What You Absolutely Need to Know About Changing Careers

What You Absolutely Need to Know About Changing Careers Versatile. Multi-faceted. Agile. These adaptable characteristics are for the most part inclining in the present place of employment advertise so why is changing vocations so troublesome? Let’s take a gander at a portion of the manners in which you can do a lifelong switch, and prepare yourself to grasp the present place of employment patterns and requests. Discover Your Career Path(s)Conventional insight proposes that we as a whole have a lifelong way, a particular direction. You start here, you’ll hit these focuses en route, and you’ll end up there. The issue with this is it sounds incredible in principle, yet as a general rule, reality disrupts everything: financial downturns, individual life changes, and burnout would all be able to meddle extraordinarily with this straight arrangement. Furthermore, a large number of us pick that profession way at a youthful age, directly out of school or as a hopeful twentysomething. Is it accurate to say that you are a simil ar individual you were at 21? I’m not (thank heavens), and as somebody with developing aptitudes and interests, I like to imagine that I’m not secured in an unbending path.Life mentor Roman Krznaric, creator of How to Find Fulfilling Work, has confidence in the idea of â€Å"wide achievers†: the possibility that a vocation can be a composite of different employments and encounters, rather than a straight line through one field. In this model, you’d set your objective as a range of abilities as opposed to a particular activity title (for instance, VP of Marketing). It includes reexamining our professions, and choosing whether you may have various ways you can take to the endgame of a delightful career.But how would you explore this, if you’re as of now in an occupation, or have a huge amount of quite certain experience that may not go into the field where you need to go next?Make a Smart Start to Your ChangeIf you as of now have a vocation, you donà ¢â‚¬â„¢t need to submit your acquiescence and hop directly into that profound finish of finding your next profession. Set aside some effort to make sense of what you need to do. Figure you may have an enthusiasm for knocking your photography leisure activity up into an expert photography gig? Attempt to hustle a couple of independent occupations on evenings and ends of the week, and attempt to manufacture a customer base.If you definitely know where you need to go†¦You should begin by doing a self-assessment:What kinds of employments are accessible to somebody with restricted experience?What abilities do I have already?What are the absolute minimum aptitudes required by this field I’m inspired by joining?What advancement do I need?Am I ready to begin from the base if necessary?If you’re considering changing professions and recognize what your objective field is, you can begin by taking related classes on the web or in the nighttimes, or by going to systems adminis tration occasions. Volunteer. Converse with somebody who’s as of now in the field, and ask what their everyday resembles, and what their activity requires. Now, there’s no responsibility it’s a reality discovering mission.If you’re as yet attempting to make sense of what you need your new profession to be†¦Ã¢â‚¬ ¦don’t sweat it. You may simply realize that you need A Change, and need to make sense of what occurs straightaway. This alternative is a difficult one, to be certain you’re beginning without any preparation. Be that as it may, that’s likewise its excellence: you’re beginning without any preparation! You don’t have assumptions, and can set aside the effort to make sense of what you truly need to do, and why.Find Hot Career Change IndustriesWhere are the employments and new chances? At this moment, there are distinct hotspot businesses that are agreeable to profession changers. As indicated by U.S. News and W orld Report, these fields are ceaselessly extending to stay up with society:Healthcare. With the Baby Boomer populace resigning and maturing, medicinal services needs and requests will keep on explode.mobile innovation. Got coding abilities? If not, maybe it’s time to begin taking a few courses? While a few regions of the tech part are declining, the advancements occurring in portable innovation (applications, correspondences, and so on.) keep on going.Data examination. Now and then it feels like we are little however a mobile, talking assortment of accumulated information focuses. Pretty much every industry is pulling in gigantic measure of data nowadays, and having what it takes to parse and break down that data is an enormous selling point.And recall: in the event that you feel threatened by beginning once again and switching vocation gears, you are not alone. Be a New-Wave EmployeeA hard truth of occupations when all is said in done nowadays, and for individuals who are attempting to manufacture understanding, is that numerous businesses need non-conventional workers. That implies representatives who fall outside the full-time range. In the event that you’re hoping to make the profession trick, you ought to consider employment opportunities that are in your field, however probably won't be the perpetual chance you had always wanted. These include:Part-time jobsContract/independent jobsTemporary jobsThis returns to the adaptability issue I referenced before. Bosses esteem adaptability, since it encourages them arrive at their own objectives. What's more, regardless of whether your own will probably locate a lasting, full-time, benefits-loaded employment in your new field, these occupations can fill in as a venturing stone while you get required aptitudes and experience.Build Your BrandBranding is a significant piece of any pursuit of employment, however in the event that you’re attempting to rebrand yourself as an alternate sort of ex pert, it’s fundamental. You’re building your rep and your system starting from the earliest stage, essentially, so it’s critical to have a perfect base. On the off chance that you haven’t done so effectively, tidy up your current profiles and prepare them pursuit of employment. After you’ve done that, begin situating yourself for your new field. Begin following solid voices in your new region, read (and post) connections to keep steady over patterns in the field, and make sense of how individuals as of now in the field are situating themselves. This can assist you with making sense of how to best present yourself as your pursuit of employment truly gets underway.Social media is one of those enduring megatrends that doesn’t leave so the stunt is keeping steady over the new media to make sense of where you ought to be too. Which stages are the â€Å"cool kids† utilizing? Getting acquainted with new stages and locales is something you ca n without much of a stretch do individually, and it takes care of when you have an entire system of individuals in the field you’re attempting to reach.If you’re prepared to make the hop to another profession, there are heaps of spots you can land. With sharp-looked at regard for what’s going on and how you can move your current abilities and experience to another field, you’re well on your way. Good karma!

Chief Knowledge Officer

Question: Compose an article on Chief Knowledge Officer and talk about Information incorporation, Authoritative memory, and Substance and archive the board. Answer: Presentation KM (Knowledge Management) isn't tied in with setting up another division or dispensing titles, for instance, the CKO (Chief Knowledge Officer). It talks reality seeing that data time, sharing, and application are the components of endurance. The most basic activities of every specialist in every office in every affiliation (Davenport Prusak, 1998). It should be evident that associations must direct and store data even more effectively. The upside is that ILM (Information Lifecycle Management) and DLM (Data Lifecycle Management) look good: believe it or not, that is the explanation it existed regardless. ILM and DLM are the basic for appropriate corporate organization, yet, then again, are an essential bit of good business lead. These guarantee reputation and manages risk, and furthermore propelling an ensured, secure trade condition. These give overall cash related business security and robustness and moreover following dubious customers' turn of events. These expansion the estimation of clients' sureness and with it the distinct advantage. These help balance psychological militant government avoidance activities and fits overall managerial strategies ('Data Management Lifecycle and Software Lifecycle Management in the Context of Conducting Science', 2014). Objectives and targets Data as a bit of leeway is fundamental in giving affiliations gainful information. Information gets the opportunity to illuminate and information gets the chance to learn. This exposition discusses the complexities between DLM, ILM, and TLM (Total Lifecycle Management) in inconspicuous component and takes a gander at the division at long last. Despite the way that the guidelines behind the three thoughts stay on an essential level unmistakable, it is all still data. Information organization suggests that an affiliation has accomplished something watchful with its data, and learning suggests that some abstract method has been associated with that information. From an imaginative point of view it is straightforward just to insinuate DLM, along these lines from the outset we need to depict the focal destinations of DLM and its stage (Golshani, 2004). To make an affiliation's data open: All data should be instantly available to support the associations to which it is purposed. Availability necessities should not to be restrictive. To have an adaptable setup and development displaying: Data continually changes. Thus, the methods, frameworks and crucial advancements that manage it should change in accordance with meet creating data demands. To give operational security to the bit of leeway: The data organization stage joined with its methodology and procedure should give examining, following, and controlling instruments to manage the data sufficiently. Specifically, it must give a total organization structure that oversees progressively important deceivability into its step by step use (Clements, 2003). Examination KM's fundamental notion has been that critical data exists. One required just to get, arrange, and offer it. Learning and data creation was not seen as an essential thought. As demonstrate by Chen's model28 inspected in the past portion, the idea of by and generally held data and social occasion making sense of how to support Authoritative Memory. The cycle depicts a two-phase modelinformation age and picking up joining. The learning creation stage delivers new data through relationship among individuals and social events provoking the proper gathering of new learning at the definitive level conveyed in certain and procedural guidelines. The Information Integration incorporates dispersing and sharing new data. Another business strategy may not rapidly be graspedgetting a significant number of workers to take after new techniques calls for unwavering change by both the pros and the benefactor (Hall, 2006). Getting the hang of planning is unequivocally the cycle insinuated in the first, through which people in relationship, considering issues developing in business structures, out and out partake in data creation and coordination. Learning methodology, as such, are social procedures through which affiliations make and offer their understanding. KM, on the other hand, is an organization activity that attempts to improve getting the hang of planning. Not all associations support formal KM works, but instead all connections appear to participate in some data dealing with. Figuring out how to deal with is a gathering. People in associations watch out for self-make in a creating way (Maier, 2007). One of the primary things we need to do in considering KM in its subsequent time is to see that data has a presence cycle. The KLC (Knowledge Life Cycle) begins with the acknowledgment of issues by administrators in the setting of business getting ready. As workers are busy with their daily schedule of business, they experience gaps in their understanding into how to move from the present state of events to some needed target. It in a perfect world closes with the choice of as of late acknowledged learning cases, feelings, and tendencies. Learning use takes after and occurs within the association of business taking care of. As data is adequately organized all through the affiliation, it is imparted the extent that emotional and target learning. Singular data is soundly held by individuals or social affairs while target information is contained in records, PC archives, and so forth. In the midst of learning usage in business taking care of new issues rise and are recognized, and the c ycle seeks after (Salisbury, 2009). Assessment Vendors are starting at now veering from using the HSM articulation and utilizing both DLM and ILM. In spite of the way that the term ILM is weighed down with disorder and conflicting interpretations from various venders, dealers are starting at now introducing different advancements that will be the starting phase of the improvement of robotized ILM things. In the latest couple of years, DLM things have risen. With the augmentation in recuperation necessities through consistency issues and other rising guidelines, affiliations have started exploring better ways to deal with support, store, manage and track their most segregating data. It is beginning with virtual tape and circle based help. They have in like manner acquainted with complete some generally layered capacity capacities, for instance, moving stale data from their world class hover groups to more sharp structures or eradicating inconsequential data totally (de Souza Barbastefano, 2011). This development can rundown, move and recoup data and furthermore show its believability on any bit of the structure. But still a manual system when setting approaches against business essentials, this is where ILM gives affiliations the limit and mechanical information to complete even more extraordinary stockpiling plans. A couple of associations will utilize virtualization applications that lucidly total various displays into a single, virtual capacity pool and host them on creating sharp stockpiling switches. Manual ILM will give customers a confined savvy record structure see that is dissipated over various media sorts in various zones. ILM will enable associations to move data easily within the capacity establishment as their creating methodologies oversee while shielding heads and customers from the concealed multifaceted nature (Chen, Hwang Raghu, 2010). Motorized ILM will organize things that regulate capacity, virtualization, and the data itself. Different limit organization stack perspectives will be embedded into the establishment. Acknowledgment limits will moreover be introduced into different capacity organization things and be settled in some vertical markets, chiefly the cash related division. The move from manual ILM to motorized ILM will require additional progressions remembering the ultimate objective to administer information as data, rather than directing it as information. The total expense and estimation of a piece or set of data depends on upon every time of its life-cycle, and furthermore to the business and IT circumstances wherein it exists. TLM will robotize the way that affiliations look at their entire data set. TLM will offer affiliations the ability to make sure about against media obsolete nature, inheritance data, future hardware changes, and dealing with all method of arranged flexible assets. Thus admini stering capacity costs and data advancement are giving surveys without the prerequisite for manual intervention. At long last, an affiliation needs to do is pick the data system, and TLM wraps up (Petrocelli, 2006). End The KM system begins with discovering that delegates either passes on to their workplace or have gotten over the range of their work works out. KM is a way to deal with better utilize the potential that stays inside and outside as far as possible for the accomplishment and practicality of the firm. Making to comprehend the potential the association and the instruments that support data creation and KM are confusing and difficult to supervise. References Chen, A., Hwang, Y., Raghu, T. (2010). Information Life Cycle, Knowledge Inventory, and Knowledge Acquisition Strategies. Choice Sciences, 41(1), 21-47. doi:10.1111/j.1540-5915.2009.00258.x Clements, B. (2003). Lifecycle the board. Assembling Engineer, 82(6), 48-48. doi:10.1049/me:20030611 Information Management Lifecycle and Software Lifecycle Management in the Context of Conducting Science. (2014). Diary Of Open Research Software, 2(1), e15. doi:10.5334/jors.ax Davenport, T., Prusak, L. (1998). Working information. Boston, Mass: Harvard Business School Press. de Souza, C., Barbastefano, R. (2011). Information dispersion an

Activities, humanities, question-ities

Activities, humanities, question-ities Activities Today I am inspired by Christina (my favorite off-the-waitlistee) 10, who asked, How many hours a week did you/do you dedicate to cheerleading and how has it helped/hurt your grades, etc? [Im uh, asking for a friend. :-D] I know it must be kind of confusing to reconcile the fact that were all apparently busy out of our heads with schoolwork and the fact that many of us actually do significant extracurricular stuff. Two things to wrap your collective heads around: 1) MIT students really like to complain about how hard theyre working, and 2) MIT students really like being busy. Its probably reasonable to limit yourself to one extracurricular activity when you first come to MIT, at least until you figure out if you can handle more than one. Thats harder than it sounds, because youll be seduced by things like the First Year Summer Mailing over the summer and the Activities Midway at Orientation, and youll get overexcited and sign up for ten groups, because, hey, you did ten things in high school, right? Okay, wrong. Theres definitely time to do an extracurricular activity or two, plus a UROP, and still graduate on time and happy and fulfilled. Jessie does three, to my knowledge: student government, Assassins Guild, and APO, plus a UROP. (This requires a great deal of moxie.) Unless you are a total academic rockstar and/or you do not need sleep, you probably cant do ten. I personally do one activity plus a UROP, partially because I live in the boondocks and it annoys me to go back to campus after Im home for the evening. Cheerleading is a time commitment of about six hours per week (three practices of two hours each), plus cheering at home football and home mens basketball games. Im really happy that I did cheerleading, because I got to have fun with a great group of people while simultaneously avoiding the freshman 15 and getting big and strong. I never felt like it negatively affected my grades or studying actually, Ive always thought it helped me become the time management ninja I am. When you have practice to attend, you know you have to sit down and do your work. When you have nothing else to do, you might be more inclined to waste time on the internet. A blatant plug for cheerleading An anonymous commenter asked, I had a question about cheerleading. I havent had any cheer expereince in high school, but I was wondering if it is a pre-requisite to have been a cheerleader to try out for the MIT squad. No, you dont need to have previous cheer experience to try out for cheerleading. I was in choir and theatre in high school, and I joined the squad and even became captain! About half to three-quarters of our members have never cheered before coming to MIT, and the quarter to half who have cheered are always really happy to help everybody else learn. We dont really have tryouts per se we have a weekend where we hold a clinic and teach everyone how to stunt and cheer and dance, but its really more for prospective members to try us out and see if the squad is something theyd like to do rather than us picking people. We havent cut anyone since Ive been on the squad. Join the cheerleading squad! Its fun! :D HASS-Dmystification Ive heard some questions recently about the ridiculous monstrosity that is the HASS requirement. If you do not understand the HASS requirement at this moment, dont worry about it. I think I figured it out halfway through my sophomore year here. So yes, you have to take one class from at least three different HASS-D categories. Your concentration is a group of three or four HASS classes in a certain department or thematic area; it can be in any of these fields. You dont have to concentrate in a subject in which you took a HASS-D, although it can be, if youre interested in killing multiple birds with minimal stones and all that. Two classes out of the 8 must be communication intensive, or CI-H, and at least one of those classes should be taken during your freshman year. Unless a class is HASS-D or says limited enrollment, you will get it for sure. And even when classes are limited enrollment, you can usually get into them if you really want to. If you dont get your first choice HASS-D, there are usually open spots by the first day of class, and you can go to the first day of the class and have the professor sign an Add Form for you. (Adam chimes in that he has literally never gotten into a HASS-D via the lottery; he just goes on the first day and gets his add form signed. I wouldnt advocate Adam-level flakiness, but hey, if it works) Questions 1. Evan B (can I say that I love it that the Evans are now differentiated?) wondered what in my last entry was so bad that I didnt want the RIAA to see it. Answer: I used to use Kazaa. But I do not now, partially because I own an iPod and am happy to use iTunes and partially because I do not have three thousand dollars or whatever to pay the RIAA in a settlement. 2. Charlotte asked, Out of curiosity, what happens when a researcher(postdoc, graduate student or whatever) gets pregnant? Ethidium bromide and UV light are already harmful enough to us typical young adults. Also, how did you manage to get your experimental procedures done within just three or four hours each afternoon? I know of people in other countries who go to their labs at 5.30 *AM* and leave at 11 *PM* ::faints:: I think female scientists just get very, very careful when they get pregnant. I mean, really, the risk shouldnt be too bad if youre careful the problems come when youre all bring it on, EtBr! and pick up gels with your bare hands and stuff. I get my experiments done in three or four hours in a few ways. First, Ive been known to come in before class to get stuff started, go to class while its running, and come into lab in the afternoon to finish the procedure. I also have a very helpful postdoc who will often get stuff started so its ready for me when I come in. Third I get stuff done a lot slower than people who work full-time. ;) Thats the reality of being an undergraduate researcher. As a grad student, I realize that the 5:30 11 shift is going to be a lot more normal. 3. An anonymous commenter asked, If I choose (in the next few weeks) to take an advising seminar, but then get to campus and find that my schedule is too full or I dont have enough time, can I switch to traditional advising? There are so many decisions to make about advising/learning groups/extracurricular activities, but I wont get most of the information necessary to make the best decision for me until I get to campus. The word on the street is that yes, you can drop your advising seminar if you choose to do so, although I get the feeling that its really not encouraged. The good thing is that advising seminars, though worth 6 units of credit, do not really take up six hours of your week. I dont think taking an advising seminar should stop you from being able to pick up an extracurricular, or a job, or whatever you choose to throw at yourself. Its just six units of free credit and a bunch of free food. :) Ultimately, I think you should choose seminar-based advising if youre excited about the seminars youve chosen, and not just because you think you ought to. But you shouldnt feel like doing seminar-based advising will keep you from any of the cool things you can do at MIT, either. 4. Alice gets a gold star for making me a sleep statistics celebrity. 5. Another anonymous commenter asked, Is there any point to getting a debit or credit card in college when we have TechCash? Oh dear, yes. I mean, I dont know about you, but I buy a lot of things other than food. Like books on Amazon and sundresses at FCUK. TechCash is wonderful for buying food on campus, but what if you want to order hot dogs or frozen yogurt? People here mostly have checking accounts with either MIT Federal Credit Union (ATMs in Tech Square, the Student Center, Stata, and the Infinite) or Bank of America. There are always impassioned debates about which cares more about you as a person, et cetera, and youll want to check out both before committing to one. (For what its worth, I heartily recommend a debit card over a credit card. Many of my friends from home are graduating college with about a zillion dollars in credit card debt, because they were like Oh man, look how cool that new HDTV is! I may not have the money to buy it, but, hey, I do have this shiny credit card! Not good.) I have Bank of America. They keep my money, and sometimes I take it out and spend it. It works out well for me. ;) 4. John asked, I just saw your entry on MacGregor and I saw all the different rooms. How does one go about lofting a bed? Do they need to buy anything, or do the beds just kind of have the feature? The beds are automatically loftable in MacGregor the bedframe has hooks on the end, and the headboard and footboard have ladder-like notches. You can pick where you want your bed to be, although the highest you can get it is about 3.5 or 4 feet. If you want it any higher than that, youll have to scrounge around for some cinderblocks. (Hint: Theyre in the hall closets!)

Whats a Good SAT Subject Test Score

The great majority of colleges require scores from either the SAT or ACT for admissions. There are far fewer schools that require SAT Subject Tests, and those schools tend to be some of the most selective in the country. As a result, most students who take SAT Subject Tests are strong, and average scores on the Subject Tests tend to be quite a bit higher than typical scores on the SAT general exam. Thus, even though SAT Subject Tests use the same 800-point scale as the regular SAT, dont make the mistake of comparing scores on the two types of exam. Important SAT Subject Test Facts Like the sections of the regular SAT, the Subject Tests are scored on an 800-point scale.An average SAT Subject Test score tends to be well over 600, much higher than averages for the math and reading/writing sections of the regular SAT.Only a small percentage of colleges require SAT Subject Tests.A colleges Subject Test policies might be different for specific programs and for home-schooled students. What Is an Average SAT Subject Test Score? Average scores on Subject Tests are typically well above 600, and top colleges will often be looking for scores up in the 700s. For example, the mean score on the SAT Chemistry subject test is a 666.  By contrast, the average score for the regular SAT is a 536 for the evidence-based reading and writing exam, and a 531 for the math section. Getting an average score on an SAT Subject Test is more of an accomplishment than receiving an average score on the general exam, for youre competing against a much stronger pool of test-takers. That said, applicants to top colleges tend to be outstanding students, so you dont want to be simply average within the applicant pool. SAT Subject Test Scores Are Losing Importance Its also important to note that SAT Subject Tests have been losing favor among college admissions offices in recent years. Several of the Ivy League schools no longer require SAT Subject Test scores (although they do still recommend them), and other colleges such as Bryn Mawr have moved to test-optional admissions. In fact, only a small handful of colleges require SAT Subject Tests for all applicants.   More typical is a college that requires Subject Test scores for some applicants (for example, the math subject test for engineering students), or a college that wants to see Subject Test scores from home-schooled applicants. You will also find some colleges that have a test-flexible admissions policy and will accept scores from SAT Subject Tests, AP exams, and other tests in place of the more typical SAT and ACT. Will the Redesigned SAT Kill SAT Subject Tests? Several colleges and universities have announced that they are phasing out their Subject Test requirements because of the redesigned SAT that launched in March of 2016. The old SAT had purported to be an aptitude test that tested your ability rather than what you had learned in school. The ACT, on the other hand, has always been an achievement test that attempts to measure what youve learned in school.   As a result, many colleges did not require SAT Subject Tests for students who took the ACT because the ACT was already measuring a students achievement in different academic subjects. Now that the SAT has given up on any hint of measuring ability and is now much more like the ACT, the need for Subject Tests to measure an applicants subject-specific knowledge is less necessary. Indeed, it wouldnt be surprising to see the SAT subject tests become optional for all colleges in the coming years, and we may even see the exams disappear altogether if demand drops so low that they arent worth the College Boards resources to create and administer the exams. But for now, students applying to many top-tier colleges should still take the exams. SAT Subject Test Scores by Subject: Mean scores for SAT Subject Tests vary considerably from subject to subject. The articles below provide score information for some of the most popular SAT Subject Tests, so you can use them to see how you measure up to other test-takers: Biology Subject Test ScoresChemistry Subject Test ScoresLiterature Subject Test ScoresMath Subject Test ScoresPhysics Subject Test Scores Should You Take SAT Subject Tests? If your budget allows (see SAT costs), it is a good idea for students applying to highly selective schools take SAT Subject Tests. For example, if youre taking AP Biology, go ahead and take the SAT Biology Subject Test as well. Its true that many top-tier schools dont require Subject Tests, but many do encourage them. If you think youll perform well on the exams, taking them can add one more piece of evidence to your application that you are well prepared for college.

Truth about Trust - Free Essay Example

Sample details Pages: 3 Words: 782 Downloads: 8 Date added: 2019/04/01 Category Society Essay Level High school Tags: Truth Essay Did you like this example? Out of all the things humans desire from life, trust is most vital in all. One of the most consequential aspects in a relationship is the bond of trust between two individuals. The word trust is defined by Merriam-Websters online dictionary as an assured reliance on the characters, ability, strength, or truth of someone or something. Don’t waste time! Our writers will create an original "Truth about Trust" essay for you Create order However in actuality, trust is being able to fully place confidence in another. Just like confidence, one cannot gain it in a single day, it takes months or even years to gain confidence in ones self. Confidence and trust are one with another if someone were to mock someone else their confidence may diminish. Trust is precisely related to that as well. Despite the fact it takes a long time to build the foundation and gain trust thoroughly from another individual, it can easily be disoriented in a single moment. Trust is placing faith in a single individual despite the outcome that could occur. It is a very important attribute to have in a relationship because trust is what creates the foundation. Without trust in a relationship, there truly is no relationship, to begin with. When determining whether or not a person is reliable to trust it becomes merely based on their character and how that person acts. There are two types of people that I have run into in my life that believe trust is used differently, there are the people who take advantage of the trust someone has given them and use it to get what he or she wants, per se an intimate relationship. However, there are also people that will go to desperate measures in order to prove to someone that they are worthy of trust and constantly do so by avoiding situations that cost them the disintegration of it. This generation has been taught that trust is a given, thinking trust just appears out of nowhere and is either stands for a lifetime or strangles off to nothing. Trust does indeed take time, effort and accountability. In order to fully trust someone, a person must prove they are worthy of anothers time because trust is not freely given, it is one that is earned. That being said, many relationships are more important than others, therefore, trust is a more valuable thing to someone. Within a relationship, there can also be multiple layers of trust. When you meet a new friend and have had a few experiences with them to acknowledge their behavior leading to how they may react to certain things, their credibility and accountability could fulfill the feeling to feel safe enough to trust them in your everyday life. Or, there is a level of trust that usually, spouses, couples and families can relate to, a trust that has encouraged and enhanced the transparency of honesty to one another, en couraging nothing else but the trust of the other person to help throughout a struggle, one that proves the loyalty and understanding of each other. Different levels of trust can come in all forms. That being said, in a situation when a child has broken the trust with their parent it leads to higher consequences. A prime example of a level of trust and the delicacy it portrays can be found in relationships, there must be a receiving trust from both individuals in a relationship or the foundation is misleading, with no foundation and only one person putting in their all can lead to the other person having confidence loss by not feeling worthy enough of trust from the other. A relationship will not continue if one side is trusting in all and the other not, it is just as good as having no relationship at all. Having a strong, trustworthy bond in a relationship allows both sides to grow as one. Now say something has been done leading to the trust between two individuals to whither, it is most important to remember what is at stake; the relationship. Being someone who has experienced the true loss of trust with someone, it is not an e asy position to be in, especially if the other person is hurt in the process. Gaining trust back is equally as hard as earning trust from someone, it is a cycle of an act of faith. By having faith in another person allows them to acknowledge you believe in them and the commitment shares a relationship as a whole. Trust most definitely will be misplaced, it happens uncontrollably. By increasing ones willingness to have even the slightest bit of faith to put into trust will make any relationship stronger and long-lasting. Trust, therefore, is very important to everyone because, without it, we cannot live in unity.

Finance reviewer †midterm Free Essays

Types of Market 1 . Physical asset markets (also called â€Å"tangible† or â€Å"real† asset markets) vs. Financial asset markets – Physical asset markers are for products such as wheat, autos, real estate etc. We will write a custom essay sample on Finance reviewer – midterm or any similar topic only for you Order Now Financial asset market deals with stocks, bonds, notes and mortgages. 2. Spot Market vs. Future Markets – Spot markets are markets in which assets are bought or sold on the spot. Future Markets are markets in which participants agree today to buy or sell an asset at some future date. 3. Money markets vs. Capital market – Money markets are short term, highly liquid debt securities. Capital markets are for Intermediate or long term debt and corporate stocks. 4. Primary markets vs. secondary markets – primary are which corporate raise new capital. Secondary, which securities and other financial assets are traded among vectors after they have been issued by corporations. 5. Private vs. Public Markets – Private Markets, which transactions are worked out directly between 2 parties. Public Markets, which standardized contracts are traded on organized exchanges. CAPITAL MARKET Capital Markets A component of financial markets where long-term borrowing takes place Are arrests for buying and selling equity and debt instruments The Market where investment instruments like bonds and equities are traded (Maturity period) Lasts for more than 1 year and can also include life-time of a company New York Stock Exchange or NYSE is the most popular capital market It channel savings and Investments between suppliers of capital (such as retail Investors and Institutional Investors) and users of capital (Like business, government and Individuals) Suppliers of Capital Markets. How to cite Finance reviewer – midterm, Papers

Le Corbusier Five Points Of Architecture Essay Example For Students

Le Corbusier Five Points Of Architecture Essay ArchitectureOne career that I have been interested in for a long time is architecture. Architects are involved in the negotiation, design, and the supervision of construction of a clients request. This may be from something as simple as a house add-on, to something as grande as a shopping mall. Architecture has interested me for many years. I have always enjoyed the great detail and thorough drawings that are involved. The past two years I have taken the COPS and the CAPS tests, and both of the results stated that architecture would be a good career choice for me. Throughout my high school and middle school years, I have always done very well in math. It is good that I learn all of the techniques now, because architects use difficult mathematical functions just as much as they use art and design. The use of angles, dimensions, and all fields of geometry are used daily to make sure that the structure they are designing comes out to scale, with all the right angles, and dimensions that the!client requested. An architect is not an easy career to succeed in. Although once an architect does succeed, it is very well worth it. Most architects work an average of 40 to 45 hour weeks (Career Information Center, vol 4, pg 115-117). However, if the job needs to get finished to meet the deadline, they may spend much more than 40 hours working during that time. An architectural firm is where most architects work, but some work in their own firm. The office is like most offices, and can be referred to as the Daily Grime. Education and training to become an architect is not easy. Every architect in the United States is required to have a license. College is very important. Most universities offer architecture as a major. Most schools that offer this major, usually have a separate school for an architectural degree. This degree consists of a 5-year program that leads to a bachelor of architecture degree. Courses in this program consist of classes in engineering, architectural design, buildin!g constru ction, structural theory, professional administration, and graphic representation (C.I.C., vol 4, pg 155-117). After you graduate, and obtain your bachelor degree, you go on to work in an architectural firm, but not as an architect. Instead you would work as a junior drafter, making models, and lettering. Then when you are ready to move on, you would become a senior drafter. This is where you become responsible for details in preliminary drawings. This goes on for about three years. At the end of the term, you become eligible to take the state licensing exam. The exam is a very crucial test for your architectural career, and tests you on the theory and history of architecture, construction, engineering, design, and professional practice (C.I.C., vol 4, pg 115-117). As of now, I am taking an ROP construction class. In this class, we just finished building a permanent wrestling room. We are in fact the first high school construction team in the United States to build a !permanent buil ding. Now we are finishing up another building, except this one is a portable class room. This course has given me great experience in construction, reading plans, following plans, and obeying all of the building codes. My geometry and trigonometry courses will help, and my eye for drawing will be a big factor also. All these things that have been completed in high school will help me on my way to become an architect. Salary is also important, especially if you are trying to raise a family. On average, an architects salary is around $40,000 to $60,000 a year. If you become a senior architect, you can make a salary as high as $80,000 or $90,000. Those few that start their own successful firm, or becomes a partner in a large firm by working themselves up, can make a salary in excess of $120,000. Depending on your skill as an architect, you could make a very comfortable life for yours..elf.Architects have many advancement opportunities, although to take advantage of any, you must be li censed. If you are looking for advancement, your best place to look would be in an architectural firm. Most architects that do take an advancement usually either stay within the firm, or move out of architecture. Opportunities within the firm include specification writers, which deals with preparing technical information for the architects. This type of job is very common within a firm. Just because you have your license and work in a firm, does not mean you have to be an architect. You could also hire new architects and just run your firm. Ifyou are looking for an advancement opportunity outside of architecture, you can look at jobs managing and running construction sites. Or you could get out of construction all together and become an interior design or, or landscape architect, which deals with landscapes, as opposed to the structure itself. The employment outlook for architec!ts greatly depends on the current market, and the economy. In 1994, there were 96,000 architects (C.I.C., vol 4, pg 115-117). As we move on in the future, computers architect becoming a bigger part of our lives. Programs such as CAD design programs allow architects to use computers to calculate technical information. .udfa22aed35d06faf2714e3999d9e7a2a , .udfa22aed35d06faf2714e3999d9e7a2a .postImageUrl , .udfa22aed35d06faf2714e3999d9e7a2a .centered-text-area { min-height: 80px; position: relative; } .udfa22aed35d06faf2714e3999d9e7a2a , .udfa22aed35d06faf2714e3999d9e7a2a:hover , .udfa22aed35d06faf2714e3999d9e7a2a:visited , .udfa22aed35d06faf2714e3999d9e7a2a:active { border:0!important; } .udfa22aed35d06faf2714e3999d9e7a2a .clearfix:after { content: ""; display: table; clear: both; } .udfa22aed35d06faf2714e3999d9e7a2a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .udfa22aed35d06faf2714e3999d9e7a2a:active , .udfa22aed35d06faf2714e3999d9e7a2a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .udfa22aed35d06faf2714e3999d9e7a2a .centered-text-area { width: 100%; position: relative ; } .udfa22aed35d06faf2714e3999d9e7a2a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .udfa22aed35d06faf2714e3999d9e7a2a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .udfa22aed35d06faf2714e3999d9e7a2a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .udfa22aed35d06faf2714e3999d9e7a2a:hover .ctaButton { background-color: #34495E!important; } .udfa22aed35d06faf2714e3999d9e7a2a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .udfa22aed35d06faf2714e3999d9e7a2a .udfa22aed35d06faf2714e3999d9e7a2a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .udfa22aed35d06faf2714e3999d9e7a2a:after { content: ""; display: block; clear: both; } READ: The Masque Of The Red Death By Edgar Allan Poe EssayMany people say that it isnt what you know, it s who you know. This may be true in the architectural field. If you know an architect or have a friend that owns a firm, you probably have a better chance that most people. Following that statement, our good friend and ex-neighbor works for a big firm in Arizona. This may pay off in my journey to become an architect. Architects such as Frank Lloyd Wright and Louis Henry Sullivan spent many years studying to become the phenomenal architects that they were. Wrights mother for example put paintings of Roman Cathedrals in his nursery, because she knew that he was going to be an a rchitect. Most architects have their very own distinct style, and these are usually the higher paid ones. Sullivan loved using the arch, in almost all of his buildings, while Wright enjoyed using geometrical figures in his structures. At 91 years old, Wright died before his last building would be finished. He was named the greatest architect ever by many d!ifferent people and magazines. This type of architect was never in it for the money. If I follow the plans that I intend to follow, I should receive my license by the time I am about thirty. That depends on many factors, like if I decide to change my major. Hopefully I will start my own business, I succeed. Unfortunately, not all architects succeed. This research paper has taught me a lot of information on architecture that I would have never known about if I didnt do this paper. I am very glad that I wrote this paper. Architecture is a filed of study thatrequires much preparedness, and a lot of long days and short nights. I may d ecide to use this paper for my senior exhibition next year, depending on my work in architecture for the next fifteen months. If something comes out, like a model, or a summer architectural job, then it may be a good senior exhibition. Architecture is a very important field for both the American economy, and for Americas beauty. Without creative architects like Wright and Sullivan, the world would be a very boring place. Hopefully architecture never becomes dull. BibliographyArchitect.NewYork:SimonandSchusterMacmillan,1996. Vol.4ofCareerInformationCenter.14 vols.Architecture on the World Wide Web.GiovanniCaprioglio. Italian Architect.http://www.geocities.com/~Caprioglio/progrecenti.htm Frei,Hans.LouisHenrySullivan. Zrich:Artemis Verlags,1992. Mcdonough,YonaZeldis.FrankLloydWright. NewYork:ChelseaHousePublishers,1992.

Ijtihad in Islamic Banking

Abstract Ijtihad has various definitions and meanings particularly drawn from the views of highly respected Muslim scholars and legal practitioners. However, the optimal individual effort in an action becomes distinct. The most important definition of Ijtihad is the optimal effort individual can put in an action.Advertising We will write a custom essay sample on Ijtihad in Islamic Banking specifically for you for only $16.05 $11/page Learn More With respect to the definition, Ijtihad is where the jurists spent optimal efforts to find a solution to rising issues that need immediate interpretation. Besides, Ijtihad majorly draws from the legal, religious and ethical values of Islam. In addition, Ijtihad must be based on the Shariah laws and principles. Moreover, Ijtihad has been practiced overtime and continuously being applied in various aspects within the Muslim society. Further, Ijtihad is considered the most dynamic source of Islamic laws. The attribut e makes Ijtihad to be the appropriate source of jurisprudence through which dynamic industries such as Islamic banking are based. Even though Shariah principles forms the main legal foundation in which most of Islamic banking products and services are based, Ijtihad enables the flexibility of the Shariah principles to suit the changing needs of the society. In other words, Ijtihad is the source of flexibility required in meeting the changing needs of the society. The paper will be examining Ijtihad, particularly the manner in which the concept is being applied in Islamic banking. Derived Definitions Ijtihad has various meanings within Islamic legal and practical spheres. The common applications of Ijtihad draw from the meaning of being independent reasoning. Within the Islamic legal spheres, Ijtihad means the maximum effort that an individual can put to achieve a particular result. In other words, Ijtihad is the utmost individual effort exerted in an action. Though various definitio ns of the term exist, the most commonly applied is the optimum effort a person can apply in an action (Kamali, 2003). In principle, all the available meanings point to the maximum individual effort that can be applied in an action. Besides, Ijtihad is considered as the personal effort in decision-making process within Islamic law or Shariah. Moreover, the decision-making process should be independent of any jurisprudence or school of thought. In order to have the capability of making independent decisions, Ijtihad majorly draws from the legal, religious and ethical values of Islam.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In other words, Ijtihad majorly relies from theological knowledge, legal theories and ethical values that have been upheld within the Islamic society. Moreover, the decisions involving Ijtihad require exceptional capability of legal reasoning. Legal reasoning abilit ies are gained through the application of Shariah principles and values of the society (Kamali, 2003). Appropriate Definition In simple meaning, Ijtihad is the self-exertion in any action. However, the attribute of hardship must exist in the action. In other words, Ijtihad is an effort exerted by an individual in any action. In addition, the effort put in place does not apply in physical activity rather in intellectual actions. As such, Ijtihad is the entire outlay of endeavor of well-respected individual Islamic scholars to deduce with increased level of probability that the decision made or solution offered to the a given issues through the application of principles and rules of Shariah drawn from detailed evidence sources is accurate and can be practiced over time (Kamali, 2003). Essentially, the application of Ijtihad involves inferences from various sources, including Shariah. In fact, Ijtihad consists of deductions that result from the probability. From this sense, Ijtihad can not be said to be drawn from the clear texts. In addition, one cannot claim to be practicing Ijtihad by discovery of some important texts, consulting the experts of Quran or the relevant literature without exercising the individual judgment (Kamali, 2003). In other words, individual judgment is an important component of Ijtihad and remains critical in its application. A jurist or mujtahid practices Ijtihad. In fact, one has to meet certain conditions in order to qualify as a jurist. For instance, one has to have vast knowledge and experience in Islamic laws and Shariah principles. Moreover, for one to qualify as a mujtahid, practical experience in the application of Ijtihad is highly required (Kamali, 2003). Therefore, individuals are not qualified to practice Ijtihad except the mujtahid. Further, mujtahids are highly respected Muslim scholars and legal practitioners. Ijtihad involves the formulation of opinions, particularly drawn from personal judgments and practices. However, spe culations are allowed in most of the Ijtihad practices. The occurrence of conjecture entails that the conclusion made is almost certainly accurate, while the likelihood of inaccuracy is done away with (Kamali, 2003). Moreover, the crucial rules of Shariah are eradicated from the scope of Ijtihad. The reason why influential knowledge of Shariah is eliminated is that such knowledge is positive. In the context total expenditure of an effort, the implication is that there is deficiency of further findings besides the one the jurists have spent their efforts. In cases where the mujtahid is unsuccessful in determine what they ought to have revealed, then such substantiations are invalid (Kamali, 2003).Advertising We will write a custom essay sample on Ijtihad in Islamic Banking specifically for you for only $16.05 $11/page Learn More Ijtihad as Source of Islamic Laws Even though Quran and Sunnah form the major sources of Islamic law, Ijtihad provides the thir d source that brings about the required fundamental unity. The main difference that exists between Ijtihad and other sources is that Ijtihad is dynamic and capable of changing depending on the circumstances, time and place (Kamali, 2003). In other words, Ijtihad is continuously developing as opposed to other sources of Islamic laws that ended their legislation upon the death of the prophets. In this regard, Ijtihad remains to be the only framework through which the divine message can be construed. Moreover, the interpreted divine message is then related to the changing circumstances, time and place of the Muslim community (Kamali, 2003). In fact, Ijtihad is critical for the Muslim community, particularly in the ambitions to achieve increased truth, deliverance and impartiality. Moreover, Ijtihad must be derived from the divine disclosure of Islamic laws and principles. Therefore, its validity is continuously measured according to the level in which it corresponds to other sources of Islamic laws (Kamali, 2003). Ijtihad is the main framework through which the level of synchronization between disclosure and explanation required in the Shariah is provided, attained and maintained. In fact, besides Quran and Sunnah, other sources of Islamic laws are expressions of Ijtihad (Kamali, 2003). However, differences normally exist in the expressions, which are critical in the growth and development of Ijtihad. The differences that exist in diverse expressions are the source of transformations required to suit different circumstances, times and places within the Muslim society. Moreover, the differences must be practical in disposition. Ijtihad always finds consensus on public opinion, juristic preferences and takes into consideration public interests as well as correspondence (Kamali, 2003). The Scope of Ijtihad Ijtihad must be practiced within the Shariah laws and principles (Kamali, 2003). The reason is that Ijtihad is concerned with the practical rules of Shariah, whic h control the demeanor of individuals to whom the set of laws pertain. In other words, the application of Ijtihad is not only restricted to purely rational and habitual issues but to issues that are discernible to sanity. However, Ijtihad does not deduce from proofs with unswerving connotation, or that does not necessitate further explanation, particularly from the Quran (Kamali, 2003). In other words, issues that have one correct view cannot be deduced in Ijtihad. For instance, the creation of the universe, the God’s existence, the obligatory status of the pillars of Islam as well as the existence of the prophets cannot be applied concerning Ijtihad. The reason is that such issues are evident truths of Shariah, which are exercised as they are in the texts (Kamali, 2003).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Generally, Ijtihad surmise from substantiations that are genuine but tentative in implication (Kamali, 2003). Moreover, Ijtihad draws from confirmations that have unconvinced legitimacy but have unambiguous connotation. In addition, Ijtihad draws from proofs that are exploratory in both legitimacy and denotation. In all these issues, Ijtihad will normally take the form of analogical deduction, juristic inclinations as well as the consideration of the public interests. The Value of Ijtihad One of the critical aspects of Ijtihad is that it is a religious obligation. In addition, Ijtihad is a shared commitment of the qualified mujtahid in matters that need further analysis. However, mujtahid has individual responsibilities of providing guidance on issues that may arise and need further interpretation from the religious sources (Kamali, 2003). Moreover, Ijtihad becomes critical in the event that the possibility of losing the cause of justice or truth is increased, particularly when the explanations is not provided. In most cases, Ijtihad has to be applied in issues that directly affect the society, particularly where ambiguity in meaning is present. Moreover, Ijtihad is recommended in all cases that have no contradictions in meaning and need further elucidations of mujtahid (Kamali, 2003). However, Ijtihad is not often drawn on when contradictions in the explanation of critical set of laws of Quran exists. The conclusions that are reached under the tenets of Ijtihad have to be observed whether challenged or not since such decisions are practically the same as divine authority. As such, any decision under Ijtihad is considered applicable irrespective of being challenged. The reason is that the challenge may arise from various periods or circumstances (Kamali, 2003). In other words, the decision reached or provided under Ijtihad is valid under prearranged circumstances. The Practice of Ijtihad in the Modern Muslim Society Ijtihad is also considered as one of the sou rces of Sunni law. In most cases, respected and qualified Muslim scholars and practitioners have the task of making Ijtihad decisions. Jurists charged with making Itjihad decisions commonly known as the mujtahid must have particular qualifications or meet certain conditions. In fact, mujtahid is highly respected Islamic scholars. Most importantly, Quran and Hadith form the basis through which the knowledge of Ijtihad is majorly drawn (Kamali, 2003). In other words, the scholars apply the Islamic principles as well as analogical reasoning to provide solutions to the problems affecting the society. In most cases, majority argues that scholars have the religious duty of applying analogical reasoning to find legal solutions to the problems affecting the society. Ijtihad has been practiced for centuries and has offered legal solutions besides the Shariah laws. However, the relationship between the legal decisions drawn from Shariah laws and Ijtihad is diminutive (Kamali, 2003). In fact, Muslim scholars are expected to be competent while interpreting Ijtihad through the application of Shariah principles. The application of Ijtihad in the current Muslim society has been questioned. However, most Muslim scholars argue that without Ijtihad, various decisions regarding diverse aspects of society cannot be attained by the application of Shariah laws only (Kamali, 2003). The fact is that Shariah laws and principles are static. In other words, the Shariah laws and principles are definitely distinct and need no further interpretations. Such legal matters have to be applied as definite within the Shariah laws. Without Ijtihad, dynamic industries such as banking and finance could have not been operational. Ijtihad is the source of Islamic laws that allows flexibility. In other words, Ijtihad is applied depending on circumstances, time and place. Therefore, an argument that Ijtihad cannot be applied in the contemporary society is invalid. Essentially Ijtihad has to be applied together with Shariah in order to gain some elasticity in various decisions that require interpretation of the Islamic laws (Kamali, 2003). Ijtihad and the Islamic Banking The majority of current legal decisions regarding financial products within the Islamic banking system borrow hugely from the principles of Ijtihad. The reason is that the principles of Ijtihad suit the changing circumstances at diverse periods and places (Kamali, 2003). In fact, new laws governing Islamic banking processes are reached upon by acknowledging the rationale of the previous rulings as well as the significance of the derived benefits under the changing circumstances. In the context of Islamic banking and finance, Ijtihad is used to derive governing rules drawn from the basic principles of Shariah to address the needs of the people at different times and places (Kamali, 2003). In principle, Ijtihad forms the legal basis that has increased capability of changing. In other words, Ijtihad rules are capable of changing depending on the circumstances, period and places. Due to the adaptability, Ijtihad can be applied suitably in such areas as economics and finance that constantly change with time (Kamali, 2003). In definite context, the pecuniary set of laws derived from Ijtihad is liable to adjust in terms of the perspective of its usage. In addition, novel financial set of laws should focus on the activities that increase the well-being of all the stakeholders. In other words, attaining the optimal benefits to the stakeholders should be the major goal of coming up with financial regulations through the application of Ijtihad within Islamic banking dealings. The Development of Islamic Banking Products and Services As indicated, all processes of Islamic banks are controlled by Shariah laws. In other words, Shariah principles are used to control all matters of Islam, including economic, social, political and cultural aspects of society (Kamali, 2003). Ijtihad, being reasoning from quali fied scholars, is one of the significant sources of Islamic laws that control the processes of Islamic banking. In fact, the current Islamic banking processes, products and services offered are developed through the application of two important concepts. The first approach is through the identification of existing up to standard predictable products and services. The conformist products and services are then custom-made through the removal of prohibited elements in order to be compliant with Shariah principles. Secondly, Islamic laws are drawn on to aid in coming up with innovative and novel banking products and services that are acceptable to the stakeholders (Kamali, 2003). The approaches also apply Ijtihad in order to come up with products and services that endure time. In other words, products and services that changes with adjustments in time and place. In addition, the development of the Islamic banking products and services borrows hugely from the theoretical perspectives suc h as human relations. In fact, such assumptions are based on the practices of Islamic laws. Ijtihad is one of the sources of Islamic laws that form the fundamental reference to the application of the theoretical perspectives (Kamali, 2003). The theory of human relations is normally applied in the development of Islamic banking products and services. Moreover, the principle of human relations forms the basis of all the Islamic commercial laws and regulations. The principle of human relations are founded within Ijtihad and is closely related to Shariah principles that are concerned with respect for universal emancipations, social justice, impartiality, economic freedom, transparency and responsibility in all pecuniary issues (Kamali, 2003). Besides, the Shariah principles require that the Islamic banking system operate within the acceptable limits of Shariah laws. In other words, the financial transactions and agreements should not include elements that are prohibited by law such as w rongful gains, products as well as processes that are forbidden in Islamic practices. Ijtihad rules govern the financial transactions, agreements, products and services of Islamic banking and are in agreement with the Shariah principles (Kamali, 2003). In fact, most Islamic scholars agree that Islamic banking processes and procedures should be anchored within the Shariah principles. Moreover, the Islamic scholars agree that the Islamic banking regulations should integrate both the religious principles and ethical values. In other words, both the religious and ethical values should be applied in the transactions as well as product and services development. In fact, Ijtihad in agreement with Shariah principles forms the basis in which most products and services offered by Islamic banking are developed (Kamali, 2003). The case in point is where the major product offered to the probable clients is asset funding. In fact, the stated asset funding is based on the concept of income distrib ution, which is always undertaken in the form of Murabahah. Additionally, the model of sharing the proceeds is carried out in the form of profit and loss sharing principles commonly known as the Musharakah (Kamali, 2003). According to the Islamic banking system, Murabahah contracts are constantly developed to form the basis in which the working capital through short-term financing can be achieved. Both Musharakah and Murabahah are Islamic banking products that originate from the Shariah principles (Kamali, 2003). In other words, the products are within the confines of Shariah laws and principles. However, with changing circumstances, the financial products need to expand in order to take into consideration the changing needs of the people in different places in the world and at diverse times. The only source through which such changes can be taken into consideration is Ijtihad (Kamali, 2003). Essentially, Ijtihad provides the framework through which changes that have occurred can be incorporated and harmonised with Shariah principles. Even though transformations have to be taken into consideration, the products have to remain within the confines of Shariah. The evolution occuring in the financial market has also resulted into new products and services. Since other sources of Islamic laws terminated with the death of the divine prophet, Ijtihad remains to be the only way through which these new products can be defined within the Shariah principles (Kamali, 2003). For instance, in the conventional Islamic banking system, the Shariah rules were utilised in the design of debt financing procedures. However, the changing needs of the market enabled increased capabilities to deal with the coming challenges. According to the Shariah rules, principal asset or assets must be backed by any transactions (Kamali, 2003). Ijtihad provides solution to the conflict existing in the current understanding of the asset and the conventional requirements of the Islamic laws. Essenti ally, the current Islamic banking system applies the dynamic system of belief of Ijtihad in the development of the products and services. Besides, the dynamic tenets of Shariah to practical social, economic and institutional issues and problems of the society can only be explained through Ijtihad (Kamali, 2003). As such, Ijtihad is commonly applied in the interpretation of Shariah principles to provide for changes needed in the social, economic and institutional developments. Moreover, Ijtihad takes into consideration the developments of Shariah regarding individual and social preferences as well as in relation to the institutional codes of belief for public purpose. Besides, the application of preference theory in the development of new products in Islamic banking draws majorly from Ijtihad interpretations of Shariah principles. The preference theory is considered to be advocating for social well-being in the current Muslim society. Ijtihad results into the changes that incorporate the social and economic welfare, which primarily form the basis of new products in the Islamic banking system. Ijtihad forms the framework through which Shariah principles can be developed to consider changes in the society (Kamali, 2003). According to the preference theory scholars, the principles through which Shariah can be developed include the collective clearness as well as the alteration of Shariah to expected and regional demarcation of customs and practices (Kamali, 2003). In addition, Shariah must link the probability of action to the level of physical effort offered. Combining these characteristics is critical in the development of new products that are in line with increasing the social interests of the Muslim community (Kamali, 2003). In other words, the principles are geared towards developing the social security of the Muslim society. Moreover, the principles eradicate inconsistencies that may arise due to changes in the circumstances, places and time. In reality, th e combinations of the principles result in unity, which is essential Shariah requirement (Kamali, 2003). Further, according to preference concepts, the relevance of the Shariah main beliefs do away with incongruity, divergences and discrepancies within the main source of law resulting in unanimity at the elemental stages. The proponents of the theory also argue that the variations as well as differences that are found at the secondary level are not premeditated purpose of the decree (Kamali, 2003). In addition, the aspects of the theoretical perspective of Shariah augment the dynamic view to the ethical laws, which are greatly applied at the institutional levels. The application of transformational nature of moral laws and principles based on the Shariah laws enables institutions such as Islamic banking find ways of developing products and services that suit the needs of society. Moreover, the application of integrating principles of preference theory as well as interactive preferen ces of members of society forms the basis in which modern Islamic institutions develop. In fact, the consideration of necessities of life remains to be a significant elemental in the development of the life-fulfilling products and services. At the basis of preference conceptual framework, social needs for comfort and refinement of life remain critical components (Kamali, 2003). Basic needs and comfort, as well as refinements, are considered critical life-fulfillments at the higher levels of socio-economic developments. Therefore, important and relevant institutions such as banking and finance have to consider such fundamental components while developing products and services. Besides, the dynamic basic needs of socio-economic development are construed within the concepts of preference theory, which advocates for the public course. As such, all the institutions within Islamic society have to be established for public purpose. Essentially, the preference concepts are based on Ijtihad, which forms the basis for the interpretation of Shariah (Kamali, 2003). Ijtihad and the Standardisation of Islamic Banking Procedures Standardisation is one of the major emerging issues in current Islamic banking system. Islamic scholars are debating on whether standardisation is possible under the Islamic banking system. Majority of Islamic scholars have argued that standardisation is not possible under the tenets of Islamic laws governing the processes of Islamic banking system. According to the conventional scholars, Ijtihad makes consistency of Islamic banking practices impossible (Kamali, 2003). However, the proponents of the standardisation argue that being deficient in homogeneous regulations impede innovation. The reason is that each jurisdiction will always advocate for what is best in their circumstances. In addition, most of the proponents of standardisation argue that in order to enhance development in the banking sector, a global framework is highly required. Further, with the increased asset value and rapid expansion of Islamic banking system, there is need for a strong global and homogeneous regulatory framework. Moreover, deficiency in Islamic money markets, insufficient derived market for Sukuk as well as feeble liquidity infrastructure further deteriorates the Islamic banking system. In other words, standardisation will enable Islamic banking benefit from the developed global money market as well as infrastructure. On the contrary, opponents of harmonisation of Islamic banking procedures argue that standardisation does not enable creativity in the development of new products. Moreover, standardisation of the Islamic banking procedures may lead to the move towards conventional banking system creating no differences and violates the Islamic principles upon which the Islamic banking system is created. Even in the situation where Islamic rules are applied, standardisation enables the rules become more difficult to apply particularly with the int roduction of new products and services. In addition, most of the bankers are unfamiliar with several Islamic financial concepts making it difficult to implement uniform regulations in some boarders (Kamali, 2003). Moreover, there is lack of unvarying documents available to the public on the Shariah resolutions upon which the standardised regulations can be referred. Most importantly, the differences arising from diverse Islamic scholarly views on the issue of conformity with Shariah principles makes it difficult to standardise the operations of Islamic banking system (Kamali, 2003). As a result, most interpretations of various opinions are conducted within Ijtihad. In the current Islamic banking system, Ijtihad is applied in the clarification of concepts, principles as well as conditions of Shariah particularly in contractual agreements. Moreover, Ijtihad provides the basis in which certain decisions are made regarding matters relating to Shariah conditions, mechanisms and implement ation of contractual agreements. As indicated, Ijtihad remains a critical element in which the design and development of new Islamic banking products and systems are based (Kamali, 2003). Moreover, standardisation would mean synchronising some of the Shariah principles, which is against the religious practices. In order to avoid such contradictions, the functioning of various institutions, including the Islamic banking should be given wider interpretations of the law, including Ijtihad. However, such interpretations should be drawn from the Shariah principles. Besides, the need to change with the changing circumstances explains the reason why banking procedures cannot be standardised. Harmonisation of rules and procedures is not applicable in highly dynamic industries such as banking and finance. In fact, the standardisation of rules and procedures under the Shariah laws is against the fundamental assumptions of Ijtihad. Actually, Ijtihad has existed for many centuries and has been applied in Islamic banking and finance industry to establish changes required depending on the circumstances. Under the situations where the regulatory framework is highly considered, Ijtihad is not applicable. The application of consistent rules is also against the principle that Shariah law can be applied at all the time and places. Essentially, Ijtihad is what makes Shariah dynamic and capable of being applied in diverse circumstances. Reference Kamali, M. H. (2003). Principles of Islamic jurisprudence. Cambridge, UK: Islamic Texts Society. This essay on Ijtihad in Islamic Banking was written and submitted by user Brianna Snyder to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Free Essays on Here I Stand

Martin Luther was born to Hans and Margaretta Luther in 1483. According to Bainton Martin Luther was â€Å"highly esteemed at home. His parents looked to him as a lad of brilliant parts who should become a jurist, make a prosperous marriage, and support them in their old age.† (p.24,25). Which explains why Hans Luther was upset at his son for taking the cowl. Bainton explains Luther’s reasons for this. In the first chapter of the book, The Vow, as Luther gets struck by lightening he screams out â€Å"St. Anne help me! I will become a monk.† Luther was determined to keep his vow and he felt that this would earn his salvation. Bainton explains why earning ones salvation was very important in these times†¦ The Church taught that no sensible person would wait until his deathbed to make an act of contrition and plead for grace. From the beginning to end the only secure course was to lay hold of every help the church had to offer: sacraments, pilgrimages, indulgences, the intercession of the saints†¦And what better could he (Luther) do than take the cowl?† p. 30-32 This is the part of Luther I respect the most, his sincere plight to salvation. I admit it seems to be driven by fear, which was imbedded into him from a very young age and through school and throughout his life, but never the less I find the drive and motivation of his plight very admirable. If not for Luther's depth of brutal honesty in his own struggle to know God many of the people in America today would still be living in times when what the priest said is what God said. Which I have to admit, I feel many people are content being spoon-fed. But for those of use will not settle for the word of the priest Luther is a pioneer. Luther ineffectually fought his way toward God through "works". His father brought to his attention that circumstances surrounding his vow could be the work of God, but it could also be th... Free Essays on Here I Stand Free Essays on Here I Stand Martin Luther was born to Hans and Margaretta Luther in 1483. According to Bainton Martin Luther was â€Å"highly esteemed at home. His parents looked to him as a lad of brilliant parts who should become a jurist, make a prosperous marriage, and support them in their old age.† (p.24,25). Which explains why Hans Luther was upset at his son for taking the cowl. Bainton explains Luther’s reasons for this. In the first chapter of the book, The Vow, as Luther gets struck by lightening he screams out â€Å"St. Anne help me! I will become a monk.† Luther was determined to keep his vow and he felt that this would earn his salvation. Bainton explains why earning ones salvation was very important in these times†¦ The Church taught that no sensible person would wait until his deathbed to make an act of contrition and plead for grace. From the beginning to end the only secure course was to lay hold of every help the church had to offer: sacraments, pilgrimages, indulgences, the intercession of the saints†¦And what better could he (Luther) do than take the cowl?† p. 30-32 This is the part of Luther I respect the most, his sincere plight to salvation. I admit it seems to be driven by fear, which was imbedded into him from a very young age and through school and throughout his life, but never the less I find the drive and motivation of his plight very admirable. If not for Luther's depth of brutal honesty in his own struggle to know God many of the people in America today would still be living in times when what the priest said is what God said. Which I have to admit, I feel many people are content being spoon-fed. But for those of use will not settle for the word of the priest Luther is a pioneer. Luther ineffectually fought his way toward God through "works". His father brought to his attention that circumstances surrounding his vow could be the work of God, but it could also be th...

Employment Research Paper Example | Topics and Well Written Essays - 1000 words - 1

Employment - Research Paper Example Unemployment has various effects on the economy and on people, which has caused substantial problems to wellbeing of the nation. According to U.S. Bureau of Labor Statistics, unemployment has serious effects on an individual’s emotional and sociological condition. Employment is a shunned upon the issue in today society. Therefore, those that are unemployed undergo past several societal changes that may affect their sociological state of mind. The U.S society views those that are unemployed as slackers and hardly empathizes with the jobless people. The unemployed persons go through the pain of knowing that, they have no job themselves, while on the same time, having to face the lack of ability to protect this fact, from the environment surrounding them (Strand, Novo and Hammarstrom 1). When one falls deeply in this situation the entire state of mind can be damaged. Some even consider the unemployed as a burden to the country. However, the unemployed people work as harder as the employed people to upkeep themselves only that they do not have a recognized job. The eventual effects of being unemployed beco me so detrimental that the unemployed face-losing essential parts of their lives. Some lose their cars, home, and even families. Unemployment has an impact on society as a whole. The unemployed people are capable of making a significant contribution to the public, but they are incapable of doing so because of their unfortunate circumstances. This has mandated the U.S government to disburse unemployment settlement to the unemployment leading to the straining of the government budget. The government is in turn forced to borrow from organizations such as the World Bank to have enough budget funds to make such payments, as currently unemployment is on the increase (U.S. Bureau of Labor Statistics). The experience of unemployment causes long-term consequences; both amplified probability of potential unemployment and lesser

Analyse and critique the research and methodological choices in three Essay

Analyse and critique the research and methodological choices in three academic marketing articles on the specific theory in mark - Essay Example In the article â€Å"Towards a New Model of ‘Customer Compliance’ Service Provision,† Kasabov and Warlow (2010) used secondary sources to determine the similarities and differences between customer-centric business models and the â€Å"customer-compliance business model† (CCBM) in service industries. In an earlier article, â€Å"Automated Marketing and E-Marketing Practices of ‘Customer Compliance’ Providers,† Kasabov and Warlow (2009) examined the concepts and processes of customer compliance providers. Dellande and Nyer (2007) empirically tested the effect of public commitment on role compliance in â€Å"Using Public Commitment to Gain Customer Compliance.† This essay critically evaluates the research designs and methodology strategies of these articles. Critical Evaluation of Methodologies Based on the data collection and analysis processes of Kasabov and Warlow (2010), they conducted a qualitative research, where they used exi sting studies on their topic to form their conclusions and to conduct their conceptual analysis. This research design is effective for their research because it considers the development of the service management literature on compliance models, and it helps determine research gaps. The constructionist approach that they employed explores the growth and much needed direction for the research on compliance models (Eriksson and Kovalainen, 2008: 80). The weaknesses of their research design are poor validity and reliability in generating conclusions and sampling research issues. They cannot generalise their findings too because of lack of empirical information that can provide tested results on compliance models. Kasabov and Warlow (2010) did not present their research design anymore, such as what systematic reviews normally do, but they did try to adopt numerous studies on customer compliance. Their sampling includes studies conducted from the 1990s to the 2000s, with more studies on the 1990s. This range of references shows extensive consideration to the development of the literature, but more recent articles and studies are necessary to ensure the relevance of their findings. Without further details on their research design, however, it is hard to replicate their methods and to come up with the same conclusions, which reduced the article’s reliability (Wilson, 2010: 116). A careful analysis of the arguments and use of sources is needed to explore the reliability and validity of their claims and conclusions. Kasabov and Warlow (2010) collected information about the CCBM through reviewing related literature. They have enhanced the validity of their research by including the doubts surrounding service provision and complaint management. They avoided the straw man fallacy, which happens when they only respond to weak arguments to their own claims. In order to critically evaluate their article, their main findings must be discussed. Kasabov and Warlow (2010) argued that CCBM cannot apply the same values and norms used in traditional service provisions and complaints management literature. Furthermore, they complained that current studies have not fully explored the importance and extensive applications of CCBM. They asserted that service management scholars often focused on outcomes and disregarded the importance of CCBM’s novel processes. In doing so, these studies were not able to wholly

Intermediation Process and the Allocation of Resources

Intermediation Process and the Allocation of Resources The importance of the financial system in facilitating economic development cannot be overstated. Banks and other financial institutions have a key role in the efficient allocation of resources and as such, sound financial systems are systemically important to the economic viability of a country. The Asian Financial crisis of 1997-98 brought home the significance of financial sector soundness by highlighting the consequences of underlying weaknesses in the financial sector and the negative impact that weak financial sectors could have on stakeholders, particularly the depositors. Sound financial system is therefore not only important for the welfare of the financial entities themselves, but it is also of vital importance to the growth of individual economies. In allocating resources in an economy, financial institutions must assess competing demands for funds and prioritize the analysis of risk. Improper decisions about financing activities, that is, which activities to finance and which not to finance, (depending on which activities will bring the best risk-adjusted return), can have a crucial negative long-term impact on economic prospects. Sound investment decisions are vital ingredients in fostering economic growth and development. These decisions therefore should produce feasible outcomes not only for the financial intermediary but also for the economy. Investment should be for productive purposes and should be deployed for the common good. Financial intermediaries should also have a harmonious relationship with the macro-economic space within which they operate. For example, in the nineteenth century, Britain was seen as the most successful economy and was the home to the worlds most successful financial centre at the time. This was not only due to the fact that London had developed expertise in assessing risk and in allocating financial resources efficiently, but also to the fact that the macro economic environment was conducive to the operation of financial intermediaries operating in the financial centre. The assessment of risk also assists financial institutions to be individually more competitive with their peers. This results in a more efficient process of capital allocation in addition to engendering more prudent practices. Financial intermediaries that can assess risk and allocate resources efficiently will outperform those less skilled in this regard. Effective competition should reduce borrowing costs and help to diversify financial risk within the economy. However, to ensure that banks are performing as intended, an effective regulatory framework must exist. The importance of adequately capitalized financial institutions to underwrite appropriate risks in their portfolios cannot be over emphasised. If financial intermediaries undertake too little risk, then potentially efficient projects may be starved of capital and if they undertake too much risk, then less efficient projects may consume capital that could be used for more viable projects. The role of regulators in providing effective oversight for the sector and be able to respond appropriately to changes in the financial environment becomes even more important. William J McDonough (1998) postulates that a nation must be able to mobilize domestic savings and other sources of funds that are needed to finance investment and other productive expenditures[1]. This requires the development of an effective banking system that transfers surplus funds of households and businesses to borrowers and investors. He further argues that, fair and impartial allocation of credit accommodates the economic development that results in improved national living standards. According to McDonough: financial intermediation is particularly important in the context of most emerging market countries given the relative scarcity of savings, a relatively under-banked population, and large-scale investment needs. The banking sector in emerging market countries also tends to be more concentrated and represents a larger share of the domestic financial system. Consequently, issues in the banking sector have an amplified effect on the economy and on the fiscal costs associated with bank rescues. Importantly, current developments in western economies are anchored in a robust financial sector development.. Consequently, the relationship between economic growth and financial sector health are now more closely linked than ever before. Some of these linkages or interrelationships are further explored in this thesis from the perspective of risk relationships. The demands of the changing business environment emphasize the importance of effective risk management practices in banking institutions. Financial intermediaries continue to face tremendous unrelenting pressures regarding pricing decisions, increase in service expectations from customers, regulators and shareholders. There is also a demand for more sophisticated products and services, new regulatory requirements, improved capital standards, more capital injection and the introduction of new technologies and systems. Technology is important in supporting new and flexible risk relationship structures in the areas of credit, market, liquidity and operational risk management. Advanced technologies are often used by intermediaries to identify, quantify and monitor risks. The employment of these technologies also comes with their own attendant risk exposures and as such significant investments and focus have been placed (particularly in recent times) on operational risk management issues from both regulatory and financial intermediary perspectives. Risk management must be seen as an integrated process and as such managing existing relationships, developing new relationships and leveraging the value of all risks relationships are critical to the management of overall risk exposures. It is important therefore that the approach which institutions and regulators take in managing risk, be relational. Both the qualitative and quantitative aspects of risk management must find consensus within the same framework. No longer should institutions view risk as an isolated and individualized structure with separate and mutually exclusive elements but risk should be managed as a system, which is intricate, collaborative and bound by mutual responsibilities. Banking Supervision The identification, assessment, and promotion of sound risk-management practices have become central elements of good supervisory practice. Risk management has evolved as a discipline that is driven both by the private sector (made up of banking institutions and other market participants) and public sector (especially Regulatory Authorities and Banking Supervision). The relationship between the private sectors interest in economic capital and the public sectors interest in regulatory capital should be identified and managed in a framework that ensures optimization. With regard to the management of risks and risk relationships, several key innovations have been made by the private sector over the years. These are evident in the way financial intermediaries have ordered their balance sheets to respond to various risk stimuli and impulses both internally and externally. Additionally, the private sector has been the driving force behind the development of sophisticated tools used to identify, measure and manage risk relationships. The public sector on the other hand, has been at the forefront in the development of best practice standards and principles used to guide financial intermediaries. For years, the public sector has been playing a pivotal role in preventing the total collapse of the entire financial systems in their capacity of lender of last resort. The regulatory and supervisory arms of the public sector have taken the lead in identifying emerging issues through their approach to supervision of financial intermediaries. Several regulatory bodies routinely performs on-site inspections and examinations as well as off-site monitoring and surveillance of banks and other financial institutions to assess risks and provide feedback to the financial intermediaries board and management. These reviews include the assessment of policies and procedures in place to guide risk management; the assessment of governance and internal controls and the assessment of capital adequacy, asset quality, earnings and liquidity and sensitivities to risks. Reviews could also include comparisons of peer institutions coupled with the establishment of guidelines that codify evolving practices. Yellen (2005)[2] argued that although banks and bank supervisors have different motives, which certainly can lead to differing views about the appropriate levels of risks, they also have a common interest in having accurate measures of risk and in focusing on the processes and techniques for identifying and managing risks. According to Alan Greenspan (2004),[3] the growth in the size and complexity of the largest US and foreign banking organizations, in particular, has substantially affected financial markets and supervisory and regulatory practices. He further states that authorities are required to focus more than before on the internal processes and controls of these institutions and on their ability to manage risk. According to Greenspan, the regulatory authorities must provide the industry with proper incentives to invest in risk-management systems that are necessary to compete successfully in an increasingly competitive and efficient global market.[4] The Basel Frameworks Over the last two decades, the system of bank capital standards has been the Basel Capital Adequacy Standard, known as the Basel I framework, which was established internationally in 1988. The Basel I standard came out of the banking supervision sub-group of the Bank for International Settlement (BIS). The Banking subgroup is made up of supervisors from the G10 countries. This group has been charged with the responsibility for setting bank standards around the world, which it does predominantly through the development and implementation of the Basel Core Principles for Banking Supervision. The Basel I framework was particularly geared towards credit risks in banking institutions and resulted in higher capital levels, a more equitable international marketplace and the relating of regulatory capital requirements to risk appetite and risk profile. The Basel framework is a dynamic one to which bank as supervisors continue to make important adjustments from time to time. For example, the 1988 Capital Accord was amended subsequently to incorporate a market risk component. Bernanke (2005)[5] argues that advances in risk management and the increasing complexity of financial activities have prompted international supervisors to review the appropriateness of the regulatory capital standards under Basel I, particularly for the largest and most complex banking organizations. Bernanke states further that supervisors recognize that some of the largest and most complex banking organizations have already moved well beyond Basel I in the sophistication of their risk management and internal capital models. The gap between the determinants of minimum regulatory capital (under Basel I) and the levels of risks that financial institutions were taking on began to widen, as risk relationships continue to become more complex and risk-management practices continue to evolve. Several innovations have sought to collectively reinforce this gap and indeed the relationship (regulatory capital/risk appetite) between the public sector and the private sector has also being mutually reinforced. These innovations have predominantly being originated by bankers in the private sector and not by Supervisors. Bankers and Risk Managers had developed models that encompass their processes, procedures, and techniques, including statistical models for assessing risks in their portfolios. These innovations by the private sector were seen as state of the art risk management tools which the public sector could use and as such Regulators began to leverage the risk management techniques that banks were using to address shortfalls in Basel I. This phenomenon helped to push the Basel Committee back to the drawing board to create the new capital adequacy standards for internationally active banks, known as Basel II. Bernanke (2006)[6] argues that the new framework links the risk taking of large banking organizations to their regulatory capital in a more meaningful way than does Basel I and encourages further progress in risk management. It does this by building on the risk-measurement and risk-management practices of the most sophisticated banking organizations and providing incentives for further improvements. When this framework is applied consistently across internationally active banks, Supervisors can easily identify shortfalls in the relationship between banks capital and risk levels. Banking institutions with capital levels that are not commensurate with their risk profile and risk levels would be subjected to closer assessment and monitoring. Additionally, Basel II has provided the Supervisor with an added tool, under the supervisory review process (Pillar II) to assess risks in the banking system. The new capital accord, Basel II, with its three pillars, will hopefully enhance and strengthen the process of risk management in banking institutions. Internationally active banks, and other banks and investment businesses in jurisdictions in which regulatory authorities deem it prudent to bring these institutions in scope, should expect significant revisions and modifications in their internal policies used to identify, measure, manage and report on risks. Not only should improvements be seen in risk management policies, but the process and general procedural framework would also see improvements. In this regards, banks and other financial institutions should envisage changes in their system used to capture and report on risks. Under Pillar I, changes are expected I the risk weights assigned to the credit portfolios, particularly, residential mortgages and as such banks could see some reduction in charges as weights for some categories are reduced. The reporting of market risks and operational risks should also improve as banks garner more granular data on its expected losses and risk exposures. In preparation for the supervisory review process (Pillar II) to be conducted by the regulatory authorities, banks should see significant improvements in their risk management practices as they subject their internal capital adequacy models to greater levels of scrutiny to ensure that the capital cover is adequate for all the material risks identified, their risk appetite, and risk exposures. The use of stress testing on both the banks investment and credit portfolios under the pillar II process should also seek to strengthen the institutions approach to deal with adverse down turn and general deterioration in some macro economic variables in the economies in which the banks operate. This should push banks to increase capital levels to cushion expected losses. Pillar III implementation under the new capital accord should also foster greater improvements in the risk management, policies, processes, and procedures of banking institutions as banks become more transparent in their efforts to disclose more information on the profile of risks, risk exposures and capital levels to their stakeholders. The Sub-prime Mortgage Crisis The conditions that gave rise to the current sub-prime mortgage crisis provides ample evidence to support the pressing need for both private and public sector, financial institutions and supervisors, to understand the nature and nexus of risk relationships and regulatory capital. The crisis also provide an opportunity for financial institutions and regulators to explore the risk relationships and risk dynamics existing within and outside of financial intermediaries, as well as the impact that failure to properly identify and assess risk exposures in financial institutions can have on the global financial system and economic growth and development in a particular country. The ongoing economic problem resulting from the sub-prime mortgage crisis has manifested itself through liquidity issues in the global banking system. The credit crisis has its genesis in the bursting of the US housing bubble and the subsequent high default rates on sub-prime or other adjustable rate mortgages, made to borrowers with higher risk profile and lower income levels, instead of to borrowers who are considered prime borrowers with higher income and good credit history. Borrowers were encouraged to take up mortgages based on the attractive housing incentives that led them to believe that notwithstanding the long term trend of rising housing prices, they would be able to refinance these mortgages at more favourable terms in the future. During 2006 however, the prices of houses started to fall, albeit moderately and as such, the possibility of refinancing was becoming more remote. Consequently, the interest rates on the adjustable rate mortgages (ARM) that the sub-prime borrow ers were able to obtain began to reset at the higher rate resulting in a significant increase in defaults and foreclosures. In 2007, foreclosure activities increased by approximately 80 percent over the 2006 figures as nearly 1.3 million United States housing properties were subjected to foreclosure activities. Major banks and other financial institutions globally reported losses of approximately US $379 billion towards the end of the first half of 2008. The first set of financial institutions to be impacted was mortgage lenders that retained the risk of payment default (credit risk). Several third party investors were also affected, as mortgage lenders had passed on the credit default risks arising from the rights to the mortgage payments through mortgage backed securities (MBS) and collateralized debt obligations (CDO). Individuals, institutional investors and other corporate entities holding MBS or CDO were now faced with significant losses as the value of the underlying mortgage assets declined. The sub-prime mortgage crisis also exposed financial institutions to liquidity risks as lenders were forced to reduce lending activities or grant loans at higher interest rates. The higher interest rate loans restricted the ability of corporations to obtain funds through the issuance of commercial paper, thereby posing liquidity challenges for several institutions. As a result, central banks, in their role of lenders of last resort, were forced to take action to provide funds to the banking sector so as to stimulate the commercial paper market and to encourage the resumption of lending to borrowers with good credit profile. The rate at which economies grew was also impacted by the credit crisis as business investments and consumer spending were curtailed due to the general unavailability of loans or the high cost of loans in cases where it was available. The United States government responded by cutting the federal reserve interest rates as well as proposing its economic stimulus package which was passed by congress in February 2008. This was necessary to alter the risk exposure to the broader economy brought on by the credit crisis and the related downturn in the housing market. Research Problem and Hypothesis While the benefits of risk management and positive risk relationships have been increasingly recognized in financial sectors worldwide, this study postulates that (i) risk relationships have not been sufficiently explored in the region and current risk management practices in the Caribbean have not kept pace with international trends on financial risk management and (ii) levels of capital being held by financial intermediaries in the Caribbean could be deemed inadequate to mitigate risk exposures. It could also be argued that where there are high levels of risk exposures in financial intermediaries in the region, the impact of risk mitigating factors are low and risk management policies, processes and procedures are less than robust. Additionally, risk exposures and regulatory capital might vary according to core business activities, risk categories or geographic location. In recognition of the existence of these relational gaps and the need to bridge them, this study will introduce principles, procedures, approaches, models and concepts in risk management, and concentrate on those risks inherent in the financial intermediaries balance sheet or risks associated with various elements of financial activities and environment. The writer will analyse the risk profile of financial intermediaries and their exposure to credit risks, funding/liquidity risks, interest rate risks and operational risk. The study also seeks to develop benchmarks for measuring risks in the region as well as a risk management scoring model with particular emphasis on the risk profile of Caribbean financial intermediaries. Sub-problems The first sub-problem is to ascertain the risk profile and relationship evident in financial intermediaries in Jamaica, Trinidad and Barbados, as well as those which may evolve consequent to the new Basel Capital Accord, Basel II, which is scheduled to be fully implemented by 2015 across all jurisdictions. The intention is to assess the risk profile and relationship in operation as a dynamic process and the likely impact of the capital accord on relevant financial entities. The second sub-problem is, using both the relevant and existing literature concerning risks, risk relationships and risk management and observation of current techniques, to ascertain throughout the course of the study, types of risk relationships that exist in credit, liquidity, interest rate and operational risk management in financial intermediaries. The third sub-problem is to provide the financial sector with a set of sound testable ideas that are systemically desirable and consistent with the future development of risk assessment. This will be done by reviewing the analyses outlined in the first two sub-problems, generating relevant model/framework of risk assessment, comparing the model/framework with real situation, identifying systemically desirable changes and documenting the results for the benefit of relevant stakeholders who are capable of applying change to the banking sector in general. Hypothesis The first hypothesis is that risk exposures (credit, liquidity, interest rate and operational risks) in financial intermediaries in Jamaica are relatively high when compared with Trinidad and Tobago and Barbados and could exhibit parasitic tendencies. This could impair the financial intermediaries ability to identify, measure, mitigate and monitor risks due to the fact that the internal control framework could be seen as less than robust. The second hypothesis is that there will be shortfalls in capital requirements specifically as a result of the introduction of the new Basel Capital Accord and more generally after taking account of specific risks not previously considered by financial intermediaries. The third hypothesis is that the cycle of analysis, application and testing will result in the implementation of rigorously defined early warning system for modelling and scoring risks and that this system will be adaptable to change, both outside and within the environment, and extendable to additional use. Justification for the Research Sound risk management practices, which include appropriate tools and techniques and the employment of relevant steps to assess risk exposure are at the heart of effective financial intermediation. However, many institutions are exposed to high levels of risks in their operations and few have put in place the relevant infrastructure to appropriately capture their risk exposures. According to the Government of Jamaica, Ministry of Finance (1998)[7]: the financial distress experienced in the mid nineties was in several ways due to the fact that many domestic financial institutions did not have the necessary risk and financial management capabilities to carefully assess the risk. As a result, they were left holding real estate and other long-term assets that could not be easily disposed of to meet their short-term obligations. The Ministry highlighted the fact that: banks in Jamaica tended to invest in enterprises that were outside the scope of their core business which had the following implication: The banks entered sectors in which their management did not have the requisite skills or expertise. The banks, when lending to related parties or parties under common control either (i) made poor and biased credit decisions; or (ii) invested in companies on less than arms length terms resulting in poorly secured loans. The banks, in many instances had fund investments in non-core businesses with short-term borrowing instruments with guaranteed high interest rates. As a result, many non-core business had to contend with an unsustainable capital structure that relied heavily on high cost loans with relatively short maturities[8]. Many studies have highlighted the risk management practices, including techniques and tools used to identify, measure, mitigate and monitor risks in industrial countries. However, few studies (note the researcher is not aware of any at the time of preparing this thesis) have sought to understand and explain the risk exposures, risk relationships and risk management practices in financial intermediaries in the Caribbean, particularly Trinidad and Tobago, Jamaica and Barbados. The study utilizes a novel approach to analyse risk exposures and risk relationships, which has not been evidenced in the literature generally and definitely not seen in research on risk management in the Caribbean region. The risk profile of financial intermediaries are analysed using ratio analysis and statistical techniques including the standard deviation and arithmetic mean coupled with a five-point scale response to determine risk relationships based on a biological science description. This study will document over a ten-year period, sectoral differences in risk exposure reflected in the balance sheets and income statements of commercial banks, merchant banks, trust companies and building societies in three Caribbean countries. The results of the research will provide a sound set of ideas for the management of risks in these institutions in emerging markets. It will also provide an enduring account of risk relationships and the implications of sound risk management practices in general. Thesis Outline and Methodology The study examines the risk management framework in emerging markets in the Caribbean region. The focus will be limited to three jurisdictions in the Caribbean region. These are Jamaica, Trinidad Tobago and Barbados. This paper takes account of four types of deposit taking financial institutions Commercial Banks, Trust Merchant Banks, Finance Companies and Building Societies. There are 8 financial intermediaries across the three jurisdictions. Elite interviews were also conducted with senior management in sixteen (16) financial institutions in Trinidad and Barbados. Interviews were held with select senior management executives in the financial institutions. Among the executives interviewed were CEOs, Senior Vice Presidents, Risk Managers, Credit Managers, Operations Managers and Treasury Managers. In Jamaica, detailed surveillance were done of all the in scope financial institutions ie, commercial banks, trust and merchant banks and building societies. Reviews of annual reports and websites of all the financial intermediaries captured in the scope of the thesis were also done. The purpose of the review of the elite interviews and qualitative reviews of the websites, annual reports and other published data was to obtain information on four risk categories, particularly on the policies, procedures and processes in place to manage risk. Twenty risk proxies were used to calibrate risk exposure across four risk types in the financial intermediaries and the countries. These risk proxies were further reduced to eight based on their relative weights and significance as a risk-sensitive measure. Additionally, eight macro-economic variables were used to assess the economic environment within each country as well as to determine the extent to which these macro-economic variables were correlated with the risk proxies. Using a Likert-type index, correlation analysis and the results of the observation and interviews, the study developed risk benchmarks and risk scores, which were later used to determine risk relationships within financial intermediaries as well as within each country. The aim was to identify the risk relationships and to provide the managers of financial institutions and policy makers with an early warning system to calibrate and mitigate risks. The study analyzed the degree to which three major economies in the Caribbean region were exposed to credit, liquidity, interest rate and operational risks and the extent to which different countries are similar or different in light of these risk exposures. The paper sought to determine the level of risk exposures across four different financial intermediary types in three Caribbean jurisdictions. It expounded on differences and similarities in the risk profile of financial intermediaries and sought to determine which intermediaries are likely to have higher risk profiles. The paper also explored synergies and alliances between the four main categories of risk under study. These are credit, interest rate, liquidity and operational risk. It disaggregated proxies for risks based on risk types and highlighted risks drivers that are significant to different intermediary types or country. Lastly, the paper explored relationship between the critical elements and proposed a model for the scoring of risks. The relational perspective to risk management envisaged risk within three basic constructs namely, Symbiotic, Parasitic and Saprophytic as well as the nexus between these constructs and the internal control framework as measured by financial intermediaries policies, procedures and processes used to manage risks. The Saprophytic Construct At this level, risk is calibrated as being relatively low. Risks outcome are systemically pleasing and financial intermediaries are making meaningful contribution to the common good. Risks and reward can thrive within a conducive macro environment and the profile of institutions balance sheet and income statement contributes positively to the risk calibration outcome. A low level of risk exposure is usually attributed to a very robust internal control framework and more effective risk mitigation strategies. The Symbiotic Construct Within the Symbiotic construct, risk relationships are generally balanced. Risk is calibrated as moderate and the regulatory interest and the economic interest are neutral. Risk management is generally integrated and there is usually a connection between the process of risk identification, measurement, mitigation and monitoring. The profile of intermediaries balance sheets and income statements are viewed as risk-neutral relative to risk outcome and the internal control framework and risk mitigation strategies used by financial intermediaries are generally adequate. The Parasitic Construct Within this construct risks are calibrated as high or very high. There is usually adverse macro-economic condition in existence and there is disconnect between the regulatory interest and the economic interest. There is a general state of disharmony in the qualitative and quantitative approaches and disunity in the way that risk is generally managed. The risk profile of institutions balance sheets and income statements negatively impacts risk calibration outcomes. A hig