ( Cited in Kelly, 1978, p.96 ) . Kelly ( 1978 ) further added that there is a direct correlativity between accomplishment and grouping. The pupils with same working gait and past accomplishments would be grouped together. The pattern in GCS is correspondent to what is described by Oakes ( 15 A ; 16 cited in Johnson ( 2002 ) . The latter acknowledged that pupils can be grouped through the undermentioned standards: accomplishment through trials public presentation, instructors ‘ perceptual experience of where to locate the pupils ‘ degree of understanding and learning, and their chances of what pupils intend to make after graduation. Therefore, Oakes acknowledged that a homogenous group would be consistent with the scholars ‘ demands. Johnson ( 2002 ) further emphasised that to group scholars with their equals who are in similar procedure of acquisition is a positive move. Ability grouping would therefore do â€Å" instruction efficient and effectual for all pupils while recognizing single differences. † ( Johnson, 2002, p 2 ) . Grouping harmonizing to ability is non new: Ireson and Hallam recount that: â€Å" Historically, grouping in the UK had been based on steps of general ability or intelligence, such as verbal logical thinking and cognitive abilities. During the 1960 ‘s and 1970 ‘s such trial were used by many secondary schools to apportion students to streams on entry. Students were so taught in their streamed categories for all lessons † ( 1999, p.343-344 ) . GCS Ability grouping could turn out to be a discouraging scheme for the school if the disadvantages that are revealed in the literature become applicable to the school. Oppositions of ability grouping as written in the Balanced View ( 2002 ) do non believe in its good effects as they prescribed that this type of grouping encouraged the channelling of â€Å" hapless and minority pupils † to have â€Å" lower quality direction † therefore lending to enlarge the spread between the low and high winners. ( Vol 6, No.2 ) . Other statements advanced by Hollifield ( 1987 ) against ability grouping are, that â€Å" the pattern creates categories or groups of low winners who are deprived of the illustration and stimulation provided by high winners. Labeling pupils harmonizing to ability and delegating them to low-achievement groups may besides pass on self-fulfilling low outlooks † . ( p.1 ) . This farther links to Gamoran ( 1998 ) unfavorable judgment that ability groupin g creates ‘status hierarchy ‘ in the school system. To label pupils as being ‘incompetent ‘ or ‘less smart ‘ could make ‘inequities outside the schoolroom ‘ ( cited in Johnson, 2002, p.2 ) . 2.3 Ability Grouping v/s Accomplishment Since one of my research inquiries is to happen out the whether there is a important impact between ability grouping and academic accomplishment, it is deserving observing the different literature on the topic. Slavin ( 1986 ) proceeded to a â€Å" Best Evidence Analysis † . To make so, he reviewed five comprehensive ability grouping programs in simple schools. The grouping programs are: â€Å" ability grouped category assignment, reorganizing for reading or mathematics, the Joplin Plan, not graded programs, and within-class ability grouping † ( cited in Hollifield, 1987 ) . The â€Å" Ability Grouped Class Assignment † placed pupils in a schoolroom on an ability footing. The grounds found by Slavin ( 1986 ) showed that this type of grouping has no consequence on pupil accomplishment in the simple school. The â€Å" Regrouping for reading or mathematics † is merely done during those two categories as for most of the twenty-four hours the pupils are in their assorted ability schoolrooms. This grouping has proved advantageous on pupil accomplishment. This has been enhanced by the fact that degree and direction gait had been adapted to achievement degree. However, it must be noted that the above regrouping to be proved efficient, it should be catered for non more than two topics. ( cited in Hollifield, 1987 ) . The ‘Joplin Plan ‘ regrouped pupils across class degrees – for illustration high accomplishing 4th classs, mean 5th graders, low accomplishing six classs form portion of the 50 class reading category. Slavin ‘s ( 1987 ) found strong grounds of such grouping additions reading accomplishment. This piece of information reflects what was said antecedently in the chapter, that the impression of high winners exciting low winners when they are assorted into a schoolroom. ( cited in Hollifield, 1987 ) . The ‘Non Graded Plan ‘ which channelled pupils into flexible groups based on public presentation, the topic course of study is divided in such a manner that pupils improve at their ain gait. This program has proved a positive relationship between grouping and accomplishment. Similarly ‘Within-Class Ability Grouping ‘ where pupils are grouped harmonizing to their ability in one schoolroom, grounds has shown a positive correlativity between grouping and accomplishment. However, Slavin ( 1986 ) , found out that the effects were somewhat greater for low winners than for center or lower circulars. ( cited in Hollifield, 1987 ) . Slavin ( 1986 ) concluded that schools and instructors should follow methods that have proved its effectivity where ability grouping is concerned. These methods include within-class ability grouping in Maths, Non graded programs in Reading, and the Joplin program. If ability grouped category assignment use an alternate grouping where pupils are assigned on public presentation degree so it can be used in ability grouping category. ( cited in Hollifield, 1987 ) . Slavins ‘ ( 1986 ) recommendations for successful ability grouping and positive accomplishment degree: This type of grouping should be done merely for some topics while in other topics the pupils should be in assorted ability schoolrooms. To learn a accomplishment, for illustration, Reading, the usage of grouping programs would cut down pupil heterogeneousness ‘ ( ( cited in Hollifield, 1987 ) . The same program would non work if IQ or Achievement degree is being tested. If the instructor formed little â€Å" within ability groups † this will assist instruction better as the instructor will be able to give better support. ( cited in Hollifield, 1987 ) . The literature has besides revealed that low circulars made as much advancement as high circulars when they are submitted to certain conditions. Gamoran ( 1993 ) explained that a US Catholic schools applied a rigorous academic course of study in lower ability grouping where the same instructors taught in low and high degrees, the academic course of study stayed the same for both groups and verbal interactions and treatments form portion of the instruction and acquisition scheme. All this factors combined had a positive consequence on achievement degree. However, there have been surveies where it has been found that ability grouping aggravate inequalities in accomplishment. Kerckhoff ( 1986 ) ( cited in Gamoran ( 2002 ) , commented on the impact of puting v/s achievement inequality. The grounds that he used came from the National Child Development Survey ( NCDS ) ( informations collected comes from a 1958 British cohort over 20 old ages ) . Data collected are from England and Wales. Kerckhoff showed that pupils ‘ accomplishment degree is greater in schools or categories which apply ability grouping while those pupils in assorted ability categories have decreased achievement degree. However, low degrees schools and categories fell far behind. Kerckhoff ( 1986 ) besides explained that there is an mean degree of achievement growing when comparing Mixed Ability and Setting grouping schools. This is due to the fact that high winners success is balanced against low winners loss. Inequalities in accomplishment could besides be due to differentiated schoolroom direction. In his article, Gamoran ( 2002 ) explained these findings from the surveies of English categories in US secondary schools. The survey revealed that higher degree pupils who are channelled towards more academic classs with the support of experient, qualified and prepared pedagogues who cover instruction and learning stuffs challengingly and at a faster gait show higher degree of accomplishment than the low achieving schoolroom. The low degree of accomplishment for low degree category was due to the riotous behavior of the pupils and where the instructor set written work instead than promoting unfastened ended inquiries and verbal interactions. Ability Grouping fell in disfavor, harmonizing to Hallam, Ireson and Davies ( 2004 ) , when ‘educational theory decided against ability grouping ( puting and streaming ) from the 70 ‘s onwards ‘ ( BERJ 2004, vol 30 ( 4 ) pp 516-533 ) . However over the last decennary there has been a revival of this type of grouping. Its reappearance is commented as being the agency which would assist raising criterions. Hallam, Ireson, and Davies ( 2004 ) recapitulated the grounds for which ability grouping fell in disfavor: â€Å" Low self-pride and societal disaffection of lower watercourse pupils Inconclusive grounds for positive effects on attainment A displacement of educational focal point towards equality of educational chance † ( BERJ 2004, vol 30 ( 4 ) pp 516-533 ) In my research survey, pupils ‘ sentiment on ability group has been sought. Hallam, Ireson and Davies ( 2004 ) admit that there has been few research on ability grouping ( streaming, puting and within category grouping ) where pupils voice out their positions. The research on ability grouping popularised the relationship between that type of grouping and academic, societal and personal results. The article from Hallam, Ireson and Davies ( 2004 ) cited old research which embraces Pupil ‘s position has drawn out the undermentioned accounts: Streaming encourages both positive and negative attitudes towards school and higher winners are pro streaming compared to lower circulars. Puting among mathematics pupils reveal that more pupils would wish to travel sets or articulation categories where assorted ability instruction is being done. In primary schools, the pupils holding higher position in head would wish to be in higher ability grouping. However, most pupils would prefer to be given whole category work or single work. Streaming emphasized the negative effects towards lower watercourses. It is further acknowledged that if students of below norm are taught by instructors who are for streaming in a assorted ability environment, this has a negative impact on the pupil. This can take the signifier that those pupils do non hold any friends and are rejected by their equals. Assorted ability categories encourage societal coherence in the category. It is appropriate at this phase to reexamine the undermentioned statistics on ability grouping. George ( 1988 ) ( cited in Crosby A ; Owens ( 1993 ) revealed that: â€Å" Educators and parents are in favor of tracking/ability grouping. 85 % of the research says that tracking is non good while 85 % of schools continue to pattern it. â€Å" ( Solutions and Strategies,1995, ( 5 ) p.2 ) . Furthermore George ( 1998 ) and Slavin ( 1991a ) concluded that Ability Grouping research has non prompted any conclusive replies whether it be positive or negative ( Cited in Crosby and Owens, 1993 ) . This is what I intend to happen out with the research inquiry on significance of low accomplishing grouping with academic school accomplishment. I would wish to happen out whether it is consistent or in resistance with George and Slavin ‘s decisions. How to cite Impact of Mixed Ability Classrooms in Catholic School, Essay examples