Thursday, October 31, 2019

Put and Call options Research Paper Example | Topics and Well Written Essays - 500 words

Put and Call options - Research Paper Example In the call option the security deposit is allowed to take a certain commodity at a certain price if one chose to. On the other hand the put option has got an insurance policy that protects the commodities against loss in value. When it comes to motivations the buyer of the call option hopes to the price of the underlying product will go up but the seller of the call option hopes for it to go down. The buyer of the put option is advantaged if the prices went down. This is to prevent the risk that is limited to the premium. When it comes to the profits the buyer of the call option hopes that he will make a profit by buying stocks for less than their rising value. The seller of the call option hopes to make profits when the stock prices go down or if the prices go high below the price the buyer pays for creating the call option. When it comes to the put option the buyer is advantaged when the put option expires with the stock price above the strike price. Sellers In the put option make profits if the stock price falls below the strike price. Call options shows how options trading are high risk, high reward by contrasting buying call options with buying stock. Both require the investor to believe that the stock price will rise. However, call options give very high rewards compared to the amount invested if the price appreciates wildly. The downside is that the investor loses all her money if the stock price does not rise well above the strike price (Sheeba 136).

Tuesday, October 29, 2019

You Might Forgive, but Forgetting is not Always Possible Essay Example for Free

You Might Forgive, but Forgetting is not Always Possible Essay There are many different responses to this statement, and different people hold different opinions, both for and against it. I agree with the statement, because Christians are taught that to sin is human, to forgive is divine, proving that it is difficult even to forgive, never mind forget. An argument in favour of the statement is, as human beings, we do not possess the capability to completely wipe out memories from our minds, no matter how hard we may try. Also, memories involving pain and suffering are nearly always fresh in our minds, and it is the thoughts of this kind that we are told to forget, which is extremely difficult, and very rarely possible. see more:to forgive is divine In addition, some sins are so serious that to simply forgive and forget is not an option. Even Jesus himself enforced this point, when he told his disciples that one of them was going to betray him. He used the words it would have been better for this person had they never been born, which may sound a cruel thing to say, but what Jesus really meant was that it was going to be difficult to forget what Judas was about to do to him. Another point strongly agreeing with the statement is, human beings can learn from their mistakes, and if sins and crimes were erased from our memories we would never learn. This is true, as we are not perfect, and we need to learn from our mistakes in order to make ourselves a better person. On the other hand, it could be argued that forgetting is central to the forgiving process, and true forgiveness involves being able to move on and forget what was done in the past. If people keep bringing up what has been done in the past, and dwelling on it, then this suggests that forgiveness has not truly been granted, therefore, reconciliation does not occur. Also, by refusing to forget what has been done, a person becomes consumed with regret, bitterness and anger, all of which are all destructive characteristics resulting in their lives becoming focused on mourning and revenge, and the motivation and ability to move on is lost. Constantly reminding someone of past feelings is un-Christian behaviour. In conclusion, I believe that it is possible for a person to forgive, but I agree that it is not always possible to forget what they have done. Are we supposed to forget every time a person sins? Maybe we can forget the odd venial sin, but what about mortal sins, like somebody killing someone close to you? It is just not possible to forgive and forget about somebody who commits mass murder such as Myra Hindley, and we know that a victims mother, Anne West, can never forgive what Myra Hindley did to her daughter, and cannot bring herself to say the words, forgive us our sins, as we forgive those who trespass against us, in the Lords Prayer. As Christians we all do our utmost to forgive and forget none of us are without sin, let those who have committed no sin cast the first stone.

Sunday, October 27, 2019

The Development Mechanism And Trading Of Sukuk Bonds Finance Essay

The Development Mechanism And Trading Of Sukuk Bonds Finance Essay A Sukuk bond is an Arabic word for financial investment certificates, or sometimes can be refer as Islamic bonds. It is the famous element in the Islamic Finance among the Muslim and non-Muslim. Other than that, sukuk also refer to trust certificates and participation securities. Moreover, it is one of the fastest growing tools in the Islamic capital market that triggered the desire of research and writings of many researchers and scholars, as a result of which is the existence of many academic writings and publications [1]. It has become one of the most dynamic tools for capital mobilization in both the Islamic and conventional capital markets (2007, Umar). For your information, base on their Islamic law, it is not allowed fixed income and interest bearing bond. After that, Islamic Finance comes out the sukuk bonds to fulfill its investment principles, which is charging or paying the interest. Besides that, it is similar to the financial bonds in the conventional bank, which are proof of ownership title to the investor and utilized by financial institution to raising the fund. For both conventional bonds and sukuk bonds are structured to generate revenue on the physical assets. However, the differentiation between both bonds is sukuk bonds can be consider as modern application of Islamic financial. Malaysias fully experience and concrete fundamentals in Islamic finance developed over 30 years, tied with its strength in the domestic sukuk market, offers strong exciting value propositions to government agencies, multinational corporations and multilateral development banks or financial institutions across the world to originate sukuk out of Malaysia.  Malaysia leads the global sukuk market, represented by 61% of total sukuk outstanding at the end 2008.2 Development of Sukuk Bonds What is Sukuk? Sukuk is an Islamic financial certificate bond but it refuted to conventional bonds, which is debt based instrument and Sukuk is asset based instrument. Sukuk securities adopt the Islamic laws referred to as Shariah and it own principles, Islamic religious law, which no all interest can make and its forbid the charging or payment of interest such as fixed income, interest bearing bonds are not permissible in Islam . Sukuk instruments are like a middleman or a bridge to issuers, primarily sovereigns and corporations in other foreign countries such as in the Middle East and Southeast Asia, with a large pool for investor to finding diversify their holdings beyond traditional asset classes. In Sukuk market, fund raised can classified in two way which is an efficient and transparent way in over 100 non-member countries in the world. Diagram 1: Different between conventional financial and Islamic financial Selected Historical Highlights Key Highlights in Malaysias Islamic Capital Market: 1990: Issuance of first Islamic Corporate bond by Shell MDS Sdn Bhd 1993: Launch of first Islamic Equity unit trust fund by Arab-Malaysian Unit Trust Bhd 1994: First full fledged Islamic stockbroking company, BIMB Securities, was established 1999: Launch of the KLSE Syariah Index 2000: Launch of the first Islamic bond fund by RHB Unit Trust Management 2001: Issuance of the worlds first Global Sukuk by Kumpulan Guthrie Source: Bloomberg (based on Sukuk issued out of new and existing programmes for the YTD ) Global vs Malaysia Sukuk Issuances 2005- 1H20112002: Issuance of the worlds first Global Sovereign Sukuk Figure :Global vs Malaysia Sukuk Issuances 2005- 1H2011 In 2005 to first half of 2011, global Sukuk market and Malaysia Sukuk market was faced few economic growth and crisis, therefore it was effect issued Sukuk bond. Based on the data, Malaysia Sukuk market doesnt showed significant growth compared with global Sukuk market between 2005 to first half of 2011. However Malaysia Sukuk market looks more stable than global market. In 2008, global Sukuk faced financial meltdown, it is global financial crisis and the Dubai debt woes, therefore it dropped from US$31 billion to US$14.2 billion, dropped around 54%. Besides that, Malaysia Sukuk market also dropped, but the dropped amount lower than global market, around 41%.Apart from that, in 2009 Malaysia Sukuk market of the total Sukuk issuance growth around 31%, it was showed those investor have confidence to Malaysia Sukuk market. http://biz.thestar.com.my/archives/2009/9/9/business/p8-sukukcht.JPG Figure 2:Sukuk issuance by country in 2009 In 2009, Malaysia is the largest country issuer Sukuk bond compare with Indonesia, Sausi Arabia and Bahrain.Malaysia almost having around 45% of issuer Sukuk bond. The second largest is Saudi Arabia, they has around 22% for issuer Sukuk bond. Figure 3 Malaysia: Outstanding Sukuk vs. Bonds In this several years, Sukuk continues growth but compare with normal bond, amount of outstanding Sukuk still lower than bond. In 2011, Sukuk still not famous for the investor or issuer therefore the number was just had small amount for the outstanding Sukuk. Besides that, between 2001 and 2007 the amount of outstanding Sukuk was growth significantly. In 2007, outstanding Sukuk was catching up the normal bond and after year 2007 outstanding Sukuk still having a positive growth in the market. This three chart showed that investor have confidence with Malaysia Sukuk market because it has its potential. In 1990s, Malaysia already had a powerful and transparent Islamic structure. Other than that, Malaysia also do more effort to promoted to foreign investor show that Malaysia is an international Islamic financial hub and had recognized by worldwide and continues lead at the front of the development of Sukuk bond. The strength of Sukuk is lies in its own unique framework. Sukuk can carry distinct value position to issuers and investors. The Sukuk growths rapidly because had few factors. 1. Structure growth sophistication. Sukuk have a good superiority which is it had the flexibility of Sukuk structure to lead its growth continuously and it also can meet the requirement and preferences of investor and issuers by tailored suitable Sukuk to them. Now a day, Malaysia have more than a types of Sukuk in the market such as profit and loss sharing (Musyarakah), cost plus financing (Murabahah), deferred payment (Al-Bai Bithaman Ajil), leasing (Al-Ijarah), agent(Al-Wakalah) and so on to wider range of investors. Figure 4: Type of Sukuk apporeved in Malaysia In 2011, Malaysia has few types of Sukuk approved in Malaysia Sukuk market and types of Sukuk in Malaysia market can classified to Contracts of participation and exchange. Contracts of participation are such as Mudharabah Sukuk and Musyarakah Sukuk. Contracts of exchanges are such as Murabahah and Ijarah. The largest number of investor invest is Musyarakah, the number is around 63% in Sukuk market. The second largest is Ijarah, its around 15% in Sukuk market. 2. Clarity on the regulatory treatment. Excellent regulatory treatment in Sukuk structure has provided regulatory certainty to Islamic financial institutions with regard to their investments.The adherence of the Capital Adequacy Standard was accomplish and issued by the Islamic Financial Services Board (IFSB) 3. Strategic centralize to develop overall Islamic financial system. Every investor or issuers have it own demand or requirement therefore Sukuk can base on each investor or issuers to choice suitable own Sukuk to themselves. For example, in takaful operators the investors can choice medium or long-term liabilities of takaful funds. 2.1 Introduction to Mechanism of Sukuk Bond Sukuk bond is one of the Islamic financial products which grow rapidly nowadays. It is generally known as Shariah compliant  [1]  bond as it is structured according to the Islamic principles. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has defined sukuk as the certificates of equal value that represent an undivided share in the ownership of the underlying asset, usufruct, services or investments in particular projects or special investment activities. (Institutions, 2008) Besides, sukuk bond also can be described as an asset-based investment because the investor which is the sukuk holder owns the undivided interest in the underlying asset even if bad situation occurs. Sukuk bond is not a debt certificate, hence, the claim of sukuk bond is not just a claim to cash flow but it also represents the ownership claim on a pool of underlying assets. However, under the various types of sukuk which structured based on different Islamic principles, the investor has different rights and obligations. When the sukuk is represent the ownership of the underlying asset such as Ijarah sukuk, the investor can claims not only on the underlying asset. But, at the same time, it can be claimed against the cash flow and revenues generated from the sale of the asset. Besides, for the sukuk which issued as the sale of asset-based through the contract of exchange such as the Murabahah and Istina sukuk, the investor has the rights to claim against the cash flow from the contract of exchange but not on the physical asset. This is due to the transfer of ownership which is now to the obligator. On the other hand, for the type of sukuk which provide funds for projects such as Musyarakah sukuk and Mudharabah sukuk, the investor has the rights on the undivided interest in the specific investments. The difference in both of this sukuk is just that the musyarakah sukuk holder shares both the profit and loss however the mudharabah sukuk holder share only the profit while loss will not be sharing. (Bank Negara Malaysia and Securities Commission Malaysia, 2009) Therere many types of sukuk bond which is structured based on various approved Islamic concepts and principles. Among the 14 types of sukuk which are identified by AAOIFI, the most common sukuk included Ijarah sukuk (leasing of specific assets) and the Musyarakah sukuk (profit loss-sharing scheme). Therere also other types of sukuk which included Murabahah sukuk (cost-plus sale), Istina sukuk (project finance), Mudharabah sukuk (profit-sharing), Salam sukuk, Hybrid sukuk and so forth. In the end of October 2011, Musyarakah sukuk leads the biggest proportion among the various types of sukuk bond which is 59%. It then was following by Ijarah sukuk (13%), Murabahah sukuk (10%), Mudharabah sukuk (9%) and Wakalah sukuk (9%). (Team, 2012) 2.2 Similarities and Differences between Sukuk Bond and Conventional Bond Sukuk bond shared some similar characteristics with the conventional bond. For instances, both of these bonds have a fixed term maturity, can bear a coupon and are tradable on the normal yield price. Besides, both of the sukuk bond and conventional bond have similarities in the following features: marketability, rate ability, enhance ability and also the versatility. (What is Sukuk?) Both of them are liquid instruments, therefore can be easily transferred and tradable in the financial markets. Furthermore, both of these bonds are structured based on the assets that generate revenues. The revenue generated from the underlying asset is the source of income to pay for the profit on the sukuk bond. (Bank Negara Malaysia and Securities Commission Malaysia, 2009) However, there still have differences among the sukuk bond and the conventional bond. First of all, conventional bond is structured in such a way that the interest is the main point of all those transactions. The issuance of conventional bond is based on the exchange of paper and it doesnt represent the ownership of conventional bondholders in the enterprises that issue the bond. Rather, it represents the interest-bearing debt owed to the conventional bondholders. Consequently, the issuer of conventional bond has the contractually obligation in paying the interest and also the principal to the bondholders on a specific date. On the other hand, sukuk bond is structured in a way that the issuance is based on the exchange of an approved asset. Because of the prohibition of interest charging by Islamic law, sukuk bond allows the sukuk bondholders to claim an undivided ownership in the underlying asset and share the revenues generated from the underlying asset. Furthermore, sukuk bond is different with conventional bond due to its asset-based features. When the situation occurs where the issuer of conventional bond is unable to pay for the debt they owed to the bondholders, the bondholders which is the investors will face a great loss on their investments. This is because the contract usually doesnt guarantee that the asset can be secured and be used to recover at least partial of the investments. However, for sukuk bond, because it is asset-based and the sukuk bondholders have undivided ownership on the underlying asset, even how bad the situation, the investors can claim against major part of their investment. Hence, the sukuk bondholders are more protected from this kind of risk compared to the conventional bondholders. Besides, the issuance of sukuk bond must compliant with the Islamic law in its nature and use. However for the conventional bond, it can be issue for almost any purposes as long as it is legal under jurisdiction. Next, for the sukuk bondholders, the expenses that related to the underlying asset may be attached to them while the conventional bondholders are not responsible in these asset-related expenses. 2.3 Benefits of Sukuk Bond Sukuk bond which structured compliant with the Islamic law have the following benefits. First of all, it acts as a tool for banks and Islamic financial institutions in liquidity management. (Benefits of Sukuk) When the bank and financial institutions have excess amount of liquidity, they can use these excess money to purchase and invest in sukuk bond. Meanwhile, when theyre in the need of liquidity, they can choose to sell their sukuk bond through the secondary market. This clearly shows the features of sukuk bond which is liquid and hence can be easily traded in the financial market. Besides, sukuk bond provides a way in raising funds. It allows the corporate to raise funds through the issuance of sukuk bond. However, the sukuk bond can only be issue for any purpose that complaint with Islamic law. Furthermore, due to the asset-based feature of sukuk bond, it offers a lower risk and hence reduces the cost of financing. This is because even when bad situation happen to the issuer of sukuk bond, the investors can claim against the ownership on the underlying asset and get recover from major partial of their investment. 2.4 Sukuk Guidelines Starts from 1 July 2000, any issuance, offer or invitation of sukuk has to get approval from the Securities Commission Malaysia (SC) under section 212 of the Capital Markets and Services Act 2007 (CMSA)  [2]  (Malaysia S. C., Introduction, 2011) The following information are the guidelines which stated by Securities Commission Malaysia (SC) and effective from 12 August 2011 (Malaysia S. C., 2011). Any corporation that wishes to issue, offer or make an invitation of sukuk has to first appoint a principal adviser who specified by the SC in the Principal Adviser Guidelines. The purpose of appointing a principal adviser is to help the corporation to seek approval from SC for the proposed issue, offer or invitation of sukuk. (Malaysia S. C., Issuers Submission of Proposals, 2011) Therere a set of documents and a declaration letter that SC requires the issuer to submit through the principal adviser. These documents and the declaration letter are needed to obtain the approval from SC. (Malaysia S. C., Appendix, 2011) Two hard copies and one electronic copy of these documents should be submitted. Within 14 working days after SC receives the required documents and declaration letter, SC will either grant its approval or reject the proposal which doesnt fully follow the guideline. Once the issuer obtains the approval from SC, they should submit another set of documents (Malaysia S. C., Appendix, 2011) to SC through their principal adviser. (Malaysia S. C., Documents and Information Required, 2011) Besides, the issuer is required to conjunct with the principal adviser in appointing a Shariah adviser to make sure that the documentation, structure and the mechanism of sukuk are following the Islamic law. Therere plenty of Shariah rulings that have to follow for all types of sukuk as well as some specific type of sukuk in the requirement of underlying asset, asset pricing, compensation and so forth. (Malaysia S. C., Appointment of Shariah Adviser Shariah Rulings Applicable, 2011) Meanwhile, the underwriting of any issue, offer or invitation of sukuk will depends on the decision of the issuer. (Malaysia S. C., Underwriting, 2011) The implementation time frame for sukuk issuance is within one year from the date of the approval of SC except for the case of shelf registration scheme which must be implemented within two years. (Malaysia S. C., Implementation Time Frame for Sukuk Programme or Sukuk Issuance, 2011) 2.5 Sukuk Market in Malaysia From the journal, we know that the sukuk market has been developed rapidly in this decade with the evidence that more than 50% of Malaysias bond market belong to the sukuk market. Sukuk market in Malaysia successfully attract the attention of international corporations and multilateral agencies and drawn a lots of participation of these parties in raising funds and as well as investing in the sukuk market. Moreover, sukuk market of Malaysia is now having continuous innovation such as it offers the chance for international corporations to participate and plays a role in our Islamic financial system. As mentioned before, there have a greater development compared to the beginning of Malaysias sukuk market which our country started with a RM125 million of issue size by Shell MDS Sdn. Bhd.. The improving development once again can be clearly proven by the shoot up of the value of sukuk issue which is at RM15.4 billion by the Binariang GSM Sdn. Bhd. Besides, Malaysia is the fastest growing country in the global for the area of sukuk market with 22% of average annual growth within the period of 2001 until 2007. Therere a lots of efforts that has been put in the sukuk market to enhance its stability. First of all, to ensure the financial stability, Malaysia had cooperated with several regulatory authorities and participates in Islamic Financial Services Board (IFSB), Islamic Financial Stability Forum (IFSF), Islamic Development Bank (IDB) and also involve itself in the International Islamic Liquidity Management Corporation (IILM). Besides, the introduction of new type of financial instruments which has the extended maturity profiles has brought the Malaysias sukuk market to become more innovative. This is because it increases the diversity of both local and foreign participants and also meets the requirements of both issuers and investors so that there will be a win-win situation. Meanwhile, the increasing number of issuance in foreign currency had successfully extended the international gateway and attracts the participations from foreign countries in Malaysias sukuk market. This in turns s peed up the development of our sukuk market and also facilitate a good relationship with the international financial markets. The development of Malaysias sukuk market brings the economy to become more diversified and more driven by the private sector than the government. This is shown by the increasing demand for the financing requirements from private sector compared to the market which is previously mainly control by the Government debt securities. In a nut shell, Malaysia leads the development of sukuk market not only in terms of total sukuk issuance which accounted 68.9% of total global outstanding at the end of 2007, but at the same time showed excellent performance in the innovative sukuk structure and is more competitive in attracting the investors. In the future, Malaysia will continue its efforts to enhance the relationship with others international financial markets through ways such as partnership or maybe cooperation. (Technology, Sukuk Market in Malaysia, 2011) 2.6 Challenges of Sukuk Market According to the journal, we understand about few challenges that occur in sukuk market. First of all, the sukuk market faced the problem when there is lack of uniformity in the procedures that applied Shariahs principles. The lack of professional in Shariah standards and also the lack of awareness of the employers and manager of sukuk even make the things worse. Besides, when it comes to the collaborations among the countries, things become challenges because each country has their own laws and some of their laws will conflict with Islamic financial system and has to be amending in order to operate the system. Furthermore, therere still occur the gap of knowledge even though AAOIFI, Central Bank of Malaysia and also other organizations have put efforts in distributing the information to the public. Therefore, more focus have to put at the information dissemination through ways such as forums, training as well as set up more education center. Last but not least, it is difficult to maintain the unique features of sukuk. This is because those who already get used with the characteristics of conventional products will tend to request for the products which has the same characteristics with conventional products. This in turns will neglect the identity of the unique sukuk bond. (Technology, Challenges in Sukuk Market, 2011) Trading of Sukuk Market in Malaysia Between these ten years, the institutional arrangements particular gave a greater focus to develop the sukuk market. The sukuk market now accounts for more than fifty percent of Malaysias bond market. The market has drawn the participation from a wide range of international corporations and multilateral agencies in raising funds and investing in the sukuk issuances out of Malaysia. More lately, there has also been continuous innovation and an increasing number of issuances in foreign currency. As Malaysia offers international participation in the Islamic financial system, also offer to be an international gateway, particularly in strengthening the link between the two important dynamic growth regions of Asia and the Middle East. (Zeti Akhtar Aziz, 2010) Shell MDS Sdn. Bhd. started Malaysias sukuk market with a simple issue size of RM125 million in 1990 and is growing in size and increasingly sophisticated now. This development is evident in the largest sukuk issue recently valued at RM15.4 billion which is USD4.7 billion by Binariang GSM Sdn. Bhd. Now, the sukuk market in Malaysia with an average annual growth of 22% issued for the period 2001-2007 is among the fastest growing in the world. Malaysia has continued it success by introducing innovative sukuk structures such as convertible sukuk musyarakah by Khazanah Nasional Berhad, the Malaysian government investment holding company after introducing the first sovereign global sukuk in the world in 2002. This combines the features of the first full convertibility is usually only used for conventional equity-linked transactions is a historic issue of the first of its kind in the world. (Central Bank of Malaysia, 2007) Malaysia also continues to collaborate with other regulatory authorities to ensure financial stability in the Islamic financial system. This will be through Malaysias active involvement in the Islamic Financial Services Board (IFSB), the Islamic Financial Stability Forum (IFSF), the initiatives by the Islamic Development Bank (IDB), and finally in the newly formed International Islamic Liquidity Management Corporation (IILM). Depth and liquidity of the market has increased by secondary trading in the Malaysian sukuk market with the participation of more companies, including foreign-owned companies continued use of this market for funding purposes. Long-term funding needs are financed by a large number of corporate issuance. The diversity and size of the sukuk transaction was the increasing value proposition is very attractive to investors who want to diversify their asset portfolios, therefrom creating a vibrant secondary market. The Malaysian sukuk market has also grown to become more sophisticated and innovative to meet the multiplex risk-return requirements and profiles of both investors and issuers. Diversified range of players have been generated by the proliferation of new types of instruments with extended maturity profiles , both local and foreign to participate in the market. This was facilitated by the liberalization of the market in 2005 to allow for issuance of debt securities by foreign corporations and multilateral agencies in ringgit denominated papers. This was extended to foreign currency denominated issuances in year 2007. Actually, this has attracted many multilateral agencies, multinational corporations and foreign corporations to raise funds and invest in origination and issuances out of Malaysia, therefore enhancing the Malaysian market, and strengthening Malaysias inter-linkages with other international financial markets. The transformation of the Malaysian economy has been accompanied by the development of the sukuk market in Malaysia that has now become more private and diversified sector driven. The Government debt securities initially dominated the market, now reflects the growing demand for the long term financing requirements of the private sector. Now, the corporate sector raises 58% of their financing requirements through the sukuk market and debt securities compared to ten years ago is about 33%. The presence of a liquid and deep debt securities and sukuk market thus contributes towards the stability of the financial system. Now, with a number of Malaysias sukuk issues by 68.9%, or USD62 billion (or RM213 billion) of total global outstanding at the end of year 2007, Malaysia is the worlds largest sukuk market. Amount of corporate sukuk in Malaysia more than RM30 billion in year 2007. Malaysia not only lead the development of the sukuk market in terms of total sukuk issuance, even in terms of the introduction of innovative sukuk structures and competitive to attract more individual or corporation investors. Moving forward, Malaysia will continue its efforts in strengthening our international linkages in the global Islamic financial system through cooperation and collaborative partnerships with the objective of contributing towards greater economic integration and international financial. Certainly, sukuk ( Islamic bond ) proved that it is among the most successful Islamic financial product in the industry and be one of the fastest-growing sectors in the global financial landscape. Type of Sukuk Bonds Ijarah Sukuk Ijarah sukuk is an Islamic alternate of conventional leasing. Ijarah is a contract the distribution of funds to use right transfer (benefit) of an item within a certain time to the lease payments (ujrah), between the finance company as the lessor (muajjir) with tenants (mustajir) not followed by transfer of ownership of the goods themselves [1]. These are sukuk that represent ownership of equal shares in a rented real estate or the usufruct of the real estate. In other words, issuing certificates of ownership of assets, leased to a particular consumer is known as Sukuk Al Ijarah or simply Ijarah Sukuk. Other than that, Ijarah sukuk also is a bond between a bank with consumer to take on an item or even object leases and bank-owned banks have a service fee for items which is rent, and at the end with the purchase of leasing object by the consumer. (In Shaukats (2010) article, Common Structures of Sukuk, Ijarah sukuk were described as Ijarah sukuk are the securities representing ownership of well defined existing and known assets tied up to a lease contract, rental of which is the return payable to sukuk holders. (p. 10).) Ijarah sukuk have a main concept which means selling the benefit of apply or service for a fixed price or salary. Base on this concept, the Islamic bank make it available to the consumer applies of service of assets or equipments for a fixed period of time and also the price. 1Source: Sharia Economy Journal, Ijarah Definition (2011) Figure 5: The process of Ijarah SukukSukuk al-Ijarah.png The chart above shows few stages of the transaction process. First stage is Contract of Cash Sale. SPV purchases property from obligator as the step 1 above, such as SPV purchases hospital from government. After that, the assets purchased by the SPV are funded by the issuance of sukuk which is trust certificates which represents beneficial  ownership in the assets and the lease as the step 3 shown above. Besides that, government received cash proceeds as step 7 while Stage 2 is Contract of Leasing (Ijarah). At first, SPV rents property to the government for specified period which is step 2 shown above. After that, step 6 shows that SPV collects rentals. During the tenure, SPV passed the rentals to investors as the step 9. For your information, example is periodic distribution or coupon. Continually, at the maturity, SPV sells the property to the government at an agreed price. Government pays cash to SPV. Lastly, SPV simultaneously pay investors cash for sukuk redemption. Musharakah Sukuk Musharakah sukuk is a structure of partnership which is used in Islamic finance instead of interest-bearing loans. It is also a mode of financing against which Sukuks can be issued for. It does not differ from the Mudaraba sukuk except in the organization of the relationship between the party issuing such sukuk and holders of these sukuk, whereby the party issuing sukuk forms a committee from the holders of the sukuk who can be referred to in investment decisions [1]. Musharaka Sukuk are used for mobilizing the funds for establishing a new project or developing an existing one or financing a business activity on the basis of partnership contracts (Shaukat, 2010). Moreover, Musharakah Sukuk have a specified maturity date, and are negotiable in the secondary market. In the assets of the Musharakah sukuk, for every sukuk would have a representative holders proportionate ownership. These Musharaka certificates can be treated as negotiable instruments and can be bought and sold in the secondary market [2]. Musharakah sukuk  allows each party involved in a business to share in the profits and risks. Other than that, profit earned by the Musharakah sukuk is shared according to an agreed ratio between the Issuer and Investors at an agreement. Although the profit and loss is sharing, while it shared between the investors as per investment ratio only. Besides that, to ensure the tradability of Musharakah sukuks, all the assets should not be in liquid form. 1Source: Accounting and Auditing Organization for Islamic Financial Institution, AAOIFI 2Source:Common Structure of Sukuks, Mughees Shaukat Figure 6: The process of Musharakah SukukSukuk al-Musharaka.png From the above shown that, at the beginning, Corporate and the Special Purpose Vehicle (SPV) enter into a Musharakah Arrangement for a fixed period and an agreed profit-sharing ratio. Thus, the corporate undertakes to buy Musharakah shares of the SPV on a periodic basis. First, Corporate (as Musharik) contributes land or other physical assets to the Musharakah. After that, in 2 a b shown that SPV (as Musharik)

Friday, October 25, 2019

Something to Sing About in Buffy the Vampire Slayer Essay -- Buffy the

  Ã‚  Ã‚   Throughout much of recorded human history, people have written tales of the dead returning to life, usually to trouble the living in some way. These traditional myths have progressed from ancient superstitions, to campfire ghost stories, to television shows such as Joss Whedon's Buffy the Vampire Slayer. In the series, vampires are created from the dead victims of other vampires (as long as a certain rite is performed during the victim's death). After a time they rise from their graves and immediately seek to kill and drink the blood of the living. Creatures such as these are, as Lacan [give first name when you first mention someone] describes them, "between the two deaths" and live again only to fulfill insistent, mechanical drive. This drive, often centered on killing, vengeance, or some other quest for closure, is distinct from desire in that it is not "caught up in dialectical trickery" (Zizek 21). According to Zizek [ditto], normal desires are not alway s what they seem, for when we desire something, we may be seeking something else entirely (21). Most of the vampires in Buffy the Vampire Slayer fit Lacan's profile of between the two deaths, and, as one might expect, they are antagonists to the protector of the living, Buffy. However, in the musical episode "Once More, with Feeling," Whedon explores two protagonists who are also between the two deaths, each struggling to revert back to their prior state of being, but both in a different situation. One of these characters, Spike, once fit the archetype of the vampire, but now faces difficulty as he is forced to cope with normal dialectical desire in order to exist in the civilized, symbolic world. The other, Buffy, fulfilled the death drive when she sa... ... her to be the Slayer. Her only chance to find motivation in the world is to find a new desire. Both characters approach the same center, but from different ends of the drive-symbol spectrum. Thus, Whedon not only makes use of the Lacanian "between the two deaths" concept, but he also plays with making it dynamic (Spike) and with inverting it (Buffy). Then, at the very end of the episode, the two experiments are united in an elegant closure.    Sources Cited or Consulted Buffy the Vampire Slayer. "Once More, with Feeling." Felluga, Dino. "Modules on Lacan: On Desire." Introductory Guide to Critical Theory. Date March 11, 2003. Purdue U. March 23, 2003. <http://www.purdue.edu/guidetotheory/psychoanalysis/lacandesire.html>. Zizek, Slavoj. Looking Awry: An Introduction to Jacques Lacan through Popular Culture. Cambridge: MIT P, 1991.

Thursday, October 24, 2019

African creation myths Essay

1. Perhaps the answer that would best suit the question why life is so hard and then you die is how death is portrayed in these stories. There is suffering and hardship in one’s life because of disobedience of the hardships and commands of his gods. Death ultimately becomes the only â€Å"salvation† after so much hardship.   Had the living things and man obeyed the orders of their god, death would not have overcome these lives. In the story of the Plant of Life, the second wife, in her jealousy of not being considered by her husband despite the death of the first wife decided that in order to end her suffering must kill the plant that has taken the time and affection that would have been hers. Hence, ultimately, it is no wonder that in the end, the wife bears the consequent death of all living things. 2.  Ã‚   Basically these African myths hold women in the same way that women are being viewed today. Women are seen as being responsible for the ills that happened to society and life in general.   For example, in the story of the Plant of Life, the second wife was blamed for being the source of death when â€Å"she saw the plant and was jealous and cut it down with a hoe.† (Plant of Life). Such story shows how of little value women are because if the god did not play favourites among his wives, the story would not have ended that way. As a whole, women are viewed as being the cause of tragedies. 3. This myth basically starts out as a story of creation of the world and its five elements.   However, as the story intertwined itself it became a story not of creation but of destruction as each element became defeated by the other until at last Doondari, the god who created these things came down to earth and became the eternal one.   A very good point of interest here is how the story incorporated the attributes of men like sleep, blindness, worry and death and how these attributes became defeated when all of them became proud. It would seem that the writer wanted to emphasize that pride became the reason for the fall of its attributes and in the end, it was the god who has to put everything in its place. 4. One interesting thing about this myth is how Shida Matunda got afraid when the jealous wife killed the plant which what became of his favorite wife when she died. He is a god and yet he had no hold over life when in fact, he created the world and its living things. It would seem that as a god, he too depended on â€Å"higher beings† than himself and that he attributes life on these beings such as the plant which became the plant of life. 5. Between the myth of the Disobedience of Man and the story of creation in Genesis, one common factor emerges as to why one man disobeyed his Creator.   In this African myth, the root of the disobedience is the woman who failed to follow the orders of her god not to till the soil for food while in Genesis, Eve did not take heed in God’s warning not to eat the Forbidden fruit lest they will be punished. Hence, when they disobeyed the order of their gods, they were punished: the first beings in this African myth were sent with Death while Adam and Eve were banished out of the paradise that God created for them. 6. Indeed there is a great similarity between the myth Revolt Against God and the great Flood in Genesis although the manner of wiping out the face of the earth vastly differs with the version in Genesis.   In the myth of the Revolt against God, the gods wiped out the earth through fire whereas in the version of Genesis, the world was wiped out by the Great Flood.   Perhaps the reason why there is a similarity between the two stories is because we all came from the same roots.   Just like in the religions of   Christianity and Islam that traces its roots to Abraham, these stories of cleansing the earth may have also come from one original source and just branched out after generations of passing it. 7.   Ã‚  The gods in these African myths are not at all like gods but rather seemed like counterparts of men.   Although they have created the world, the living things and men, they never ceased to be like human beings who still feel the emotions of human beings or maybe they are simply reflections of the image and likeness of the beings they have created.   However, these African gods tend to be fickle-minded sometimes and would do whatever they feel like doing at the heat of the moment and that analyzing these myths, one can surmise that they are just exercising their power over their creations.

Wednesday, October 23, 2019

Genogram: Family and Paper Social Work Essay

1. I grew up with a strong and helpful family that was always there for me. I did get into a lot of fights with my siblings, but now that I am an adult and living my own life, I realize how much I really care and love them. Thinking back on my childhood, I was raised a good life and my parents told me to be the best person I could possibly be. They showed me how to pursue a good work ethic, and how to treat others the way I want to be treated. As a child I was taught to respect my parents, teachers, and adults. To respect someone is not to agree with someone but show regard to. I was always told treat people like you would want to be treated. And showing respect is one of them. I believe respect is something that is not given its earned through the course of time. My family was what made me who I am today. 2. While reflecting on the different cultural elements that have influenced my life, it is hard to determine which would be classified as the most significant or the most influential because at different stages of my life, that priority has changed. For simplicities sake, the first influence I will discuss will be that of my parents. I was born to a Caucasian, middle class husband and wife in July of 1974. Due to being â€Å"middle class† I was taught the values of hard work, responsibility, honesty, and accountability. With two parents who felt one does not deserve what one hasn’t worked for, it was instilled in me that laziness was truly one of the worst characteristics one could possible hold. This programming has led me to be hyper-vigilant in my quest to prove my lack of â€Å"laziness.† This can be established by the fact that I am currently raising 3 children, work one full-time job, and attend college full-time. In addition to my parents influence, the fa ct that I had 1 sibling also played a significant role in my cultural programming. Having a sibling has taught me to negotiate, participate and compromise. 3. I was raised in a very safe and secure environment for most of my life. I am Caucasian, straight and a female. I was raised in the Methodist church which puts me in another dominant classification, Christian. My dad worked very long hours when I was growing up to provide for the family. While my upbringing is relatively idyllic, there are experiences and influences that have shaped my life and made me a more tolerant, understanding and yet critical person than the stereotype of people from my socio-cultural upbringing. I was taught to see others as individuals as opposed to stereotypes. I was also taught to value an individual’s right to pursue happiness. 4. A family event that we participate in is sled riding and skiing. These events have impacted our family in a positive way. It is something that everybody enjoys participating in. 5. Our holiday traditions were really helpful during my life. On New Years Eve we all would gather together to say good bye to the old year and welcome in the new upcoming year. My children and I still observe this tradition. We eat dinner together every night. Each Sunday morning we have a big family breakfast. Our family has a family night every Monday night. Where we get together, play games, and eat treats. We also eat pizza and watch a movie together every Friday night. Every year we have a family reunion. Each Halloween we go to the pumpkin patch and pick out pumpkins. 6. Every Christmas Eve we watch a Christmas movie then each child gets to open one present. On Easter we would search for hidden Easter baskets and collect the eggs that are hiding around the room. In our family our kids plan a birthday party with friends every year. We always decorate with streamers and balloons. The birthday child gets to choose his or her own birthday cake. They also get to choose whatever they want for their birthday dinner. 7. In my family we were taught that the role of the child in the family is to: go to school, learn, and grow up to be successful, listen to their parents, and go to church. 8. My mother had the most significant influence on me. She is the strongest woman that I have ever met. Her life inspired me with confidence and great motivation. Most of my mother’s life is full of misfortunes and unexpected troubles. Although she went through many hardships, she never gave up. The thing that I admire my mother most is she always kept in her mind the positive thoughts. In spite of the hard work that she does day by day, she always has a smile on her face. 9. By attending a college with a diverse student body I believe this can prepare me for my future work with families. I will be able to meet people and gain new insights on language and experience from another culture. 10. I believe growing up as a Caucasian, straight female will place a barrier in working with diverse families. I feel there will be limits to my experience but I would like to overcome them by taking classes on diversity and culture.