...All you need to do is to answer all the questions for the different discussions (200 words each) Topic 1: What factors affect the consumer's perceptions of fast food and its services? Summary: The two studies by M.K. Brady et al and Kim et al are concerned with the same question: what factors affect the consumer’s perceptions of fast food and its services? But while Kim et al. focuses on American college students to find out what factors that segment finds favourable in a fast-food service, M.K. Brady et al takes their study to the international level to find out how different cultural values can affect the consumer’s behavioural intentions relative to the fast-food industry and its services. Both articles agree that the majority of America customers prefer to trade-off between quality of services and expenditure required (expense-conscious). The American consumer tends to judge consumption of goods and services with a ‘neutral’ and logically based mindset; always asking the question of “is it worth my money?” Kim et al claims that due to relatively inexpensive, quick and convenient service, fast-food is becoming more and more popular among college students in North America. How could restaurants attract this emerging market? Further discussing in particular the college student market, and selecting Wendy’s, Burger King and McDonald’s as target examples will figure out the way to attract college students in fast-food services restaurant. Several factors are taken into consideration...
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...ISLAMIC AND CONVENTIONAL BANKING PRACTICE Abstract: A major negative feature of Capitalism is it helps rich and neglects poor. The movement of Capitalism is helped by interest based banking. Interest based banking is strives to secure their provided fund and get the profit without taking any risk. Such activities are helpful for those who have asset to prove that they are secure for any fund to be provided. To change this type of philosophy profit based bank is a very strong competitive at the market, which bear the risk to make the profit. There have many problems on the way of operation of profit based bank. In which area verity of religion is present among the people the problem is stronger. Many people take it easily because it is the part of their religion and many people refuse it because it has no importance in their religion. In Sylhet Islamic Banking faces many problem in operation. Introduction: Sylhet is the city in northeastern part of Bangladesh having variety of people from different religions. Sylhet is a holy place for both Muslim and Hindus. Followers of Different religions in this city are: Muslim 81.16%, Hindu 17.80%, Christian 0.06%, Buddhist 0.02% and others 0.96%[6]. Remittance is the key element of the economic growth of Sylhet the money is sent by the people living abroad from the city. The commercial banks have deposits of 4,000 crore taka in Sylhet [7] .They distribute this deposits among the people seeking loans. In Sylhet city...
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...Chapter 15 Study Guide In 1200, the Middle East and north Africa were dominated by two powerful empires: Byzantine and Islamic caliphate. By 1400, this structure was in disarray: • Byzantine was in decline, pressed by invading Ottoman Turks. Constantinople fell to Turks in 1453, ending empire. • By 1200s, the Muslims had fallen to Mongols. Arabs never able to unite the entire region again. Decline of Islamic caliphate: decline of caliphate and its economy was gradual and incomplete – not at all like the dramatic fall of Rome • authority of caliphate declined, landlords seized power, peasants became serfs on large estates • agricultural productively declined, tax revenues declined • Arab and Middle Eastern traders lose ground: European merchants began to exercise control of their turf and challenge the Arabs in other parts of the Mediterranean. Still, Arab and Persian commerce remained active in Indian Ocean. • The emerging Ottoman Turks expanded into southeastern Europe, and the power (both politically and militarily) was frightening to other people in other areas, such as western Europe. A Power Vacuum in International Leadership • Turkish rulers unable to reestablish Islamic position in international trade. Turks scornful of Arabs (though both were Muslim), did not promote trade, especially maritime trade, as vigorously as in past. • Turkic expansion was important well into 17th century, but real focus was on conquest...
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...the second-largest religion in the world after Christianity,but the largest single religious denomination. Muslims believe that God revealed the Qur'an to Muhammad, God's final prophet, and regard the Qur'an and the Sunnah (words and deeds of Muhammad) as the fundamental sources of Islam. They do not regard Muhammad as the founder of a new religion, but as the restorer of the original monotheistic faith of Abraham, Moses, Jesus, and other prophets. Islamic tradition holds that Jews and Christians distorted the revelations God gave to these prophets by either altering the text, introducing a false interpretation, or both. Islam includes many religious practices. Adherents are generally required to observe the Five Pillars of Islam, which are five duties that unite Muslims into a community. In addition to the Five Pillars, Islamic law (sharia) has developed a tradition of rulings that touch on virtually all aspects of life and society. This tradition encompasses everything from practical matters like dietary laws and banking to warfare. Almost all Muslims belong to one of two major denominations, the Sunni and Shi'a. The schism developed in the late 7th century following disagreements over the religious and political leadership of the Muslim community. Roughly 85 percent of Muslims are Sunni and 15 percent are Shi'a. Islam is the predominant religion throughout the Middle East, as well as in parts of Africa and Asia. Large communities are also found in...
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...differences in conducting business in the region the firm runs the risk of losing the contract to a competitor. Considerations must be given to the host’s religious sensibilities. Islam has implications for the systemic treatment of the business process, including what operational activities are permissible. The delegates must also be prepared for the following main differences to Australian culture as illustrated in the diagram below (Hofstede, 2012): context sensitivity in communication, autocratic leadership, the prevalence of collectivism and ‘face’, long term orientation compared to western cultures at circa 50 (Baron, 2008), and high levels of uncertainty avoidance, yet curiously a relatively elastic treatment of time and highly flexible meetings. 1 Firstly, the region’s treatment of time is foreign to our business world. The Middle East’s conception of time is polychronic as opposed to Western society’s view of time as monochronic. Polychronic cultures value traditions and relationships rather than tasks (Cohen, 2004). Punctuality is the main concern and whilst we may be...
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...system” of remittance and/or payment. “Officials at Interpol and the International Monetary Fund estimates, that transactions within this system range as high a $700 billion dollars yearly” (Jost and Sandhu, 34). So, what is the hawala system? How does it work? What are the advantages of this system of finance? In an article written by Patrick Jost and Hajit Sandhu: “The Hawala Alternative Remittance System and It’s Role in Money Laundering (2010)…“Hawala is an alternative or parallel remittance system. It exists and operates outside of, or parallel to 'traditional' banking or financial channels. It was developed in India, before the introduction of western banking practices, and is currently a major remittance system used around the world. It is but one of several such systems; another well known example is the 'chop', 'chit' or 'flying money' system indigenous to China, and also, used around the world. These systems are often referred to as 'underground...
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...and secondary data. We fully used their website to search the information needed. We also have interviewed one of the staff regarding some information that not available in their website. CHAPTER 2 - INTRODUCTION United Overseas Bank or UOB is a public limited company which located in Singapore. It was incorporated on 6 August 1935 as the United Chinese Bank by a Sarawak businessman Wee Kheng Chiang and changed to United Overseas Bank three years later. Over the 78 years, UOB has growth from strength to strength. Through the acquisition UOB has lead banking in Asia. Beside Far Eastern Bank in Singapore, UOB major’s banking subsidiaries in the region are United Overseas Bank in Malaysia, in Thailand their subsidiaries is also named United Overseas Bank, PT Bank UOB in Indonesia and also subsidiaries located in China. Today UOB group has network more than 500 offices in19 countries worldwide which in Asia Pacific, Western Europe and also North America. Wee Cho Yaw is a UOB chairman and the CEO is Wee Ee Cheong. The slogan that they use is “United...
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...authority has established its roots in the Middle East. In June 2014, the Islamic State which sometimes calls itself the Islamic State of Iraq and Levant (ISIL) or the Islamic State of Iraq and al-Shram (ISIS) announced its establishment on the world politics (Lister, 2014). The organization is led by Abu Bakr al-Baghdadi who declared himself the Caliph. On his announcement, al-Baghdadi assumed the title of the Commander of the faithful Caliph Ibrahim II. Islamic State aspires to unite all Muslims in one state. According to the jihadists, this is only possible through a caliphate in which ISIS is closest to achieving. The difficulty of the formation of the caliphate is the harsh opposition the group obtains from the Shias who are a fifth of all the Muslims. Such oppositions had already been observed in the history of Islamic schism (Lister, 2014). ISIS ideological appeal has worked in its favor to recruit its fighters all over the world. The strategy has also resulted to some supports from Muslim countries such as Pakistan. Nonetheless, the group has unspeakable violence majorly directed to Christians and the Shias. This paper conducts an in-depth analysis of the Islamic State regarding its evolution, modus operandi in terms of its operations and recruitment. The paper then assesses the impacts and threats of the group not only in the Middle East, but also world-wide. Literature Review The Islamic State has made great advances in both Iraq and Syria. It has captured significant...
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...Executive Management & Shariah Advisory Board Current Em- | Dr Cheong Choong Kong - Chairman | | | | Dr Cheong was first appointed to the Board on 1 July 1999 and last re-elected as a Director on 17 April 2008. On 1 July 2003, he was appointed Chairman, after having served as Vice Chairman from 26 March 2002 to 30 June 2003. Dr Cheong brings with him a wealth of experience gained in his extensive career, including 29 years at Singapore Airlines Ltd, where he last held the position of Deputy Chairman and Chief Executive Officer. He is a Director of several companies, including Great Eastern Holdings Ltd. Dr Cheong holds a Bachelor of Science with First Class Honours in Mathematics from the University of Adelaide and a Master of Science and Ph.D. in Mathematics and (Honorary) Doctor of Science from the Australian National University. Age 69. | | | | | | | | | | Mr Bobby Chin | | | | Mr Chin was first appointed to the Board on 1 October 2005 and last re-elected as a Director on 17 April 2009. He is presently the Chairman of Singapore Totalisator Board and a member of the Council of Presidential Advisers of the Republic of Singapore, and serves on the board of several companies, including Neptune Orient Lines Ltd and Sembcorp Industries Ltd. He also serves as a Board Member of Singapore Labour Foundation, a Board Trustee of Singapore Indian Development Association and a Member of the Competition Commission of Singapore...
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...Abstract The objective of this study is to have practical knowledge on the Retail Banking services provided by the Private Conventional Banks and the Islamic banks in Bangladesh. Today, banks realize the importance of Retail Banking and its potential to help them acquire new customers, retain existing ones and maximize their lifetime value. this report provides an overall view of Retail Banking services in Bangladesh. the services provided by Private Conventional Banks and the Islamic banks are mentioned. Followed by are the products that are being used to provide these services. A trend of the retail banking services is done in the analysis part of this report. The Islamic banking concept is being adopted by some of the Private Commercial Banks to generate better understanding of the customer for product development, segmentation, appropriate targeting, campaign management and maintenance of long term profitable and mutually beneficial relationships with customers. The concept of Islamic Banking has been implemented on a vast scale. To meet the objective of the report a trend analysis of the retail deposit indicators,retail deposits and loans and advances is done in the fifth part of the report. there growth is also shown with line graphs. A comparison is also made between the PCB's retail banking services and that of IB's. In part six findings are listed and some recommendations are also made accordingly. Table of Contents Sl No | Topic | Page No. | 1.0 | Introduction1...
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...Handbook on Islamic SME Financing Islamic Banking Department State Bank of Pakistan The Team Name Designation Contact Mr. Pervez Said Director Pervez.Said@sbp.org.pk Mr. Imran Ahmad Senior Joint Director Imran.Ahmad@sbp.org.pk Ms. Fatima Javaid Regulating Officer Fatima.Javaid@sbp.org.pk TABLE OF CONTENTS S.No 1 2 3 4 5 6 Background Introduction Prudential regulations for SME Financing Importance in light of Strategic Plan for Islamic Banking Industry Scope of Islamic Banking over Conventional Banking in current Financial crises Proposed Products for Islamic SME Financing Need for Risk Management 7 Murabaha Financing Transaction Structure Accounting Treatment Risk Management 12 12 15 15 18 20 18 21 24 25 26 27 29 30 31 31 33 34 35 35 38 39 40 PARTICULARS Page No. 1 2 4 9 11 8 Ijarah Based Financing Basic Rules Accounting Treatment Risk Management 9 Salam Based Financing Basic Rules Accounting Treatment Risk Management 10 Diminishing Musharaka Basic Transaction Structure Accounting Treatment Risk Management 11 Istisna Financing Flow of Transaction Accounting Treatment Risk Management 12 Project Financing Handbook On Islamic SME Financing BACKGROUND One of the important characteristics of a flourishing and growing economy is a blooming SMEs sector. Small and medium enterprises play an important role in the development of a country. SMEs contribute to economic growth in various ways like...
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...The Joint Comprehensive Plan of Action (JCPOA), or Iranian Nuclear Deal in vernacular, that was signed earlier this year is the culmination of a decades-long diplomatic arm wrestle between Iran and the United Nations. Iran, the European Union and the permanent members of the UN Security Council collectively referred to as P5+1 (United States, United Kingdom, France, Russia, China and Germany), reached a final agreement on July 14, 2015 in Vienna after many rounds of negotiations. The deal is meant to curb Iran's nuclear program, which has been a prolonged international safety concern, in return for incremental relief from the UN sanctions that have economically isolated Iran for years. The JCPOA requires that Iran cut its stock of enriched uranium by 98%, enrich uranium up to only 3.67%, and eliminate 2/3 of its current centrifuges. Iran cannot build new uranium-enrichment facilities, and nuclear activities will be restricted to one facility. Additionally, Iran has given the International Atomic Energy Agency (IAEA) extensive access to its nuclear facilities for inspections. The physical requirements will last 15 years, while monitoring parameters will be in effect for 25 years. As Iran is confirmed to be in compliance with the deal, sanctions will be lifted and Iran will receive $100 billion of its frozen assets. Hassan Rouhani, the current Iranian president, and his administration hope the agreement will revitalize the country's economy. In exchange, the other parties predict...
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...a different ways of how it is done. In the 1990’s, the trends used to cut costs were re-engineering of business processes. However, in the early 2000’s, after the economical downturn, there was a similar trend to reorganize business processes and the trend was called offshore outsourcing. The major driving force for offshore outsourcing are customers who wants more of everything for less money. In MIDAS Bulletin Oct-Dec 2004 publication mentioned that, “ Malaysia is among the top three contenders for offshoring business in the world according to the 2004 Offshore Location Attractiveness Index compiled by the global management consulting firm A.T. Kearney, sources were quoted. Malaysia is ranked 3rd behind India (1st) and China (2nd) but ahead of Singapore (5th), Philippines (6th) and Thailand (13th). In its report, A.T. Kearney considers Malaysia a “ natural choice” for offshore services in view of its low costs, particularly for infrastructure, the most attractive business environment among emerging markets, strong global exposure of the workforce, and government support for the information and communications technology (ICT) sector. Other significant initiatives cited by A.T. Kearney include the government’s investments in infrastructure and developing the intelligent cities of Cyberjaya and Putrajaya as part of the Multimedia Super Corridor project. Thus, numerous companies –...
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...year). An example of foreign direct investment would be an American company taking a majority stake in a company in China. Stock of foreign direct investment: The total accumulated value of foreign-owned assets at a given time. For example, French enterprises have been significant foreign investors for McDonald’s; some 1,100 French multinationals account for around 8 percent of the global stock of foreign direct investment Common law system is based on tradition, precedent, and custom. Tradition refers to a country’s legal history, precedent to cases that have come before the courts in the past, and custom to the ways in which laws are applied in specific situations. It differs from a civil law system which is based on a detailed set of laws organized into codes. When law courts interpret civil law, they do so with regard to these codes. Factor endowments are the extent to which a country is endowed with such resources as land, labor, and capital. A simple example of a factor endowment with respect to land would be the presence of natural resources such as oil. Countries with abundant oil tend to export oil, focusing internal resources toward producing the factor they have in quantity. Angola is an extreme example of such specialization: oil accounts for 98% of its exports or for instance, as China's labor force has grown more skilled, wages have risen and China has begun specializing in more complex manufactured goods. Local content requirement is a requirement that some specific...
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...CULTURE 2 /3 /2 0 1 6 P a tr ic k F o o n g WHAT IS CULTURE? No simple definition “The collective programming of the mind which distinguishes the members of one group from another … includes systems of values.” Geert Hofstede “A system of ideas … constitute a design for living” Zvi Namenwirth & Rober Weber 2 /3 /2 0 1 6 P a tr ic k F o o n g VALUES Values: Ideas about what a group believes to be good, right and desirable; shared assumptions about how things ought to be They include a society’s attitude to individual freedom, truth, justice, social obligations, the role of women, love, sex, marriage, etc. They are invested with considerable emotional significance; people argue, fight and even die over values such as freedom 2 /3 /2 0 1 6 P a tr ic k F o o n g NORMS Norms are the social rules that govern people’s actions toward one another based on values It can be subdivided into: folkways and mores 2 /3 /2 0 1 6 P a tr ic k F o o n g FOLKWAYS Folkways are the social conventions of daily life Good social manners, appropriate dress code, eating with the right utensils, etc. Violation of folkways is not normally a serious matter; people may consider violators as weird or eccentric and if you’re a foreigner, you may be initially excused 2 /3 /2 0 1 6 P a tr ic k F o o n g FOLKWAYS Eg attitudes toward time in different cultures ie lateness What is the general attitude toward punctuality...
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