...Islamic Banking: True Modes of Financing By Dr. Shahid Hasan Siddiqui, Eminent Pakistani Banker & Economist Introduction Prohibition of interest is ordained in Islam in all forms and intent. This Prohibition is strict, absolute and unambiguous. The Holy Qur'an in verse 278 of Surah Al- Baqarah states: "O ye who believe! Fear Allah and give up what remains of your demand for riba, if ye are indeed believers." and verse 2: 279 says "If you do it not, take notice of war from Allah and His Messenger. But if ye turn back, ye shall have your capital sums. Deal not unjustly and you shall not be dealt with unjustly." It therefore, follows that interest is prohibited as it leads to injustices (zulm) and Islam is against all forms of injustices and exploitations and pleads an economic system, which aims at securing extensive socio-economic justice. The Islamic law of prohibition of riba, which includes interest, was originally not based on economic theory but on Divine Authority which considers the charging of interest as an act of injustice. There could be no denying of the fact that under the interest-based system of banking or in a system not strictly based on the principles and spirit of Shari’ah, depositors as well as borrowers are exploited in one form or the other. It is however, significant to note that, as in the case of conventional banking, the depositors are being exploited most under the system and practices enforced by banks and financial institutions operating world-wide...
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...Hesham Mohamed Ahmed AL-Sayyad 15 wahba street in EL-saieda zienab Cairo, Egypt Tele: (02) 27924859 Mobile: (0100) 2628664 E-mail: Hesham.elsaiad @hotmail.com Banquemisr E-mail: hishammae@banquemisr.com |objective | | |Seeking a challenging position in a multinational or a local organization where my educational background and skills can be applied | | |and further developed. | | | | |education | | |2004-2008 Cairo University Cairo, Egypt | | |Faculty of Commerce, Accounting Dept. | | |Grade: good ...
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...Are Bankers Undercompensated? The general public, more often than not, has the impression that bankers are the evil seed in the macro corporate environment. So, we need to ask ourselves, why? This notion is primarily based on the fact that “our economy is only as good as our banks,” therefore, CEOs are responsible for the country’s economic performance. Secondly, one of a bank’s many roles is to take care of people’s accounts, thus, in time of crises it is easy for individuals to make them liable for their uncomfortable financial position. Additionally, it is needles to say that these top executives are public figures, making it easy for people to put a name and face as the target of their dissatisfaction. Finally, in order for us to evaluate their compensation we need to draw a parallel between their performance as CEOs and their salary (including bonus), as well as compare them to CEOs in other industries. To assess performance, take into consideration that a country’s GDP is broken-down into four components: personal consumption expenditure, which is further broken down into goods and services; business investment; government spending; and net exports of goods and services. With the greatest US GDP contributor being personal consumption expenditure, services alone accounted for 46% of what the nation produced in 2011; and, the banking industry falls into that category. Moreover, if you take a look at exhibit1, which shows a further detailed breakdown of the US’s GDP...
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...Protection to Bankers from disclosure of certain information to public Banking is one of the most risky sectors as far as privacy is concerned due to the highly sensitive and personal nature of information which is often exchanged, recorded and retained. Although India has RBI guidelines and legislations to protect data, this blog post looks at the extent of those protections, and what are the areas that still need to be addressed. Introduction Banking is one of the most at risk sectors for privacy violations due to the sensitive, and highly personal nature of information that is exchanged, recorded, and retained. Individuals must trust banks with personal identifying information, their financial records, the access information to their accounts, and their credit history. Thus, privacy violations are not taken lightly and heavily impact the individual whose privacy was violated. Ways in which a violation of privacy can take place in the banking sector include: sharing personal information with third parties without consent for marketing purposes, stolen or lost banking number or card, sharing personal information or allowing access to third parties without informed consent, inadequate notification to an individual concerning what will be done with their data, collecting more personal data than is necessary, refusal to provide financial records upon request by client, incorrectly recording personal information, and loss of a clients personal data due to improper security...
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...------------------------------------------------- CURRICULUM VITAE NYAMBANE, OKONG’O JAMES P. O BOX 69029-00622 Nairobi Phone: 0752 714538 /0729097463 /0734688705 Email: jamesnymbn@yahoo.com PERSONAL DETAILS. | Date of birth : 15th Nov, 1984.ID Number : 23708753.Nationality : Kenyan. Gender : Male. Languages : English and Kiswahili.Religion : Christian. | PROFILE. | Highly motivated and hardworking person capable of undertaking challenging jobs. A team player with good organization, leadership and communication skills able to meet set targets with very minimal supervision. I am a person of high integrity and honesty. | CAREER OBJECTIVE. | * To work in a challenging and dynamic firm that requires dedication, creativity and implementations of existing policies through teamwork. * To be a research scientist and an academician able to utilize and sustainably apply the available natural resources and actively participate in research work | EDUCATION. 2007- 2011.Jan 2007 – Dec 20072002-2005.1991 - 1998. | Course. Institution. Achievement.BSc. Chemistry University of Nairobi. Second class Computer System Operation Unity college of professional...
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...FUNCTIONS OF THE GOLDSMITH BANKERS The first recorded history of banks was during ancient Roman and Greek Empires, where the temple priests would store gold and silver for safekeeping. Coins were brought to the temples not only as offerings but also for the payment of taxes. Since the temple was a place of worship and was always guarded, it was also considered a safe and secure place for storing items of value. The temples also lent money to the locals for trading purposes and exchanged foreign coins for local coins. During the medieval period, modern banking first began in Italy and then in Holland where banks facilitated the growing trade between Europe and far East. (Wikipedia: History of Banking). In areas where formal banking systems had not yet been established, goldsmiths were performing the necessary money lending and exchange transactions (Black, reading 4-3, p.2). The number of goldsmith-bankers in London has been estimated at 32 in 1670, 44 in 1677, and 42 in 1700(Goldsmith-Banking: Mutual Acceptance and Interbank Clearing in Restoration London. Quinn, Stephen). Edward Backwell was one of the many goldsmith bankers who had established a network of money lending business in London. Along with selling and trading precious metal jewellery and articles, he accepted deposits of gold from merchants for safekeeping; paid interest on the deposits; lent money on interest to the Government and the overseas trading companies; and exchanged foreign coinage (Black, reading...
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...The Banker Blueprint: The Last-Minute Guide to Breaking Into Investment Banking A Production http://breakingintowallstreet.com http://www.mergersandinquisitions.com http://breakingintowallstreet.com http://www.mergersandinquisitions.com Feel free to copy this report and send it to all your friends. Actually, scratch that – please copy this report and send it to all your friends. Forward it to as many people as possible. The more the merrier! Print it out, pass it around, and hand out copies to everyone you know. Just make sure you keep the names and logos on each page intact. Table of Contents Why I Wrote This Guide and What You’re Going to Learn ........................................................... 4 Reality Checks and Beaches in Thailand .......................................................................................... 4 Action Plan, Step 1: Plan Your Strategy ........................................................................................... 6 Your Strategy: Action Steps ........................................................................................................... 9 Action Plan, Step 2: Craft Your Story ............................................................................................. 10 Your Story: Action Steps .............................................................................................................. 14 Action Plan, Step 3: Network Like a Ninja .....................................................
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...CSEN5322 – Operating Systems Homework-5 Student Name | Student ID | Section | Date | | | | | Bankers Algorithm The Banker's algorithm is a resource allocation and deadlock avoidance algorithm. Using C++ programming language, implement the Banker's algorithm for deadlock avoidance. 5 <= # of process, P0 ~ P4 4 <= # of resource, A ~ D 0 0 1 2 <= Allocation 1 0 0 0 1 3 5 4 0 6 3 2 0 0 1 4 0 0 1 2 <= Max 1 7 5 0 2 3 5 6 0 6 5 2 0 6 5 6 1 5 2 0 <= Available 5 <= # of process, P0 ~ P4 4 <= # of resource, A ~ D 0 0 1 2 <= Allocation 1 0 0 0 1 3 5 4 0 6 3 2 0 0 1 4 0 0 1 2 <= Max 1 7 5 0 2 3 5 6 0 6 5 2 0 6 5 6 1 5 2 0 <= Available Input a txt file that includes the number of processes, resources, and the matrixes for allocations, max, and available. Output Safe or Unsafe 1) Read the # of processes and the # of resources 2) Read allocation, max and available for each process and each resource 3) Print whether this system is safe or not to the output file. Data Structures for the Banker’s Algorithm Input.txt Input.txt Let n = number of processes, and m = number of resources types. Available: Vector of length m. If available [j] = k, there are k instances of resource type Rj available Max: n x m matrix. If Max [i,j] = k, then process Pi may request at most k instances of resource type Rj Allocation: n x m matrix. If Allocation[i,j] = k then Pi is currently allocated k instances...
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...13 Bankers: The Wall Street Takeover and the Next Financial Meltdown 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown, by Simon Johnson and James Kwak, is an analysis of the banking system in America and how they contributed to the financial crisis of 2008. These banks were facing the possibility of bankruptcy, and in turn the American government had an increasing need for these banks as the means to fund the necessary investments in the economy. 13 bankers, breaks down the American banking industry in how they have grown so big, so profitable, that they have become resistant to regulations. The banks grown to the enormous that the stability of the economy was dependent, giving they a political influence by pouring money into campaigns of congressional candidates and congressmen, assuring investment banks to maintain influence and position in the White House and the Treasury department. Theses “megabanks” had balance sheet assets that accounted for more than 60 percent of the country’s gross domestic product. In March of 2009, the presidents of thirteen of these “Megabanks” met at the White House with the President, Obama that gave a message, “everybody has to pitch in. We’re all in this together” –President Obama (13 Bankers, page 4) this message giving a clear indicator the thirteen bankers needed the government and in turn, the government needed these 13 bankers to maintain stability of the economy. Thomas Jefferson was strongly suspicious of the...
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...Jeffrey Huang 第七讲 基于Monte Carlo模拟法的VaR计算 Datang010307BJ(GB)-PR1 VaR ΔP分布的确定方法 收益率映射估值法 风险因子映射估值法 风险因子映射估值模拟法 （全部估值法） 风险因子映射估值分析法 （局部估值法） 历史模拟法 Monte Carlo模拟法 基于Delta、Gamma等 灵敏度指标的方法 Jeffrey Huang 1 Datang010307BJ(GB)-PR1 Monte Carlo 历史模拟法实质上是利用风险因子的历史数据序列模拟出资产组合的 未来损益分布，进而得到给定置信度下的VaR Monte Carlo模拟法不再借助于风险因子的历史数据，而是通过选择或 建立适当的随机模型模拟风险因子的未来变化路径，并利用估值公式 计算出对应路径的资产组合价值；不断重复上述模拟过程，最大限度 地获得风险因子的未来变化路径及其对应的资产组合价值在未来的可 能取值，以期更加准确地描绘出资产组合的未来损益分布，进而求得 VaR Jeffrey Huang 2 Jeffrey Huang 一、Monte Carlo模拟法 Datang010307BJ(GB)-PR1 Monte Carlo 随机抽样统计分析法的基本特点是对实际数据进行抽样分析 Motne Carlo模拟法是从计算机随机模拟出的而非实际存在的数据进行抽 样、统计，又称随机模拟方法 尽管抽样的数据来源不同，但采用Monte Carlo模拟法与随机抽样统计分 析法的重复抽样的原理相同，所以人们在很多情况下并不对两者加以区 分，而常常把这种一次又一次不断重复的随机抽样方法，统称为Monte Carlo模拟法 Monte Carlo模拟法可以同时用于求解确定性问题和随机性问题 Jeffrey Huang 4 Datang010307BJ(GB)-PR1 确定性问题，指对那些已经存在的事实或现象进行研究的问题 这类问题往往很难直接求解，而借助于Monte Carlo模拟法对已经存在的 事实或现象进行模拟、观测、求解 首先，针对所要研究的确定性问题中已经存在的事实或现象，建立一个 概率模型或随机过程，使模型或过程的参数等于问题的解 然后，通过对模型或过程的反复观察或抽样试验来计算所求参数的统计 特征 最后，输出所求解的近似值，并估计解的精度 Jeffrey Huang 5 Datang010307BJ(GB)-PR1 随机性问题，指你要研究的问题中含有还未发生的随机性成分 这类问题一般须借助于随机数来对一些还没有发生的随机现象进行模拟 ，最后的求解结果也常常是对拟要研究的随机问题的未来变化分布的预 测 首先，针对待求解问题中的随机现象建立相应的随机模型 然后，对随机模型中的随机变量确定抽样方法，再通过计算机的模拟实 验产生所需要的随机数，得到模型中随机变量的有关特征数字 最后，根据随机模型所确定的解和相关随机变量的某些特征数字之间的 函数关系，计算出所求问题的近似解 Jeffrey Huang 6 Datang010307BJ(GB)-PR1 Monte Carlo VaR 用Monte Carlo模拟法计算VaR，几乎都是随机性问题 用Monte Carlo模拟法计算VaR，是否成功取决于一下三个要素：...
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...and polished pitch book. Typically, pitch book presentations would be created in PowerPoint; and then presented to the whole class for grading. Future bankers would be graded on their ability to create a concise persuasive presentation, accurate market overviews, and legitimate reasons for the company to enter the sell side market. There are three main parts to the body of the quasi sales pitch: the situation and position overview, the valuation summary, and the potential buyers. Using graphs to make the company attractive and showing how it would be pitched to potential buyers, is the situation and position overview of the presentation. While the valuation summary consists of the meat of the presentation where you show how this sale or purchase would benefit your bank and the company you are working with; this is where the majority of the numbers and calculations are shown. Finally, the potential buyers part of the presentation is where you find all prospective buyers and list why or why not they would be it. The pitch book is the staple of the finance industry, as confirmed by Donnie, and this assignment sets students up to practice all the fundamental skills needed within the banking industry. Creating a model pitchbook would be no easy task for a first time student. Contrary to the short time tables given to actual bankers, students should start their project as soon as it is assigned. Since most students have not written pitch books, by starting right away there's plenty...
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...The Banker And The Campus Uproar Student’s Name Institutional Affiliation Discussion Questions * Why would a bank consider making a mortgage loan or home equity loan to a homeowner who could not make the scheduled loan payments--wouldn’t this end up hurting the bank? Answer: Before advancing loans to the potential customers the banks consider certain things with the help of documents and tools. The financial position to the best of knowledge is assessed. But there is always a risk of default at the debtor’s end. Therefore, the bank bears the risk. For the minimization of this risk, the banks secure themselves with the help of securities and collaterals. In term of house loans, the house which is for which loan is advanced is taken as the collateral. A charge of bank is created over that asset by the bank. In case of default in payments by the debtor, the bank acquires that house and recovers the money of loan and interest by selling the house in auction. Any residual value after paying the bank liabilities is returned to the debtor. Therefore, throughout the loan tenure, bank is secure and reduces its risk with the help of collaterals. * After considering Cristina’s likely motives, incentives and behavior, do you believe she had conflicts of interest that were so serious she would knowingly recommend loans that were harmful to her clients’ interests? Explain your answer. Answer: The motives of Cristina were own wealth maximization. She was offered benefits on selling...
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...Investment Banker Turned Farmer Victoria Rego Saint Leo University Leaving a prominent job as an investment banker in New York City and moving to the farmlands of Illinois is compelling. The information provided by the Wall Street Journal and found online is very convincing. The demand for corn to convert into ethanol will be high, along with the price of an acre of prime farmland is low, at $10,000 (Brickley, Smith & Zimmerman, 2009). The price of this farmland is also expected to increase, another fact to encourage this business venture. Reselling the land years down the road is expected to make a profit. Also, someone who is smart should be able to learn how to grow corn. Unfortunately, no matter how compelling this venture is, and the facts that may convince the success of this venture, it is not worth the risk. This investment banker’s friends are not giving him good advice. One of the biggest and most obvious risks is that this investment banker does not know how to farm. Odds are he has lived in the city his whole life, and not even stepped foot on a farm. Growing corn on uncultivated land is difficult; it would require large amounts of fertilizer, herbicides, and pesticides (Reeves, 2009). These chemicals would then end up in farmland runoff and cause harm to the environment. It is also important to rotate crops, growing and harvesting products other than corn. What will this investment banker turned farmer do with these crops? This results in even more...
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...“Parable of the Sadhu” Apply your CORE perspective to what you would do in the “Parable of the Sadhu,” discussing your initial response to the sadhu and how it did, or did not, reflect your CORE perspective. Place in my dropbox by 1:00 PM Nov. 5. 1. What I would have done of my initial response When I read the article, I am not so struggle as the author. In my first thought, I was thinking of what we can do and what we can’t do. Since we have a couple of hours to think how to deal with him, compared our time and his life, I will definitely take care of him immediately. First of all, actually, it’s not a matter of instant emergency, strictly speaking, we have more than six hours to decide what we can do, so it was not the matter that you have to make decision within a minute. Secondly, to minimal the reaction time in a team in the case without a clear leader, I will call the teammates immediately to have a 20-minutes meeting, to make everybody pull out their thoughts, what’s the strength and weakness to save him, what we can do and what we cannot do. After squeezing all ideas, I would have made a summary and a poll to decide what we should do. And then just follow the majority because I still had the commitment to other team members. So this is the instant reaction that I would have taken when I read it the first time. 2. A familiar discussion in Law School: my experience as an attorney This kind of examples are familiar with law school students, in...
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...The 2009 Newsweek 50 Most Powerful People list has central bankers from the U.S. Federal Reserve, the European Central Bank, and the Bank of Japan listed at 4th, 5th, and 6th respectively. * Explain why these three men are thought to be more powerful than most countries' leaders. * Illustrate the far-reaching effects of monetary policy by choosing one action the U.S. Federal Reserve (the Fed) has taken in the past 10 years and explaining its effects. * What action did the Fed take? When did this happen (month/year)? * How did this action affect interest rates and exchange rates? * How were banks and businesses affected? * What was the impact on international trade? * Do you believe U.S. monetary policy should follow Keynesianism or Monetarism? Explain your reasoning. Be sure to cite all references using APA style. The three central bankers named in the list of most powerful men are influential because they handle the monetary policy. Monetary policy is a powerful and immediate tool to affect the demand side economics of any country. Monetary policy operations have far reaching effects which are much more immediate then fiscal policy. This also renders monetary actions a bit dangerous as at least five of the eight post war recessions in US can be attributed to anti inflationary policies of FED. (Tobin, 2008, ret: www.econlib.org). So the power that resides in central bankers hands in enormous. Lets take the example of Global Depression...
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