Use of Symbols and Symbolism in The Great Gatsby Essay -- Great Gatsby

Imagery assumes a significant job in any novel of abstract legitimacy. In his novel The Great Gatsby, F. Scott Fitzgerald utilizes images to depict occasions, sentiments, characters and timespans. All through the account, Fitzgerald utilizes solid differentiating images, for example, West Egg and East Egg. His boss utilization of other overwhelming images, for example, shading and light are likewise clear all through the novel. The story starts as the storyteller, Nick Carraway, depicts his appearance to West Egg. One can quickly spot new-cash Gatsby and no-cash Nick on one side of the straight and old-cash Buchanans on the other (Tanner x). The prevalence of East Egg over West Egg is in a split second evident and has a lot of importance. East Egg speaks to the high class, the noble and the first class. The individuals who live in East Egg originate from rich family lines. Contrary to this, West Egg speaks to the recently rich or those with basically no cash by any means. There is a lot of haughtiness and scorn between these two gatherings as can be noted on page 16 of the novel when Jordan Baker comments disdainfully on the way that Nick lives in West Egg. The imagery of eggs can be additionally clarified. During one of Gatsby's gatherings, Nick is offered an egg. He airs out it and finds a beccafico, a delicacy, and a fortune. Leather treater comments on this striking corresponding to the New World. In the event that one glances at America and what it has made, does one see a disturbing, prematurely ended, hindered and still-conceived thing, fit distinctly to be discarded? Or then again a fortune, something uncommon (...) and glorious and uncommon? (x). The Eggs in the novel speak to the two pieces of America: one (East Egg), materialistic, shallow and liberal and the other (West Egg), which is continually anticipating the happening to someth... ...ott Fitzgerald's Criticism of America. Modern Critical Interpretations: F. Scott Fitzgerald's The Great Gatsby. Ed. Harold Bloom. New York: Chelsea House Publishers, 1986. 11-27. Fitzgerald, F. Scott. The Great Gatsby. Britain: Penguin, 1990. Leather expert, Tony. Presentation. The Great Gatsby. Creator F. Scott Fitzgerald. Britain: Penguin, 1990. vii-lvi. Way, Brian. The Great Gatsby. Modern Critical Interpretations: F. Scott Fitzgerald's The Great Gatsby. Ed. Harold Bloom. New York: Chelsea House Publishers, 1986. 87-108. Hack, Robert and Libby Stockstill. Shading in The Great Gatsby. http://www.nmusd.k12.ca.us/cdmhs/gatsbycenter/roberthack&libbystockstill. November 29th 1997, 5:16pm. O'Brien, Meghan et al. Shading Imagery in The Great Gatsby. http://www.nmusd.k12.ca.us/cdmhs/gatsbycenter/meghanobrien/gg.html. November 29th 1997, 5:23pm.

Tycho Brahe Essays - Copernican Revolution, Tycho Brahe, Philippists

Tycho Brahe Essays - Copernican Revolution, Tycho Brahe, Philippists Tycho Brahe Tycho Brahe Tyge (Latinized as Tycho) Brahe was conceived on 14 December 1546 in Skane, at that point in Denmark, presently in Sweden. He was the oldest child of Otto Brahe and Beatte Bille, both from families in the high honorability of Denmark. He was raised by his fatherly uncle Jrgen Brahe and turned into his beneficiary. He went to the colleges of Copenhagen and Leipzig, and afterward went through the German area, concentrating further at the colleges of Wittenberg, Rostock, and Basel. During this period his enthusiasm for speculative chemistry and cosmology was stimulated, and he purchased a few galactic instruments. In 1572 Tycho watched the new star in Cassiopeia and distributed a short tract about it the next year. In 1574 he gave a course of talks on space science at the University of Copenhagen. He was currently persuaded that the improvement of cosmology relied on exact perceptions. After another voyage through Germany, where he visited stargazers, Tycho acknowledged a proposal from the King Frederick II to finance an observatory. He was given the little island of Hven in the Sont close to Copenhagen, and there he fabricated his observatory, Uraniburg, which turned into the best observatory in Europe. Tycho planned and constructed new instruments, adjusted them, and established daily perceptions. He additionally ran his own print machine. The observatory was visited by numerous researchers, and Tycho prepared an age of youthful stargazers there in the craft of watching. After a dropping out with King Christian IV, Tycho got together his instruments and books in 1597 and left Denmark. Subsequent to voyaging quite a long while, he settled in Prague in 1599 as the Imperial Mathematician at the court of Emperor Rudolph II. He kicked the bucket there in 1601. His instruments were put away and in the long run lost. Tycho Brahe's commitments to space science were gigantic. He not just structured and fabricated instruments, he likewise adjusted them and checked their precision occasionally. He in this way changed galactic instrumentation. He likewise changed observational practice significantly. Though prior space experts had been substance to watch the places of planets and the Moon at c ertain significant purposes of their circles. Tycho and his cast of partners watched these bodies all through their circles. Therefore, various orbital peculiarities never before saw were made express by Tycho. Without these total arrangement of perceptions of phenomenal precision, Kepler couldn't have found that planets move in circular circles. Tycho was additionally the primary space expert to make rectifications for environmental refraction*. As a rule, while past space experts mentioned objective facts precise to maybe 15 circular segment minutes, those of Tycho were exact to maybe 2 circular segment minutes, and it has been demonstrated that his best perceptions were exact to about a large portion of a bend minute. Tycho's perceptions of the new star of 1572 and comet of 1577, and his distributions on these marvels, were instrumental in setting up the way that these bodies were over the Moon and that in this way the sky were not permanent as Aristotle had contended thinkers despite everything accepted. The sky were alterable and in this way the Aristotelian division between the grand and natural districts went under assault (see, for example, Galileo's Dialog) and was in the end dropped. Further, if comets were in the sky, they traveled through the sky. Up to now it had been accepted that planets were carried on material circles (round shells) that fit firmly around one another. Tycho's perceptions demonstrated that this game plan was unimaginable in light of the fact that comets traveled through these circles. Heavenly circles became dull of presence somewhere in the range of 1575 and 1625. Tycho built up a framework that joined the best of the two universes. He kept the Earth in the focal point of the universe, so he could hold Aristotelian material science The Moon and Sun rotated about the Earth, and the shell of the fixed stars was focused on the Earth. Yet, Mercury, Venus, Mars, Jupiter, and Saturn rotated about the Sun. He put the (roundabout) way of the comet of 1577 among Venus and Mars. This Tychonic world framework got mainstream right off the bat in the seventeenth century among the individuals who felt compelled to dismiss the Ptolemaic game plan of the planets (wherein the Earth was the focal point everything being equal) yet who, for different reasons, couldn't acknowledge the Copernican other option. Tycho's significant works incorporate De Nova et Nullius Aevi Memoria Prius Visa Stella (On the New and Never

Introducing MindMeister in German and Japanese - Focus

Introducing MindMeister in German and Japanese - Focus Please note: This article was last updated in 2009. MindMeister is now available in 12 languages, a list of which can be found in the language pop-up in the footer of our website. As a company headquartered in Germany and providing their product in English only, you almost get used to people questioning your patriotism. Our usual response to questions on why we dont offer a German version includes citing some demographic statistics of our user base (which is about 40% native English speaking). Truth is, its somewhat embarrassing it took us so long to launch a German version, but at least its here now! At the same time, our partner act2 created a Japanese version of MindMeister which also went live last weekend. Japan is a  great country for mind mapping as the technique is almost universally taught in schools and children get used to visually mapping out their thoughts from a very early age. Thanks to everyone at act2 for their relentless effort in getting the translation out the door in time! More translations are on the way next up are French, Spanish, Portuguese and Chinese and if youre interested in helping us with any additional languages please let us know. Also many thanks to those who have already offered their services, well definitely be getting back to you soon! Finally wed like to ask you a favor: if youre a native speaker of German or Japanese and you find any missing or erratic translations please send us a quick feedback message using the Found a mistake link in the menu bar. Sometimes you need to see a word or phrase in context to make sure the translation fits the intended meaning.

Epsilon Eridani Information

Ever hear of Epsilon Eridani? Its a nearby star and famous from a number of science fiction stories, shows, and movies. This star is also home to at least one planet, which has caught the eye of professional astronomers. Putting Epsilon Eridani into Perspective The Sun lives in a relatively quiet and fairly empty region of the Milky Way galaxy. Only a few stars are right nearby, with the closest ones being 4.1 light-years away. Those are Alpha, Beta, and Proxima Centauri. A few others lie a bit farther away, among them Epsilon Eridani. Its the tenth closest star to our Sun and is one of the closest stars known to have a planet (called Epsilon Eridani b). There may be an unconfirmed second planet (Epsilon Eridani c). While this nearby neighbor is smaller, cooler and slightly less luminous than our own Sun, Epsilon Eridani is visible to the naked eye, and is the third closest star that is viewable without a telescope. Its also featured in a number of science fiction stories, shows, and movies.   Finding Epsilon Eridani This star is a southern-hemisphere object but is visible from parts of the northern hemisphere. To find it, look for the constellation Eridanus, which lies between the constellation  Orion and nearby Cetus. Eridanus has long been described as a celestial river by stargazers. Epsilon is the seventh star in the river that extends from Orions bright foot star Rigel.   Exploring this Nearby Star Epsilon Eridani has been studied in great detail by both ground-based and orbiting telescopes. NASAs Hubble Space Telescope  observed the star in collaboration with a set of  ground-based observatories, in the search for any planets around the star. They found a  Jupiter-sized world, and its very close to Epsilon Eridani. The idea of a planet around Epsilon Eridani is not a new one. Astronomers have studied this stars motions for decades. Tiny, periodic changes in its velocity as it moves through space indicated that something was orbiting the star. The planet gave mini-tugs to the star, which caused its motion to shift ever so slightly. It now turns out that, in addition to the confirmed planet(s) that astronomers think are orbiting the star, there is a dust disk, likely created by collisions of planetesimals in the recent past. There are also two belts of rocky asteroids orbiting the star at distances of 3 and 20 astronomical units. (An astronomical unit is a distance between Earth and the Sun.) There are also debris fields around the star, leftovers indicating that planetary formation did indeed take place at Epsilon Eridani.   A Magnetic Star Epsilon Eridani is an interesting star in its own right, even without its planets. At less than a billion years old, its very youthful. Its also a variable star, which means that its light varies on a regular cycle. In addition,  it shows a lot of magnetic activity, more so than the Sun does. That higher rate of activity, along with its very fast rotation rate (11.2 days for one rotation on its axis, compared to 24.47 days for our Sun), helped astronomers determine that the star is likely only about 800 million years old.   Thats practially a newborn in star years, and explains why theres still a detectable debris field in the area.   Could ET Live on Epsilon Eridanis Planets? Its not likely theres life on this stars known world, although astronomers once speculated about such life signaling us from that area of the galaxy. Epsilon Eridani has also been suggested as a target for interstellar explorers whenever such missions are finally ready to leave Earth for the stars. In 1995, a microwave survey of the sky, called Project Phoenix, searched for signals from extraterrestrials that might inhabit various star systems. Epsilon Eridani was one of its targets, but no signals were found.   Epsilon Eridani in Science Fiction This star has been used in many science fiction stories, TV shows, and films. Something about its name seems to invite fabulous stories, and its relative closeness suggests that future explorers will make it a landing target.   Epsilon Eridani is central in the Dorsai! series, written by Gordon R. Dickson. Dr. Isaac Asimov featured it in his novel Foundations Edge, and it is also part of the book Factoring Humanity  by Robert J. Sawyer. All told, the star has shown up in more than two dozen books and stories and is part of the Babylon 5 and Star Trek  universes, and in several movies.  Ã¢â‚¬â€¹Edited and expanded by  Carolyn Collins Petersen.

Hamlet, By William Shakespeare - 892 Words

One of Shakespeare’s most compelling plays would arguably be Hamlet. Throughout the years, scholars have written countless analysis’ of the play and the characters presented within the text. One of the most enigmatic characters is Ophelia, daughter of Polonius, sister of Laertes and one could argue the lover of Hamlet. Her background is unknown which makes for an interesting canvas for readers, actresses and academics to paint upon. She is a sweet, innocent young woman, subject to the rules of the men in her life as a result of her gender, she is to be subservient despite any contradictory feelings she might possess. Her relationship to Hamlet is a subject that many have pondered upon. Did Hamlet truly love the fair Ophelia? His harsh words and actions towards the young maiden are unforgiving despite his passionate words the young prince uttered while standing in her grave. The debate about their relationship and the lack of any defining characteristics of Ophelia herse lf has become a popular topic and it is one that shall be discussed within this paper. A question that has been asked for decades is did Hamlet truly love Ophelia? Certainly his mannerisms when he approaches her in her bedchamber, his state of dress disheveled, his manner wild and distressing gives the indication that her refusal to see him and her rejection of his letters indicate a man who is suffering from his affections being denied and spurned. When the play opens we do not see Hamlet as Ophelia’s loverShow MoreRelatedHamlet, By William Shakespeare880 Words   |  4 PagesWilliam Shakespeare is praised as the pioneering English poet and playwright whose collection of theatrical works is regarded as the greatest artistic value throughout the history of English literature. Shakespeare delved into the spiritual and mental component of humanity and the consequences that arise from this human spirit when it is disputed. The most famous revenge tragedy play, Hamlet, is an exc ellent illustration of Shakespeare’s philosophical study of human nature. In Hamlet, the arguableRead MoreHamlet, By William Shakespeare899 Words   |  4 PagesWilliam Shakespeare, author of Hamlet, was a well-known author in the 1500s and is still popular today. He was born on April 24, 1564 in London, England. Although there were no birth records at that time, it shows he was baptized one year prior to that, which leads us to believe his birthday was in 1564 because children were normally baptized a year after their birth. Shakespeare’s writing style was very different than others at that time. He used many metaphors and rhetorical phrases, and most ofRead MoreHamlet, By William Shakespeare996 Words   |  4 PagesHamlet, written by William Shakespeare, with out a doubt holds the most famous soliloquy in English history spoken by Hamlet in Act III, scene i, lines 57-90. This soliloquy holds much importance to the play as a whole because it ties together the reoccu rring themes of suicide and Hamlet’s inaction portrayed by Shakespeare. Hamlet poses a problem, which is the driving force of the play: â€Å"To be or not to be?†(III.i.57). Shakespeare uses this logical question asked by Hamlet to drive out his underlyingRead MoreHamlet, By William Shakespeare1178 Words   |  5 Pages In William Shakespeare’s play Hamlet, the protagonist suffers from struggles with major characters, especially with the women in his life. While reading the play Hamlet, Hamlet appears to be a disillusioned man. Throughout the play, Shakespeare has only casted two females: Gertrude and Ophelia. Gertrude is defined to be incestuous, naà ¯ve and cold-hearted. On the other side, Ophelia is characterized to be ignorant, innocent and fearful. After the quick marriage of his mother and evil uncle, Hamlet’sRead MoreHamlet, By William Shakespeare1308 Words   |  6 PagesHamlet is arguably one of the greatest tragedies in all of literature and when most people think of tragic plays, they think of none other than the one who wrote it, William Shakespeare. This classic story of revenge excites it’s readers with its main character, Prince Hamlet, who goes through the unique human-like process of revenge that is often overlooked. Many other stories rely heavily on the logi c of good people doing good things and bad people doing bad things just for the sake of their natureRead MoreHamlet, By William Shakespeare Essay1453 Words   |  6 PagesHamlet by William Shakespeare explores many aspects of mankind--death, betrayal, love, and mourning. Out of these, the most prominent theme in this play is death in the form of suicide. The main character, Hamlet, finds himself questioning the quality of life and the uncertainty of the afterlife once he discovers news of his father s death and the corruption in the kingdom that follows. Ophelia, Hamlet’s lover, is found dead later in the plot and is presumed to have committed suicide. In Hamlet’sRead MoreHamlet, By William Shakespeare1146 Words   |  5 PagesA character so complex, enticing and fascinating, his name is Hamlet. We are all Hamlet, and that, is the argument. Hamlet is an enigmatic character with many flaws. These flaws are the ones that prove similarities between us and him. A play so popular and significant is due to its huge relevance to us as a society. In the play Hamlet, William Shakespeare uses Hamlet’s character and metaphor to demonstrate that when one is left alone to their thoughts, these thoughts overtake reason. ConsequentlyRead MoreHamlet by William Shakespeare1456 Words   |  6 PagesThe play Hamlet, by William Shakespeare, takes place in a time where the impossible was a part of the lives of everyday people. Occurrences that people in the modern time would believe unbelievable. Yet, with just a quill and parchment Shakespeare’s is able to connect the past and present by weaving a plot with skill that is still unparalleled to this day. The play Hamlet this exceeds this expectation by revealing depth of Hamlets, the protagonists, character personality through the useRead MoreHamlet, By William Shakespeare1920 Words   |  8 PagesIn the play Hamlet by William Shakespeare, the character Hamlet must deal with both external and internal conflict. Hamlet encounters many struggles and has trouble finding a way to deal with them. With so many corrupt people in his life, Hamlet feels as if there is no one that he can trust and begins to isolate himself from others. A result from this isolation leads Hamlet to become melancholy. Hamlet struggles with suicidal thoughts, wants to kill King Claudius, and is distraught over his mother’sRead MoreHamlet, By William Shakespeare846 Words   |  4 Pagesalways been a contemplative topic. In Hamlet, the main character Hamlet thinks to himself about suicide. Hamlet was written by William Shakespeare. Shakespeare wrote Hamlet between 1599 and 1602. William Shakespeare is one of the greatest playwrights in history. Hamlet is about Prince Hamlet of Denmark who is trying to find out about the death of his father after his father s ‘ghost’ comes to him telling him it was his uncle who had killed him. While Hamlet contemplates suicide he gives his famous

Mis Quiz 1 Free Essays

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The failure of NASA’s initial solution to preventing the space shuttle shedding foam illustrates: 1) _______ A) the need to prepare for measuring outcomes of a business solution. We will write a custom essay sample on Mis Quiz 1 or any similar topic only for you Order Now B) the need to quickly adapt to new technological innovations. C) the continuous nature of problem solving. D) the importance of training employees on new business processes. ) In choosing the best solution for a business problem, one of the most important considerations is: 2) _______ A) outcome measurement. B) existing resources and skills. C) employee training. D) change management. 3) Converting raw data into a more meaningful form is called: 3) _______ A) capturing. B) processing. C) feedback. D) organizing. 4) The final step in the four-step model of business problem solving is: 4) _______ A) feedback. B) implementation. C) outcome. D) change management. ) Inadequate database capacity is an example of the ________ dimension of business problems. 5) _______ A) management B) technology C) people D) organizational 6) Operations management as a discipline is directly relevant to three occupational categories: 6) _______ A) project managers, production managers, and administrative service managers. B) industrial production managers, operations analysts, and administrative service managers. C) project managers, production managers, and industrial production managers. D) finance, accounting, and management. 7) Which of the following statements is not true? 7) _______ A) The most common and successful offshore outsourcing projects involve production programming and system maintenance programming work, along with call center work. B) The fear that offshore outsourcing will reduce demand for new information system hires in the U. S. is mitigated by the fact that reduced IT expenditures results in increased IT investments and the creation of domestic jobs. C) The impact of domestic IT outsourcing has been very disruptive to some regional areas of the U. S. D) Inflation in Indian wages for technology work is leading to a counter movement of jobs back to the United States. Read also Quiz Week 4 8) To make sure they stock clothes that their customers will purchase, a department store implements a new application that analyzes spending levels at their stores and cross-references this data to popular clothing styles. This is an example of using information systems to support a business strategy of: 8) _______ A) survival. B) customer and supplier intimacy. C) improved decision making. D) new products, services, and business models. 9) Maintaining the organization’s financial records is a business function of: 9) _______ A) sales B) marketing. C) finance D) accounting. 10) Journalist Thomas Friedman’s description of the world as â€Å"flat† referred to: 10) ______ A) the flattening of economic and cultural advantages of developed countries. B) the growth of globalization. C) the use of the Internet and technology for instantaneous communication. D) the reduction in travel times and the ubiquity of global exchange and travel. 11) Verizon’s implementation of a Web-based digital dashboard to provide managers with real-time information such as customer complaints is an example of: 11) ______ A) improved decision-making. B) improved flexibility. C) customer and supplier intimacy. D) improved efficiency. 12) The move of retail banking to use ATMs after Citibank unveiled its first ATMs illustrates the information system business objective of: 12) ______ A) competitive advantag B) customer and supplier intimacy. C) improved efficiency. D) survival. 13) Based on your reading of the case discussing mobile handhelds, Doylestown Hospital’s use of iPhones is an example of using information systems to enhance which of the following generic business objectives? 13) ______ A) Improved decision making B) New products, services, and business models C) Survival D) Customer and supplier intimacy 14) An information skill important for an accounting major would be: 14) ______ A) an understanding of product management enterprise systems. B) an understanding of enterprise systems that enhance leadership. C) an understanding of supplier management enterprise systems. D) an understanding of system and network security issues. 15) As discussed in the chapter opening case, the Yankees’ use of information systems in their new stadium can be seen as an effort to achieve which of the primary business objectives? 15) ______ A) Operational excellence B) Survival C) Improved decision making D) Customer and supplier intimacy 1) C 2) B 3) B 4) B 5) B 6) B 7) C 8) B How to cite Mis Quiz 1, Essay examples

The Hobbit Essays (1218 words) - The Hobbit, New Zealand Films

The Hobbit The book begins with Biblo Baggins enjoying a pipe after breakfast. This is one of his favorite pleasures and he feels quite content in doing so. He is middle-aged, and resides in a burrow in the ground. One morning Gandalf, a wizard stops by to talk with Biblo. He tells Biblo that he is looking for someone to go on an adventure with him. Although Biblo is tempted he declines, but not before inviting Gandalf for tea the next morning. The next day Biblo hears his doorbell and he remembers inviting Gandalf for tea, but instead of the wizard at the door, there is a group of dwarves, thirteen in all. Thorin son of the dwarf king starts to outline a plan on how to regain the treasure stolen by the dragon Smaug. Biblo is shocked to realize these plans involve him. He then realizes that Gandalf has tricked him by inscribing on his door that he was a burglar seeking a job with lots of excitement. With all this talk of quests and glory Biblo decides to join the party after all. Gandalf reveals a key and a map of their journey, which ends at the Lonely Mountain. It is there that the treasure of Thorins' ancestors is guarded by Smaug. The quest begins and the party meets at the Green Dragon Inn. From there they venture into the Lone-lands. As heavy rains begin to fall, Biblo notices that Gandalf is missing. When it starts to pour they stop to investigate a light. Their Biblo finds three trolls grumbling about food. Biblo decides to live up to title of burglar and attempts to pick one of the trolls' pockets. However they quickly capture him. The dwarfs see what's going on and try to save Biblo but all of them except Thorin are caught. Thorin formulates a plan to free them but fails. Gandalf returns and occupies the trolls till dawn, and then they turn into stone. The group takes the two swords and a knife the trolls were carrying. The travelers come across the Secret Valley. There they stop at Elronds' Last Homely House. Elrond tells them the only way to use t he key that Thorin possesses is to wait where the thrush knocks and the setting sun will shine up on the keyhole. The next morning the group heads toward the Misty Mountains. A storm has caused them to seek shelter in a cave. The cave however turns out to be an entrance to the goblin kingdom. Again the group is captured. Only Gandalf is free, and he slays the Goblin King, and once again frees the party from doom. During the escape Biblo is knocked unconscious and is left behind. He awakes to find a ring of power that belongs to Gollum, which makes its wearer invisible. Biblo slips the ring on his finger and disappears. He follows Gollum invisibly toward the entrance to the outside world. He then jumps over Gollums' head to freedom. Outside he is finds his dwarf friends. Later they encounter Wargs, which are large savage wolves. The Wargs chase the party into the trees. High in the trees Gandalf uses a spell to start the pine cones on fire, in order to drive the wolves away. However the plan backfires and the very trees they took refuge in is now burning. Luckily for them the king of the eagles spots them. He and his eagles drop out of the sky and saves the party. The eagles drop them off near Mirkwood Forest. This is where they come across Beorn; a bear like man who can change into a bear. He puts them up for the night and outfits them with supplies for their trip into Mirkwood. He also warns them not to stray from the path in the forest. When they are ready to enter the forest, Gandalf announces he will not be accompanying them in this part of the journey. The group feels lost without him but they go on. They come across a black river. It is here that Bombur, one of the Dwarves falls in and is forced into a sleep from which he cannot awake. Food is scarce now and the

Biography of Leonardo Pisano Fibonacci, Mathematician

Biography of Leonardo Pisano Fibonacci, Mathematician Leonardo Pisano Fibonacci (1170–1240 or 1250) was an Italian number theorist. He introduced the world to such wide-ranging mathematical concepts as what is now known as the Arabic numbering system, the concept of square roots, number sequencing, and even math word problems. Fast Facts: Leonardo Pisano Fibonacci Known For: Noted Italian mathematician and number theorist; developed Fibonacci Numbers and the Fibonacci SequenceAlso Known As: Leonard of PisaBorn: 1170 in Pisa, ItalyFather: GuglielmoDied: Between 1240 and 1250, most likely in  PisaEducation: Educated in North Africa; studied mathematics in Bugia, AlgeriaPublished Works: Liber Abaci (The Book of Calculation), 1202 and 1228; Practica Geometriae (The Practice of Geometry), 1220; Liber Quadratorum (The Book of Square Numbers), 1225Awards and Honors: The  Republic of Pisa  honored Fibonacci in 1240 for advising the city and its citizens on accounting issues.Notable Quote: â€Å"If by chance I have omitted anything more or less proper or necessary, I beg forgiveness, since there is no one who is without fault and circumspect in all matters.† Early Years and Education Fibonacci was born in Italy but obtained his education in North Africa. Very little is known about him or his family and there are no photographs or drawings of him. Much of the information about Fibonacci has been gathered by his autobiographical notes, which he included in his books. Mathematical Contributions Fibonacci is considered to be one of the most talented mathematicians of the Middle Ages. Few people realize that it was Fibonacci that gave the world the decimal number system (Hindu-Arabic numbering system), which replaced the Roman numeral system. When he was studying mathematics, he used the Hindu-Arabic (0-9) symbols instead of Roman symbols, which didnt have zeros and lacked place value. In fact, when using the Roman numeral system, an abacus was usually required. There is no doubt that Fibonacci saw the superiority of using Hindu-Arabic system over the Roman Numerals. Liber Abaci Fibonacci showed the world how to use what is now our current numbering system in his book Liber Abaci, which he published in 1202. The title translates as The Book of Calculation. The following problem was written in his book: A certain man put a pair of rabbits in a place surrounded on all sides by a wall. How many pairs of rabbits can be produced from that pair in a year if it is supposed that every month each pair begets a new pair, which from the second month on becomes productive? It was this problem that led Fibonacci to the introduction of the Fibonacci Numbers and the Fibonacci Sequence, which is what he remains famous for to this day. The sequence is 1, 1, 2, 3, 5, 8, 13, 21, 34, 55... This sequence  shows that each number is the sum of the two preceding numbers. It is a sequence that is seen and used in many different areas of mathematics and science today. The sequence is an example of a recursive sequence. The Fibonacci Sequence defines the curvature of naturally occurring spirals, such as snail shells and even the pattern of seeds in flowering plants. The Fibonacci Sequence was actually given the name by a French mathematician Edouard Lucas in the 1870s. Death and Legacy In addition to Liber Abaci, Fibonacci authored several other books on mathematical topics ranging from geometry to squaring numbers (multiplying numbers by themselves). The city of Pisa (technically a republic at that time) honored Fibonacci and granted him a salary in 1240 for his help in advising Pisa and its citizens on accounting issues. Fibonacci died between 1240 and 1250 in Pisa. Fibonacci is famous for his contributions to number theory. In his book, Liber Abaci, he introduced the Hindu-Arabic place-valued decimal system and the use of Arabic numerals into Europe.He introduced the bar that is used for fractions today; previous to this, the numerator had quotations around it.The square root notation is also a Fibonacci method. It has been said that the Fibonacci Numbers are natures numbering system and that they apply to the growth of living things, including cells, petals on a flower, wheat, honeycomb, pine cones, and much more. Sources â€Å"Leonardo Pisano Fibonacci.†Ã‚  Fibonacci (1170-1250), History.mcs.st-andrews.ac.uk..Leonardo Pisano (Fibonacci) Stetson.edu.Knott, R. â€Å"Who was Fibonacci?† Maths.surrey.ac.uk.

Need Motivation Enter a Writing Contest

Need Motivation Enter a Writing Contest The most assiduous writer comes face to face with writers block occasionally. The hand tires of embellishing the 59th promotional copy for Kirks Paving and Tiling Solutions Ltd, the soul wearies of deconstructing the 16th time Joe Hero battles sundry demons. Creative juices dry up, creative muses leave the building, inspiration imitates a certain 1985 DeLorean and vanishes in a puff of smoke, leaving behind only the dusty smoldering ashes of a burned-out freelancer or novelist. So you seek a jump-start. Because you are a writer, and write you must. Disregard everything vague youve ever heard about writing competitions. Oh, tts just a lottery . . . mumble . . . Â  mumble . . . What? Dont let the fear of scams and swindlers hold you back. Not all contests are created the same. As long as youve done your homework Here are seven solid reasons why participating in a writing contest could be the smartest move you make for your freelance career this year: 1. That winning feeling . . . is such a confidence booster! The high you get when your work is acknowledged to be better than others is a kick like no other. Drugs couldnt do it justice. Its like orgasming on words. Reluctant to approach that high-profile agent with your debut manuscript? To hell with hesitation! Drunk on your contest success, you can achieve anything. 2. The tangible benefits . . . include cold hard cash, certificates, trophies and merchandise. That fresh brew definitely smells and tastes better in your new winners coffee mug. 3. The reverberations . . . can range from a hooked agent and a baited publisher, to a public reading, a slew of interested offers of representation, an invitation to a residency, a place on a coveted workshop or course program, an interview on the local radio show, and ultimately a shiny new book on the shelf with your name on it. The effects of winning a contest can be far-reaching and long-lasting. That writers conference youve been requested to attend as a finalist? Guess who will be first in line to pitch their new book to a host of agents and publishers also in attendance? You, thats who. 4. The street cred . . . establishes your bonafides irrevocably. Call it platform or portfolio, you earn the title of serious writer. You increase readership, build relationships, gain prestige. A glowing testimonial from an impressed editor can add stars to your limelight. An eager advertiser keen to give you his dollars can raise your game to a whole new business stratosphere. More exposure equals more sales. 5. The practical advantages . . . are not far behind. Submitting exclusively to a contest at a time allows you to rest a piece, and review it with fresh eyes later and make improvements. Working under a tight deadline, to a strict word limit, can hone your self-editing skills to a fine razor-edge, allowing you to cull words and cauterize verbiage at a moments notice. Â  All that practice makes perfect. Save on hiring editing services much? 6. The feedback . . . from judges can be invaluable. You can revise a short story all the way into a novel. A well-analyzed critique from a respected and experienced doyen of the literary industry is worth its weight in entry fees. 7. The motivation . . . obligingly returns. Ideas come flocking back in droves when youre presented with a theme, prompt or topical challenge. Writers block, begone! So the next time you feel like putting up an Out of Order sign on your minds doorstep and fleeing the whole sorry scene, stop writing. Start competing instead.

Types of Health Insurance Plans Case Study Example | Topics and Well Written Essays - 750 words

Types of Health Insurance Plans - Case Study Example Offering a health insurance plan helps in retaining and attracting quality workers. Accordingly, this results in a higher productivity and customer satisfaction. Additionally, a health insurance makes employee accept better benefits instead of a higher salary. Consequently, this reduces the organizational expenditure and provides more financial resources for development (Morrisey,  2008). Furthermore, a health benefit decreases absenteeism and improves the workers’ health and morale. As a result, the workers are more willing to offer better services that assist the firm in realizing its objectives. On the other hand, such a benefit is expensive for the organization, considering its small size and sources of finance. Additionally, the administrative cost of designing and implementing such a plan is very expensive for the business (Morrisey,  2008). Furthermore, the current cost of insurance policies is increasing, making it less viable and an expensive endeavor for the organization. For this reason, any mistakes made in the benefit plans can lead the team to serious legal problems that might lead to costly charges or regulatory fines. There are different types of health insurance plans designed to meet specific needs of an employee or employees. Specifically, the most common in the market is embedded in a network of providers in order to benefit from the economies of scale. Some of the available plans include the exclusive provider organization, health maintenance organization, a point of service, and the preferred provider organization (Morrisey,  2008). The most desirable and cost-effective plan for the organization is the Preferred Provider Organization. Specifically, this is because the method is cost effective as it allows members of the network to pay less when the employees use services from the providers within the network. The Preferred Provider Organization is network specific, and the employees do not pay for the plan.  

Post project appraisal of Woody 2000 (project of The Custom Assignment

Post project appraisal of Woody 2000 (project of The Custom Woodworking Company) - Assignment Example Professional project management and control techniques were not used during execution and close-out. The project encountered time and cost overruns, and project cash flows were not financed efficiently. The Custom Woodworking Company launched project Woody 2000 in the spring of 1989. The project encountered several problems in conception and execution with substantial cost and time overrun. After the completion of the project, an external project management consultant was hired to conduct post project appraisal. A typical project include three phases, viz., Initial, Intermediate, and Final. The first phase involves conceptualization and planning, while the intermediate phase constitutes execution and monitoring, and the final phase includes project close out. The cost and staffing is lower at the initial phase of the project. During this period, the level of uncertainty is the highest and the risks of failing to achieve the objectives are the greatest. The certainty of completion progressively gets better as the project continues. The ability of the stakeholders to influence the project is highest at the initial phase and gets lower towards the final phase. The contribution of the project to the strategic goals of the company was never objectively quantified. ... 2. Woody project failures The major problems identified during the audit are detailed below. Conception & scope: The contribution of the project to the strategic goals of the company was never objectively quantified. Gate reviews were not conducted and the cost estimation and risk mitigation efforts were half-baked. The cost estimation for the project was done during a single meeting without considering any supplier quotes and probably without involvement of estimation professionals. Risk analysis was not done, and no contingencies were added at this stage. The project scope was not defined objectively, and seemed to have been influenced by personal bias; there was no reason to include office renovation within the scope of this production capacity enhancement project. Planning & control: The contingency was developed after the project was authorized, and was done without any formal assessment of risk. The monthly cash flow was done on an ad-hoc basis without the involvement of the project manager. The cash flow was developed without reckoning the project schedule and the actual spending pattern. Without this vital information, there was no way Spencer could have actually mobilized the necessary funding for this project. This cash flow was never used for the purpose of monitoring and controlling. There was no project plan to address the key issues, and no Work Breakdown Structure (WBS) or project schedule was prepared. In absence of a baseline plan it became impossible to monitor the project progress. There was no cost control process in place; without use of proper cost performance index, it was impossible to predict to cost overrun. Contracting strategy: Spencer decided on a cost plus basis for contracting the work.

Reflecting on Practices in Medicine Administration

Reflecting on Practices in Medicine Administration The ability to become reflective in practice has become a necessary skill for health professionals. This is to ensure that health professionals are continuing with their daily learning and improving their practice. Reflective practice plays a big part in healthcare today and is becoming increasingly noticed. Administration of medicines is a key element of nursing care. Every day some 7000 doses of medication are administered in a typical NHS hospital (Audit Commission 2002). So throughout this essay I will be evaluating and highlighting the learning that took place whilst on placement at a day unit. Drug administration forms a major part of the clinical nurses role. Medicines are prescribed by the doctor and dispensed by the pharmacist but responsibility for correct administration rests with the registered nurse (OShea 1999). So as a student nurse this has become my duty and something that I need to practice and become competent in carrying it out. Each registered nurse is accountable for his/her practice. This practice includes preparing, checking and administering medications, updating knowledge of medications, monitoring the effectiveness of treatment, reporting adverse drug reactions and teaching patients about the drugs that they receive (NMC 2008). Accountability also goes for students, if at any point I felt I was not competent enough to dispensing a certain drug it would be my responsibility in speaking up and let the registered nurses know, so that I could shadow them and have the opportunity to learn help me in future practice and administration. The reflective model I have chosen to use is Gibbs model (Gibbs 1988). Gibbs model of reflection incorporates the following: description, feelings, evaluation, and conclusion. (Gibbs 1988). The model will be applied to the essay to facilitate critical thought, relating theory to practice where the model allows. Discussion will include the knowledge underpinning practice and the evidence base for the clinical skill, that I have learnt and supporting this with available literature. Description The first stage of Gibbs (1988) model of reflection requires a description of events. I was asked to administer a drug to a patient named in hereafter as Mrs. A for confidentiality purposes (NMC 2008).I had observed this clinical skill on a number of occasions and had previously administered medication under supervision. On this occasion I was being observed by two qualified nurses, one of which was my mentor. The drug had been dispensed and was ready to be administered and Mrs. A consented to have a student administer the medication. My mentor talked me through the procedure step by step, and informed me that they have struggled with Mrs. A and her compliance with medication before so I should keep an eye and ensure that she swallows her medication and that she does not keep it her mouth. The medication that Mrs. A is on is Clozapine. The decision to use clozapine is not taken lightly because of the potentially life threatening side effect. An awareness of side effects is important to primary care practitioners because they have most contact with the patients. I learnt that using anti-psychotics is just a component of a holistic approach to a patient with psychotic illness and that care should also include psychological treatments and social care. Mrs. A does not have any issue with the drug it self but with the staff, as she is in a very psychotic state. Service users have requested strategies from services providers to manage the risk of using psychiatric medication to inform their choice about which psychiatric medication to use (DOH,1999). However evidence suggests that, there is choice, but generally by practitioner experience (Hamann et al. 2005). In non compliance of medication I had to encourage Mrs. A to make her choice to take the medications and that it was in her care plan and as part of her treatment. A nurse who has built a good relationship with a patient by informing and empowering them will be in a strong position to have a non judgmental conversation with them about the importance of adherence (Mc Lellan. 2009). My thought and feelings I was aware of being under the supervision of two qualified nurses and this made me feel very nervous and self conscious and I had to ensure that I was doing everything correctly and that I made no errors. Once my mentor questioned my practice, concerning if I knew the side effects of the drug I was about to administer, I became even more aware of feeling nervous and under pressure. The patient was present and I did not want the patient to feel that I did not know what I was doing. So I had to ensure before administering that I was giving the medication to the right patient and at the correct dose that it was at the right time and route. All of these had to be done to guarantee that I am competent in my ability to administer medication under the supervision of a registered nurse. This also gave me the opportunity to carry out this task in order to achieve this so I could get it signed off by my mentor in my essentials skills cluster. The nurse patient relationship is by many considered the core of nursing. This can be done to build a good relationship and rapport with patients (Framer.et al 2001). When I was first orientated to the ward, I took it upon myself to read the patients notes so that I had more insight to the patients and their illness and index offences if any. After this I went and introduced myself to the patients because it is vital that the patients are aware of who I am and my status if I am to provide nursing care for them. (Berlo, 1960) puts great emphasis on dyadic communication, therefore stressing the role of the relationship between the source and the receiver as an important variable in the communication process. Evaluation Administering medication and how this combined with care, compassion and communication forms the bases of a holistic approach to care, and with the knowledge I got from supporting literature formed the foundation of my learning and practice. Burnard (2002) suggests that a learner is a passive recipient of received knowledge, and that learning through activity engages all of our senses. Reflective practice is becoming an essential skill that is incorporated into clinical practice and CPD and it is therefore important that the nurse understand the role and the potential of reflection. Different ways to reflect in practice can be approached; however, there are evident barriers to reflection within a care setting including time because of the busy environment a hospital encompasses or lack of motivation if the vast majority of health care practitioners are not undertaking it. The NHS has to implement ways in which all healthcare professionals can reflect in their practice to enhance patient care, as one of the NHSs main aims is to improve the care of patients.

Unmistakably Racist

Miami is a state of America and so thus Michigan. These two states are both progressive like any other states in America. But when one tackles about the racism that is happening in those two states, there are some things that are surprisingly odd.After reading the article written by William Booth entitled â€Å"A White Migration North from Miami,† I easily got the gist of the article which says â€Å"There is a racism that is happening in Miami.† And from that very point of the fact that racism is present there, Michigan is no doubt a good comparison with that of Miami.On my own understanding of racism, I define it as a discrimination of a superior race over the inferior ones. In the article of Booth, he cited many instances wherein the Americans feel that they are being discriminated because of the fact that their population is clearly a minority in the state.It seems that wherever they go, even in malls, food chains or government institutions, the people are Spanish s peakers. They really feel that the place is not theirs anymore because of the massive invasion of the Spanish speaking people. To make the racism clear enough, I want to conclude from what Booth says in the article, that whoever holds the most population, they are the ones who are more likely rule the place just like what happened in Miami.It is true that there is a reverse racism in Miami. Americans usually think that they are the superior race. But in the case of Miami, Spanish speaking people become the superior class because of their increasing numbers. In Michigan, Americans still reign the seat of superior class.Tracing back the history, the White Americans were discriminating the Black Americans. One good example of it was the way the students were treated. According to Zbrozek of The Daily Michigan, blacks, unlike the whites, were not allowed to attend dance classes and to use swimming pools.He also said that blacks were also not enjoying the rights of white students to join political activities in school. The discrimination of whites towards the blacks is very evident.Nowadays, there was still some racism that is happening in Michigan but not that bad like before just like what   Monique Luse said because as what Isaac Curtis in the article written by Jeff Barr that a good man is no doubt a good man no matter what his color and race. And Black Americans have already proven their worth in the society.I think my point is now clear enough. Booth is right. The majority wins over the minority and in this case, it is not an exemption. Are you the one who is discriminating someone or the one who is being discriminated? If you are the racist one, have you ever wondered if discriminating people are good habit to do?What if you go to a place where you and your class are being discriminated because of the apparent fact that you are a minority group of people in that particular place? Do you think you will feel good? Come to think of it as early as now. You wil l never know what will be the twist of fate do unto you.Works CitedBooth, William. A White Migration North from Miami. The World is a Text.Sliverman , Jonathan. Rader, Dean. 9 November 1998. Washington Post Staff Writer.  Ã‚   28   June 2008.< http://www.fiu.edu/~fcf-whiteflight.html>Zbrozek, Chris. Confronting the racism in Michigan’s history. The Michigan Daily.11 April  Ã‚  Ã‚   2007.Barr, Jeff.   Society taught lessons of racism. Michigan News. 14 February 2008. Luse, Monique. Telephone Interview. 2 January 2002.   

I Am Profoundly Grateful Touched By The Great Honors Essay

I am profoundly grateful, touched by the great distinction and honor and great compliment accorded me by the authorities of Harvard this morning. I am overwhelmed, as a matter of fact, and I am rather fearful of my inability to maintain such a high rating as you ve been generous enough to accord to me. In these historic and lovely surroundings, this perfect day, and this very wonderful assembly, it is a tremendously impressive thing to an individual in my position. But to speak more seriously, I need not tell you that the world situation is very serious. That must be apparent to all intelligent people. I think one difficulty is that the problem is one of such enormous complexity that the very mass of facts presented to the public by press and radio make it exceedingly difficult for the man in the street to reach a clear appraisement of the situation. Furthermore, the people of this country are distant from the troubled areas of the earth, and it is hard for them to comprehend the plight and consequent reactions of the long-suffering peoples of Europe and the effect of those reactions on their governments in connection with our efforts to promote peace in the world. In considering the requirements for the rehabilitation of Europe, the physical loss of life, the visible destruction of cities, factories, mines, and railroads was correctly estimated, but it has become obvious during recent months that this visible destruction was probably less serious than the dislocation ofShow MoreRelatedThe Board Of Overseers, Ladies And Gentlemen Essay1477 Words   |  6 PagesDevin thomas Mr. President, Dr. Conant, members of the Board of Overseers, Ladies and Gentlemen: I am profoundly grateful, touched by the great distinction and honor and great compliment accorded me by the authorities of Harvard this morning. I am overwhelmed, as a matter of fact, and I am rather fearful of my inability to maintain such a high rating as you ve been generous enough to accord to me. In these historic and lovely surroundings, this perfect day, and this very wonderful assembly, it isRead MoreA New Election Of A Citizen9461 Words   |  38 Pagespublic voice, that I should now apprise you of the resolution I have formed to decline being considered among the number of those out of whom a choice is to be made. I beg you at the same time to do me the justice to be assured that this resolution has not been taken without a strict regard to all the considerations appertaining to the relation which binds a dutiful citizen to his country; and that in withdrawing the tender of service, which silence in my Situation might imply, I am influenced by noRead More65 Successful Harvard Business School Application Essays 2nd Edition 147256 Words   |  190 Pages Lauren. II. Harbus. III. Title: Sixty...five successful Harvard Business School application essays. HF1131.A1352009 808.06665-dc22 2009012531 First Edition: August 2009 10 9 8 7 6 5 4 3 2 1 CONTENTS Acknowledgments Introduction ix xi I. Defining Moment Stacie Hogya Anonymous Anonymous David La Fiura Anonymous Avin Bansal Anonymous Brad Finkbeiner Anonymous 4 7 10 13 17 20 23 26 29 ii. UndergradUate experience John Coleman Maxwell Anderson Lavanya Anantharman Rosita Najmi FayeRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesreferences. ISBN 978-1-4399-0269-1 (cloth : alk. paper)—ISBN 978-1-4399-0270-7 (paper : alk. paper)—ISBN 978-1-4399-0271-4 (electronic) 1. History, Modern—20th century. 2. Twentieth century. 3. Social history—20th century. 4. World politics—20th century. I. Adas, Michael, 1943– II. American Historical Association. D421.E77 2010 909.82—dc22 2009052961 The paper used in this publication meets the requirements of the American National Standard for Information Sciences—Permanence of Paper for Printed

Laws And Regulations In Islamic Banking Finance Essay - Free Essay Example

Sample details Pages: 18 Words: 5310 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? It is an act to provide licensing and regulation of Islamic banking in Malaysia. The Act inter alia has provisions on the financial requirements and duties of an Islamic Bank, ownership, control and management of Islamic banks, restrictions on its business, powers of supervision and control over Islamic bank. 5.1 Legal Framework The primary difference between Islamic banks and the commercial banks is the avoidance of riba in Islamic banks. The activity of the Islamic banks is based on the transaction that allowed in Islam. The activity of the Islamic bank must follow the Shariah principles. There includes mudarabah, ijara, bai bi-thamin and murabahah. Don’t waste time! Our writers will create an original "Laws And Regulations In Islamic Banking Finance Essay" essay for you Create order 5.1.1 Principles of Islamic Finance Business transaction are based on Shariah Absence of interest (riba)-based transaction Prohibition of Gharar and gambling Money is not a commodity Supported by underlying economic transactions Multi-faceted roles of Islamic banks Stylized balance sheet of Islamic banks 5.1.2 Objectives: -to promote,foster and develop the application of Islamic principles, law and tradition to the transaction of financial, banking and related business affairs. 5.1.3 Main principles of Islamic bank: prohibition of interest in all forms of transactions undertaking business under the legitimate profits giving zakat All Islamic banks and Islamic Banking Scheme (IBS banks) set up the Shariah Committees to guide them on Shariah principles and to make sure they function in a manner that in line with Shariah. 5.1.4 The importance of Shariah governance Place great emphasis on strong corporate governance values and structure, transparency, disclosure of information and strict adherence to Shariah principles. Ensure effective oversight, responsibility and accountability of the board of directors, management and Shariah committee. Serves as a guide towards ensuring an operating environment that is compliant with Shariah principles at all times. Provides the foundation for the practise of Islamic finance through the observance of the tenets, conditions and principles propagated by Islam. bring confidence to the general public and the financial markets on the credibility of Islamic finance operations. In Malaysia, the Bank has established the necessary mechanism for the Islamic financial system to operate in a manner consistent with Shariah muamalah principles, with a clearly defined institutional arrangement within Islamic financial institutions regulated by the Bank. A two-tiered Shariah governance structure has been established, comprising an apex Shariah advisory body at the Bank and a supervisory Shariah committee formed at the respective Islamic financial institutions. 5.1.5 Shariah Advisory Council -Central Bank Malaysia act 2009 has granted the authority to the Central Bank of Malaysia for the establishment of the Shariah Advisory Council as the highest and sole authority to be referred by the civil courts in dealing with Islamic banking and finance cases in Malaysia. -The highest Shariah body set up at Bank Negara Malaysia to advise the bank on the banking business in order to ensure that they function in a manner that is approved by the religion of Islam. 5.1.6 Objectives of Shariah Advisory Council To disseminate Shariah resolutions issued by the Shariah Advisory Council. To facilitate Islamic financial Institution in developing financial products. To promote harmonization of Shariah interpretation in Islamic Finance industry. 5.1.7 Participated Institution The Shariah shall be applicable to all Islamic financial institution regulated and supervised by Bank Negara Malaysia. The Islamic financial institutions are: An Islamic bank licensed under the Islamic Banking Act 1983 A financial institution licensed under the Banking and Financial Institution Act 1989 (BAFIA 1989) which is participate s in Islamic Banking Scheme A development financial institution prescribed under the Development Financial Institution Act 2002 (DFIA) which carries on Islamic Banking Scheme A takaful operator registered under the Takaful Act 1984 5.1.8 Functions of Shariah Advisory Council The Shariah Advisory Council on Islamic Finance shall be established by the Central Bank of Malaysia by virtue of section 51 and the Council shall be the authority for the ascertainment of Islamic law for the purposes of Islamic financial business. The Council is given authority to determine its own procedures in carrying out their duties under the Act. The functions of the Shariah Advisory Council are listed under section 52. Its functions are: (a) To ascertain the Islamic law on any financial matter and issue a ruling upon reference made to it in accordance with Part VII of the Act. (b) To advise the Bank on any Shariah issue related to Islamic financial business, the business activities or transactions of the Bank; (c) To provide advice to any Islamic financial institution or any other person as may be provided under any written law in force in Malaysia; (d) Other functions as may be determined by the Bank. The members of the SACl of Central Bank in Malaysia for 2008/2010 term are: 1. Dr. Mohd Daud Bakar (Chairman) 2. Dato Dr. Abdul Halim Ismail (Deputy Chairman) 3. Y. A.A.Tun Abdul Hamid Haji Mohama 4. Y. Bhg. Tan Sri Datuk Sheikh Ghazali Hj. Abdul Rahman 5. S.S. Dato Haji Hassan Haji Ahmad 6. Y. Bhg. Datuk Haji Md. Hashim Haji Yahaya 7. Y. Bhg. Dato Wan Mohamad Dato Sheikh Abdul Aziz 8. Assoc. Prof. Dr. Engku Rabiah Adawiah Engku Ali 9. Dr. Mohamad Akram Laldin 10. Dr. Muhammad Syafii Antonio (Source: Official website of Malaysia International Islamic Finance Centre at www.mifc.com) 5.1.9 two types of deposits that provided by the Islamic Banks: saving account or current account investment account The current account is operated in the same way as the conventional banking system, but the saving and investment account are operated in a different way. They are operated as same as the other commercial bank. There are no interests payable to the customers that having current account and deposit accounts. In addition, The Islamic banking business provided by the bank must follow the Shariah principles. The methods are Mudarabah, Musyahrakah, Baibithamin Ajil ,Murabahab, Al-Ijarah and Al-Wadiah. Mudarabah Mudarabah is a profit sharing arrangement between two parties (an investor and the entrepreneur). The investor will supply the fund to the entrepreneur for his business venture. The investor will get back the return based on a profit sharing ratio that has been agreed before. The principle of Mudarabah can be operating in 2 ways: i) between a bank and the capital provider ii) between a bank and the entrepreneur. The losses that incurred shall be borne by the capital provider. In takaful industry, mudarabah contract is used as one of the operational model as well as being applied for investing the takaful funds. Musyarakah Musyarakah refers to a partnership or joint business venture to make profit. It is an agreement between two or more partners, whereby each partner will provide funds to the business venture. Profits made are shared by the partners based on an agreed ratio. However, losses that incurred will be shared based on the ratio of funds that invested by the partners. Baibithmin Ajil Baibithmin Ajil refers to the sale of goods on a deferred payment basis at a price, which includes a profit by both parties-an investor and entrepreneur. It is under the financing facility. Murabahah Murabahah are refers to the sale of the goods at a price which includes a profit margin that are agreed by both parties (an investor and entrepreneur).In Murabahah, the actual cost of the asset must be clearly stated at the time of the sale agreement. Al-Ijarah Ijarah means lease, rent or wages. This principle usually used in financing consumer goods. For instance, the motor vehicles, plant, office automation for a fixed period and price. It is separate to two contracts involved Ijarah contract (leasing or renting) and Bai contract (purchase). Wadiah Wadiah means custody or safekeeping. In Wadiah arrangement, a bank is act as a keeper and trustee of the funds.you will deposit your funds or assets in a bank for safekeeping. The bank will guarantee the safety of the entire amount of the funds or assets. 5.1.10 Islamic Principles No. Islamic Principle Clarification Purpose 1. Mudarabah Profit-sharing Investment deposit 2. Musyarakah Profit and loss sharing Project financing 3. Baibithamin Ajil Deffered payment sale House financing 4. Murabahah Cost-plus Financing facilities 5. Al-Ijarah Leasing Leasing and vehicle financing 6. Wadiah Guaranteed custody Deposit taking- procedure 5.1.11 Islamic Banking Principle Al-Wadiah Yad Dhamanah (savings with guarantee) Al-Mudharabah (profit-sharing) Al-Musyarakah (joint venture) Al-Murabahah (cost plus) Bai Bithaman Ajil (deferred payment sale) Bai al-Dayn (debt trading) Al-Ijarah Thumma al-Bai (leasing and subsequently purchase) Al-Ijarah (leasing) Al-Qardhul Hassan (benevolent loan) Bai as-Salam (future delivery) Bai Al-Istijrar (supply contract) Al-Kafalah (guarantee) Ar-Rahnu (collateralised borrowing) Al-Wakalah (nominating another person to act) Al-Hiwalah (remittance) As-Sarf (foreign exchange) Al-Ujr (fee) Al-Hibah (gift) 5.2 Regulatory Roles of Islamic banking -The role of Islamic bank are addressing systematic concern and safeguarding customers interest. The elimination of the interest is based on values of justice, efficiency, stability and growth. 5.2.1 im of the regulatory and legal framework -The aim of instituting the regulatory and legal framework in Islamic financial system is to preserve financial stability and public confidence. 5.2.2 Legal and regulation framework Nature of Islamic banking business Sophistication of Shariah compliance mechanism Documentation, tax and accounting issues Nature of Islamic banking business Scope of Islamic banking influenced by application of different underlying contracts: Specificities of Islamic financial transaction Different nature of risk Shariah compliance mechanism Continuous compliance Installing confidence and managing perception Documentation, tax and accounting issues Documentation issues- reflect contractual obligations Tax implications -Shariah requirement Accounting -AAOIFI and IFSB standardized practices 5.3 Responsibilities of Islamic banking Ethical investment Social responsibility Poverty alleviation 5.3.1 Ethical investment Recent year, there are an increasing number of investors who seek to align their investments with their principles through ethical and responsible investment. Ethical investment can be the result of positive screening by selecting an investment based on good practices in a particular field, such as in human right or the protection of the environment .For instance, some investment universe result from combination of both positive and negative screening. 5.3.2 Ethics in Islam Islam requires Muslims to lead their lives based on the Islamic legal code of Shariah principles that are expected to follow to the extent possible given their circumstances. The Shariah is the Islamic law of the human conduct which regulates all matters of the lives of Muslims. Islam places the highest emphasis on the ethical values in all aspects of their life. In short, ethics governs all aspects of life of Muslims. The business relations in the mainly ethics based originating from religious belief , trust and faith. 5.3.3 Social responsibility It is legal for a business to achieve profits, but this goal should be pursued according to Shariah principles. Islam stresses on the concept of social responsibility. All Muslims are considered to take care of each others. In Islamic perspective, they are concern on social responsibility and justice on business practices. In Islamic principles, they are avoid the haram activities include conventional bank saving and investment deposits, the purchase of interest yielding bonds, and the acquisition of shares in companies. 5.3.4 Poverty alleviation Islam has made the state as well as the community responsibility to reduce poverty from the society. According to the Islamic perspectives, Islamic bank must take care of the society who is less fortunate in order to maintain equilibrium and social justice. Every Islamic bank has to establish a zakat fund. They collect the tax from investors and depositors. Then, the zakat fund will distribute to the poor categories. The purpose of the zakat is to provide a standard life of good life to the less fortune people. Islamic banks are contributes a large effort to reduce the poverty in a country. 5.3.5 ZAKAT Zakat is the Islamic religious tax. It is one of the five basic requirements of Islam. All adult Muslims of sound mind and body with a set of income and assets are expected to pay zakat. Zakat is due yearly on certain types of property and is distributed to eight categories of individuals specified by the Quran. There are orphans, the poor, travelers, beggars, debtors, slaves and the efforts to propagate Islam. Zakat is sometimes referred to as sadaqah or sadaqat(plural) . In general, the sharing of wealth is called zakat, whereas the sadaqat could mean the sharing of wealth and sharing of happiness among Gods creation such as saying kind words and taking care of animals or environment. Zakat is at different rates. For gold and silver, which is include all liquid assets, the rate is 2.5%. In recent years, Pakistan, Sudan and Saudi Arabia have enacted legislation to enforce the zakat. 5.4 Policies During 2004, the policy thrust centred on enhancing the institutional infrastructure, regulatory and prudential framework, Shariah and legal infrastructure, as well as consumer awareness and protection. 5.4.1 Anti-Money Laundering Policy Under all circumstances the Bank will conduct its business in compliance with the following general principles in order to protect the Bank from money laundering terrorist financing activities: Â Comply with applicable anti-money laundering terrorist financing laws and regulations as established by Bank Negara Malaysia; Maintain a system of internal control and establish procedure to ensure ongoing AML/CFT compliance and prompt actions; Appointment of Designated Compliance Officers (DCOs), who are responsible to implement AML/CFT procedures and measures; Develop compliance program to ensure awareness on AML/CFT procedures and requirements and monitoring of AML/CFT measures; Establish customer due diligence for all customers including implement Know Your Customer (KYC) Policy and enhanced due diligence for customers and transactions presenting higher risk; Establish and maintain appropriate procedures to monitor customer accounts and activities for evidence of suspicious transactions that may be indicative of money laundering activities; Retain identification and transactional documentation as defined in the legislation; Report to relevant authority in a timely and comprehensive manner on all identified suspicious activities where there are reasonable grounds to suspect that a money laundering offence has been or is being committed; Cooperate fully with law enforcement and regulatory authorities on AML/CFT issues. 5.5 Registration The application must be submitted and signed by the applicant and addressed to Islamic Banking and Takaful Department, Bank Negara Malaysia, 6th Floor, Block A, Jalan Dato Onn, 50480 Kuala Lumpur, Malaysia. The legal basis for the establishment of Islamic banks was the Islamic Banking Act (IBA) which was established on 7 April 1983.The IBA provides BNM with powers to supervise and regulate Islamic bank. Islamic banking system requires three important elements to qualify as a strong system A large number of global players A broad variety of instruments A comprehensive financial infrastructure. 5.5.1 Application for Islamic Banking license Section 1: Details of applicant Section 2: Background information Section 3: Financial strength and soundness Section 4: Plans for Malaysian operations Section 5: Regulatory system in home country Section 6: Supporting Documents 5.6 Securities Dealing in securities Dealing in debentures, stocks or bonds of Federal Government, any state Government or statutory body and corporate debentures or other instruments which are not listed for trading stock exchange. Arranging the sale or purchase of securities through the holders of a Capital Market services License who carries on the business of dealing in securities. Underwrite the securities and placement Private placement of primary issues of securities on behalf of customers Arranging or offering for sale or purchase as agent for any person Act as agent for any issuing house in relation to the issue or listing of any securities Lending or borrowing of securities on own account for customers 5.7 Power of attorney Power of attorney (POA) is an authorization to act on someone elses behalf in a legal or business transaction. The person authorizing the other to act is the granter, and the one authorized to act is the agent. 5.7.1 Wakalah It is a contract whereby a person (principal) asks another party to act on his behalf for a specific task. The person who take this task is an agent who will be paid a fee foe his services. Example A customer ask bank to pay some one under certain terms. The bank is the agent that carrying out the financial transaction .The customer will paid a fee to the bank for his services. 5.7.2 Conditions of Wakalah The principal should have the power and competence to deal and own the property. If the principal is not competent to perform a certain action, he cannot delegate the doing of that action to another person. For example, an insane or a minor cannot appoint agents to act on their behalf. The agent should also be a competent person. The thing or act should be known. This is to avoid uncertainty or gharar. That the action is a lawful action. 5.7.3 The Types of Al-Wakalah An agents authority is derived and defined by the particular type of agency he undertakes. Wakalah can be divided into the four types. Particular Wakalah or Special Agency -Particular wakalah is made only for a certain known transaction. For example, buying or selling certain known house or a car. The agent is bound to sell or buy that particular house or car. General Wakalah -It is a general delegation of power. For e.g. if the principal says: buy for me a house which you think is proper or suitable. In this case the agent owns all the power which the principal has. Restricted Agency -Restricted Agency means that the agent has to act within certain conditions. For e.g. buy the house at such a price, or until such a time or based on instalments. The agent has to strictly observe these conditions. If the conditions are not met the transaction is not binding on the principal. Absolute agency -Where there are no condition is put for the transaction. For example if the principal assigns an agent to buy a house and he does not specify the price, the method of payment or other conditions. However, an agent is still bound to act within the prevailing practices and customs. Imam Abu Hanifah argues that an agent is not bound by the customs. Customs, he says, differs from place to place. However, according to his two disciples and the majority, the agent is bound by the custom common among the people. If he acts contrary to the custom, then the transaction depends on the approval of the principal. Conventional Banking 5.1 Law and regulation 5.1.1 Banking and Financial Institution Act 1989 (BAFIA) 5.1.2 Objective of BAFIA -to provide new laws for the licensing and regulation -to provide for an integrated supervision of the Malaysian financial system -to provide the Central Bank with the power to investigate and prosecute 5.1.3 BAFIA 1989 BAFIA was established on 1st October 1989. The BAFIA repealed the Banking Act 1973 and Finance Companies Act 1969and modernises the law related to banking and other institutions. Section 123: BAFIA shall not affect from the provision of the Exchange Control Act Section 124: BAFIA shall not apply to an Islamic Bank 5.1.4 Three groups of institution under BAFIA Licensed institution -commercial banks, finance companies, merchant banks,discount houses and money brokers. b. Scheduled institution -credit and charge card companies building societies factoring and leasing companies and development finance institution (DFI). c. Non-scheduled institution -institution engaged in the provision of finance except those named above. 5.1.5 Objectives of bank regulation: Prudential -to reduce the level of risk bank creditors are exposed to For example, it helps to protect the depositors Systemic risk reduction -to reduce the risk of disruption resulting from adverse trading conditions for banks causing multiple or major bank failures Avoid misuse of banks -to reduce the risk of banks being used for criminal purposes, e.g. laundering the proceeds of crime To protect banking confidentiality Credit allocation To direct credit to favored sectors. 5.1.6 Licensing A licensed finance company is permitted to carry out the business of: receiving deposits on deposit account, savings account or other similar account ; and (i) the lending of money; (ii) leasing; (iii)hire-purchase, including that which is subject to the Hire-Purchase Act, 1967 other business as the Central Bank may prescribe 5.1.7 Financial Requirement Every licensed institution is requires maintaining: General reserve Statutory reserve Liquidity ratio Capital adequacy ratio Any amount of assets 5.1.8 Legal Framework in Deposit account Although restrictions placed on access depend upon the terms and conditions of the account and the provider, the account holder retains rights to have their refund. The customer may or may not be able to pay the funds in the account by cheque, internet banking, EFTPOS or other channels depending on those provided by the bank and offered or activated in respect of the account. The banking terms deposit and withdrawal tend to obscure the economic substance and legal essence of transactions in a deposit account. From a legal and financial accounting standpoint, the term deposit is used by the banking industry in financial statements to describe the liability owed by the bank to its depositor, and not the funds (whether cash or checks) themselves, which are shown an asset of the bank. Example -A depositor opening a checking account at a bank in the United States with $100 in currency, which becomes an asset of the bank. On the banks books, the bank debits its currency and coin on hand account for the $100 in cash, and credits a liability account for an equal amount. In the audited financial statements of the bank, on the balance sheet, the $100 in currency would be shown as an asset of the bank on the left side of the balance sheet, and the deposit account would be shown as a liability owed by the bank to its customer, on the right side of the balance sheet. The banks financial statement reflects the economic substance of the transaction which is the bank, has actually borrowed $100 from its depositor and has contractually obliged itself to repay the customer according to the terms of the demand deposit account agreement. To offset this deposit liability, the bank now owns the actual, physical funds deposited, and shows those funds as an asset of the bank. Typically , an account provider will not hold the entire sum in reserve, but will loan the money at interest to other clients, in a process known as fractional-reserve banking. It is this process which allows providers to pay out interest on deposits. By transferring the ownership of deposits from one party to another, they can replace physical cash as a method of payment. In fact, deposits account for most of the money supply in use today. For example, if a bank in the United States makes a loan to a customer by depositing the loan proceeds in the customers checking account, the bank typically records this event by debiting an asset account on the banks books and credits the deposit liability or checking account of the customer on the banks books. From an economic standpoint, the bank has essentially created economic money. The customers checking account balance has no dollar bills in it, as a demand deposit account is simply a liability owed by the bank to its customer. In this way, comm ercial banks are allowed to increase the money supply. 5.2 Regulatory roles Malaysias banking and insurance sector -under the jurisdiction of Central Bank /Bank Negara Malaysia Capital market -regulate by the Securities Commision Malaysia (SC) Offshore finance industry -Labuan Financial Services Authority ( Labuan FSA) Trading activities in Malaysia -regulate and operate by Bursa Malaysia 5.2.1 Labuan (International Offshore Financial Centre) Labuan was declared as an International Offshore Financial Centre (IOFC) in October 1990 to complement the activities of the domestic financial market in Kuala Lumpur, strengthen the contribution of financial services to Gross National Products of Malaysia as well as develop the island and areas within its vicinity. Specifically designed legislation and regulations, primarily based on experiences of other IOFCs around the world, provide the framework for business in the IOFC ( International Offshore Financial Centre). 5.2.2 Securities Commision Malaysia (SC) Securities Commision Malaysia was established on 1 March 1993 under the Securities Commission Act 1993, the Securities Commision Malaysia (SC) is a self-funding statutory body with investigative and enforcement powers. It reports to the Minister of Finance and its accounts are tabled in Parliament annually. Its regulatory functions are listed below: Supervising exchanges, clearing houses and central depositories Registering authority for prospectuses of corporations other than unlisted recreational clubs Approving authority for corporate bond issues Regulating all matters relating to securities and futures contracts Regulating the take-over and mergers of companies Regulating all matters relating to unit trust schemes Licensing and supervising all licensed persons; Encouraging self-regulation Ensuring proper conduct of market institutions and licensed persons. 5.3 Responsibilities Corporate Governance 5.3.1 Objective: -The objective of corporate governance is to promote the adoption of effective and high standards of corporate governance practices by Licensed Institution and Bank Holding Company. 5.3.2 Important of Corporate Governance To ensure that the Licensed Institution are managed safely in order to maximize Shareholders wealth and protect the interests of all stakeholders. Effective corporate governance practices will enhance corporate accountability. Used to direct and manage the business and affairs in order to enhance business prosperity and corporate accountability. 5.3.3 The major responsibilities of Licensed Institution: Review and approve strategies, business plans and significant policies and monitor managements performance -An institution should clearly state its objectives, which takes into account the institutions risk appetite and its risk management capabilities, and devise a business strategy and plans for achieve them. -The board should approve these objectives, strategies and business plans, and ensures that performance against plans is regularly reviewed and monitored. -They also establish key performance indicators (KPIs) to define, measure the performance and progress towards achieving organisational goals. Set corporate values and responsibility that are communicated through the organisation -The board should establish a culture of high ethical standards and integrity, professional conduct and approve corporate values for itself. -The high standard of ethical will benefit the Licensed Institution. This is because it will enhance the License Institutions creditability and trustworthiness in its day-to- day and long term operations. Ensure competent management -The board should make sure that there is a managed and effective process to select the officers that are qualified, professional and competent to the affairs of the Licensed Institution. Ensure that the operation are conducted prudently and within the laws and regulations -The board should ensure that the internal control systems of the Licensed Institution are effective and the operations are properly controlled. -They also should use the external and internal auditors to review the adequacy of the internal controls. Ensure that the Licensed Institution established comprehensive risk management policies, processes and infrastructure. -The board should have a sound understanding of the Licensed Institutions business operating environment and the related risks. It is important for Licensed Institution to identify measure, monitor and control the various types of risks. They should approve and review the risk management capabilities of the Licensed Institution. -They also should ensure the management information system is reliable and adequate in order to cover the activities of Licensed Institution. Set up an effective internal audit department which staffed with qualified internal personnel -To enhance the independence of the internal auditors to achieve their audit objectives and ensure that the internal auditors have full access to all records. Establish procedure to avoid self-serving practices and conflict of interest -The board should establish policies and procedures governing related party transactions and conflict of interest situations. -They should ensure that the senior management implements policies that prohibit activities and relationships that diminish the quality of corporate governance. -They also should approve a set of ethical corporate values in the form of code that conduct by the Licensed Institution. Ensure that the Licensed Institution has a beneficial influence on the economic -The board has a continuing responsibility to the community to ensure that the Licensed Institutions activities are conductive towards promoting the economic. 5.4 Policies Requirement Statutory Reserve Requirement (SRR) is a monetary policy instrument available to Bank Negara Malaysia for the purposes of liquidity management. Commercial banks, merchant banks, investment banks and Islamic banks are required to maintain balances in their Statutory Reserve Account (SRA). The SRR is used to withdraw or inject liquidity when the excess or lack of liquidity in the banking system is perceived by the Bank to be large and long-term in nature. 5.4.1 Penalties Any banking institution which fails to comply with the minimum SRR requirement shall be liable to pay a penalty. The penalty payable is determined as the sum of the scaled penalty amount and the monetary benefit. The computation of the maximum penalty is as follows: **Maximum penalty=1/10 x1/100xshortfall x number of days** 5.4.2 Adjustment of SRR rate SRR Rate Effective Date Variation 1% 1 March 2009 0.8% 1.2% 2% 1 February 2009 1.6% 2.4% 3.5% 1 December 2008 2.8%-4.2% 4% 16 September 1998 3.2%-4.8% 6% 1 September 1998 4.8%-7.2% 8% 1 July 1998 6.4%-9.6% 10% 16 February 1998 9.5%-10.5% 13.5% 1 June 1996 13%-14% 12.5% 1 February 1996 12%-13% 11.5% 1 July 1994 11%-12% 10.5% 16 May 1994 10%-11% 9.5% 3 January 1994 9%-10% 8.5% 2 May 1992 8%-9% 7.5% 16 August 1991 7%-8% 6.5% 16 January 1990 6%-7% 5.5% 16 October 1989 5%-6% 4.5% 2 May 1989 4%-5% 3.5% 1 January 1989 3% 4% 5.5 Registration Application for Commercial bank license The application should be submitted and signed by the Chief Executive Officer or a person of high authority in the applicant financial institutions. The application should be directed to Financial Sector Development Department, Bank Negara Malaysia, 10th Floor, Block A, Jalan DatoOnn, 50480 Kuala Lumpur, Malaysia. 5.5.1 The section that the applicant need to fill up: Section 1: Details of applicant bank Section 2: Background information of the bank Section 3: Financial strength and soundness of bank Section 4: Plans for Malaysian operations Section 5: Regulatory system in home country Section 6: Supporting documents 5.6 Securities -The regulated selling framework for Malaysian Government Securities (MGS) is now extended to interbank participants and universal brokers. This effort is to further improve secondary market liquidity and enhance the development of the domestic bond market. The benefit: Create a continuous flow of activities in the bond market Accelerate price corrections in overvalued securities Facilitate hedging of interest rate risks Promote activity in the repo and securities borrowing and lending market 5.6.1 Market Participants -All commercial banks, finance companies, merchant banks and discount house under banking and Finance Institution Act 1989 (BAFIA) . Malaysian Government Securities (MGS) Conventional MGS Benchmarks Trading Yields Total Volume (RM million) Daily change (bps) Tenure Maturity Coupon (%) Low (%) High (%) Close (%) 3-year May-2013 3.210 3.15 3.19 3.15 153.20 0 5-year Aug-2015 3.835 3.40 3.42 3.40 79.50 -1 7-year Sep-2017 4.012 3.68 3.69 3.68 157.96 -1 10-year Nov-2019 4.378 3.90 3.91 3.91 80.00 0 Government Investment Issues (GII) Islamic GII Benchmarks Trading Yields Total Volume (RM million) Daily change (bps) Tenure Maturity Low (%) High (%) Close (%) 3-year Jul-2013 3.29* 3.29* 3.29* 5-year Jul-2015 3.39 3.51 3.50 238.90 -1 10-year Jun-2020 3.99 4.01 4.00 245.00 0 Short-Term Bills Type of Bills Up to 3-mth abv. 3 to 6-mth abv. 6 to 12-mth For any queries, please contact: Khabir Reeza / Bilal Mohd Parid / Nurashiqin Asri from Monetary Policy Implementation section at 03-2698 2116 / 03-2690 7462 Malaysia Treasury Bills 2.81 2.86 2.90 Malaysia Islamic Treasury Bills 2.81 2.87 2.91 Bank Negara Monetary Notes (Conventional) 2.80 2.85 2.90 Bank Negara Monetary Notes (Islamic) 2.81 2.87 2.92 Source: Bank Negara Malaysia and ETP, Bursa Malaysia Bonds Sdn Bhd ( as from 10 March 2008) The differences between conventional and Islamic banks Conventional Banks Islamic Banks 1. The functions and operating modes of conventional banks are based on fully manmade principles. 1. The functions and operating modes of Islamic banks are based on the principles of Islamic Shariah. 2. The investor is assured of a predetermined rate of interest. 2. In contrast, it promotes risk sharing between provider of capital (investor) and the user of funds (entrepreneur). 3. It aims at maximizing profit without any restriction. 3. It also aims at maximizing profit but subject to Shariah restrictions. 4. It does not deal with Zakat. 4. In the modern Islamic banking system, it has become one of the service-oriented functions of the Islamic banks to be a Zakat Collection Centre and they also pay out their Zakat. 5. It can charge additional money (penalty and compounded interest) in case of defaulters. 5. The Islamic banks have no provision to charge any extra money from the defaulters. Only small amount of compensation and these proceeds is given to c harity. Rebates are give for early settlement at the Banks discretion. 6. For interest-based commercial banks, borrowing from the money market is relatively easier. 6. For the Islamic banks, it must be based on a Shariah approved underlying transaction. 7. The status of a conventional bank, in relation to its clients, is that of creditor and debtors. 7. The status of Islamic bank in relation to its clients is that of partners, investors and trader, buyer and seller. 8. A conventional bank has to guarantee all its deposits. 8. Islamic bank can only guarantee deposits for deposit account, which is based on the principle of al-wadiah. Therefore, the depositors are guaranteed repayment of their funds, however if the account is based on the mudarabah concept, client have to share in a loss position.. Â