How Can I Find An Online Essay Writer? <P><

How Can I Find An Online Essay Writer? < When all you want is to easily have an excellent relaxation can be comprehensible. 2000 Master degree-holders could write you a paper in any of these topics. Note that nearly 60% of assignments are carried out earlier than the deadline. Unlimited revisions are free for as much as a month if a paper is lengthy and complex. If it’s an essay, then you possibly can enjoy free limitless revisions inside 2 weeks. Receiving a brand new order, we firstly instruct a writer to carry out authentic subject analysis that's all the time primarily based on requested sources. Hiring an essay helper is absolutely okay whenever you’re drained after a day within the school or have work to do. is a form of creative job, which for many has become a type of a breath of fresh air, diluting the standard boring work. In its form, the essay â€" a prose work, which in a free composition describes private experiences, emotions, and thoughts on a particular topic, situation or event. Smart time-administration is a necessity for each learner. Not every pupil can grasp the artwork of academic writing. There is nothing to be ashamed of in case expressing your thoughts and ideas utilizing a proper language becomes an unimaginable task indeed. Communicate together with your writer by way of our safe Message Board. QUALITY ASSURANCE Every paper is reviewed for plagiarism and grammar mistakes before delivery. We guarantee to deliver a hundred% unique custom writing without errors and plagiarisms. Message us “write me an essay” now, and we will select a perfect match in your demand among the many main college specialists. Plus, you're a human being with private needs and private life. Most of our specialists hold grasp’s and PhD levels and are specialists in academic writing. Pay for an essay now and get a one hundred% distinctive paper in 1 hour. A service that's primarily based on high quality doesn’t automatically imply a price sky-high. For instance, Pay For Essay offers a quite reasonably priced service that may match into any price range. Leave text messages, have answers from your writer, and be in the loop concerning the present order progress. We by no means share any personal or cost data with third parties. Everyone will recognize you as the unique author of all the wonderful essays you submit. But generally the student does not have time or literary capacity to carry out this task on a perfect rating. The only thought that appears within the head is â€" “Write my essay for me. In this case, Darwin essay is exactly the place you are in search of. We won't deny the truth that there are scammers out there and you can come throughout considered one of them. Just watch out and choose trustworthy services with safe fee methods like this one. We train our experts in numerous kinds of formatting and tutorial writing, in addition to in working with reliable sources. Thanks to this, they perform admirably in any self-discipline and with any deadline. This is one of the greatest companies I've used thus far however I will keep wanting. To turn into a part of our staff, the applicants need to move English proficiency checks in addition to those on the disciplines they are about to cover. Feel free to cross any last-minute requests or necessities you forgot about to the chosen writer. The capability to put in writing any task type in any field. On Instagram, we share the freshest scholar memes daily! And that’s not all; you'll be able to order any paper by simply sending a DM. Every paper is double-checked for plagiarism and grammar mistakes on completion. Give us a minimum of 6 hours, and we’ll write you a 100% authentic essay according to order directions. EssayPro essays are NOT meant to be forwarded as finalized work as it is only strictly meant to be used for analysis and research functions. EssayPro doesn't endorse or condone any kind of plagiarism. With your straightforward-to-use in-app chat, you can keep in contact with the writer. Contact us via Messenger at any time of the day or evening, and our professionals will help you incorporate the main ideas of the writer or source into your paper. Check out why 18K college students worldwide turn to us for skilled help with any project. Our website makes use of cookies to give you high-notch companies. Please agree with theCookie Policy before continuing. All of papers you get at Papernow.org are meant for research functions solely.

How Can I Find An Online Essay Writer? <P><

How Can I Find An Online Essay Writer? < When all you want is to easily have an excellent relaxation can be comprehensible. 2000 Master degree-holders could write you a paper in any of these topics. Note that nearly 60% of assignments are carried out earlier than the deadline. Unlimited revisions are free for as much as a month if a paper is lengthy and complex. If it’s an essay, then you possibly can enjoy free limitless revisions inside 2 weeks. Receiving a brand new order, we firstly instruct a writer to carry out authentic subject analysis that's all the time primarily based on requested sources. Hiring an essay helper is absolutely okay whenever you’re drained after a day within the school or have work to do. is a form of creative job, which for many has become a type of a breath of fresh air, diluting the standard boring work. In its form, the essay â€" a prose work, which in a free composition describes private experiences, emotions, and thoughts on a particular topic, situation or event. Smart time-administration is a necessity for each learner. Not every pupil can grasp the artwork of academic writing. There is nothing to be ashamed of in case expressing your thoughts and ideas utilizing a proper language becomes an unimaginable task indeed. Communicate together with your writer by way of our safe Message Board. QUALITY ASSURANCE Every paper is reviewed for plagiarism and grammar mistakes before delivery. We guarantee to deliver a hundred% unique custom writing without errors and plagiarisms. Message us “write me an essay” now, and we will select a perfect match in your demand among the many main college specialists. Plus, you're a human being with private needs and private life. Most of our specialists hold grasp’s and PhD levels and are specialists in academic writing. Pay for an essay now and get a one hundred% distinctive paper in 1 hour. A service that's primarily based on high quality doesn’t automatically imply a price sky-high. For instance, Pay For Essay offers a quite reasonably priced service that may match into any price range. Leave text messages, have answers from your writer, and be in the loop concerning the present order progress. We by no means share any personal or cost data with third parties. Everyone will recognize you as the unique author of all the wonderful essays you submit. But generally the student does not have time or literary capacity to carry out this task on a perfect rating. The only thought that appears within the head is â€" “Write my essay for me. In this case, Darwin essay is exactly the place you are in search of. We won't deny the truth that there are scammers out there and you can come throughout considered one of them. Just watch out and choose trustworthy services with safe fee methods like this one. We train our experts in numerous kinds of formatting and tutorial writing, in addition to in working with reliable sources. Thanks to this, they perform admirably in any self-discipline and with any deadline. This is one of the greatest companies I've used thus far however I will keep wanting. To turn into a part of our staff, the applicants need to move English proficiency checks in addition to those on the disciplines they are about to cover. Feel free to cross any last-minute requests or necessities you forgot about to the chosen writer. The capability to put in writing any task type in any field. On Instagram, we share the freshest scholar memes daily! And that’s not all; you'll be able to order any paper by simply sending a DM. Every paper is double-checked for plagiarism and grammar mistakes on completion. Give us a minimum of 6 hours, and we’ll write you a 100% authentic essay according to order directions. EssayPro essays are NOT meant to be forwarded as finalized work as it is only strictly meant to be used for analysis and research functions. EssayPro doesn't endorse or condone any kind of plagiarism. With your straightforward-to-use in-app chat, you can keep in contact with the writer. Contact us via Messenger at any time of the day or evening, and our professionals will help you incorporate the main ideas of the writer or source into your paper. Check out why 18K college students worldwide turn to us for skilled help with any project. Our website makes use of cookies to give you high-notch companies. Please agree with theCookie Policy before continuing. All of papers you get at Papernow.org are meant for research functions solely.

Ninjaessays

Ninjaessays Remember to write down an argument essay that is to the best of your own abilities. For writing this sort of paper, you must learn a book, but if you do not have time for that or the book appears boring, we can help you with this tutorial paper too. You will never find such paper writers for rent yourself as a result of they already are employed and work for us. Besides, we keep in mind the personal traits of character like accountability, integrity, and politeness, once we select the right candidate for the position of writer. We make use of a powerful team of writers with MA and Ph.D. degrees. Now, I know who to turn to when the deadline is pressing. We are all the time ready to take part in your education and show your academics that you are an excellent student with great potential. Our writers will assist to make an impression on those that doubt your skills. So, when you order an essay or some other work from us, you’ll perceive that your expenses weren't in useless. The abilities taught in this Specialization will empower you to achieve any school-degree course or skilled field. You’ll be taught to conduct rigorous tutorial analysis and to specific your ideas clearly in an educational format. Our PhD-degree writers give you help for every step you take labor completing this life-changing work. We’ll get the nitty-gritty stuff out of the way in which first. If you search our web site, you will find a lot of content. There are pages with information about our writing services , plenty of coverage pages , and our order web page. They have an enormous expertise at working with college students and assembly various necessities. Our authors will become your personal assistants and never let you down with important duties. The papers you receive will at all times be one hundred% unique whenever you order essay. On the final stage of writing your paper is checked for plagiarism. Also, it is proofread so as to be with none mistakes. Most of the papers I ordered have been in minor topics, however as soon as I needed to order a research paper in history . I was actually pleased with the depth of the analysis and the general paper group. So, this web site isn't only helpful for common topics, but in addition for those you main in â€" the quality received’t disappoint. I needed a paper urgently and, at first, was fairly skeptical about inserting an order. Still, my author did not only deliver a ten-web page paper in philosophy on time â€" I actually got an A+ for it! We'll ensure that that essay writer is the best essay writer for you. I already graduated from college, and now I can say that these guys have helped me via it! In the final 5 years, I’ve positioned more than one order right here, and all of them got here out great. In the final Capstone Project, all of the knowledge that you’ve gained over the span of those programs will culminate into an educational analysis paper on a problem of your selection. In this final module, you may discover ways to write the most typical sort of faculty essay. The argument essay is probably the most enjoyable essay to put in writing too. In this one, you will attempt to persuade your reader to believe your argument or position on some controversial subject. You have to consider good reasons to support your position. As you possibly can see, a writing company is required not simply because college students are after comfort. In truth, lots of our prospects rent us as a result of they're very dedicated to their research they usually need instructions with these papers, so they can get better at writing. If you need a human proofreader to examine your work, you may use Proessaywriting. It is an expert writing service that has experienced proofreaders who can decide up errors that a machine can't find. Our writers accomplish duties of any complexity and subject. Furthermore, since we're research nerds, our web site has plenty of great content material that we are sure you can see interesting. For quite a lot of superb causes, students cannot always complete their assignments on time or with the extent of quality they need to earn the grades they want. Your original essay might be accomplished in just three hours. Join up with certified essay writers who're committed to excellence. We deliver high quality academic papers precisely if you need them and before the expected deadline. When you first contact us to search out essay writers for rent, we are going to scour via our database of writers and discover one that matches up with you.

Speaking Is Natural; Reading And Writing Are Not

Speaking Is Natural; Reading And Writing Are Not The pupil had submitted an essay written by someone else as his own. He hadn't given any credit score to the essay's true author, whose name he did not know. And he was prepared to just accept credit score for each the essay and the course, even though he had not accomplished the required work. The teacher severely admonished the scholar and gave him an F for the assignment. It is difficult for me to write a good paper, so I positioned an order and despatched them my essay. Topic, size, number of references, spacing, formatting, and academic degree. All these elements allow us to absolutely customize the document making it one-of-a-kind and really authentic. A writer will work to fulfill all the specs A to Z. No burning deadlines, no tight schedules, no complications. All of papers you get at Ewriters.pro are meant for research functions only. ” Goes with out saying â€" the service is entirely anonymous. Neither tutors nor educational authorities in your nation get any details about our customers. Using HTTPS and TLS technologies, we guarantee all private data and cost info are encrypted and transferred by way of safe channels. Simply put, your experience with the location is protected and secure throughout. Students have big piles of assignments queuing up together with the household duties and job obligations. That is why our firm receives “I need assistance with my English essay” and “I want to pay for an essay” requests many times. Thanks to our free choices and affordable costs, students around the world select EssayDragon companies. Still, hesitate whether or not it’s a sensible determination to ask “Write my essay”? Check what you’ll get if asking for essay writing assist and neglect about any sort of worries. Quality over value â€" this can be a move by an intelligent student. Tutors wish to see an authentic paper accomplished according to instructions. So allow them to receive the exact kind of essay your professor wants. We’ll help you brainstorm a subject for free and develop the subject material in a written type. Make an order, and a writer will meet all the provided instructions. Have an excellent night time’s sleep right now, tomorrow, every single day. Best college students opt-in for a custom essay and benefit from the free evening in addition to a positive mark. Score 75% and above stress-free with the assistance of Essay-Company. We cover Humanities, Science, MBA, Nursing, Management, and 35 more subjects. There’s at all times an expert online in your self-discipline ready to begin on the order at once. FREE UNLIMITED REVISIONS If you aren't absolutely glad along with your paper, ask us for a free revision inside 2 weeks after the delivery. All of papers you get at Essaywriter.org are meant for research purposes only. Save free time within the evening and rating high grades with the assistance of perhaps probably the most competent tutorial penmen in the United States. Authors have an ideal command of the English language and wanted expertise in any course. It means each pupil pays for providers provided by our company. The most essential aim of each “write my essay on-line” request is to arm you to the tooth with the perfect high quality project on any matter. Do not care concerning the value â€" our costs don't chew. If you trust “assist me write an essay” deal to us, we promise the very best stage of customers’ satisfaction by preserving you protected with our cash-again assure. If the author fixed your essay however you still don’t contemplate it the best one, don’t hesitate to contact our company. We provide writing service on the premise of strict confidentiality and do not disclose any info regarding your id to the third events. All of papers you get at Essay-company.com are meant for analysis purposes only. To avoid dissatisfaction with our companies, each order is supported by a free evaluation interval. It begins on the day of supply and lasts for 2 weeks. If your essay needs modifications, don't hesitate to reach out to us. Cutting-edge encryption solutions protect knowledge on our protected essay author web site. Essay-company always pairs me with a professional, subject-related writer. Thank you a lot for taking the headache out of the process. It is easy and safe to hire the best academic author.

Essaymama

Essaymama You may be completely sure that the paper our writers will complete for you'll obtain the highest educational grade. Our customers maintain coming again to order more as soon as they see how easy every little thing goes with EssayHub. One of the most important worries college students have after they make use of a paper writing service to do their duties is that somebody will discover out they didn’t write the paper on their very own. Rush-my-essay is taken into account a fast essay writing service. It is finest to order ahead to get probably the most inexpensive charges. We’ve been round since 1997, so we know what students need. We hold updating our companies, so we will cater to the needs of students in any respect ranges. XpertWriters.com is one of the many companies that enable you to rent a web-based essay author. You give them an opening thought and they take it past your expectations. Of course, all these advantages come if you choose the best writing service. Hopefully, this article helped you understand essay writers a bit better. When you understand who writes your papers, you’ll know if the value you’re paying is justified with their work and experience. Ordering papers on-line is usually the only solution for international college students. If you’re considered one of them, you know how hard it's to satisfy the academic writing requirements. You try to preserve proper grammar and magnificence, but something is off and your professor takes it as a flaw. Rush Essay is the customized essay service that set the standards within the writing business. It’s a worldwide authority acknowledged for consideration to element, utmost quality, unlimited revisions, and a consumer-friendly expertise. We have a team of professional customized essay writers, capable of create a paper from scratch. They work hard to finish all orders according to individual necessities given by shoppers. Furthermore, you need to understand why the writing options offered by a free essays writer work and whether they apply to your particular case. We work with several types of papers, projects, and referencing types. The benefits of free on-line pattern databases stem from the fact that you obtain a chance to be taught by instance. For instance, you'll be able to see how argumentative essays are structured; or how APA/MLA papers are formatted; or what the titles of trigger & effect essays are articulated. So trying out a website that writes essays for you free might be a really good idea. It ought to be borne in thoughts, however, that the actualization of multiple educational features necessitates regular apply. Do you see your self someplace in the eight reasons listed above? If the reply is yes, you’ll quickly expertise all the advantages that come with ordering essays from excessive-quality services. With the help of these writing groups, college students are able to get better grades and enterprise homeowners can promote their tasks much more effectively. The writers of the most proficient companies are quite gifted and willing to collaborate. But, even when you order a few hours earlier than the deadline clock ends, we’ll have it prepared for you. Every cause is an effective enough reason to hire an essay author. We provide to write down essays for money to be able to sleep through the night time, have a time off, or reunite with your friends and family after a long interval of learning. We are generally known as the best essay writing service for a reason â€" we are able to handle every thing you throw at us. We’ll do the impossible research, meet each ridiculous requirement of your teacher, and deliver it when you need it. If by 'free consultation' you mean talking to a professional essay writer concerning the writing craft, then no, we don't have such an option obtainable at the moment. Instead, we offer free essay writing assist in the form of samples' library, writing guides, and actionable suggestions. Alternatively, you'll be able to contact our Customer Managers and get an in depth consultation relating to the paid companies we offer, nuances of the ordering course of or request a free price quote. We write premium high quality papers by communicating with the client all the time â€" before, during, and after an project. Ideas are exchanged first, and feedback is gathered every step of the way in which! We serve our shoppers diligently and guarantee immediate help for your comfort.

How Can I Find An Online Essay Writer? <P><

How Can I Find An Online Essay Writer? < First and foremost, they completely read the task requirements and extra materials offered by the client - you. The author contacts the shopper to clarify any essential details that weren’t specified within the order. Track the standing of your essay from your private account. Yes, you possibly can keep observe of the progress via your personal control panel. Yet, maintaining contact with your author is probably the most efficient approach to obtain reliable info in regards to your order progress. The comparison contrast essay reveals the differences or similarities between a person, place, or thing. After your order is received, essentially the most appropriate writer will be assigned to your order. The rest shall be done by us, in a timely and skilled manner. Allow your self a while to learn the paper through. If a deadline is actually tight, mark the time precisely to avoid any issues. It's important to follow strict necessities, varieties, and formats not to lose marks. Our experienced specialists can perfectly handle any type of tutorial task. Indicate the details of your project for us to pick out the best skilled in your field. You can point out the sources you need us to incorporate in your paper. You can communicate with the author immediately, via the control panel. Editing is for correction of 30% of the textual content and proofreading is for checking your paper for minor mistakes of grammar, spelling nature etc. Always written with a lot of effort and always on time, adore it! Homework Help Canada helped me on assignments once I was having troubles and was on extraordinarily tight schedule. You can get in touch along with your personal assistant 24/7. Upon request, you have a proper to ask the chosen creator to send you a draft of the task. You want to decide on a kind of educational project and the page limit, set the deadline, and specify all necessities. The argumentative essay can be the most enjoyable to write because you'll be able to choose a topic that is important to you and assist it or argue why you're against it. The cause and effect essay is written to focus on a sure situation and asks what was the trigger or what was the impact of what occurred. Then rigorously research the consumer's writing type or, at the consumer's request, provide a draft version of part of the project. The author carries out in-depth research on the topic utilizing various sources to make sure that the data is up-to-date. Then, they make a comparative analysis and choose the most related information that fully meet the standards of the duty. This is where we step in, offering needed assistance and palms-on coaching with good examples of what and tips on how to put into papers. Due to his glorious editing expertise, Noah is always our best choice when it comes down to high quality assurance. His love for analysis and books are very helpful for the writing staff. Many students come to us apprehensive that the hiring process would take a lot of time. My good friend beneficial that I order a term paper with you and I'm so pleased that I did. It's cool to have such a dependable service around. Our support managers are at all times right here to help you place an order properly. As a scholar, you should make various kinds of assignments. Each one is designed to verify your data and understanding of a particular subject. Our authors strategy every task responsibly, examine the topic thoroughly, and conduct a comparative analysis of credible sources. For $11 per web page, we assure a primary-class high quality essay following all the listed necessities. Using specialised software, the author checks the text for authenticity to avoid plagiarism and examine the grammar and vocabulary for compliance with the given assignment type. Then sends the final version for verification to the standard assurance team.

Become A Professional Essay Writer

Become A Professional Essay Writer Videos are one other simple, yet effective, kind of visual. The movies on Instagram can solely be so lengthy, so viewers gained’t simply tire of them online. If they do, they'll easily swipe via and discover something extra fascinating to them. Claims and disputes involving taxes are extremely technical. Contact one of our proactive and professionalcommercial legislation solicitorsnow for expert authorized recommendation. To make the heading presentable, the headings may be in bold and indented as soon as from the left margin of the paper. For capitalization, the first letters should be in caps and all proper nouns. The heading should follow the same strategy as the others in that it acts as a abstract of what the next paragraph will get to debate. Sometimes it is higher to have an old trustworthy good friend who has never allow you to down as an alternative of two new ones that have not yet shown you their loyalty. Stories have many options as properly that can be utilized when reaching out to an audience. One last type of Instagram visible is the Boomerang. The Boomerang is sort of a image, but instead of playing ahead the entire time, it loops backward â€" just like a boomerang. This gives Instagram posts one thing edgy and playful. Boomerangs are a win-win visible, and the most effective of each the photograph world and the video world. Being in closed spaces for a while with others can also be forbidden, which makes travel and tourism, primarily via air journey, completely closed off as an option. Make no mistake; some corporations have witnessed on-line sales will increase of 43% in the course of the first half of 2020 thus far, with progress in extra of 60% through the second quarter alone. Investors can also need to target ecommerce brands and markets, with the rate of on-line purchasing having elevated incrementally during Q1 and Q2 throughout the globe. Some of our employees have been with us from the beginning whereas other proficient of us have joined us only recently. We continually hire new professionals as the number of orders keeps growing. Our company has years of expertise in the space, and thousands of pleased shoppers from all over the world. Instagram has changed the way by which ads and promotions work. Why waste money and time on a 30 second business, when that very same industrial could possibly be posted on Instagram? Instagram is the most commerce-friendly app due to its promoted content material, influencers, visuals, personable type, and its stories. When companies begin to belief in Instagram, they may understand it is nice for getting their name, model, and product heard about. It may foster the trading of knowledge with the cost-environment friendly flights. A sharp distinction is observed in different European nations, the place the federal government has stepped up to help quite instantly. Countries like France have granted their airline trade Air France around 7 billion Euros in the best way of state-backed loans and different air. This help has been immensely advantageous to the trade, helping them survive in these dire instances. One of the important preventive measures that we've discovered to take throughout this Covid-19 pandemic is social distancing and residential isolation. Since the coronavirus is a global pandemic, affecting every nation, there's hardly any secure place left for us to retreat to. Until then, they can work on getting their posts considered. Another form of high quality engagement comes in the type of likes and comments. By liking and commenting on different posts, Instagrammers are difficult others to do the identical, which will assist enhance their engagement rates. This further instills the concept their Instagram is necessary, and that other folks should follow and like that businesses stuff, too. Instagram stories let folks share their ideas and ideas momentarily (24 hrs.) When the time is up, that story disappears as if it was by no means there. Audiences need to see extra of what the Instagrammers they observe are doing in day to day life. This is useful to businesses as a result of it helps them endorse themselves, while also participating their audiences. We have been working hard to earn the status of a trustworthy service. Luckily, we've managed to do so sue to our transparency and consistency. We pay shut consideration to little details and all the time ask our purchasers for his or her suggestions. If you need to share your experience with us be so type as to depart a comment on the web site. If you are not sure that a obtained paper is something you have been on the lookout for, you possibly can always request a refund. The essay should have a way of uniformity which is achieved by following the heading ranges. A common mistake is to skip the levels, as an example, going from level 2 to stage 4 which is unacceptable. The fourth headings are positioned contained in the third-level heading.

Become A Professional Essay Writer

Become A Professional Essay Writer Videos are one other simple, yet effective, kind of visual. The movies on Instagram can solely be so lengthy, so viewers gained’t simply tire of them online. If they do, they'll easily swipe via and discover something extra fascinating to them. Claims and disputes involving taxes are extremely technical. Contact one of our proactive and professionalcommercial legislation solicitorsnow for expert authorized recommendation. To make the heading presentable, the headings may be in bold and indented as soon as from the left margin of the paper. For capitalization, the first letters should be in caps and all proper nouns. The heading should follow the same strategy as the others in that it acts as a abstract of what the next paragraph will get to debate. Sometimes it is higher to have an old trustworthy good friend who has never allow you to down as an alternative of two new ones that have not yet shown you their loyalty. Stories have many options as properly that can be utilized when reaching out to an audience. One last type of Instagram visible is the Boomerang. The Boomerang is sort of a image, but instead of playing ahead the entire time, it loops backward â€" just like a boomerang. This gives Instagram posts one thing edgy and playful. Boomerangs are a win-win visible, and the most effective of each the photograph world and the video world. Being in closed spaces for a while with others can also be forbidden, which makes travel and tourism, primarily via air journey, completely closed off as an option. Make no mistake; some corporations have witnessed on-line sales will increase of 43% in the course of the first half of 2020 thus far, with progress in extra of 60% through the second quarter alone. Investors can also need to target ecommerce brands and markets, with the rate of on-line purchasing having elevated incrementally during Q1 and Q2 throughout the globe. Some of our employees have been with us from the beginning whereas other proficient of us have joined us only recently. We continually hire new professionals as the number of orders keeps growing. Our company has years of expertise in the space, and thousands of pleased shoppers from all over the world. Instagram has changed the way by which ads and promotions work. Why waste money and time on a 30 second business, when that very same industrial could possibly be posted on Instagram? Instagram is the most commerce-friendly app due to its promoted content material, influencers, visuals, personable type, and its stories. When companies begin to belief in Instagram, they may understand it is nice for getting their name, model, and product heard about. It may foster the trading of knowledge with the cost-environment friendly flights. A sharp distinction is observed in different European nations, the place the federal government has stepped up to help quite instantly. Countries like France have granted their airline trade Air France around 7 billion Euros in the best way of state-backed loans and different air. This help has been immensely advantageous to the trade, helping them survive in these dire instances. One of the important preventive measures that we've discovered to take throughout this Covid-19 pandemic is social distancing and residential isolation. Since the coronavirus is a global pandemic, affecting every nation, there's hardly any secure place left for us to retreat to. Until then, they can work on getting their posts considered. Another form of high quality engagement comes in the type of likes and comments. By liking and commenting on different posts, Instagrammers are difficult others to do the identical, which will assist enhance their engagement rates. This further instills the concept their Instagram is necessary, and that other folks should follow and like that businesses stuff, too. Instagram stories let folks share their ideas and ideas momentarily (24 hrs.) When the time is up, that story disappears as if it was by no means there. Audiences need to see extra of what the Instagrammers they observe are doing in day to day life. This is useful to businesses as a result of it helps them endorse themselves, while also participating their audiences. We have been working hard to earn the status of a trustworthy service. Luckily, we've managed to do so sue to our transparency and consistency. We pay shut consideration to little details and all the time ask our purchasers for his or her suggestions. If you need to share your experience with us be so type as to depart a comment on the web site. If you are not sure that a obtained paper is something you have been on the lookout for, you possibly can always request a refund. The essay should have a way of uniformity which is achieved by following the heading ranges. A common mistake is to skip the levels, as an example, going from level 2 to stage 4 which is unacceptable. The fourth headings are positioned contained in the third-level heading.

Faith in Healthcare Essay - 1100 Words

Faith in Healthcare (Essay Sample) Content: Faith in HealthcareStudent:Professor:Course title:Date:AbstractHealthcare providers, even though their belief may be different from that of their patients, need to be sensitive to the patient to facilitate healing basing upon spiritual perspective. In this paper, the summary of the research of three faiths: the Bahai faith, Buddhism faith, and Sikhism faith is provided. The philosophy of delivering health care from the perspective of each of these faiths is compared with that of the Christian perspective and my own perspective. Christian, Buddhist, and Bahai patients do not have any problem with their health care providers particularly when they are permitted to practice their religious components of spirituality. Nonetheless, Sikh patients usually choose to be treated in Guru Nanak acknowledged hospitals since they believe this is where their faith is well recognized. The belief system of a patient is a vital component of the healing process; hence, it is important t hat health care providers understand the patients concept of healing when delivering health care to patients from different religions.Faith in Healthcare It is important for providers of health care to understand and appreciate the religious beliefs and preferences of their patients so as to be able to deliver optimal health care to them. In many health care facilities, there are patients from various races, religions, ethnicities, cultures, and countries. Even healthcare personnel who work in the same hospitals could be from different languages, cultures, and could have diverse beliefs. Healthcare providers, even though their belief may be different from that of their patients, need to be sensitive to the patient to facilitate healing basing upon spiritual perspective (Shea, 2008). In this paper, the summary of the research of three faiths that are less well-known compared to the mainstream faiths is provided. These three faiths are the Bahai faith, Buddhism faith, and Sikhism fait h. The philosophy of delivering health care from the perspective of each of these three faiths is compared with that of the Christian perspective and my own perspective. Bahai faith This religion was founded roughly 2 centuries ago by Bahaullah. Bahaullah resided in Turkey but the spread of his message is thought to have began in the state of Palestine. The baseline of this faith is that human beings are actually a single race (Bahai Medical Association of Canada, 2010). Believers of Bahai who get sick should seek healing from health care providers and doctors. They believe in both spiritual healing as well as physical healing. Similar to followers of the Christian faith, believers of the Bahai religion believe in the power of prayer as a major process for their healing (Bahai Medical Association of Canada, 2010). In contrast to believers of Christianity however, Bahai followers do not have clergies who will intercede or pray for them although they allow clergies of other religions to visit patients and read different Holy Books. These are the essential concepts that providers of health care need to understand so as to provide patients from the Bahai religion with the best possible care. Generally, just like many people in the society, patients hold their own belief and faith in a particular mystic, divine being (Shea, 2010). As such, the process of healing for the Bahai patient is also linked in some way to this divine being and this is what really forms the spiritual element of healing. Health care providers need to understand patients of the Bahai faith in order to simplify their interaction and avert situations of fear or discomfort for the Bahai patient. Bahai patients also believe in peace and assurance in moments of pain; hence it will be imperative for these to be provided unto the patient (Bahai Medical Association of Canada, 2010).Sikh faith The word Sikh basically implies follower, disciple, or devotee. The Sikh faith was founded roughly 6 centuries ago by Guru Nanak. Those who follow Sikhism worship one God who they believe to be the ultimate healer that actually works through medical science. Amongst the healing components for Sikhs include chanting the name of God and meditating (Fraser Health Authority, 2013). The followers of Sikhism hold the belief that meditation serves to trigger the body to naturally fight sicknesses by boosting the immunity of the body. Similar to followers of the Christian religion, Sikhs believe that God can actually heal through doctors or through miracles. Nonetheless, in contrast to Christians, Sikhs play holy music to the patients and cite hymns (Fraser Health Authority, 2013). At times, patients who follow the Sikhism faith see disease as Gods will but the sick person needs to make an effort to recover from his or her disease including seeking medical care and treatment. While managing or treating a Sikh patient, a key aspect that health care providers need to respect is never to interrupt a S ikh patient who is praying. Other vital aspects health care providers should observe include respecting the privacy of the Sikh patient, being open, and understanding for visits from the patients family members. It is worth mentioning that Sikh women might insist on covering their bodies with more than a hospital gown and being informed of their rights as patients (Fraser Health Authority, 2013). Buddhism faith This faith was started by Buddha who resided roughly 2600 years ago in India. Buddha, for nearly 45 years, taught his followers how to overcome suffering and how to live an unmaterialistic life (Bhikshu, 2009). Basically, the teachings of Buddhism can be summed up in 3 clear-cut phrases: meditate, do no harm, and do good. These 3 principles of Buddhism affect the life practices of Buddhist believers in several dissimilar ways and in all walks of life (Bhikshu, 2009). Buddhists believe that the mind is the creator of both sickness and health. Why would people get exposed to the same exterior conditions yet some of them develop particular diseases whilst other people do not? In answering this question, Buddhists assert that health and sickness are both a creation of the mind and they can be removed (Bhikshu, 2009). The Buddhist word Karma connotes actions, and it indicates that the actions of people form patterns in their minds with the potential of maturing in future. These actions could be negative, positive, or neutral. While positive actions manifest in the form of happiness, success, or good health, negative actions manifest as sickness or problems (Bhikshu, 2009). Karma is therefore the creator of happiness and sickness. In order to heal present illness, Buddhists believe that they have to engage in positive actions. To prevent disease from arising again in the future, they believe that they have to purify any karmic negative imprints within thei...

Carbon Dioxide Emissions in Australia and Climate Change

Market-based policies are a proven way to limit carbon pollution and channel capital and innovation into clean energy, helping to avert the catastrophic consequences of climate change† - EDF vice president for international climate, Nathaniel Keohan Introduction In a contemporary political setting, it is now broadly recognized that over the 20th century, the atmospheric concentrations of key greenhouse gases, particularly Carbon Dioxide have been amplified by human activity. Australia can be held accountable for around 1.5% of global greenhouse gas emissions. However, Australia is one of the largest carbon polluters per capita, sitting around 24.4 tonnes per person. Much policy discussion about climate change suggests that surplus carbon emissions are the result of failure of the market. Since the ongoing costs of environmental degradation and climate change are not internalized in pricing fossil fuel; a commonsense (and widely flavored by policy makers in the international community) economic solution is to internalize the cost of carbon emissions. Cap and trade emissions trading schemes have proven largely popular in the global policy-making community, as they enable market flexibility and allow for international targets to be met. The problem with incentive-based economic mechanisms is that it is optional by nature. Relevant parties ‘opt in’ to the free market mechanism, rather than being required to participate in a policy based mechanism. The latter however,Show MoreRelatedGlobal Warming And Its Effect On The Environment933 Words   |  4 Pages On April 11, 2014, Cyclone Ita roared through Queensland, Australia leaving a trail of destruction in its wake. One of the strongest Category 5 storms ever recorded, winds were recorded at over 110 miles per hour before landfall. While destruction in Queensland and the surrounding areas was immense, the offshore damage to the Great Barrier Reef was catastrophic. Many places of the reef were left with no living coral structures and entire portions of the ecosystem were erased from the seabed (Zolfagharifard)Read MoreThe World Of The Great Barrier Reef873 Words   |  4 PagesAustralia is home to one of the most diverse and beautiful landscapes in the world. From uninhabitable arid deserts to snow-topped mountain ranges, lush tropical rainforests and gorgeous ocean beaches; it encompasses almost every type of environment possible. It is comparable in size to the United States and is home to nearly 20 million people (â€Å"Australia’s Geography and History†). Australi a also includes some of the most unique species of animals and geographic phenomena found nowhere else inRead MoreGlobal Warming : Climate Change1642 Words   |  7 PagesIt is established that the Earth is warming, climate change is caused by the steady rise of temperature in our atmosphere and oceans, this is also known as global warming. Energy from the sun that enters the Earths atmosphere is reflected back into space but some is absorbed by greenhouse gasses which radiates the energy to create heat. Greenhouse gasses have been on this planet since it was formed, they keep life on Earth living. Without greenhouse gasses in our atmosphere the Earths temperatureRead MoreEssay995 Words   |  4 Pagesthe first stage carbon is captured in various stages of industrial processes. Carbon dioxide can be captured, separated or extracted from flue gas (a gas exiting to the atmosphere via pipe). In some processes carbon dioxide can be captured during or before combustion occurs. After the carbon has been captured stage two begins. The carbon will be transported to a reservoir most likely through a pipe. The pressure and temperature will likely be raised so that the gaseous carbon dioxide is in a supercriticalRead MoreWhat Is Global Warming?1058 Words   |  5 Pagesto the effect of greenhouse gases; such as carbon dioxide emissions by burning fossil fuels and deforestation. The Greenhouse then traps these gases which creates heat that would otherwise escape from earth. This is what you would call a greenhouse effect. These Greenhouse gases mainly consist of water vapour. As we know, this isn’t directly caused by humankind in significant amounts. However, any increase in the atmospheric levels of carbon dioxide can cause a substantial increase in the Earth’sRead MoreThe Effects Of Renewable Energy On Our Environment1159 Words   |  5 Pagesto its toxic emissions has made Australia on of the highest green house gas contributors in the world. Renewable energy is sourced from products that can be replenished and are more sustainable for our environment. With Australia’s increasing demand for electricity there are debates that we should be moving towards renewable energy to cut down our annual emissions as well as cut costs on electricity. There are many types of renewable energies that are becoming available in Australia, including solarRead MoreEssay on Global Warming1343 Words   |  6 Pagesdiscovered carbon dioxide’ and in ‘1827, Jean-Batiste Fourier suggest ed that atmospheric effect kept the earth warmer than it would otherwise be’, (Direct.gov. n.d. A history of climate change). Since this time, reports, and study have be done with graphs to show the impact of global warming and what could happen to our planet. In 1979, the first conference was held this was called ‘International climate science’ it called on governments to ‘foresee and prevent man-made changes in climate’. 1988 theRead MoreClimate Change Is An Important Issue That Concerns Humanity999 Words   |  4 Pages Climate change is an important issue that concerns humanity. Climate change refers to an increase in average global temperatures. Every day, the enhanced greenhouse effect continues to advance, which significantly influences Earth’s long-term climate. In addition, human activity is also contributing to the increase of global warming and is already leading to harmful consequences. Some people believe that global warming is not occurring and the heating of the globe, is just a part ofRead MoreClimate Change Of Global Warming924 Words   |  4 Pages Figure 0.1 shows the different effects of global warming. Global warming is the warming of our planet at an extreme rate. The Earth’s climate has warmed by 7.8OC since 1880. (Quick facts about science, 2015). What causes global warming? The cause of global warming is the carbon dioxide. This acts like a blanket. Protecting the earth, and heating the earth. Sun rays would normally bounce around the earth, but with the blanket, the sun rays heat the blanket which heats the earth. (Petersen ScienceRead MoreEssay about Kyoto Protocol1702 Words   |  7 Pagescollective emissions of greenhouse gases by 5.2%. The agreement aims to lower overall emissions from a group of six greenhouse gases by 2008-12, calculated as an average over these five years.† (UNFCCC, 2011) In December of 1997, 160 countries gathered in Kyoto, Japan to agree upon a Protocol that will curb emissions and hopefully restore emission levels to pre-industrial numbers. This Protocol is the Kyoto Protocol established by the United Nations Framework Convention on Climate Control.

The Vessel of My Heritage free essay sample

Once a block of silver, this bowl in my hands, thisexquisite piece of art, is tarnished by the years, but I can still trace with myfingers the engraved floral pattern. A thick, winding vine with lotus flowers andelaborate, spade-like leaves encompasses the bowl. The design is strikinglysimilar to the henna painted on a brides hand the day before her wedding. Thistraditional Indian embellishment evokes a sense of wonder at the antiquity of myheritage. My great-grandmother, a woman entirely unknown to me,commissioned the local silversmith to create this bowl. As the village leaderswife, she was highly respected and obeyed; the bowl was designed to suit heraesthetic tastes. The silver block was pounded into a thick sheet and then shapedinto a vessel. The delicate, ornate engraving must have taken tremendous effortand time. When completed, the silversmith presented the bowl to my pleasedgreat-grandmother. She placed the bowl next to the Hindu shrine in theheart of her villa. We will write a custom essay sample on The Vessel of My Heritage or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The children of the house grew up and moved away; my ownmother married and came to the United States. When my mother returned years laterto care for her dying mother, my grandmother gave her this bowl, which had becomea simple but significant heirloom, as a final gift. My mother placed the bowl inour temple, which is in the middle of a modern house rather than a giantbungalow. In this modern house, I have grown up with a blend of Indian andAmerican cultures. As an American child, soccer and flute lessons occupied mylife. My alter ego was reserved for Sunday school and Indian functions. I neverrealized how much my two lives were actually an amalgam until a few years agowhen I sat in front of our shrine. After my daily prayers and rituals, Ireflected at the altar. There I was, speaking to myself in Hindi and hoping thePhiladelphia Eagles would finally make it to the Super Bowl. Iunderstand now that my heritage plays a large role in shaping my lifestyle. Ihave learned to uphold certain values, like the veneration for elders. I dontcall my siblings by their names; instead, I call my brother Bhaiya and my sisterDidi for respect. I embrace other Indian values, too; when friends went to aconcert on a school night last month, I stayed home to study for a biology test,since education is emphasized in my culture. As President of the IndianCultural Association, I also educate my classmates about the rich Indianheritage. Along with making students aware of our culture, the group raises moneyfor Free the Children, an international anti child-labor organization. Dressed inlavish saris and other Indian garments, we are the embodiment of theIndian-American. From my embroidered saffron blouse to the colorful jewelsdecorating my hair, I am proud to represent my heritage. Realizing myIndian background has been internalized along with my American lifestyle, I passthe silver bowl in the shrine every day, but rarely notice its presence. Bychance, I came across it while once again reflecting after my daily devotions.And now, as I actually observe this cherished bowl, I envision the intricatefloral design that will be painted in henna on my own hands some day.

MTV Case Swot Analysis Essay Example

MTV Case Swot Analysis Essay Because of MTV’s connection to popular culture, it attracts the young adult population, who are some of the strongest money spenders, to be their number one demographic of viewers. It is effortless for young adults to be loyal to MTV because it shows them what they want, such as coverage on music, lifestyle, fashion, and film. Having the loyalty of the young adult population is very important to MTV’s success because this demographic is typically known for being trendsetters in popular culture. Its first-mover advantage in the industry also played a huge role in establishing and maintaining a connection with the youth audience. This dominance over the young adult population has led cable networks and advertisers to have a high demand for advertising on MTV, which is another one of their strengths. Advertisers are eager to gain advertising slots during MTV’s most sought after programs such as the MTV music awards. Many companies, such as Burger King and Foot Locker, have sponsored MTV so that they can reach out to young adults across the country. Because MTV lead to the success of many artists, many of them hope to be affiliated with MTV so that they will continue to be relevant in today’s pop culture. This is another strength for MTV because it’s alliance with so many celebrities is another factor of why they have such a strong following in the young adult market. MTV has been successful in its expansion into the global market because it localizes itself to fit the interests of its audience. Its mergers with companies such as the Philippines’ National Broadcasting Company has also made them more relevant to the local culture. We will write a custom essay sample on MTV Case Swot Analysis specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on MTV Case Swot Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on MTV Case Swot Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer MTV has become a global brand through its expansion to China, Europe, India, and other places around the world. MTV’s support for political and social causes, such as the 2004 presidential elections or relief for Hurricane Katrina, has made it more even more relevant to viewers across the country. This has led to their influence and power in entertainment media. Another strength is that the MTV network has various channels that as a whole cater to an even broader demographic. For example, they own Nickelodeon, which is a channel primarily for children, or they own BET, which focuses on African-American music and entertainment. Weaknesses MTV continuously risks losing its dominating position because it solely serves momentary on-demand interests. This is difficult because it means that MTV must constantly find out what these interests are and be the first to expand them no matter how fast they might change. Because cable television offers several other alternatives, MTV must work even harder to continually grasp the attention of its audience. Another weakness that MTV has is the fact that their many cultural misunderstandings have led to them have difficulties reaching local audiences. In order to better reach these local audiences, it must use advertising and branding that is more appropriate to their culture. Opportunities MTV saw many of its competitors as opportunities as opposed to threats. When competitors such as BET, The Box, or VH1 gained large success across the country, MTV sought to purchase these companies and add them to their MTV networks unit, which has increased MTV’s revenue significantly. The digital age has also presented MTV with an opportunity to expand its market. Merging with mobile and Internet companies could lead to a wider distribution of their products. Also, a lot of MTV’s success has come from being a channel that is interactive with its users, so technology could add to their success by allowing them to hold polls for the VMA’s (Video Music Awards) on their mobile phones, for example. Globalization has also been a huge opportunity for MTV to expand into emerging markets, such as BRIC countries, Brazil, India, and China. For instance, the 12-34 age group, MTV’s target market, accounts for nearly two-thirds of Asia’s population. Increasing advertising in these countries also provides MTV with an opportunity to increase its advertising revenue. Threats Although MTV has bought out many of its competitors, it still has a lot of competition to face against companies such as FuseTV. New technologies that have emerged in recent time have led to the creation of even more channels that MTV has to compete against. Also, MTV initially had a hard time providing international local cultures with program material that would be of interest to them. Instead, they provided them with English speaking channels and American music without thinking that they might enjoy something that is more in line with their cultures. Although MTV has since done a better job of catering to those local cultures, many different countries such as Germany had created their own local music channels by then that started to compete with MTV. Those countries have a familiarity with the local audiences that MTV doesn’t and needs to have, giving those local music channels a competitive advantage. Also, another threat to MTV’s success is the fact that their advertising revenue has started to decrease ever since cable networks have started to lose their appeal. Because an increasing number of people are using digital cable to watch their shows and skip ads or watching shows online, advertisers are spending less money on advertising on MTV. MTV’s late addition of their online site has also put them behind on making money from online advertising. MTV’s dominance over the 12-34 market can be a threat to them as well because they, the MTV Generation, are growing old and will soon be uninterested in this channel since it largely caters to the youth. MTV needs to find a new market to please as this generation gets older, and it is a threat to their success that the young adult stage is a very short-lived stage in a person’s life. Young adult’s interests are also extremely quick to change, which could make it difficult for MTV to effectively keep up with them.

Free Essays on Bill Tilghman

Bill Tilghman was born on the 4th day of July in 1854. His father served as a sharpshooter in Mr. Lincoln’s army during the War between the States and came back partially blinded. As time passed, the elder Tilghman’s vision improved and the family moved from one frontier outpost to another as he plied his trade as a sutler for the army. As a teenager, bill Tilghman, armed with his father’s army-issues Sharps rifle, partnered with another young man named Jim Elder and left Dodge City to become a buffalo hunter. Over the next several years, his group grew to one of the largest on the frontier. Tilghman killed over seven thousand buffalo, almost doubling Buffalo Bill Cody’s record. In the mid- 1870’s Tilghman’s older brother Richard joined the team and was subsequently killed by a passing war party. Tilghman met and fell in love with Flora Kendall. He went off to scout for the army and she married another man. Her husband was killed in a horse-related accident and the pregnant Flora moved back to Dodge with her family. Tilghman found out about this and returned and married her. They partnered with Neal Brown and bought a ranch on Bluff Creek, outside Dodge City. The baby, James, was born and he was sickly. He died as an infant. Many of Tilghman’s buffalo hunting friends became famous in their own right, once the buffalo hunting had ceased. They all headquartered around Dodge City and the group influenced one another as they all drifted towards law enforcement. One was a Canadian who had to use a cane due to having been caught in flagrant delicto with another man’s wife. In the bedroom gunfight, the former buffalo hunter killed the husband, but only after the man had shot through the woman (killing her and hitting the hunter in the rear end. Bat Masterson became Sheriff of Ford County, Kansas in 1878. He ... Free Essays on Bill Tilghman Free Essays on Bill Tilghman Bill Tilghman was born on the 4th day of July in 1854. His father served as a sharpshooter in Mr. Lincoln’s army during the War between the States and came back partially blinded. As time passed, the elder Tilghman’s vision improved and the family moved from one frontier outpost to another as he plied his trade as a sutler for the army. As a teenager, bill Tilghman, armed with his father’s army-issues Sharps rifle, partnered with another young man named Jim Elder and left Dodge City to become a buffalo hunter. Over the next several years, his group grew to one of the largest on the frontier. Tilghman killed over seven thousand buffalo, almost doubling Buffalo Bill Cody’s record. In the mid- 1870’s Tilghman’s older brother Richard joined the team and was subsequently killed by a passing war party. Tilghman met and fell in love with Flora Kendall. He went off to scout for the army and she married another man. Her husband was killed in a horse-related accident and the pregnant Flora moved back to Dodge with her family. Tilghman found out about this and returned and married her. They partnered with Neal Brown and bought a ranch on Bluff Creek, outside Dodge City. The baby, James, was born and he was sickly. He died as an infant. Many of Tilghman’s buffalo hunting friends became famous in their own right, once the buffalo hunting had ceased. They all headquartered around Dodge City and the group influenced one another as they all drifted towards law enforcement. One was a Canadian who had to use a cane due to having been caught in flagrant delicto with another man’s wife. In the bedroom gunfight, the former buffalo hunter killed the husband, but only after the man had shot through the woman (killing her and hitting the hunter in the rear end. Bat Masterson became Sheriff of Ford County, Kansas in 1878. He ...

Business plan structure Coursework Example | Topics and Well Written Essays - 1500 words

Business plan structure - Coursework Example Firstly, a business premises is a place and hence a physical location from where we distribute our products and meet with our customers. Secondly, through the shop we will be able to determine the appropriate prices for our commodities by analyzing the customer’s reactions. The shop will also enable us to distribute our products and hence the shop will symbolize our products. Finally, through the shop we will be able to carry out advertisement for our products. After analyzing the four P’s for our Students Vault, the second step was to define our mission and vision statements based on our goals and future prospects. The main customers for our business were the university students and therefore our mission and visions had to be in relation to their needs. Our mission also had to incorporate the dynamic nature of their needs and to be flexible enough to include any future needs for a change. As a business team, our mission for venturing into the business was to supply uni versity students with all their stationary and appliances needs for a successful university life. To realize our mission we had to define our vision in the business through a vision statement. A vision statement is a statement is a declaration of anticipations relating to growth and expansion of the business within a given period. In the project, we settled for expansion of our business within the United Kingdom and the diversification of our products as our vision statement3. The vision and mission statement of a business summarizes the four P’s of the business in an implicit way. Through these statements, a business team gives its intentions or plans on achieving the four P’s of a business. The product is an important part of any business, through the product a business is able to realize and launch its competence in the market4. Due to the importance attached to the product, we had to consider our product as an important part of the business plan. Stationery and boo ks were our main products. Our business also dealt with accommodation equipment, electronic devises and catering equipment. These products were intended to fulfill our mission of supplying university students with all their requirements for a comfortable university life. After defining our product, the second important part was the definition of the place or location of our business. Our business team settled for Manchester city as the first target or business location. Unlike other potential locations, Manchester city had a high student’s population due to the availability of many colleges and universities within the city. The city also lacked business dealing with stationeries and students necessities and this implied that our bushiness was unique to the city. Our business plans therefore capitalized on the uniqueness of our business as the basis for our competence. Manchester city also served as an ideal city and therefore establishing our business in the city enabled us t o determine the response of other potential cities towards our business. The price of a commodity determines the success of the commodity in an ideal market5. This implies that in the business plan we had to settle at an appropriate price in order to attract and retain our customers. Students were our target customer and therefore our prices had to be considerate of their financial status and capabilities. In the plan, we settled for a competitive price for all our products. This implies that

Data warehouse and data mining in business Essay

Data warehouse and data mining in business - Essay Example The choice of the system depends on the firm’s priority the market is flexible and there is need to introduce a database system management that covers is adjustable. The need to develop and acquire information technology has revolutionized business. Market analysis refers to the study and acquisition of the market trends and activities associated with the market. When analyzing the market, the firm uses various methods. The most effective is data mining and various tools are used to facilitate it. Patterns are developed using data mining where graphic visualization combine with statistical analysis and refinement to produce the desired market tend or activity. The combination of the three provides for a pattern extraction from large sets of data which combine with various factors to provide emerge with a market analysis (Shaw et al, 2001). The method is also referred to as the dependency analysis. Where a relationship is drawn between the acquisition of goods and the client base of the same. This lay basis about the marketing strategies to be deployed by a given firm. It creates room for the firm to develop a strategy that dominates the market in relation to the buying power (Shaw, 1993). Marketers develop strategies that will ensure a steady market for their products. The approach gives room for a well-developed method where there is a balance between goods in that there is a continuity in supply in the market. It involves classifying customers into specified domain. The concept is to allow character summarization to be derived from a subset of data. A marketer always monitors customer trends by using the concept description. This domain and any change on preference identified and action plan taken to cover for the customers needs determine the nature of customers. The customer’s classification depends on various factors including age, gender, income and other social factors. In which different

Merchant of Venice Essay Outline Essay Example for Free

Merchant of Venice Essay Outline Essay I. INTRODUCTION: A. Is Shylock a man more sinned against than sinning,† or does he take his revenge too far in the pursuit of his pound of flesh? B. The wrongs against Shylock climax in the courtroom scene. He has lost his ducats, daughter, and now his religion. C. Thesis: The absolute epitome of selfishness can be described from within Shylock’s character; that selfishness is what prevents any would-be sympathizers from being able to fully commit themselves to Shylock’s case. II. BODY PARAGRAPH 1: A. Topic Sentence: Being the antagonist and villain throughout the play Shylock must be the antithesis to the general characteristics of the protagonist and supporting cast. B. Shylock was a Jew, a not very admirable quality during the late 16th century in Venice. C. â€Å"Shylock, albeit I neither lend nor borrow/ by taking nor by giving of excess† (Act 1, Scene 3, Lines 61-62) D. He is a usurer, something that Antonia literally despises and spits upon. E. This shows the hypocrisy of Antonio’s actions F. The daughter of his, Jessica, wishes to be free of him while he cloisters her and denies her liberties in order to keep her for himself. G. Shylocks character is what fuels him, but the treatment he has had to endure has affected the way the reacts to people. III. BODY PARAGRAPH II: * A. Transition/Topic Sentence: The power Shylock has to be a constant obstacle is abused often and with no guilt, he is fueled from only the intense urge of revenge. * B. The bond, from which Antonio is tied to, has no loophole from the pound of flesh, even when Bassanio wishes to not be tied to it. * C. â€Å"You’ll ask me, why I rather choose to have/ A weight of carrion flesh than to receive/ Three thousand ducats. I’ll not answer that,/ but say it is my humour†¦Ã¢â‚¬  (Act IV, Scene I, lines 40-43) D.Shylock will not allow a counteroffer to his pound of flesh, even though it was offered threefold. * E. Shylock is a direct obstacle to Lancelet’s happiness and has kept him for too long. * G. Having to go live in the ghetto has given Shylock a home where he can nurture his despisement of Christians. IV. BODY PARAGRAPH III: * A. Transition/Opening   * Sentence: Anti-Semitism debates are a central theme, and the hypocrisies that stem from it are defined in Shylocks views of Christians. * B. He is portrayed as more consumed by the fear his ducats are gone than his own daughter. * C. â€Å"My daughter, O my ducats, O my daughter!/ Fled with a Christian! O my Christian ducats!† (Act II, Scene 8, lines 15-16) * D. â€Å"If you wrong us,/ shall we not revenge?/ If we are like you in the rest,/ we will resemble you in that†¦Ã¢â‚¬  (Act III, Scene I, Lines 54-62) * E. When he is taunted by Solania and Salerio he points out the differences between Jews and Christians and claims that the evil he has been taught he will execute even better. * F. He does not believe that they can co exist and refuses to dine with them or pray with them, only conduct business. * G. â€Å"I will buy with you, sell with you, talk with you†¦Ã¢â‚¬  (Act I, Scene III, lines 32-34) V. BODY PARAGRAPH IV: * A. Transition/Opening Sentence: The entire court scene is the showcase of how all the wrongs committed upon Shylocks Jewish soul will now come back to haunt his wrongdoer. * B. tries to bargain himself out of his punishment even when he has lost * C. â€Å"Shall I not barely have my principal?† (Act IV, Scene1, lines 356) VI. CONCLUSION: * * A. In determining whether or not it is right to sympathize with the plight of Shylock, it is necessary to forgive him for his revenge. But why is he forgiven when he could not forgive Antonio; for if he had then the character of Shylock would not be in question. * B. Reconfirmed Thesis: In his refusal of mercy and forgiveness, Shylock sets himself up for failure, and fails without grace leaving as a broken man without money, religion, or his precious ducats. * C. The debate of the humanness of Shylock has withstood the hardy hands of time because of his relatableness as a villain. It is harder to hate the villain when you have reasons to hate the hero.

Brief Therapy Essay -- Counseling/Therapy

Brief therapy helps people by focusing on solutions, instead of problems. The therapist asks questions thereby facilitates the client by helping formulates solutions. The client leads the meeting by actively formulating ideas in which he/she can serve to improve the client's negative circumstances. This is contrary to cognitive therapy, which focuses on a client's cognitive processes (how he or she thinks about people/places/things). The therapist collaborates with the client to help the client develop alternative solutions. "Subsequently, a study showed solution-focused brief therapy demonstrated a small, but positive treatment effects favoring SFBT group on the outcome measures. Only the magnitude of the effect for internalizing behavior problems (such as depression, anxiety, self-concept and dignity) was statistically significant at the p ...ng. The compliments, positive affirmations, humor, positive reframing, and are all ways to handle a resistant adolescent. Parents and adolescents take an active, positive role in brief therapy by asking themselves when changes will occur. These ways of dealing with resistance in adolescents work toward the solutions kids want to break free of their emotional prisons. Works Cited Kim, J.S. PhD.(n.d.)Examining the Effectiveness of Solution-Focused Brief Therapy A Meta-Analysis Using Random Effects Modeling retrieved on 05/09/2012 at https://kb.osu.edu/dspace/bitstream/.../19_2_Johnny_S._Kim_Paper.pdf? University of Texas Austin, TX Selekman, M. D. (2005). Pathways to Change: Brief Therapy with Difficult Adolescents (2nd ed.). New York: Guilford Press. Retrieved May 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=116311700

Prospects of Islamic Banking

Texts Articles Cases Internet References 3 Acknowledgment I would like to forward my utmost gratitude to a number of people, for their generous co-operation and assistance, in the course of preparing this monograph. Mr Howard Johnson for reviewing my thesis plan, Professor Bob Lee for his invaluable insight on Chapters 1-5 and finally Dr PaulBridges and Dr Simon Norton for their enlightening views on several issues. I dedicate my efforts to ‘Bhaijan’, who has always been the inspiration and my guide throughout my life. 4 Preface At present times, it would not be inappropriate to state that Muslims the world over face the dilemma that their religion, Islam, prohibits interest in stringent terms and aims at establishing an economy that is not only free from all forms and kinds of interest, but also from anything that bears any resemblance to it.The modern economy is heavily based and reliant on interest and it is hard to envisage any set of economic relations where interes t does not play a part, whether directly or indirectly. Resolving the above-mentioned contradiction seems to be a challenge that Muslim intellectuals, bankers, industrialists, businessmen, policy-makers and ordinary consumers face. In a nutshell, this monograph seeks to provide an analysis of the workings and practices of Islamic banking industry and the products it offers; covering legal, political, social and economic issues as they relate to it.Chapter 1 commences by providing a rationale to the Islamic banking and outlining its historical journey, and ends with a discussion on the riba and its prohibition in Islam. Chapter 2 deals with the modes of Islamic finance, which certainly requires a detailed study, as it is these products that form the cornerstone of the entire Islamic banking industry. Shariah precepts are also introduced at this stage (and are discussed throughout this monograph), as they aid the process of comprehension. This chapter would also serve to introduce a d iscussion on Islamic Project Finance, dealt within the following chapter.Chapter 3 deals with Islamic Project Finance in practice, focussing on the legal and other economic issues as they relate to Shariah-Related Documentation, Construction and Lease Financing and Islamic Bonds. Chapter 4 consists of two case-studies, highlighting the Common law developments in Shariah law, as it relates to the Islamic banking industry. Two recent judgments (one from UK and another from Pakistan) are specifically perused, reflecting the stance that the judiciary in the two countries have adopted towards Islamic precepts, its interpretation and application.Chapter 5 raises issues relating to structuring and offering of Shariah-Compliant investment products. In particular, focussing on the role of financial institutions, fund promoters and Shariah advisors. The chapter concludes by providing a comparative analysis on the legal issues linked to the marketing of Islamic investment products in different jurisdictions. Chapter 6 provides an insight to the regulatory and supervisory practices of Islamic banking in various countries.Obstacles faced by the Islamic banking industry in their progress as regards their set up in interest-based banking jurisdictions is further addressed, which is supplemented by a case study on the regulatory issues of Islamic banks in India. 5 Chapter 7 is meant to be general, and briefly discusses the lessons that Conventional and Islamic banks can learn from each other, addressing issues such as the effect of technology transfer and the Bank-Client relationship, which would ultimately lead to the progress of one another. Chapter 8 concludes this monograph. It ascertains the merits of introducing Islamic banking globally.Reforms and suggestions for the Islamic banks are also appended to this chapter, together with a few conclusive remarks on the subject. It is aspired that this work will be a positive contribution on the subject of Islamic banking and it s practices. Suggestions and criticisms are solely intended to enhance the progress of this relatively nascent banking industry, which has undoubtedly shown major signs of progress. 6 Glossary of Arabic Terms This section explains some of the Arabic words and terms, most of them appearing in this study, whereas others might relate to them and would thus be of interest to the reader.Allah is Arabic for God. Fatawa (singular. Fatwa) are legal decisions or opinions rendered by a qualified religious leader (mufti). Fiqh is Islamic Jurisprudence, the science of religious law, which is the interpretation of the sacred Law, Shariah. Gharar is uncertainty, speculation. Hadith (plural. ahadith) is the technical term for the source related to the Sunna; the sayings- and doings- of the Prophet Mohammed (pbuh), his traditions. Halal means permitted according to the Shariah. Haram means forbidden according to the Shariah. Jualah is the stipulated price (commission) for performing any service.May sir mean gambling, from a pre-Islamic game of hazard. Muslim is on who professes the faith of Islam or is born to a Muslim family. Qard Hasan is a benevolent loan (interest-free). Qiyas means analogical deduction. Quran is the Holy book, the revealed word of God, followed by all Muslims. Riba is literally excess or increase, and covers both interest and usury. Shariah is Islamic religious law derived from the Holy Quran and the Sunna Shirka (or Sharika) is a society or partnership. Surah is a chapter of the Holy Quran. Takaful refers to mutual support, which is the basis of the concept of insurance or solidarity among Muslims.Umma means the community; the body of Muslims. Waqf is a trust or pious foundation. Zakat is a religious levy or almsgiving as required in the Holy Quran and is one of the Islam’s five pillars. (Courtesy: Lewis & Algaoud, Islamic Banking, Edward Elgar, 2001, Glossary, x, xi. ) 7 Chapter 1 Introduction and the Basis of Islamic Banking A. Rationale from an Islamic perspective It is argued by proponents of the Islamic banking that in today’s world, the economic system that is based on interest has resulted in concentrating the wealth in the hands of selected few, creating monopolies and further widening the gap between the affluent and the poor.Islamic finance operates in compliance with the Shariah law. Islam is not anti-commerce (the Prophet Mohammad was himself a merchant). In contrast to the modern Western principles and philosophy, Islam encourages circulation of wealth and considers its role as vital to an economy. As Dr Usmani notes in his book, â€Å"just as clotting of blood paralyzes human body, concentration of wealth paralyzes economy. The fact that, today ten richest men in the world have more wealth than forty-eight poorest countries of the world is relied by the supporters of the Islamic banking as a testament to the fact that the current economical set up is unjust and has failed to distribute the wealth propor tionately, thus leading to the downfall of humanity. 1 On considering the injunctions of the Holy Quran, it is apparent that the system of distribution of wealth laid down by Islam envisages three objects, namely: (a) The establishment of a practicable system of economy. (b) Enabling every one to obtain, what is rightfully due to them. c) Eradicating the concentration of wealth. The traditional concept of Muslims that Islam is a unique way of life distinct from all other isms and ideologies extends to the economic life of the Muslims (Umma). In the process of reshaping the economy, the areas of money, banking and investment are regarded as extremely vital to the process of Islamisation of the economy. The Islamic emphasis on co-operation as the key concept in economic life has led to reliance on profit-sharing and participation as the alternative bases for banking and investments in the Islamic framework. The concept of Islamic banking is regarded as one of the few original and crea tive Islamic ideas that have been successfully tried in recent times. In the not too distant past, the entire banking system in all Muslim countries was designed on the Western banking model; the latter being inconsistent with Islamic law primarily due to the disapproval of Riba (i. e. interest) in Islam. In other words, the elimination of Riba 1 Meezan Bank’s Guide to Islamic Banking by Dr Muhammad Imran Ashraf Usmani, Preface, page 7, Darul-Ishaat, 2002. 2Issues in Islamic Banking, Selected Papers by M. N. Siddiqi, page 9, Preface, 1983. 8 from financial transactions is the raison d’etre of Islamic Banking3. Attempts to avoid dealing in interest led to the introduction of a non-interest based banking system, commonly termed as â€Å"Islamic banking†. McDowall notes that Islamic banking not only provides services that are compliant in terms of the Muslim faith, but through the fundamental concept of profit and loss sharing with their customers, deliver a highly ethical proposition to Conventional banking. As Islamic banking offers services to its customers free from interest, any dealing or transaction that involves interest is seen as erroneous and thus forbidden. Technically, riba refers to the addition in the principal amount of a loan, which the lender receives from the borrower. This deliberately simplified picture of the true complex state of affairs is something I shall return to in the following chapter in detail. B. History The Islamic financial system has a centuries-old history, as noted by Chapra and Khan (2000): From the very early stage in Islamic history, Muslims were able to establish a financial system without interest for mobilising resources to finance productive activities and consumer needs. The system worked quite effectively during the heyday of Islamic civilisation and for centuries thereafter. † However, over the centuries, the centre of economic gravity inclined towards the Western world, and the Western fi nancial institutions (including banks) became dominant and the Islamic tradition remained dormant. 5 The Muslim society never approbated interest; throughout the thirteen enturies of its history prior to domination by imperialist powers, it managed its economy and carried on domestic and international trade without any involvement of interest. Profit – sharing and different kinds of participation arrangements served as adequate basis for savings and investment and considerable capital was mobilised for mining, shipbuilding, marine trade, textiles and other industries. 6 The issue of interest free banking regained the attention of Muslim intellectuals in the 1940’s and 1950’s. By this time, numerous local and national banks were established along the lines of interest-based foreign banks.By this time, the government of Muslim countries, in particular, those who gained political independence, found themselves compelled to engage in international financial transact ions using banking systems. The necessity for commercial banking was realised. The challenge was to 3 Profit and Loss Sharing, An Islamic Experiment In Finance and Banking by Shahrukh Rafi Khan, Introduction and Overview, page 1, OUP, 1987. 4 Islamic Banking: A Brief Historical Perspective by Bob McDowall, Business and Finance, 27th May 2004. 5 Islamic Banking and Finance by Munawar Iqbal and David T.Llewellyn, Introduction, page 1, para 1, 2002. 6 Ibid at 1, page 9, para 2. 9 avoid the concept of interest within commercial banking. The path to this was the development of the concept of profit and loss sharing (Mudarabah), the key concept from which the structure of most Islamic banking products and services are derived. 7 C. Current Status All over the world, Muslim bankers and economists are faced with the question as to how they should eliminate interest and evolve new institutions and practices, which would enable economic activities to flourish without resorting to Riba in any form? In recent years, there has been a revival of interest in formulating a modern version of the historic Islamic financial system, as many Muslims’ are endeavouring to avoid interest-based practices and transactions. Islamic banking was virtually an unknown concept thirty odd years ago. Now, fifty-five developing and emerging market countries have some nexus with Islamic banking and finance and â€Å"Riba free† has become the buzzword for financial institutions that wish to attract the large and attractive customer base in the form of Muslims all over the world who are looking for Shariah-Compliant modes of investments and financings.In addition, there are Islamic financial institutions operating in 13 other locations. 9 In Pakistan, Iran and Sudan, all banks must operate under Islamic financing principles. As noted by Justice Mufti Usmani, there were 200 Islamic banks and financial institutions in forty-three countries of the world, controlling a financial pool of US$ 100 billion,10 increasing at an annual rate of 10-15 percent. The Islamic financial industry is already one of the fastest growing industries and has tremendous potential as observed by academics in general.The unorthodoxy of Islamic banking model is apparent from the fact that those who argue in favour of Islamic banking are often regarded as ‘utopians’ and ‘romanticists’, but they claim that the best form of realism could be achieved by challenging all those systems that are based on the exploitation of man in one form or the other and in seeking to set up a just socio-economic order. Dr Siddiqi argues that an Islamic economy is capable of freeing modern man from the debt-ridden economy in which he survives, and of guiding him towards a society based on justice and equity, and ultimately leading to the path of growth and stability. 1 D. Riba and its Prohibition in Islam As observed by Lewis, in order to conform to Islamic norms, five religious feature s are well established in the literature, and must be adhered to in investment behaviour. They are as follows: 7 Islamic Banking by Mervin K. Lewis & Latifa M. Algaoud, Chapter 2, Islamic Law, pages 4 & 5, Brief History, 2001. 8 Banking Without Interest by Muhammad Nejatullah Siddiqi, Foreword, para 1 &2, 1983. 9 Australia, Bahamas, Canada, Cayman Islands, Denmark, Guernsey, Jersey, Ireland, Luxembourg, Switzerland, United Kingdom, United States and the Virgin Islands. 0 New Horizon, No. 82, December 1998, p. 17. He is the Chairman of Centre for Islamic Economics, Pakistan, and a judge of the Islamic Shariah Court. 11 Ibid at 1, page 7 & 8. 10 (a) the absence of interest-based (riba) financial transactions; (b) the introduction of a religious levy or almsgiving, (zakat); (c) the prohibition of the production of goods and services that contradict the value pattern of Islam (haram); (d) the avoidance of economic activities involving gambling (maysir) and uncertainty (gharar); (e) the provision of Islamic Insurance (Takaful).These five elements give Islamic banking and finance its distinctive religious identity. 12 For the purposes of our present chapter, we need to focus briefly on element (a), i. e. absence of interest-based transactions, which is indeed the central element among the latter. Islamic finance, like Islamic commercial law in general, is dominated by the doctrine of riba, and it is imperative that we discuss this in some detail, as to its nature and prohibition. The literal meaning of the Arabic word riba is ‘increase’, ‘excess’, ‘growth’ or ‘additional’.According to Sahacht (1964), riba is simply a special case of unjustified enrichment or, in the terms of the Holy Quran, consuming (i. e. appropriating for one’s own use) the property of other for no good reason, which is prohibited. Prohibition of interest is ordained in Islam in all its forms. The latter prohibition is strict, absolute an d certain. The whole concept of interest is fundamentally repugnant to the spirit of Islam, as could be observed from the following verses of the Holy Quran: â€Å"O, believers, fear Allah, and give up what is still due to you from the interest (usury), if you are true believers. (Surah 2: Aayat 278) And: â€Å"If you do not do so, then take notice of war from Allah and His Messenger. But, if you repent, you can have your principal. Neither should you commit injustice nor should you be subjected to it. † (Surah 2 : Aayat 279) 12 Ibid at 7, page 28, para 2, 2001. 11 Chapter 2 Islamic Modes of Financing Introduction One can vividly perceive the transition in the global banking sector, from core/retail banking, to the complex and detailed role of financing, which clearly depicts sophistication and organisation of international banking community.With the passage of time, the banks have undoubtedly become multifunctional bodies, performing various roles and providing their client s with numerous desired products. Speaking of the international banking community, Islamic banking is undoubtedly a part of it. To keep up with this modernised community and to compete with their fellow-competitors, Islamic banking has introduced and refined some alternative Islamic financing products, to the ones available in the Conventional markets, in order to cater for the Muslim community around the globe.Having said that, it is open to anyone, whether a Muslim or a non-Muslim, to take advantage of these products, as long as they comply with the requirements and precepts of Islamic Shariah. At this instance, it helps to add that the prohibition of interest in Islam does not imply that the capital is not to be rewarded, nor that risk is not be priced. The Islamic system has both fixed and variable return modes to price the capital and add ‘risk premia’ in relation to the degree of risk involved.Islamic banks provide financing using two methods. The first is based o n profit-sharing and the second one deals with modes, which rely on fixed return (mark up) and often conclude in creating indebtedness of the party seeking finance. The Islamic modes of finance are unique as the debt related with financing using mark-up modes results from real commodity sale/purchase operations, rather than the exchange of money for interest-bearing debt. Furthermore, unlike the Conventional debt, such debt is not marketable except at its normal value. 3 The whole idea behind the Profit and Loss Sharing (PLS) is seen as an innovation, a modern trend if you like, and it is aspired that it will bring several merits to the industry of investment and finance, thus benefiting the community at large. It must be borne in mind that the Islamic Shariah does not prohibit Islamic banks from issuing guarantees. However, the question of the legality of the commissions and charges received by banks in issuing the guarantees has been a subject of much debate and discourse.Several banks in the Middle East have sought to tackle the latter issue by agreeing to issue guarantees at no charge, while simultaneously asking for cash collateral of a specific percentage (30 %) of the guaranteed amount, which is then invested by the bank for its own account and benefit for the duration of the guarantee. 14 13 Progress and Challenges of Islamic Banking by Abbas Mirakhor, Review of Islamic Economics 4 (2) 1997. 14 Demand Guarantee in the Arab Middle East, J. I. B. L, 7, page 271, 1997. 12In order to circumvent the ambiguities raised, a group of Muslim scholars gave their opinion on the legality of Islamic banking practices as regards guarantees. Their opinion is summarised in two segments and is as follows. 1. The legality of the issuance of a bank guarantee relies on the legality of Shariah principles of the contract in question, in respect of which the guarantee was issued. It is evident that no Islamic bank should issue guarantees in relation to items that are prohibit ed under the Shariah, including guarantees for the payment of usurious interest, the sale of alcohol, drugs, the construction of gaming places, etc.The latter may seem to be an obstacle towards an entirely independent guarantee, but its scope should not be overstated. As long as the contract in question is considered lawful by the standards of Shariah precepts, a guarantee stipulated to be unconditional and payable on first demand would be deemed valid and in force under Shariah, notwithstanding the performance or termination of the underlying contract. . Banks are entitled to receive remuneration for the issue of a guarantee. Having said that, the amount of remuneration, to be in accordance with the Islamic Shariah, ought not be fixed in accordance with the amount of the issued guarantee, but should instead be calculated to provide a reasonable compensation to the issuing bank for the time and effort that the latter spent to issue and manage the guarantee. 5 This chapter will focus on the Islamic modes of finance, other than guarantees, namely Musharakah, Mudarabah, Murabaha, Bai’ Muajjal, Ijaraha, Ijaraha Wa Iqtina, Salam, Istisna’ and Istijrar, which are available in the global financial market today, whilst providing a comparison with the Conventional finance products, wherever possible. A(i). Musharakah The literal meaning of the Arabic word Musharakah is sharing, or Shirkah, which means being a partner.There are several kinds of partnership, and they all come under the heading of Shirkah. Musharakah is perceived as an ideal alternative for the interest based financing with far reaching effects on both production and distribution. 16 The term Musharakah as used in the modern terminology, has been recently introduced by Islamic Scholars writing on the subject and is normally restricted to a particular type of Shirkah, which is Shirkat-ul-Amwal, where two or more persons invest some of their capital in a joint commercial venture.However, at ti mes it could also include Shirkat-al-Aamal, where partnership takes place in the business of services, whereby all the partners jointly undertake to render some services for their customers, and a fee is charged from the latter and is distributed among the partners as per an agreed ratio. 17 15 Shariah Related Documentary Issues in Islamic Project Finance Transactions, J. I. B. L. R 2003, page 272, para(s) 2, 3 & 4. 16 Meezan Bank’s Guide to Islamic Banking by Dr Muhammad Imran Ashraf Usmani, 2002, page 87, Chapter 13 (Definition and Classification of Musharakah). 7 Ibid at 11, page 90. 13 Musharakah is a mutual contract between the parties, and thus all the mandatory ingredients of a valid contract must be present. Furthermore, the capital in Musharakah agreement should be quantified, specified, but not necessarily merged or in liquid form. If all the partners agree to work for the joint venture, each one of them shall be treated as the agent of the other, in all matters con cerning the business. Any act carried out by a single partner, in the normal course of business, shall be deemed as authorised by all other partners. 18All scholars are unanimous on the principle of loss sharing in Shariah, which is based on the saying of Syedna Ali ibn Talib, which is as follows: â€Å"Loss is distributed exactly according to the ratio of investment and the profit is divided according to the agreement of the partners. †19 Termination of the Musharakah agreement: Musharakah agreement will be terminated in the following circumstances. 1. If the purpose of forming the ‘Shirkah’ has been achieved. 2. Every partner can exercise his/her right to terminate Musharkah at any time after giving his partner a reasonable notice. . In the case of a demise of any one of the partners or any partner becoming insane or incapable of effecting the commercial transaction. 4. In the case of damage to the share capital of one partner before mixing the same in the tota l investment and before affecting the purchase, the partner will stand terminated and the loss will be borne by that particular partner. However, if the share capital of all the partners has been mixed and could not be identified singly, then the loss will be shared by all and the partnership will not be terminated. 0 Termination of Musharakah without the closure of the business: If one of the partners intends to terminate the Musharakah, in disagreement with the other partners, the latter issue could be resolved by mutual consent. The partners intending to run the business may purchase the share of the partner who wants to terminate his partnership, as the termination of Musharkah with one partner does not affect the Musharkah between the other partners.The latter seems to be a just and a viable approach, especially in the modern situations, where the success of a particular business is conditional upon its continuity, and the liquidation or separation at the instance of a single p artner may only cause irreparable damage to the other partners. 21 18 Ibid at 11, page 91 & 92. Ibid at 11, page 94 (Rules of Distribution). 20 Ibid at 11, page 95 (Termination of Musharakah). 21 Ibid at 11, page 96. 19 14 Security in Musharakah:As regards a Musharakah agreement between the bank and the client, the bank should in its own right and discretion, obtain adequate security to ensure that the capital invested/financed and the profit that may be earned are safe. As part of the usual practice, the securities obtained by the bank, are kept comprehensively insured at the party’s cost and expenses, till the Islamic mode of insurance (Takaful) becomes operational. It is understood that the purpose of the latter security is a precautionary measure to cover for damage(s) or loss of the principal amount due to the client’s negligence. 2 Differences between interest-based financing and Musharakah: 1. As regards interest-based financing, a fixed rate of return on a loan , advanced by the financier is predetermined, irrespective of the profit earned or loss suffered by the debtor. Mushrakah agreement does not envisage a fixed rate of return, it is in fact based on the actual profit earned by the ‘joint venture’. 2. The financier cannot suffer loss in an interest-based financing. The financier under a Musharakah agreement can, possibly suffer a loss, if the joint venture fails. 3.It is argued by Islamic scholars and other academics that the interest-based financing results in injustice, either to the creditor or the debtor. If the debtor suffers a loss, it is unjust on the creditor’s part, to claim a fixed rate of profit. And, if the debtor earns a high rate of profit, it is injustice to the creditor to provide him with only a small proportion of the profit, while the debtor taking the chunk of it. As regards a Musharkah agreement, the returns of the creditor are tied up with the actual profits earned through the enterprise, which he/she financed.The greater the profits of the enterprise, the higher the rate of return to the creditor. If the enterprise earns ‘substantial’ profits, the creditor cannot acquire all of it, but has to share it with the common people, e. g. depositors in the bank. 23 Tenure of Musharakah: As regards the determination of the period of the Musharakah agreement, the following conditions operate. (a) The partnership is fixed for such a duration that at the end of the tenure, no other business can be conducted. 2 23 Ibid at 11, page 97 (Security in Musharakah). Ibid at 11, page 98. 15 (b) The partnership can be for a very short term, during which neither partner can dissolve the partnership. 24 A(ii). Diminishing Musharakah Another form of Musharakah, which has developed in the recent years, is known as Diminishing Musharakah. It involves the participation of a financier and his client, either in the joint ownership of a property/equipment, or in a joint commercial enterpr ise.The financier’s share is further divided into several units, and it is intended that the client will purchase the financier’s units of the share, one at a time, periodically, increasing his own share, until all the units of the financier are purchased by him, so as to make him the sole owner of the property or the commercial enterprise, whichever be the case. 25 B. Mudarabah This is also a kind of partnership, whereby one partner provides finance to the other for investing in a commercial enterprise.The investment is provided by the first partner called the ‘Rab-ul-Maal’, while the entire responsibility for the management and work falls upon the other partner, who is called the ‘Mudarib’. The profits generated, are shared in a predetermined ratio. There are two kinds of Mudarabah – restricted and unrestricted. Rab-ul-Maal may specify a particular business for the Mudarib, in which case he shall invest the money in that specified bus iness only. This is known as ‘Al-Mudarabah-alMuqayyadah’ (restricted Mudarabah).But if he leaves it open for the Mudarib to undertake whatever business he wishes, the Mudarib shall be authorised to invest the money in any business he wishes. This type of Mudarabah is called ‘Al-Mudarabah-al-Mutlaqh’ (unrestricted Mudarabah). A Mudarib cannot forward the money lent to him, or carry out any activity that is beyond the course of his business, without the Rab-ul-Maal’s express permission or consent. Rab-ul-Maal is entitled to oversee the activities carried out by the Mudarib. The former can also work with the Mudarib, provided the latter gives his consent.A Rab-ul-Maal can contract Mudarabah with more than one person through a single transaction, for instance, he can offer financial assistance to X and Y both so that each of them becomes a Mudarib, and the capital of the Mudarabah transaction shall be utilized by both of them, jointly. 26 It is imperativ e that both the parties should decide in advance, on the proportion of profit that each one of them should receive. However, the parties cannot suggest a lump sum amount of profit, nor can they determine the share of any party ‘at a 24 Ibid at 11, page 102 (Tenure of Musharakah).An Introduction to Islamic Finance by Muhammad Taqi Usmani, Chapter 2, page 82, para 1 (Diminishing Musharakah). 26 Ibid at 11, pages 105-108. 25 16 specific rate tied up with the capital’. If the business has suffered loss in a few transactions and made profit in some others, then the profit should be used to offset the loss/losses incurred, and whatever remains, shall be a distributed between the parties according to the agreed ratio. 27 Roles of Mudarib: He is an Ameen (trustee), who is responsible to look after the investment, with an exception of natural calamities.He is a Wakeel (agent), as he makes the purchases from the funds provided. He is also a Shareek (partner), thus sharing the pro fits with Rab-ul-Maal. He can also possibly be a Zamin (liable), and thus will have to compensate for any loss suffered during the course of Mudarabah, due to any erroneous act on his part. 28 Termination of Mudarabah: The Mudarabah will come to an end when the specified period in the contract expires. It can also be terminated by either of the two parties, at any time, by giving notice.Furthermore, in case Rab-ul-Maal has terminated the services of Mudarib, the latter will continue to perform his acts under the contract, until he is informed about the termination. 29 C. Murabaha In this particular kind of sale, the seller clearly mentions the cost of the sold commodity, and then sells it to the buyer by keeping a profit margin. Thus, Murabaha should not be seen as a loan given on interest, it is rather a sale of a commodity for cash/deferred price. As regards Bai Murabaha, the bank purchases a commodity, on a client’s behalf, and then resells it to the latter, on the basis o f plus-profit.Under this kind of agreement, the bank discloses its cost and profit margins to the client. Thus, unlike Conventional banks (which advance money to a borrower), the bank will buy the goods from a third party and sell it onwards to a customer for a pre-agreed price, thus abstaining from interest. The growing use and vitality of Murabaha agreement is proven by the fact that in Islamic banks world over, 66% of all investment transactions are through Murabaha. 30 It is argued by critics of Islamic banking that Murabaha agreements are in reality interest-based contracts, under the garb of a notional sale and buy ack transaction, profit being synonymous to interest in this case. Islamic scholars have reverted to this argument by stressing that a ‘true’ Murabaha financing structure is quite different 27 Ibid at 11, 109-111. Ibid at 11, page 111, para 5. 29 Ibid at 11, page 112, para 2 (Termination of Mudarabah). 30 Ibid at 11, page 125, Chapter 16 (Murabaha). 28 17 from an overdraft provided by Conventional banks and the former offers various benefits to the bank and its customers, namely that depositors have a share in the bank’s profits.Furthermore, the basic difference is the Aqd (contract), which specifies the Islamic conditions, as against the interest element in Conventional banking transactions. 31 Basic Rules for a Murabaha transaction: 1. The subject of sale must be in existence at the time of the sale. 2. The seller must have the ownership of the commodity in question. 3. The subject of sale must be in physical or ‘constructive possession’32 of the seller while he is selling it. 4. The sale must be instant and absolute; no provisions for contingencies should be made part of the contract. . The goods/commodity to be sold, must reflect a value and must be specified to the buyer, leaving no room for ambiguities or confusion as between the parties. 6. The sale must be unconditional and the price of the commodity sh ould be certain. 33 If a client defaults on any payment(s) by the due date, the price cannot be changed nor can the penalty fees be charged, as against him. Nevertheless, as regards dishonest clients, who knowingly and deliberately default, they should be made liable to compensate the bank, subject to the following two conditions. a) The defaulter must be given a grace period of at least a month. (b) It must be proved beyond reasonable doubt that the client is a defaulter, and he has no justifications for his latter behaviour. 34 Murabaha can only be used when a commodity is to be purchased by a customer/client. It is highly pertinent to peruse the subject matter of the Murabaha, as the documents must be signed for obtaining funds for a specified purpose only. It needs to be stressed that the Murabaha consists of several different contracts and they all play their part one after another, in respective stages. 5 31 Ibid at 11, page 126, para 2 (Arguments against Murabaha). It refers to a situation where the possessor has not yet taken the physical delivery of the commodity, yet all rights and liabilities of the commodity are passed on to him including the risk of its destruction. 33 Ibid at 11, page 126-127 (Murabaha Rules). 34 Ibid at 11, page 129, para 1 (Penalty for Default). 35 Ibid at 11, page 130-131 (Basic Mistakes in Murabaha Financing). 32 18 D. Bai’ Muajjal This is basically a sale on deferred payment.The deferred payment becomes a loan, which the buyer pays in a lump sum or instalment (as agreed between the parties). In Bai’ Muajjal all those items/commodities can be sold on a deferred payment, which come under the heading of capital, where quality does not make a difference but the natural or intrinsic value does. The price to be paid must be agreed and fixed at the time of sale. The buyer must be given complete possession of the commodity in question, whilst the seller is free to ask the buyer to provide him with guarantee in the form of a mortgage or any other item. 6 E. Ijaraha In an Islamic leasing (Ijaraha), the owner of the asset, while retaining the corpus of the asset, transfers its usufruct to another person for an agreed period, at an agreed consideration. All the liabilities arising from the ownership must be endured by the lessor. The period of lease must be determined in clear terms and the asset must be clearly identified as between the parties. 37 The lessee is liable to compensate the lessor for all the damage(s) caused to the leased asset by any misuse or negligence on his part.The rental should be determined at the time of the contract for the whole duration of the lease. The lessor cannot increase the rental unilaterally, and must consult the lessee in that regard. 38 Lease was not originally a mode of financing, however, certain financial institutions have adopted leasing as a mode of finance instead of a long term lending arrangement, which is based on interest. The transaction of ‘fina ncial lease’ may be used for Islamic financing, subject to certain conditions. It does not suffice for the latter purpose to interchange the term ‘interest’ by ‘rent’ and ‘mortgage’ by ‘leased asset’.It must be emphasised that there is a difference between leasing and an interest-bearing loan, as regards Islamic Shariah. 39 Unlike the contract of sale, an Ijaraha agreement can be based on a future date, thus it is different from a Murabaha agreement in that respect. In majority of the cases concerning ‘financial lease’, the lessor (financial institution) will purchase the asset through the lessee himself. The lessee makes the purchase on behalf of the lessor who then pays the price to the supplier, either directly or through the lessee. 0 The lessor, being the owner of the asset, and having purchased it through his agent (lessee), is liable to bear all the expenses incurred in the process of its purchase and its import to the country of the lessor (if that is the circumstance), e. g. expenses of freight and customs duty etc. 41 36 Ibid at 21, pages 102-103 (Bai’ Muajjal). Ibid at 21, pages 158-160. 38 Ibid at 11, pages 148-149. 39 Ibid at 11, page 149 (Lease as a Mode of Finance). 40 Ibid at 11, page 150 (The Commencement of Lease). 41 Ibid at 11, page 152, para 3 (Expenses Consequent to Ownership). 37 19 Variable Rentals in Long Term Leases:Several Islamic banks use the rate of interest as a benchmark to calculate the rental amounts, e. g. London Interbank Offered Rates (LIBOR), which is the rate of interest at which Conventional banks borrow funds from other banks, in marketable size, in the London interbank market. The idea is to earn the same amount of profit through the mode of leasing, as earned by the Conventional banks by advancing loans on interest. Instead of fixing a definite amount of rental, the Islamic banks calculate the cost of purchasing the asset that is to be leas ed and intend to earn an amount equal to the rate of interest.Thus, the agreement between the parties provides that the rental will be equal to the rate of interest or to the rate of interest in addition to something. Since the rate of interest is variable, it cannot be set for the whole duration of the lease. The latter arrangement has been objected to on the following two grounds:42 (a) By subjecting the rental payments to the rate of interest , the transaction is made to resemble an interest-based financing. The modern Islamic scholars have denied that argument and have stressed that the rate of interest is only used as a benchmark.As far as the requirements of Shariah are concerned, they must be fulfilled for a valid lease to be executed, and it is the latter that counts, as regards the legality of the Islamic financial lease. The vital difference between an interest-based financing and a valid Islamic lease does not lie in the amount that has to be paid to the financier or the lessor. However, it is recommended that the use of rate of interest as a benchmark must be avoided at times, where possible, so as to distinguish it with the non-Islamic transaction. 3 (b) The second criticism relates to the situation that the variations of the rate of interest are not determined and the tying up of rental with that rate of interest implies Jahalah and Gharar (uncertainty, especially in a contract that may lead to disputes later on), which are not permissible by Shariah precepts. It is one of the basic tenets of Islamic Shariah that the parties must be well aware of the consideration in every transaction they enter into.This objection has been responded by looking at the reasons of prohibition for Jahalah, namely that Jahalah may lead to disputes between the parties and it might render the parties susceptible to an unforeseen loss. As regards the first objection, both parties make their decisions with mutual consent upon a welldefined benchmark serving as a criterio n for determining rent, thus no question of dispute arises. Relating to the second objection, several contemporary scholars suggest that the relation between rent and the rate of interest is subjected to a limit.E. g. the base contract may provide that the rental amount given after a specified period will be altered according to the change in the rate of interest, but in no instance, it will be higher than 15% or lower than 5 % of the previous monthly rent. The latter implies that if the increase in the rate of interest is more than 15%, the rent will be increased only up to 15%, and if it decreases by more than 5%, the rent shall not be decreased to more than 5%. 44 42 Ibid at 11, page 154 para 1. Ibid at 11, page 155. 44 Ibid at 11, pages 155 & 156. 43 20 F.Ijaraha Wa Iqtina It is permissible in Islamic Shariah that instead of there being a sale, that the lessor signs a separate agreement, making a promise to gift the leased asset to the lessee at the end of the lease period, on c ondition that the lessee makes all the payments due for his/her rent. The latter arrangement is known as Ijaraha Wa Iqtina. It has been affirmed by a large number of contemporary Islamic scholars and is widely practised by the Islamic banks and financial institutions. Although, the validity of this arrangement is subject to two conditions.They are: (a) The agreement of Ijaraha itself should not be subjected to signing of sale or gift. The promise should be made in a separate document. (b) The promise must be unilateral and binding on the promisor only. If the leased asset is used by numerous users, the lessee cannot sub-let the asset, except with the express permission of the lessor. The lessor can sell the leased property to a third party, whereby the lessor is replaced by the new owner, and the lease agreement would then be between the new owner and the lessee. 5 This form of financial leasing has been subjected to criticism as it is not compatible with the modern financing agreem ents, as a non-binding promise cannot be enforced before courts and is thus not a legally satisfactory solution. In an attempt to reconcile Ijaraha Wa Iqtina with the modern financial structure, it is suggested that the lessor’s failure to honour his non-binding promise should be subjected to a pre-contractual liability, or culpa in contrahendo.In civil law jurisdictions, this concept of pre-contractual liability contemplates that the contracting parties will conduct their pre-contractual dealings in good faith and also points to any relevant facts, which are within the commercially usual limits, to the other party. If a party is unsuccessful in carrying out its duties, and thus in breach of contract, then it will have to pay the damages to the other party for not fulfilling the agreement. By adopting this suggestion, the promisor in breach, is made liable for the promisee’s costs, in finding another similar object to purchase. 6 G. Salam This mode of financing can be used by modern banks and financial institutions, especially in order to finance the agricultural sector. In Salam, the seller undertakes to supply specific goods to the buyer at a future date, in exchange of an advanced price fully paid at the spot. The payment is made in cash, and the supply of purchased goods is deferred. 45 Ibid at 11, pages 161-162 (Ijaraha Wa Iqtina). Construction and Lease Financing in Islamic Project Finance by Klarmann, J. I. B. L. R, page 65 (Lease Financing: Ijaraha Wa Iqtina). 6 21 Purpose of Salam Contracts: The purpose is to meet the need of farmers, who operate on a small scale, and thus need the finance for farming purposes, so that they can carry out their day-to-day activities. Moreover, it is designed to assist the traders, in their export/import transactions. Salam proves beneficial to the seller, as he receives the price in advance, and at the same time, advantageous to the buyer, as the price under the Salam arrangement is normally lower than th e price in spot sales. 7 The permissibility of Salam is seen as an exception to the general rule that prohibits forward sale and thus it is subject to certain stringent conditions, which are as follows: Conditions of Salam: 1. The buyer must pay the full price to the seller at the time of effecting the sale. The basic idea behind the Salam agreement, is to satisfy the ‘instant need’ of the seller. If it is not paid in full, the latter purpose is not achieved. 2. The quantity and the quality of the goods must be specified. 3. Salam cannot be effected on a particular commodity or on a roduct of a particular field or farm. 4. The contract must expressly state the quality of goods, thus leaving no room for ambiguities, which might lead to disputes later on. Same is the case as regards the quantity; it must be agreed upon in absolute terms. 5. The exact date and place of the delivery must be specified. 6. Salam cannot be effected in respect of things, which require them to b e delivered at the spot. 7. Since the price in Salam agreements is generally lower than the price in spot sales, the difference between the two prices may be a valid profit for the bank. . A security in the form of a guarantee, mortgage or hypothecation may be required in order to ensure the delivery from the seller. 9. The seller must deliver to the buyer, the commodity, and not the money at the time of the delivery. 48 H. Istisna’ Istisna’ is a sale transaction whereby a commodity is transacted before it comes into existence. It is an order for a manufacturer to manufacture a certain kind of commodity, to be used by the purchaser. The manufacturer uses his own material to 47 48 Ibid at 11, page 133 (Purpose of Use).Ibid at 11, pages 134-135 (Conditions of Salam). 22 manufacture the required goods. The price must be fixed with consent of all the parties involved. All other vital specifications of the commodity must also be fully settled. Subject to the acknowledgment or receipt of prior notice, either party can cancel the contract before the manufacturing party has begun the work. The time of delivery need not be fixed, however a time limit may be imposed as between the parties. 49 I. Istijrar Istijrar means purchasing the goods from time to time, in different quantities.It is an agreement, whereby the purchaser buys something at regular intervals, without any formal offer or acceptance mode or bargaining. There exists one master agreement, which contains all the terms and conditions of the purchases in a finalised form. There are two kinds of Istijrar: (a) where the price is determined after all the transactions/purchases are completed; (b) where the price is determined in advance, but the purchase payment is made from time to time. As regards the Islamic mode of financing, only (a) is relevant. Istijrar can be adopted as a viable mechanism, in the case of suppliers of the borrower.In the latter case, the bank enters into a Murabaha agreement ( Agreement to Purchase) with the suppliers (mainly trading companies), that it will purchase the assets from them at a market price or at a pre-determined discount from the market price. Whenever the customers demand, the bank can purchase that particular asset from the suppliers on the basis of Istijrar, and sell it onwards to the customer, on the basis of Murabaha. 50 49 50 Ibid at 11, pages 139-142. Ibid at 11, page 143-145 (Istijrar). 23 Chapter 3 Application of the Islamic Modes of Finance: A Research on Islamic Project Finance A. Shariah-Related Documentary and Other IssuesIn recent years, Islamic financial institutions have actively started to structure and participate in transactions, which are associated with long-term trade, as opposed to the short term trade related transactions (e. g. Murabaha). This transition has given rise to a number of important Shariah and documentary issues. The prevalent backdrop is that the Islamic bankers and their advisers now face even more st ringency, regarding the setting up of Shariah-compliant structures that are accepted commercially and are also in conformity with the existing governing law of that particular jurisdiction where they operate. 1 As noted earlier, one of the basic principles of Islamic finance is that at a particular stage in the transaction, the financial institution will be the owner of all or part of the asset that is being financed, and under Shariah precepts, several forms of risk related with being an owner cannot possibly be passed on to the customer or a third party. The latter is the most defining difference between an Islamic financial system and a Conventional one. These additional ownership risks become more serious when the transaction involves complex capital assets, e. . a power plant or an aircraft, as the potential exposure faced by the Islamic financier as an owner can be very critical and significant. It is expected that since the Islamic financial institutions are willing to take g reater risks as compared to their Conventional counterparts, this should result in greater rewards for the former. It is submitted by the academics that this is not necessarily the case. 52 In several countries, e. g. the idea of interest is sanctioned by an Act of Parliament, and the latter being affirmed by the courts.Having said that, it is imperative to notice that laws of several states are embedded in Shariah law and concepts, if not in whole then in part. It is observed that a proposed Islamic structure that has the approval of a Shariah board must be examined against the local statutes of that particular state to check whether the structure raises any adverse issues under those laws, and if so, then the proposed structure will surely need amendment and another approval from the Shariah Board.For example, under the Shariah precepts, a transfer of an interest in real estate is effective upon an agreement, signed between the buyer and seller. However, such an agreement may not be recognised by the local laws (at least as regards the bona fide third parties) until and unless the transfer is recorded in the concerned land registry. Sometimes, the problem might be such that a person to whom a real estate interest has been validly transferred under Shariah principles, would not necessarily be recognised as the legal owner under the local municipal 51 2 Ibid at 14, page 317. Ibid at 39, page 317 (Risk Reward Issues). 24 laws. In such situations, the legal and financial consultants, giving their expert advice on such structures, are required to strike a balance, so that the Shariah conditions and requirements are satisfied and are also accepted and applicable under the governing law. 53 There are certain issues relating to the nature of Islamic financing that come up too often and thus need to be discussed. Some of these are discussed below but the list is not intended to be exhaustive. Indemnities:The Shariah principle governing the operation and conditions of Islamic financing expressly prohibits indemnity for a loss or damage that is not caused by the customer’s default. Shariah sees the whole idea of seeking indemnity from the customer as unfair, notwithstanding the fact that the particular asset may have been chosen by the customer. Matters relating to the title to the asset, its fitness for its intended purpose and taxes that are imposed on ownership raise some serious and significant credit issues when one is dealing with a major capital asset, e. . aircraft or a vessel. Having said that, there must be some alternate basis for an Islamic financier to claim indemnity. Suggestions have been forthcoming in the form of seeking indemnities based on the concept of public need or necessity or by other methods, to cover the risks. E. g. such methods could include obtaining the benefit of warranties from the supplier or the manufacturer of the asset and assurances that the asset(s) are in perfect condition and have been validly perfe cted for the intended use.The financial position of the assignor (and any available insurance protection relating to the assignor) would also have to be assessed. 54 In contrast, in the case of Conventional financing, the customer often provides wideranging indemnities in order to protect the bank from any risks related with the ownership or use of the asset. The banks are not concerned with the issue of fault and are more keen to ensure that they are insulated from credit risks, arising from the ownership, use or operation of the asset. 55Warranties: As the owner of the asset, the Islamic financier may not be able to exclude the benefit of some warranties to its customer under the Shariah principles. In few instances, the Islamic financier has the benefit of the warranty from a third party that can be assigned to the customer (i. e. from a manufacturer). It has been permitted that the Islamic financier could expressly exclude any warranty from the Islamic financial institution in t he customer’s favour to the extent that it is covered by the assigned warranty.This does not seem to be an adequate solution in that it is often impossible to describe with accuracy the extent of the warranty being assigned. Inevitably, some of the warranties may not be covered by a third party assignment and thus the Islamic financier will still be providing the benefit of some warranties to the customer. In a Ijaraha (leasing) transaction the balance of such warranties, which cannot be excluded under Islamic principles may possibly be covered by insurance. 3 Ibid at 39, page 318, para 2 & 3. Ibid at 39, page 319 (Indemnities). 55 Ibid at 39, page 319. 54 25 Thus, if warranties will raise Shariah related issues, the Islamic financier must immediately try to identify those residuary warranties that cannot be covered to decide whether or not this renders the transaction commercially unacceptable, particularly, if its financial return will not reflect these additional risks. 56 Compensation and Liquidated damages:In Conventional financing, if the borrower defaults on any payment due on him, default interest is charged as against him, thus compensating the banks. This approach is unacceptable as regards Islamic financing, due to the obvious reason of any such compensation/liquidated damages tantamount to charging interest. Unfortunately, the experience of Islamic financiers in trusting their customers, that they would pay on time, has not really been successful, and there is a general agreement that there must be some form of penalty if a customer does not pay on time.The Islamic financier can only claim compensation if it suffers loss or damage due to the true fault of the customer. The compensation must reflect the actual loss of the financier. Most Islamic financings have a compensation provision dealing with failure to pay on a due date and which uses a benchmark linked to LIBOR, as discussed above. The entire purpose of such provisions is not to compe nsate the financier, but to treat it as an incentive to the customer to make payments by the due date. 57 Events of default:In a Conventional financing, there will be a progression of events of default, which will give rise to rights in the favour of the banks, and in particular, the right to demand the repayment of outstanding debts. As a general principle, the latter view is accepted by the Shariah law, as long as the customer is at fault. In a Conventional financing, there will be events of default that are not within the customer’s control. It is considered as unviable to include such events of default in an Islamic financing, and each event must be diligently drafted to take account of the latter. 8 This, however, raises credit risks, which if not compensated for by the customer in the form of an increased return to the Islamic financier, may force the latter to take on extra risk, which will be without any reward. This issue becomes even more vital in the case of a co-f inancing that involves both Islamic and Conventional financing. The Conventional banks will surely not like the idea of Islamic facility not going into default at the same time as them, and this could possibly have adverse effects on the security sharing under inter-creditor arrangements.It has been argued that in these circumstances the Conventional banks should accept the position of Islamic financiers, however, the prevailing position is that the Conventional financing is the controlling financial force in the world and thus it is often arduous for Islamic financial institutions to have their views stand in a co-financing. Examples of events of default that can potentially cause dispute between Conventional and Islamic financiers would be nationalisation, requisition, loss of air traffic rights and force majeure. If there is disagreement as regards any of the above mentioned events of 56Ibid at 39, page 320, para(s) 2 & 3. Ibid at 39, page 321, para 1. 58 Ibid at 39, page 321, (E vents of Default) para 1. 57 26 default, then it is advised that they must be put into a separate category of events called by some other name, such as events of ‘mandatory prepayment’. 59 If there is an event of default the customer may be obliged to purchase the asset, at a predetermined price. That obligation must not be listed in the same document (i. e. the lease) to avoid concerns regarding conditionality but should be contained in a separate document, e. g. an option or a deed of covenant.If the event of mandatory prepayment arises, the customer will not be in default but the happening of such an event will enable the financier to exercise a right or option granted to it by the customer in a separate document requiring the customer to purchase the asset. The conclusion to this whole procedure being that, on the face of the document, the events of default will be Shariah-compliant and for events of mandatory prepayment, there will be a Shariah-compliant system tha t results in the asset being purchased, thus clearing the amount that the customer owed the Islamic financier. 0 Set-off: It has often been disputed that the grant of set-off rights that are solely in favour of the Islamic financier, is against the Shariah precepts, which require an Islamic finance transaction to be fair and reasonable when taken in the context of the customer. The aforementioned issue has been resolved in various transactions by providing that there are statutory set-off rights that cannot be waived and which keep an acceptable balance as regards favouring the financier and the customer. 61 B. Construction and Lease FinancingSpecific Issues in Relation to Ijaraha (Leasing) Transactions Insurance and Maintenance Obligations: As per the Shariah principles, the lessor must remain liable for several insurance and major maintenance obligations. Obligation and the financial consequences cannot be transferred on to the lessee, pursuant to the terms of the lease. The insur ance obligations relate to the structural or property insurance. However, the lessee can be held responsible and liable for the cost of operational insurance, such as the business interruption insurance and third party insurance (to the extent that it relates to operational risks).The latter mentioned principles can possibly have serious implications for an Islamic financier. The direct costs involved in, e. g. maintaining an aircraft and the indirect costs and liability resulting from the failure to perform such maintenance can prove to be very significant. 62 There must be some mechanism to transfer some risk on to the lessee, or sharing of risk if you like, which, on the face of the document is Shariah-compliant. 59 Ibid at 39, page 321, para 3. Ibid at 39, page 321, para(s) 4 & 5. 61 Ibid at 39, page 321, (Set-off), para 1. 62Ibid at 39, page 322, (Insurance and Maintenance Obligations). 60 27 The most obvious approach is to appoint the lessee as the ‘service agent’ of the lessor (Islamic financier) in order to perform these activities, which would include paying the insurance premiums and the maintenance costs. The service agency agreement must specify that the service agent will indemnify the lessor for any default on his part, in the performance of these obligations. However, on the basis of general precepts, an agent must be compensated for any costs properly incurred on behalf of its principal.Usually, a nominal fee is paid to the se