Sunday, March 8, 2020

How Your Resume Speaks to Potential Employers

How Your Resume Speaks to Potential Employers How Your Resume Speaks to Potential Employers There are many reasons why you might want to update your resume. Perhaps you are seeking a promotion, or want to shift to another division of your company. Maybe the role and responsibilities of your current position aren’t what you expected, and you need to begin looking for a different job. Wherever you’re at in the workplace world, it’s essential to have a solid resume. Your resume is how you speak to potential employers. What is your resume saying about you? Here are six tips to consider when building your resume. To Embellish, or Not to Embellish In a study by Career Builder, over 2,500 hiring managers discovered applicants doing more than dress up a few things. 56% found applicants lying, with 54% taking liberties describing their responsibilities. A quarter caught people adding credits from companies for whom they had never worked! While it’s important to highlight your duties with a position, it’s vital to be straightforward when describing the scope of your responsibilities on your resume. Does Your Resume Reflect Career Progression? Your resume should be the story of your career; ideally one with an upward trajectory. Set the tone of the resume by including relevant experience or training for the job listing. Hopefully, your most recent job will fit; but if you’re still working on gaining career highlights, pull from another credit instead. If you’re switching career paths, or you already have varied work experience, it’s okay to structure your resume; for example, you might have one category outlining your research-based work, and a different group highlighting your people skills. Organizing your experience into categories allows you to present a fuller picture of your abilities. First Impressions are Important Many recruiters say that it takes them a mere six seconds to decide if they’re putting your resume in the â€Å"yes† or â€Å"no† pile. This is why first impressions are so crucial. You don’t need to use coloured paper or wild fonts, but you should give your resume some style. Remember, you aren’t trying to convince them of your design sense; you’re trying to avoid being tossed in the â€Å"no† pile after a cursory glance. Does your resume look original, and not based on a template? Even if you used a model to start, you can still give it a clean, polished look that doesn’t feel like a stark template. Are the length and overall appearance appropriate for the job? You want to make it easy to process with a quick look, as the person reading it might easily be looking at upwards of hundreds of resumes. Points to consider regarding appearance: Clear design with white space between sections Clean copy, with no typos or spelling errors Un-cluttered paragraphs Simple, effective bullet points Font Matters How you present your choice of words also matters. Font choice is such a vital part of displaying a favourable appearance that it deserves its own mention. The main point when choosing a font style is making your resume easier to read. There are a couple of essential points to be made regarding font choice: Choose a serif font for print Serif refers to those little tails or flags at the end of a letter - like this. Those tails are supposed to lead the eye forward to the next letter, making it easier to read, especially when you are reading a large number of pages. â€Å"Sans serif† means without a serif, meaning there are no added tails to the letters. Don’t be fashionable A common wisecrack is â€Å"Don’t use Comic Sans.† That’s because this niche font was momentarily very trendy and was vastly over-used. Know how it will be read Some fonts work better on paper; some fonts look better on screen. If you know how your resume will be read, then select a font that makes the most of that medium. If you’re not sure, fonts like Cambria work equally well in both media. Top Three Fonts for Print: Bookman Old Style Cambria Garamond Top Three Fonts for Online: Calibri Cambria Georgia If you want to delve deeper into it, there are many visually pleasing fonts that will assist in giving your resume some life and voice. Choose a font that is easy to read and pleasing to the eye, and your resume is likelier to end up in the â€Å"yes† pile for a second glance. Don’t Say Too Much It’s important not to bog down your resume with unnecessary details. Tailor make your resume to include specifics that make you a more desirable candidate. If a credit isn’t relevant to the job, remove it. There’s no need to clutter up your resume with experiences that don’t apply. Keep your resume clean; don’t add unnecessary flourishes. The same goes for introductions and cover letters. The ability to be concise will set you apart. Hobbies and Interests If your hobbies and interests are genuinely applicable to the job, by all means, add them. Be specific. Saying that you like music isn’t descriptive; saying that you have a membership to the symphony, or that you play with a band that goes to retirement homes is. Membership in groups like Toastmasters demonstrates a willingness for self-improvement, as well as an interest in public speaking. Bonus tip: Managing Your Online Presence Depending on your field, having an online presence could help you stand out. However, your online presence can also be a drawback. Companies and their clients don’t want to work with someone who will potentially bring them unwanted negative attention. Having a positive, work-relevant social media presence shows potential employers you know how to be professional. Always remember, anything that you put up online is trackable and could be noticed by the watchful eye of someone in your industry. Three ways to use social media positively: LinkedIn Make connections with business and colleagues Twitter Post relevant industry content on your @twitter account Facebook Have a separate Facebook account for work colleagues and your personal friends Follow these ideas and suggestions when you update your cover letter and resume. We’ve covered a lot, but taking it step-by-step will make the process less overwhelming. If your current circumstances leave you with little time, or you need help putting your best foot forward in print, can help. Whether you require basic editing assistance or are starting from scratch, our writing staff can help set you apart from other candidates. With over 200 professional, MA, MSc, JD, MBA Ph.D. accelerated writers, we can ensure that your resume is a step above the competition. You can contact toll-free at 1-800-573-0840, by email at, or place an order online through our online service page.

Thursday, February 20, 2020

A Survey of the Current State of Security in Smartphones Term Paper

A Survey of the Current State of Security in Smartphones - Term Paper Example This is why they have found their way into our everyday activities, and entrust them with our most valuable information. The down side to this is that since these technologies are used by people everyday and hold our most important information, they are also extremely prone to attacks. Personal computers can be hacked, or could get viruses and spyware, while networks are the target of security breaches, and of course, smartphones can be attacked as well. These technologies are targets for the same reason we use them; they are capable of running our lives. Nowadays, you can do banking from your home or phone. You can transfer bank funds via your network, you can keep the passwords of your utilities in your Smartphone, and you can also keep track of your stocks and other assets through these methods as well. Attacks come in different forms and target different kinds of information. This paper will focus on one of the above mentioned technologies, the smart phones, it will look at the k inds of attacks that could affect a smartphone, and look at current literature regarding available security options for smartphones. This paper will concentrate on smartphones and it will dig deeper into the current status of smartphone security. It will be discussed as: What is a smartphone? Discussion of literature regarding attacks on smartphones Discussion of literature regarding security options for smartphones. ... on a personal digital assistant or a computer.† This means that technically, smartphone is a miniature personal computer or laptop that is able to make calls because according to the article, â€Å"A smartphone also offers the ability to send and receive e-mail and edit Office documents, for example.† These kinds of features allow us to do banking, social networking, communication of multiple methods, and asset management through these devices. This is normally used and abused by business owners and company managers that need to bring their work wherever they go, or by entrepreneurs and free-lance employees and contractors as they may get work orders at any given time. These functions are very useful for people on the move on a regular basis, and even for people who feel the need to stay connected on a regular basis but as advanced these functions may be, they are also more prone to attacks such as viruses and spyware. When comparing regular phones to smartphones, althou gh smartphones generally have more capabilities, they are also much more prone to receiving and being affected by viruses, as some older phones either are not able to receive viruses or even if they do receive them, most to not have the ability to run them. Discussion of literature regarding attacks on smartphones As we know, there are many different smartphones, using different operating systems, with different interfaces and applications, and as previously mentioned, there may be just as many ways of attacking these smartphones. This part of the paper aims to discus current literature regarding the certain kinds of treats and attacks that smartphones are normally vulnerable to. This particular portion also would like to touch on some of the reasons why smartphones get infected or become targets of

Wednesday, February 5, 2020

A roller coaster ride Essay Example | Topics and Well Written Essays - 500 words

A roller coaster ride - Essay Example This paper illustrates how the author boarded a cabin alongside a number of children and fastened the seatbelt, the ride promised to be exhilarating. He experienced both fear and excitement in equal measure. At some time, the researcher nearly jumped out of the machine. Looking straight ahead, the track rose into the sky until he could not see any more of it. On the other end, he could see the track falling into the ground and twisting right back into the sky. The author felt nauseated and nearly jumped out. However, before made up my mind, the cabin cocked into life. It hummed steadily as it began moving slowly. The cabin picked up the pace and before the author knew it he was climbing the metal hill straight into the sky at a high speed. He looked back at his father and he could see his size diminish with every inch he climbed. The other children in the cabin were screaming either in joy or in fear, a feature made the author’s experience at the cabin more uncomfortable. The cabin got to the peak of the climb and the author saw the entire horizon. The view was breathtaking though he could not describe the feeling. He enjoyed the view from the sky. However, the experience did not last for long since the cabin began falling. The cab fell out of the sky quite literally. The author could feel his body mass dragging me to the ground. The screams from the other children heightened as he sat still looking.

Monday, January 27, 2020

The Classical Realism In International Politics Essay

The Classical Realism In International Politics Essay Classical Realism is an important theory that defines the international politics relations. Realists see and study the world as it is, and not as how ought to be, as the idealist theory does. From a rational point of view the realists believe that the world is imperfect, as the base, is human nature, as Morgenthau stress is the result of forces inherent in human nature. (1985a:3) This negative human vision is expressed by Robert Gilpin  [1]  in The Richness of the Tradition of Political Realism: realism is founded on a pessimism regarding moral progress and human possibilities. (1986:304) The Realist theory has presented a fundamental unity of though across a span of nearly 2,500 years. Thucydides, Niccolà ² Machiavelli, Carl von Clausewitz, Gilpin and Hans Morgenthau present among others the main thoughts on Classical Realism. (Ned, 2007:53) For realists, states are the principal entities in the study of international political relations. Nation-states are defined according to Hans Morgenthau as an abstraction from a number of individuals who have certain characteristics in common. (1985f:117) This theory understands states are egoists and they only act under their own interests; an interest that is defined by Hans in terms of power. (198a5:5) In addition, this theory emphasizes all states coexist in a system so-called international where the main characteristic is the eternal fight for power due to states only seek their own goals. States reflect this struggle for power in their external policies where diplomacy  [2]  becomes an important manner to resolve conflicts as well as signatures of alliances. For this reason, order, justice and change are the central studies of their writings. (Ned, 2007:53) In the study of politics, Classical Realism accentuates the similarities between domestic and international relations, as the importance role of ethics and community in both fields. Also realists study the international system as principles of order where they help to actors to get their own interests through discourses and identities. According to Thucydides and Morgenthau when those discourses and identities changes, the system changes too, towards modernization and the consequence of this is hegemonic war. As we have seen states are the central subject for realist theory and the internal governments gathered by individuals convert states in rational actors. The authority of any state is leaded therefore, by human ration that will always follow self-interest. Thus national security becomes the biggest preoccupation states have rather it is on the top list of issues, as in the international sphere there is no authority to control other ´s interests. Power and military issues then shape world politics and become a decisive point on Realist theory. The national interest of peace-loving nation can be defined only in terms of national security, and national security must be defined as integrity of the national territory and of its institutions. National security, then, is the irreducible minimum that diplomacy must defend with adequate power without compromise. (Recchia, 2007:541) Furthermore, realists explain that states will act maximizing their own self interests, even if they have to use force. States seek power and they calculate their interests in terms of power, whether as end or as necessary means to a variety of other end. (Viotti and Kauppi, 1998:158) Hence, the struggle for power among states remains central in the international relations too, as Morgenthau stress international politics, like all politics, is a struggle for power (à ¢Ã¢â€š ¬Ã‚ ¦) power is always the immediate aim. (Viotti and Kauppi, 1998:56-57) Definition of Realpolitik, thus acquire relevant importance for this theory as it refers to power and power politics among states. (Viotti and Kauppi, 1998:59) In fact in the sixteenth century, Machiavelli wrote about state security (that could be seen in terms of power as a way to keep the national power) in his important work, The Prince. However, some authors have criticized his thoughts as immoral, as he understands all acts of the Prince are justified by its ends which seek is to assure the national security: because it is often (for the prince) to operate against his own faith, as well as against charity and humanity, in order to preserve the state. (Recchia, 2007:533) This is the well known raison d ´Ãƒ ©tat where individuals answer to one moral and the sovereignty to another one. Therefore, ethics and politics go separately. By contrast, Morgenthau political theory is opposite to Machiavelli ´s raison d ´Ãƒ ©tat as, he believes in the existence of a universal moral code that ought to guide responsible statecraft. (Recchia, 2007:537) On the other hand, diplomacy is an essential instrument in the maintenance of security, as well as military capacities and power which become indispensable too. Therefore, those capacities are seen as high politics, while others as finance or economics will rest in lower politics. However not for that is less important, as economics moves power and foreign policies were determined by them. FOREIGN POLICY IN THE REALIST THEORY: Hans Morgenthau Hans Morgenthau, the father of the modern realism, in his work Politics among Nations analyzes the same subjects as realism theory does although he will center the attention on national interest and power. This essential book even if it was written during the Cold War  [3]  , is as present as any other work nowadays. Indeed he has been considered one of the most important thinkers in the twentieth century, and has had a big influence on the contemporary thoughts. We will use this work, Politics among Nations in this dissertation as is the principal key to understand the Spanish foreign policy during World War II. Morgenthau as realists do, sees the world as imperfect, where there are constant opponent interests between individuals, and because of this, the international system is in permanent conflict. States as main actors in this international system must be prepared to go to war. The author also, conceives politics as the way to obtain and to maintain power and the way to pursue it. Hence, power becomes the reason for existence, and the international system remains dangerous as states are in persistent conflict. Power is not understood in terms of military force, rather is focused on the psychological influence. There is a clear difference between power as political influence and power as material that could be military force or economics. We consider that his theory can be summarized on the first point of his six main principles: First, politics as society in general is governed by rational laws and they have their roots in human nature, therefore it is possible to develop a theory that could reflect those laws. Realism basically, explains facts and gives meaning to them inside the international sphere. The main indicator of Realism is the concept of interest which is defined in terms of power which is recognized universally and necessary in the study of international politics. (Morgenthau, 1985a:5) Behind states, statesmen will act under their own interests thinking with rationality therefore realism stresses rationality and objectivity. But the other face of interest is that it can control men: interests (material and ideal), not ideas, dominate directly the actions of men. (Morgenthau, 1985a:11) For international relations, the study of acts taken by statesmen is crucial. Therefore, international politics could be seen as the actions between states, understood as foreign policies. Morgenthau in the second principle understands as good foreign policy those that are made in the correct moment and with rationality. Foreign policy ought to be rational in view of its own moral and practical purposes. (Morgenthau, 1985a:10) It will be successful when the risks will be minimizes and maximizes the benefits. On the other hand, the concept of power is indispensable for international politics. Power is understood as, anything that establishes and maintains the control of man over man. (Morgenthau: 1985a:11) As we have seen before, nation-states will act in terms of power, in terms of domination. Therefore, balance of power is present in the international society, as states will act to change power or maintaining it. Another principle regards morality aware the international politics. It means that it can not be applied to states the same moral principles as it is done on humans. The individual may say for himself, fiat justitia, pereat mundus (let justice be done, even if the world perish), but the state has no right to say so in the name of those whose are in its care. (Morgenthau: 1985a:12) Hence, realism refuses to identify moral aspirations of one nation with moral universal principles. This German thinker understands as foreign policy the external actions states pursue in the international system where the core is the national self-interest and power. Below we will study the three main principles that Morgenthau wrote on his work considered essentials for this case-study. 2.1 National-Interest National interest is the key concept for Realism in the understanding of foreign policy. In the study of the national interest, Hans Morgenthau becomes one of the most important thinkers being the maxim authority in this subject, not only because he presents the main study with his work (cited before) also because he creates almost a scientific theory. According to him national interest refers to the essence of politics. The idea of interest is indeed of the essence of politics and is unaffected by the circumstances of time and place. Interest is the perennial standard by which political action must be judged. Yet the kind of interest determining political action in a particular period of history depends upon the political and cultural context within foreign policy is formulated. (1985a:8-9) Other authors as Osgood, defines national interest as a state of affairs valued solely for its benefits to the nation. (Gonzalez, 8) Contrary to realism, he defines this concept as an egoist behavior states normally take. For Frankel, national interest is defined as the general and permanent ends why a nation acts. (Rubio, 64) Also, Marshall says national interest refers to the political objectives upper internal and political controversies. It means the maintenance of peace, the preservation of security and the national protection in the international sphere. (Rubio, 64-65) Therefore, states will take foreign policies acting and thinking on their own objectives and on their own interests without having in consideration other states necessities. However nations will be limited in their actions by the behavior of the rest of states, the freedom of choice of any one state is limited by the actions of all the others. (Viotti and Kauppi, 1998:73). On the other hand, Thomas W. Robinson  [4]  does a classification about the different national interests exist through the analyses of Hans ´s Morgenthau work. (Gonzà ¡lez, 23) He says first, states will defend primary necessities: the physical, political and cultural identity of the nation, as well as, the survival of the state fronts any external aggression. The second interest refers to individuals and diplomats based on their protection and security. It is important to explain according to Hans, that the kind of interest will be determined by the political and cultural context. (Morgenthau, 1985a) 2.2 The importance of power Contrary to other thinkers, Morgenthau stresses states interest is in terms of power: The main signpost that helps political realism to find its way through the landscape of international politics is the concept of interest defined in terms of power.(Morgenthau, 1985a:5). Hence, power becomes the second essential key for Realism theory in the international field. States will act according their own interests as statesmen think and act in terms of interest defined as power. (Morgenthau, 1985a:5) Therefore, states leaded by statesmen pursue power. Hans will show in his work three ways for the struggle of power, but we will study only two: the maintenance of power and the increment of this. This importance of power will be essential to explain later the Spanish foreign policy during World War II.

Sunday, January 19, 2020

Health Benefits of the South Beach Diet Essay -- Health Nutrition Diet

Health Benefits of the South Beach Diet By promoting only healthy foods and in limited amounts, the South Beach diet proves to be an effective and safe path to weight loss. South Beach permits foods which are high in fiber and low in saturated fat such as whole grain rice, salmon and nuts. The diet does not exclude any particular class of food, fats or carbohydrates for example, but insists that foods high in cholesterol, such as bacon, be avoided. Yet, this is not the only restriction of the diet. South Beach also limits the amount of food consumed each day to 1,500 calories. Based on an average daily intake of 2,000 calories, South Beach ensures weight loss by simply decreasing the overall amount of food (â€Å"2,000 Calories a Day†). In restricting both unhealthy foods and calorie intake, the South Beach diet proves beneficial to one’s health. The foods which South Beach allows promote health, not necessarily weight loss. The diet emphasizes the intake of all healthy foods, some of which can actually lead to weight gain. Carbohydrates, for example, are stored in the body for long periods of time as their complex sugars are difficult to break down. Since they are not quickly processed, they turn to fat. Some carbohydrates; however, such as wheat pasta and multigrain bread, are still encouraged as they contain nutrients which help prevent illness such as heart disease. Phytochemicals, also found in carbs, have been proven to help prevent cancer (â€Å"Atkins vs. South Beach†). In addition to allowing these essential carbs, South Beach restricts foods high in saturated fat. Saturated fats are those which are soaked in fried oils, like bacon. These foods that contain this unhealthy type of fat can clog arteries which... ...s in choosing foods beneficial to one’s health as well. The two South Beach limits of quantity and quality work hand in hand towards healthiness. The restrictions of what foods are allowed ensure the consumption of nutrients needed in the body and prevent the consumption of foods which may be harmful. The calorie limitations aid in both health and weight loss as they encourage healthier foods lower in saturated fat. The South Beach diet thus proves to be an ideal tool when it comes to losing weight and staying healthy. Sources Cited: â€Å"2,000 Calories a Day the Easy Way† November 27, 2004 â€Å"Atkins vs. South Beach: How the Hottest Diets Measure Up† November 10, 2004 â€Å"South Beach Diet† November 28, 2004

Saturday, January 11, 2020

The Borneo Rainforest

The Borneo Rainforest is located in Borneo which is the third largest island in the world and is located north of Java, Indonesia, at the geographic centre of Maritime Southeast Asia. The Rainforest is 130 million years old, which makes it the oldest rainforest in the world. The Borneo rainforest is one of the only remaining natural habitats for the endangered Bornean Orangutan. It is an important refuge for many endemic forest species, including the Asian Elephant, the Sumatran Rhinoceros, the Bornean Clouded Leopard, the Hose's Civet and the Dayak Fruit Bat.The Borneo lowland rain forests cover most of the island, with an area of 427,500 square kilometers. The Borneo mountain rainforests lie in the central highlands of the island, above the 1,000 meters elevation. There are species of birds found in the forest and 13 mammals. Tourism is also a popular thing in the Rainforest, with resorts and tours available. In the 1980s and 1990s Borneo underwent a remarkable transition. Its fore sts were levelled at a rate unparalleled in human history.Borneo's rainforests went to industrialized countries like Japan and the United States in the form of garden furniture, paper pulp and chopsticks. Initially most of the timber was taken from the Malaysian part of the island in the northern states of Sabah and Sarawak. Later forests in the southern part of Borneo, an area belonging to Indonesia and known as Kalimantan, became the primary source for tropical timber. Today the forests of Borneo are but a shadow of those of legend and those that remain are highly threatened by the emerging biofuels market, specifically, oil palm.Oil palm is the most productive oil seed in the world. A single hectare of oil palm may yield 5,000 kilograms of crude oil, or nearly 6,000 liters of crude, making the crop remarkably profitable when grown in large plantations, one study that looked at 10,000 hectare-plantations suggests an internal rate of return of 26 percent annually. As such, vast swa thes of land are being converted for oil palm plantations. Oil palm cultivation has expanded in Indonesia from 600,000 hectares in 1985 to more than 6 million hectares by early 2007, and was expected to reach 10 million hectares by 2010.Despite this outlook, there has recently been some positive conservation news out of Borneo. In February 2007, the governments of Brunei, Malaysia, and Indonesia agreed to protect roughly 220,000 square kilometers of tropical forest in the so-called â€Å"Heart of Borneo†. Environmental group WWF was particularly active in the establishment of the protected area. WWF says there are four big threats to Borneo's forests: land conversion, illegal logging, poor forest management, and forest fires.It adds that large-scale industrial projects (roads, and hydroelectric projects like the Bakun dam) and hunting are also threats, but to a lesser degree. A further issue is the climate of corruption, which permeates virtually all levels of government in K alimantan. Forestry decisions are now made at the district level, where officials are said to be sometimes easily swayed by money. A strategically gifted motorbike can often win influence at the village level. A fundamental problem is that development in Borneo is driven by extractive industries at present there are few economic alternatives.These industries are rarely sustainable, especially when little is invested in long-term management of resources. The causes of deforestation in Borneo are not complex; the solutions are. After large-scale deforestation in the lowlands and the importation of millions of people through poorly-executed transmigration programs, there are few economic options in most of Borneo. Having lost jobs in the forestry sector, many villages are faced with having to decide whether to give up the remaining forest for oil palm or continue with subsistence living.Oil palm plantations certainly offer economic potential, especially when they are planted on already deforested and degraded lands, but it makes little sense to establish them on increasingly scare areas of natural forest. Social safeguards are also required to ensure labour abuse and sharecropping schemes are avoided. The Roundtable on Sustainable Palm Oil (RSPO) is one initiative working on equitable and sustainable palm oil production. Conservation is also an urgent priority in Borneo, especially in biologically diverse regions that have so far escaped the ravages of intensive logging and fires.The recent â€Å"Heart of Borneo† initiative is a shining example of what's possible. However, it is absolutely critical that once protected areas are established, they are maintained. The history of â€Å"protected areas† in Kalimantan where large percentages of supposedly protected area was logged and distributed for development is disheartening, but now is the time to move beyond this and plan for a future where conserved areas are actually protected and sustainable use of buffer zones is maximized. ——————————————- [ 1 ]. Borneo, 2012, accessed on 12/10/2012 at http://en. wikipedia. org/wiki/Borneo [ 2 ]. Wildlife of Borneo, 2011, accessed on 12/10/2012 at http://www. mongabay. com/borneo/borneo_wildlife. html [ 3 ]. Borneo forest, 2011, accessed on the 16/10/12 at http://www. google. com. au/url? sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=3&ved=0CC8QFjAC&url=http%3A%2F%2Fwww. wired. com%2Fnews%2Fculture%2F0%2C1284%2C62252%2C00. tml&ei=6sl_UMumLvCTiQemroFA&usg=AFQjCNE5UyM5Tg7VfoCUxhW1_RLCwwZwHg&sig2=tOBloXyugLND1LNqqDiz_A [ 4 ]. WWF, 2012, accessed on the 17/10/12 at http://wwf. panda. org/what_we_do/where_we_work/borneo_forests/ [ 5 ]. WWF BORNEO, 2012, accessed on the 17/10/ 2012 http://wwf. panda. org/what_we_do/where_we_work/borneo_forests/ [ 6 ]. WWF, 2012, accessed on the 17/10/12 at http://wwf. panda. org/what_we_do [ 7 ]. Deforestation in Borneo, 2012 , accessed on the 17/10/2012 at http://en. wikipedia. org/wiki/Deforestation_in_Borneo

Friday, January 3, 2020

Islamic Finance And The Rules Of Islamic Law Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3052 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The financial industry has historically played an important role in the economy of every society. Banks mobilise funds from investors and apply them to investments in trade and business. The history of banking is long and varied, with the financial system as we know it today directly descending from Florentine bankers of the 14th 17th century. Don’t waste time! Our writers will create an original "Islamic Finance And The Rules Of Islamic Law Finance Essay" essay for you Create order However, even before the invention of money, people used to deposit valuables such as grain, cattle and agricultural implements and, at a later stage, precious metals such as gold for safekeeping with religious temples. Around the 5th century BC, the ancient Greeks started to include investments in their banking operations. Temples still offered safe-keeping, but other entities started to offer financial transactions including loans, deposits, exchange of currency and validation of coins. Financial services were typically offered against the payment of a flat fee or, for investments, against a share of the profit. The views of philosophers and theologians on interest have always ranged from an absolute prohibition to the prohibition of usurious or excess interest only, with a bias towards the absolute prohibition of any form of interest. The first foreign exchange contract in 1156 AD was not just executed to facilitate the exchange of one currency for another at a forward date, but a lso because profits from time differences in a foreign exchange contract were not covered by canon laws against usury. In a time when financial contracts were largely governed by Christian beliefs prohibiting interest on the basis that it would be a sin to pay back more or less than what was lent, this was a major advantage. During medieval times (1,000 1,500 AD), Middle Eastern tradesmen would engage in financial transactions on the basis of Shariaa, which incidentally was guided by the same principles as their European counterparts at the time. The Arabs from the Ottoman Empire had strong trade relationships with the Spanish, and established financial systems without interest which worked on a profit- and loss-sharing basis. These instruments catered for the financing of trade and other enterprises. As the Middle Eastern and Asian regions became important trading partners for European companies such as the Dutch East India Company, European banks started to establish branches in these countries, which typically were interest-based. With the increasingly important role Western countries started to play in the world economy, conventional financial institutions became more dominant. On a small scale, credit union and co-operative societies based on profit- and loss-sharing principles continued to exist, but their activities were very much focused in small geographical areas. Although it was not until the mid 1980s that Islamic finance started to grow exponentially. Literature review Islamic finance is based on shariah, an Arabic term that is often translated into Islamic law. Shariah provides guidelines for aspects of Muslim life, including religion, politics, economics, banking, business, and law. Shariah-compliant financing (SCF) constitutes financial practices that conform to Islamic law. Major principles of shariah that are applicable to finance and that differ from conventional finance are: Ban on interest (riba): In conventional forms of finance, a distinction is made between acceptable interest and usurious interest. In contrast, under Islamic law, any level of interest is considered to be usurious and is prohibited. Ban on uncertainty: Uncertainty in contractual terms and conditions is not allowed, unless all of the terms and conditions of the risk are clearly understood by all parties to a financial transaction. Risk-sharing and profit-sharing: Parties involved in a financial transaction must share both the associated risks and profits. Et hical investments that enhance society: Investment in industries that are prohibited by the Quran, such as alcohol, pornography, gambling, and pork-based products, are discouraged. Asset-backing: Each financial transaction must be tied to a tangible, identifiable underlying asset. Under shariah, money is not considered an asset class because it is not tangible and thus, may not earn a return. Some question how lenders profit from financial transactions under Islamic law. For instance, in a real estate setting, SCF takes the form of leasing, as opposed to loans. Instead of borrowing money, the bank obtains the property and leases it to the shariah compliant investor, who pays rent instead of interest. Earnings of profits or returns from assets are permitted so long as the business risks are shared by the lender and borrower. Ijarah: An Ijarah contract refers to an agreement made by the Islamic Banking Institution (IBI) to lease to a customer an asset specified by the customer f or an agreed period against specified instalments of lease rental. An Ijarah contract commences with a promise to lease that is binding on the part of the potential lessee prior to entering the Ijarah contract. Istisna: An Istisna contract refers to an agreement to sell to a customer a nonexistent asset, which is to be manufactured or built according to the buyers specifications and is to be delivered on a specified future date at a predetermined selling price. Murabaha: A Murabaha contract refers to a sale contract whereby the IBI sells to a customer at an agreed profit margin plus cost (selling price), a specified kind of asset that is already in their possession. Mudarabah: A Mudarabah is a contract between the capital provider and a skilled entrepreneur whereby the capital provider would contribute capital to an enterprise or activity which is to be managed by the entrepreneur as the Mudarib (or labour provider). Profits generated by the enterprise or activity are share d in accordance with the terms of the Mudarabah agreement, while losses are to be borne solely by the capital provider unless the losses are due to the Mudaribs misconduct, negligence and breach of contracted terms. Musharakah: A Musharakah is a contract between the IBI and a customer to contribute capital to an enterprise, whether existing or new, or to ownership of a real estate or moveable asset, either on a temporary or permanent basis. Profits generated by that enterprise or real estate/asset are shared in accordance with the terms of Musharakah agreement whilst losses are shared in proportion to each partners share of capital. Salam: A Salam contract refers to an agreement to purchase, at a predetermined price, a specified kind of commodity not available with the seller, which is to be delivered on a specified future date in a specified quantity and quality. The IBI as the buyer makes full payment of the purchase price upon execution of a Salam contract. The commodity ma y or may not be traded over the counter or on an exchange. Sukuk: A Sukuk (certificate) represents the holders proportionate ownership in an undivided part of an underlying asset where the holder assumes all rights and obligations to such asset. Takaful: An equivalent to the contemporary insurance contract whereby a group of persons agree to share a certain risk (for example, damage by fire) by collecting a specified sum from each person. In case of loss to any one of the group, the loss is met from the collected funds. Islamic finance in Mauritius With the sub-prime crisis challenging conventional banking and financial products, there is mounting interest in Islamic products which comply with the principles of shariah law. The size of the global market for shariah compliant products is estimated at $800 billion. The increase in wealth in Islamic countries (especially in the Middle East with its accumulation of petrodollars), the growth in the Muslim population, the huge capital requirements for infrastructure projects across the Muslim world as well as the active participation of investors and sovereign nations in Islamic capital market have not only resulted in a remarkable growth in the Islamic finance industry but have also led to the development of a wide range of shariah compliant products. Mauritius has a long tradition of commercial banking dating back to 1812 and has historically adopted a cautious attitude to banking development. Until 2004, banking was split into two separate banking regimes offshore and onshor e with only about ten offshore banking units admitted in Mauritius. The application process was rigorous and required applicants to submit audited financial statements for the previous five years. Since 2004, however, the legal framework has been rationalized and the Banking Act amended such that all banks are now governed by one single Banking licence. The banking legislation provides for prudential regulations with respect to banks concentration of risk, weighted capital adequacy ratio, income recognition and classification of loans and advances for provisioning purposes, maintenance of accounting and other records and internal control systems. The Bank of Mauritius, the regulatory and supervisory body, has endorsed the Basle II Capital Accord and adopted the Basle Committees Core Principles for effective supervision of banks. The Bank of Mauritius has also set up a calendar for all banks to be compliant to the provisions of Basel II framework by December 2008. Furthermore, th e Bank of Mauritius forms part of the Offshore Group of Banking Supervisors and are a founding member of the Eastern and Southern Africa Banking Supervisors Group which is a Financial Action Task Force (FATF) style body for the region. In August 2008, amendments were made to the Banking Act 2004 that now allows banks in Mauritius to provide Islamic Banking services. Many banks showed an immediate interest in setting up Islamic windows, thus paving the way for Islamic banking in Mauritius. With the introduction of Islamic finance, Mauritius has a great opportunity to diversify its financial sector and provide new services in the fields of banking, wealth management and investment based on shariah Compliance. Since then in Mauritius too, there is a growing demand for shariah compliant products based on the sharing of risks and rewards. Over the past few years the government has taken an array of measures to encourage the development and promotion of Islamic banking and financial se rvices. This has led to HSBC offering Islamic banking services in Mauritius. Islamic insurance (takaful) and Islamic leasing (ijara) are also available in Mauritius while microfinance is being offered by credit cooperative societies based on Islamic principles such as murabaha(deferred sale).Mauritius is also an active player in the global Islamic finance industry. Indeed, a combination of fiscal and non-fiscal factors has made Mauritius particularly attractive as a jurisdiction in which to structure Islamic financial products. A number of shariah compliant global funds have already been set up in Mauritius and there is an increasing interest in Mauritius as a place to structure Islamic bonds (sukuk). A number of shariah compliant funds have been set up in Mauritius because of its attractive taxation regime. Mauritius generally imposes a flat rate of income tax of 15%. However, funds holding a Category 1 Global Business Licence are effectively taxed at a maximum rate of 3% and ca n end up paying no income tax depending on the foreign tax credit. Dividends paid by a Mauritius company are exempt from tax and there is no capital-gains tax in Mauritius other than on sale of immovable assets in Mauritius. More importantly, Mauritius has entered into double taxation agreements (DTA) with 33 countries; this makes it particularly attractive for efficient tax structures. For example, a Mauritius fund does not pay any capital-gains tax upon the disposal of shares in an Indian company. Mauritiuss strategic position in the middle of the Indian Ocean between Africa and Asia, and its time zone (four hours ahead of Greenwich Mean Time) makes it a preferred jurisdiction for structuring investments into those emerging markets. It has a multicultural society and a pool of qualified professionals able to speak English, French, and an ancestral language such as Hindi or Arabic, thus easing communication with clients in the Middle East and other Arabic-speaking countries. Mau ritius has adequate anti-money laundering legislation and KYC (Know Your Client) regulations in place to curb the risk of attracting unlawful funds. In addition, Mauritius is not blacklisted by the OECD or Financial Action Task Force (FATF). How it is regulated in Mauritius Amendments were brought to the Banking Act 2004 by the Finance Act 2007, that existing banks licensed under the Banking Act 2004 are deemed to be licensed to carry on Islamic banking business through a window and may be granted licence by the BOM to conduct Islamic banking business eclusively. Every IBI shall conduct its business on the premise that its operations and financial means are in consonance with the ethos and value system of Islam. The parameters defining financial intermediation as conducted by the IBI shall be drawn in compliance with Shariah rules and principles. IBI shall either set up a Shariah advisory board comprising a minimum of 3 members or appoint a Shariah advisor. As an interim measure, IBIs may, among themselves but with prior consent of the Bank of Mauritius, set up a common Shariah advisory board, subject to the following conditions: (i) the common Shariah advisory board shall be instituted at the initiative of the IBIs that do not intend to have their own Shariah advisory board/ Shariah advisor, or alternatively by the Mauritius Bankers Association Limited. (ii) the common Shariah advisory board shall provide advisory support in Shariah matters, including the validation of financial products, exclusively to the IBIs that do not have their own Shariah advisory board or Shariah advisor; (iii) while ensuring that every member of the common Shariah advisory board abides by the principle of confidentiality, adequate measures shall be put in place to assess and deal with any conflict of interest that may arise out of the arrangements made for the IBIs to have recourse to a common Shariah advisory board. The Bank of Mauritius shall review the feasibility of continuing the above arrangement at an appropriate time in the light of future developments, more particularly the growth of Islamic banking in Mauritius. General Principles The prudential requirements of IBIs shall primarily subscribe to the Core Principles for Effective Banking Supervision of the Basel Committee on Banking Supervision (BCBS), and build upon the international standards set by BCBS by accommodating for specificities of Islamic finance. The current framework as prescribed is broadly based on the global prudential standards and guiding principles advocated by the Islamic Financial Services Board (IFSB) which is an international standard-setting organization that promotes and enhances the soundness and stability of the Islamic financial services industry. Risk Management Processes An IBI shall take an integrated and holistic approach in the management of risks that are borne on account of specificities of the Islamic financial products offered by it. An IBI shall, in conformity with Shariahs principle of prohibition in generating profit without the bearing of risks, implement a comprehensive risk management strategy in respect of the modes of financing which are essentially either (a) asset-based, (b) profit-and-loss sharing, being partnership or joint venture agreements between two parties based on Shariahs principle of Musharakah, or (c) profit-sharing and loss-bearing as defined under Mudarabah contracts. Accordingly, the IBI shall define and adopt risk mitigation techniques appropriate for each type of Islamic financial instrument held in its portfolio. 33. The IBI shall implement a sound investment strategy that is in harmony with its business objectives, while giving due consideration to the risk profile of its financial instruments and the interests of its investment account holders. A comprehensive approach to the investment strategy shall be put in place and shall comprise: (i) feasibility studies of projects and appropriate due diligence of investment partners; (ii) adoption of consistent valuation methodologies applicable for each financial instrument; (iii) monitoring of the transformation of risks inherent at each stage of the investment lifecycles; (iv) the setting up of a well-designed management information system for reporting and monitoring of risk exposures; (v) constant evaluation of market risk exposures arising from price fluctuations of the tradable assets held; and (vi) application of Shariah permissible risk mitigation techniques that will reduce the impact of any capital impairment on the investment projects. The IBI shall develop instruments of risk mitigation that are permissible and enforceable under Shariah rules. Such instruments may include collateral th at shall be subject to regular valuation, insurance coverage for value of the assets, and compensation of claims from a lessee following a loss that materializes due to negligence or breach of contract on the part of the lessee. The IBI shall have an adequate process for determining allowances for doubtful debts that include counterparty exposures, and for estimating impairment in the value of leased assets. Subject to relevance for each type of financial instrument held in its portfolio, the IBI shall set aside provisions for the losses in accordance with the requirements of the Guideline on Credit Impairment Measurement and Income Recognition. An IBI shall establish a liquidity policy framework that primarily takes into account the liquidity exposures inherent in current account deposits which are placed in the custody of the institution and are payable on demand. An effective system of liquidity management shall be put in place such that cash flow projections incorporate all c ommitments and funding requirements pertaining to fiduciary duties of the IBI towards its investment contracts. In order to meet its overall liquidity requirements, the IBI shall a priori have recourse to Shariah compliant funds while having due consideration to the constraints existent in the financial market. Transparency and Market Discipline An IBI shall establish an effective disclosure regime that promotes and reinforces international standards on transparency of financial reporting by addressing elements that are specific to Islamic financial services. Transparency is a basic principle of Shariah which has a decree forbidding concealment of evidence. Lack of transparency is viewed as emanating from an asymmetry of information which may give rise to unfair advantage in a transaction. Accordingly, an IBI shall make accurate, timely and meaningful disclosure with respect to the investment accounts held in its portfolio, while giving due recognition to the protection of propriety and confidential information. An IBI shall adopt disclosure principles that will enable market participants to assess relevant key information to enable them to monitor the performance of their investments, and to have an understanding of the methodologies used for profit calculation, asset allocation, and whenever applicable, the mechani cs of smoothing of returns. It is viewed that disclosure of material information leads to market discipline in terms of prompt adjustment in price and quantity, and will provide incentives to the IBI to avoid excessive risk-taking in the pursuit of its activities. An IBI shall abide by transparent financial and non-financial reporting practices that will work towards promoting soundness and stability of Islamic financial system.