...An Internship Report On Audit Procedure of UHY Syful Shamsul Alam & Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues Department of Finance Faculty of Business Studies University of Dhaka An Internship Report On Audit Procedure of UHY Syful Shamsul Alam & Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues (As partial fulfillment of BBA Program) Submitted To Department of Finance University of Dhaka Supervised By Taher Jamil Lecturer Department of Finance University of Dhaka Submitted By Md. Rased Mosarraf ID: 16-062 Department of Finance University of Dhaka Date of Submission: May 22, 2014. Letter of Transmittal May 22, 2014. Taher Jamil Lecturer Department of Finance University of Dhaka Subject: Submission of internship report. Dear Sir, I have the pleasure to submit an Internship Report after completing a successful three month Internship attachment at a CA firm named “UHY Syful Shamsul Alam & Co.” on “Audit Procedure of UHY Syful Shamsul Alam& Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues”. I have concentrated my best effort to achieve the objectives of the report and hope that my endeavor will serve the purpose. The practical knowledge and experience gathered during report preparation will immeasurably help in my future professional life. I will be obliged if you kindly approved this endeavor...
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...Journal of Business and Management Vol. 6, No. 8; August 2011 The Influence of Knowledge Management System (KMS) on Enhancing Decision Making Process (DMP) Wafa Mohammed College of Business and Finance, Ahlia University P.O. Box 10878, 1st Floor Gosi Complex Exhibitions Road, Manama, Kingdom of Bahrain Akram Jalal Management Information System Department College of Business and Finance, Ahlia University P.O. Box 10878, 1st Floor Gosi Complex Exhibitions Road, Manama, Kingdom of Bahrain Tel: 973-3838-3411 E-mail: ajalal@ahliauniversity.edu.bh Received: February 25, 2011 Accepted: March 22, 2011 doi:10.5539/ijbm.v6n8p216 Abstract Recently, Knowledge Management System acquires high attention in all sectors, since it is a valuable instrument in improving performance. In this study, an explanatory research on evaluating knowledge management systems will be conducted for the Central Bank of Bahrain (CBB) based on a survey of decision makers working in the Central Bank of Bahrain (CBB). It is our intention to evaluate the impact of implementing the knowledge management system on decision making by evaluating the impact of the knowledge key factors which are the information technology infrastructure, human resource, knowledge sharing and the culture of the organization. The study investigates the relationship between knowledge management and decision making. It reveals that the knowledge management factors are crucial indicators which need to be effectively implemented to make...
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...Is Basel III a better support to Islamic banks than Basel II? International Interdisciplinary Conference On Changes, Challenges and Consequences In Commerce, Engineering, Technology and Social Science. Institute of Business Management and Research, Chakan & Choice Institute of Management Studies and Research, pune, 15th March, 2014. Dr. Atmaram palnitkar Research Guide& Principal of Dayanand College OF Commerce, Latur. palnitkarav@rediffmail.com&9423347478 Abdul-Jabbar Qasem Ali Al-badaani Research Scholar of Com and Magt Sci, SRTM University, Nanded. Amaf3600@gmail.com&7709670130 ------------------------------------------------- ------------------------------------------------- ABSTRACT Banking activities involve many risks calculated and otherwise. Banks have to take appropriate measures and require management of their capital and credit and implementation procedures in keeping with the best international practices, to mitigate potential losses and avoid projected pitfalls. In view of the recent financial crisis, due to wrong management or improper implementation as well as the collapse of large economies has had a cascading effect all round the world in the form of collapses of famous institutions and banks, and thus arose a decision to have a better financial control in the form of Basel I to be later followed by Basel II and Basel III. Thus a new culture in financial controls and risk management has arisen to safeguard the banking...
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...BRAC University Journal, Vol. III, No. 1, 2006, pp. 35-52 COMPARATIVE ANALYSIS OF LOAN RECOVERY AMONG NATIONALIZED, PRIVATE AND ISLAMIC COMMERCIAL BANKS OF BANGLADESH Ezaz Ahmed Department of Management and Business BRAC University, Dhaka, Bangladesh and Ziaur Rahman IITM, Dhaka, Bangladesh and Rubina I. Ahmed Department of Business Administration East West University, Dhaka, Bangladesh ABSTRACT Bangladesh has a unique Banking system with multiple types of Banking with Nationalized Commercial Banks (NCBs), Private Commercial Banks (PCBs), Foreign Commercial Banks (FCBs), Islamic Commercial Banks (ICBs), Specialized Development Banks and the Cooperative Banks. Currently the magnitude of loan default is quite enormous in the Banking sector. However, the general perception and belief regarding the Islamic Banking is better recovery rate of loans and advances. This paper attempts to discuss the issues that govern the banking practices in Bangladesh and it also paints a picture of the lending practices followed by NCBs, PCBs and ICBs in Bangladesh. From the analysis presented in this case, it comes to light that ICBs lending practices with Islamic banking instruments mirrors the lending practices of conventional banks having synonymous counterpart products. The paper also unfolds some strategically weak links in the development of the banking sector, which has obstructed the overall economic development of the country. In this diversified Banking system, an attempt...
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...BETWEEN ISLAMIC AND TRADITIONAL BANKS: PRE AND POST THE 2008 FINANCIAL CRISIS Mohamed Hashem Rashwan1 The British University in Egypt ABSTRACT This study tests the efficiency and profitability of banks that belongs to two different sectors: a) Islamic Banks (IBs) and b) Traditional Banks (TBs). The study concentrates on the pre and post 2008 financial crisis with an aim to test if there are any significant differences in performance between the two sectors. The study applies the MANOVA techniques to analyze the financial secondary data for only publicly traded banks in the same region. The findings of the study show that there is a significant difference between the two sectors in 2007 and 2009 and there are no significant differences in 2008, which indicates the effect of the crisis on both sectors. IBs outperform TBs in 2007 and TBs outperform IBs in 2009. This result indicates the spread of the crisis to the real economy where IBs usually operate. INTRODUCTION Forty years ago Islamic Finance was virtually an unknown system; interestingly it has expanded to become a distinctive and fast growing segment of the International Financials markets. With a growth rate that ranges from 15% to 20% (EL- Qoroshy 2005). Islamic Finance in general and Islamic banking in specific become main players in the financial world. According to the IMF survey (2010) the total capital managed under Islamic Finance systems was estimated to be $820 billion at the end of 2008. More than 200 Islamic Banks...
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...paper ISLAMIC FINANCIAL SERVICES BOARD and INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS ISSUES IN REGULATION AND SUPERVISION OF TAKAFUL (ISLAMIC INSURANCE) August 2006 THE JOINT WORKING GROUP: Islamic Financial Services Board International Association of Insurance Supervisors Members • Professor Rifaat Abdel Karim Ahmed • Islamic Financial Services Board • Dr Simon Archer • Islamic Financial Services Board • Abdullah Haron • Islamic Financial Services Board • Arup Chatterjee • International Supervisors • Abdul Rahman Tolefat • Bahrain Monetary Authority • Peter Casey • Dubai Financial Services Authority • Kholoud Saqqaf • Insurance Commission of Jordan • Dana Janbulat • Insurance Commission of Jordan • M'unis Haddadin • Insurance Commission of Jordan • Zabidi Othman • Central Bank of Malaysia • Wan Malawati Wan Mansor • Central Bank of Malaysia • Wan Mohd Nazri Wan Osman • Central Bank of Malaysia • Fahad A. Al Zomea • Saudi Arabia Monetary Authority IFSB & IAIS – Issues in Regulation and Supervision of Takaful (Islamic Insurance) Association of Insurance Page 2 of 16 Issues in Regulation and Supervision of Takaful (Islamic Insurance) Table of contents Background ..............................................................................................................................4 SECTION 1 – BACKGROUND TO TAKAFUL .........................................................................4 Islamic Religious...
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...the journal August 2005 Tackling the key issues in banking and capital markets* 1 Contents Page Editor’s comments 2 New challenges for central banks 4 Business integrity: A foundation for rebuilding reputation 16 The battleground for consumer banking 24 India: From sleeping tiger to stirring elephant 30 IFRS: Is your financial reporting sustainable? 42 Shari’a compliant financial services – standing its ground 48 Editor’s comments 2 by Phil Rivett the journal • Tackling the key issues in banking and capital markets Phil Rivett Global Leader, Banking & Capital Markets, UK Tel: 44 20 7212 4686 Email: phil.g.rivett@uk.pwc.com 3 Welcome to the August 2005 edition of the PricewaterhouseCoopers banking and capital markets journal. This is the 7th edition of the journal and brings together a rich selection of topics from our industry experts. Central banks are increasingly coming under the spotlight as they face a number of changes and challenges. In ‘New Challenges for Central Banks’, Chris Sermon, Peter Trout and Elizaveta Filipova highlight some of the new and existing opportunities facing the central banking sector in the areas of accounting, reporting, transparency, corporate governance and risk management and explore the importance of evolving practices and developments. Trust and integrity are fundamental to the financial sector, no more so than now following recent corporate transgressions. In ‘Corporate...
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...RISK MANAGEMENT IN ISLAMIC BANKING AND FINANCE: THE ARAB FINANCE HOUSE EXAMPLE Bilal A. Fleifel A Thesis Submitted to the University of North Carolina Wilmington in Partial Fulfillment of the Requirements for the Degree of Master of Business Administration Cameron School of Business University of North Carolina Wilmington 2009 Approved By Advisory Committee Howard Rasheed Cetin Ciner William H. Sackley Chair Accepted By DN: cn=Robert D. Roer, o=UNCW, ou=Dean of the Graduate School & Research, email=roer@uncw. edu, c=US Date: 2010.01.21 15:02:51 -05'00' ________________________ Dean, Graduate School TABLE OF CONTENTS TABLE OF CONTENTS ..................................................................................................... ii ABSTRACT........................................................................................................................ vi ACKNOWLEDGMENTS .................................................................................................. vii DEDICATION .................................................................................................................. viii LIST OF TABLES .............................................................................................................. ix LIST OF FIGURES...............................................................................................................x GLOSSARY .............................
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...KUWAIT FINANCE HOUSE (MALAYSIA) BERHAD (672174-T) (Incorporated in Malaysia) Directors' Report and Audited Financial Statements as at 31 December 2010 Registered Office Level 18, Tower 2, Etiqa Twins, 11 Jalan Pinang, 50450 Kuala Lumpur KUWAIT FINANCE HOUSE (MALAYSIA) BERHAD (672174-T) (Incorporated in Malaysia) CONTENTS PERFORMANCE OVERVIEW STATEMENT OF CORPORATE GOVERNANCE DIRECTORS' REPORT STATEMENT BY DIRECTORS STATUTORY DECLARATION REPORT OF SHARIAH COMMITTEE INDEPENDENT AUDITORS' REPORT STATEMENTS OF FINANCIAL POSITION INCOME STATEMENTS STATEMENTS OF COMPREHENSIVE INCOME STATEMENTS OF CHANGES IN EQUITY STATEMENTS OF CASH FLOWS NOTES TO THE FINANCIAL STATEMENTS PAGE 1 1 - 18 19 - 23 24 25 26 - 27 28 - 29 31 - 32 33 34 35 36 - 37 38 - 139 KUWAIT FINANCE HOUSE (MALAYSIA) BERHAD (672174-T) (Incorporated in Malaysia) 1 PERFORMANCE OVERVIEW The Group and the Bank registered a loss after taxation of RM75.6 million and RM97.3 million respectively for the financial year ended 31 December 2010 due to the more challenging operating environment in 2010 as the Group and the Bank embarked on its business realignment and restructuring plans in early 2010. The total assets of the Group has decreased by RM661.5 million to RM10.9 billion as at 31 December 2010. Despite the anticipated full year results, the Group made marked progress in Quarter 1 to Quarter 4 of 2010 profit/(loss) before taxation and the Group stood on a strong capitalised position with a...
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...Executive Summary The financial institutions industry in our country represents one of the most important industries those control the monetary flow in the economy. From the very first of its journey (Started by Industrial Promotion Company of Bangladesh Limited.) this industry has shown so much prospect as well as progress. Sharing some common characteristics of Banks & some of its own it brought diversification in the financial market. In the same time it witnessed impressive growth during the last years. In our country like most other industries financial institutions are also big city especially Dhaka concentrated. Financial institutions rarely spread their branches outside divisional cities let alone the urban areas. So the fierce competition among as well as across the group is strengthening. So the market segmentation, expansion and product diversification may be some key tools to get out of the situation for the FIs. But currently the industry seems to become matured with so many competitors. The recent inclusion of another two new financial institutions (Bangladesh Infrastructure Finance Fund Limited (BIFFL) & Agrani SME Financing Company Limited) in the market has increased the number of competitors at 31. From the research & provided data it is very clear that the companies are trying to strengthen their position in the market as the investment n fixed asset seems to on the rise. Besides following the stock market crash in 2010 and recent rise in the...
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...important role. A bank is a reliable financial institution, which has core business of mobilizing the savings of people for investment purposes. It receives the money from one group and lends to other group of people. So bank performs the duty of financial intermediary. Usually there are two types of banks, conventional banks and Islamic banks. In simple words Islamic banks operate in interest free system. 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." 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 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 (Dr. Siddiqui). Islamic banks appeared on the world scene as active players two decades ago. But many of the principles on which Islamic banking is based have been commonly...
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...CURRICULUM OF BUSINESS ADMINISTRATION FOR BBA, BBS, MBA & MS HIG HER EDUC ATIO N CO MM ISSION (2012) HIGHER EDUCATION COMMISSION ISLAMABAD 1 CURRICULUM DIVISION, HEC Prof. Dr. Syed Sohail H. Naqvi Mr. Muhammad Javed Khan Malik Arshad Mahmood Dr. M. Tahir Ali Shah Mr. Farrukh Raza Mr. Abdul Fatah Bhatti Executive Director Adviser (Academics) Director (Curri) Deputy Director (Curri) Asstt. Director (Curri) Asstt. Director (Curri) Composed by: Mr. Zulfiqar Ali, HEC, Islamabad 2 CONTENTS 1. Introduction……………………………………...........6 2. BBA Programme....................................................11 a. Structure of BBA Programme..……………....12 b. Layout for BBA Programme..........................13 c. Semester-wise Breakup for BBA…...............14 3. Bachelor of Business Studies (BBS)......................15 4. MBA Programme....................................................16 a. Structure of MBA Programme........................17 b. Semester-wise Breakup for MBA...................19 5. MS in Management Sciences................................20 a. Structure of MS Programme...........................20 b. Eligibility for Non-business Degree Holders...21 6. Roadmap for Business Education…………............24 7. BBA Course outlines...............................................25 a. Compulsory Courses for BBA...…….…..........25 b. Foundation Core Courses...........…....…....... 41 c. Major Core Courses........................................59 d. Major...
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... Submitted To: Mrs. Mariya Nadeem INTRODUCTION TO BANK ALFALAH Bank Alfalah Limited was incorporated on June 21st, 1997 as a public limited company, under the Companies Ordinance 1984. Its banking operations commenced from November 1st, 1997. The bank is engaged in Islamic banking, commercial banking and related services as defined in the Banking companies ordinance, 1962. The Bank is currently operating through 115 branches in 36 cities, with the registered office at B.A.Building, I.I.Chundrigar, Karachi. Management of Bank Alfalah accepted the challenge to transform this bank into a highly professional, most efficient & service oriented institution. The management has been successful in fulfilling the undertaken challenge. It has been successful in making a significant contribution to both corporate and retail banking in Pakistan. Over the years, its emphasis on growth has resulted in a strong entity capable of offering high quality services to a wide spectrum of clients, in a highly challenging business environment. Its strategy is to maximize the synergies of branch network through an optimal allocation of financial resources in the face of dynamic challenges of present financial environment. Strengthened with the banking of the Abu Dhabi Group and driven by the strategic goals set out by its board of management, the Bank has invested in revolutionary technology to have an extensive range of products and services. This facilitates their commitment...
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...Scale/Research Planning 7 8. Timetable 9 9. Problems of the Fact 10 10. Conclusion 10 11. Reference 11 12. Appendix 12 Abstract Commercial Banks are the most dominant financial institutions in the domain of commerce and industry. The efficiency of commercial banks is dependent on their ability to mobilize fund profitability, which can enhance their corporate value. There can be few, if any, parts of the economy in which risk management is more important than the financial sector. Financial institutions account for a sizeable number of the world's leading companies and have a critical role to play in the economics of every country and thus in world economic order as a whole. The research will be focusing on the case study method by interviewing the concerned person that will provide detailed analysis of such Bangladeshi commercial banks of the country as their business operation is being centered on taking risks in conditions of uncertainty. The process with such focus on how outcomes relate to effective risk management will be deemed important. The results should achieve in answering such issues and problems presented based on research findings and information researches to support whatever data is gathered respectively. In this research we shall try to focus on how risk management i.e. firms’ financial valuation to its customer and management to added corporate value, may...
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...Journal of Financial Reporting and Accounting Insurance vs Takaful: identical sides of a coin? Hairul Suhaimi Nahar Downloaded by ZHONGNAN UNIVERSITY OF ECONOMICS AND LAW At 10:31 08 December 2015 (PT) Article information: To cite this document: Hairul Suhaimi Nahar , (2015),"Insurance vs Takaful: identical sides of a coin?", Journal of Financial Reporting and Accounting, Vol. 13 Iss 2 pp. 247 - 266 Permanent link to this document: http://dx.doi.org/10.1108/JFRA-02-2015-0029 Downloaded on: 08 December 2015, At: 10:31 (PT) References: this document contains references to 66 other documents. To copy this document: permissions@emeraldinsight.com The fulltext of this document has been downloaded 248 times since 2015* Users who downloaded this article also downloaded: Mohamed Sherif, Nor Azlina Shaairi, (2013),"Determinants of demand on family Takaful in Malaysia", Journal of Islamic Accounting and Business Research, Vol. 4 Iss 1 pp. 26-50 http:// dx.doi.org/10.1108/17590811311314276 Khalid Al-Amri, (2015),"Takaful insurance efficiency in the GCC countries", Humanomics, Vol. 31 Iss 3 pp. 344-353 http://dx.doi.org/10.1108/H-05-2014-0039 Nor Aziah Abu Kasim, (2012),"Disclosure of Shariah compliance by Malaysian takaful companies", Journal of Islamic Accounting and Business Research, Vol. 3 Iss 1 pp. 20-38 http:// dx.doi.org/10.1108/17590811211216041 Access to this document was granted through an Emerald subscription provided by emeraldsrm:509129 [] For...
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