Training and Development as Related To Human Resource Management

Introduction With the current trends in globalization and trade liberalization, organizations can nowadays afford practically every asset that is needed for optimal production. Due to this fact, employees have remained the most valuable assets that an organization can use in order to build a comparative advantage over rival firms in which ever sector the organization invests in.Advertising We will write a custom essay sample on Training and Development as Related To Human Resource Management specifically for you for only $16.05 $11/page Learn More People or employees in an organization are usually associated with the skills they possess; the only asset rivals cannot copy. As a result this has made the human resource management and their practices to be accepted as one of the major strategic levers to ensure that there is continued success within organizations (Smith, 2006). Training of company employees has received much accreditation from the management by designing training programs that seek to address the specifics of the organization, which then helps in ensuring that the services or the output is received in a way that the company reaps the maximum benefits. In designing these programs, the human resource department works very hard by assessing the needs for the training where the training is all that necessary or not. Training Needs Analysis In order to assess the training needs, the Human Resource (HR) department can decide to conduct an organizational analysis. It is preferred by many organizations since it takes into consideration the organization’s traditions, strategies and the general environment and how the training is likely to improve the business situation. The human resource can also perform the job or task analysis where training is usually done depending on the needs of that job. In order to improve the delivery of the job the skills and abilities an employee possesses are usually analyzed. The Human Reso urce can also train the employees depending on the required needs. Lastly, they can also conduct the employee analysis where the HR determines the current skills that the employee is in possession of and then train the employee depending on the expectations or the levels the employee should attain. Training and Evaluation There are several methods through which the Human Resource can train the employees in order to make sure the new training needs are delivered efficiently. Examples of the training methods include: A classroom setting where an instructor teaches or trains the employees by interacting with them. They can also use computer based training which incorporates the classroom training and Tele training. Organizations using computers to train the employees do so by introducing software which seeks to advance their skills. To make the training successful, the training objectives should be written properly in order to be able to decide on the contents, methodology and duration of tackling the needs.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Based on the importance of training, the HR can either classify the training as technical or behavioral training whereby, the skills or the technical type focuses on providing the learning competencies related to the employee knowledge and skills while behavioral on the other hand ensures learning competencies related to the employee attitude and habits are learnt and adhered to. Evaluation is the last phase and it is usually concerned with the measurement of the training success or the effectiveness to establish whether an investment in a particular training has paid off. The effectiveness is based on the previous set objectives and results while considering the needs, methods, and the other areas of training administration. The valuation of the training program can be done depending on the reaction, learning, behavior al change and finally the impact to the society which measures the effect of the training on the unit where the trainees belong and on the entire organization (Edralin, 2004). Conclusion With employees becoming the most valuable asset a company or an organization can possess, it has thus become important for organizations to create effective and efficient work force in order to achieve the competitive edge over other organization. To make this possible, organizations have embarked on trainings that seek to perfect and introduce new skills to employees in order to ensure an organization remains a success and way above the others. Reference List Edralin, D.M. (2004). Training: A strategic HRM function. Vol.7, No.4. De La Salle University. Web. Smith A. (2006). Human Resource Practices for a Changing Environment. Web. This essay on Training and Development as Related To Human Resource Management was written and submitted by user Elianna Nolan to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

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review of liar liar essays Watching Liar, Liar was effective in showing how todays society lacks honesty. From changing around the facts to just blatantly lying, it showed how much lying is a prt of everyday life. In this movie, Fletcher Reede, played by Jim Carrey, uses lying to win his court cases. What makes him a good lawyer, makes him a bad father as Fletcher finds himself lying to everyone, even his own son Max. Almost every day, Fletcher would promise Max he would pick him up or come over. On Max birthday, Fletcher promised Max he would be at the party. Instead of going to his sons party, he was taking care of business back at his office. Of course, this eventually made such a negative impact on Max that he used his birthday wish to wish that for one day, his dad couldnt tell a lie. The wish actually came true and Fletcher was forced to tell the truth in all that he did. After finally realizing what had happened, he got used to telling the truth and he eventually used the truth to win a big case. During his shenanigans as a lawyer, he had finally realized that when he had twisted the truth and told Virginia Cole, his client, that she was the victim, he was wrong and jeopardized her childrens life with their father. Fletcher finally realized that Virginias ex-husband was a good father, he told the judge that just because he won the case doesnt mean it was right. The judge held Fletcher in contempt and he went to jail. His secretary bailed him out and he rushed to find Audrey and Max who had left for a plane to Boston. He was told that the plane was leaving and he hi-jacked a motorized staircase and he a ttempted to pull-over the plane to stop Audrey and Max from moving. By the time he got the plane to stop, Fletcher struck a barrier and was flying through the air. His son, Max, had come to see Fletcher and Fletcher expressed how he felt. Fletcher real...

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Application Of Islamic Microfinance In Poverty Alleviation Economics Essay

Application Of Islamic Microfinance In Poverty Alleviation Economics Essay Poverty is one of the fundamental problems in developing countries. It is estimated that around 80 percent of the worlds population is living in countries where income distribution gap is widening. Poverty rate is quite high in all Muslim countries except a few countries in Southeast Asia and the Middle East. Poverty levels have also been associated with high inequality alongside low productivity. Half of the Indonesia population (about 129 million) is living below the poverty line of $2 a day. While in South Asia two largest Muslim states Bangladesh and Pakistan alone account for 122 million each living below the poverty line where as 100 million Muslims of India is also living below the poverty line. (Source: Islamic Microfinance Development: Challenges and Initiatives, IRTI website, 2007) Microfinance is a part of financial services which includes not only credit facility but also savings, insurance, and fund transfers to facilitate low-income people. The World Bank estimates that there are over 7,000 microfinance institutions; serving some 16 million poor people in developing countries. The total cash turnover of MFIs world-wide is estimated at $2.5 billion and the potential for new growth is outstanding. (Source: Micro facts: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) The Microcredit Summit estimates that $21.6 billion is needed to provide microfinance to 100 million of the worlds poorest families. The Summit planners said it should be possible to raise US$2 billion from borrowers savings alone and the final figure may be even higher. (Source: Micro facts: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) Fewer than 10 million out of the 500 million people who run micro and small enterprises have access to financial support for their business and fewer than 2% of the poor people have access to financial services (credit and savings) from sources other than lenders. (Source: MICROFACTS: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) The supporters of microfinance believed that it will help in reducing poverty and the concept became more popular in 1974 when famine struck Bangladesh. At the time, Dr. Muhammad Yunus was a professor of economics at the University of Chittagong. He subsequently started Grameen Bank which has been a wonderful success with more than 90 percent recovery rate. (Source: Short history of Grameen Bank, Grameen Bank website, 2010) Studies have also shown that during an eight year period, among the poorest Bangladesh with no credit service of any type, only 4 % pulled themselves above. But with only individuals and families with credit from Grameen Bank, more than 48% rose above the poverty line. (Source: MICROFACTS: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) In Pakistan there are 25 Microfinance institutions with the total deposit of $52.3 million which covers 1.83 million of population out of total population of 174 million (Fehmeen, 2010). Pakistan is ranked 6th in terms of population with the labor force of 53.78 million as estimated for 2009. (Source: CIA world Fact book, Central Intelligence Agency website, no date) Figure 1: Unmet Demand for Microfinance in Pakistan from 2008-2009 Source: Microfinance Hub Website From the statistical figures of 2008-2009; it can be said that the population below the poverty line is 29,928,000 million which represents 17.2 % of the total population and the unemployed population is 26,448,000 which means 15.2% of the total population; that sums up to 32.4% out of the total population of Pakistan. These people need microfinance support to improve their living standard because the people living below the poverty line are not even able to get basic necessities of life (Fehmeen, 2010). In this regard, the Financial Inclusion Program (FIP) has been implemented by SBP with support of the UK Department for International Development (DFID), which aims to transform the financial market with a clear objective to provide equitable and efficient market-based financial services to the otherwise excluded poor and marginalized population including women and young people. FIP has developed an evidence based policy and a realistic target of reaching out to three million microfinance users by the end of 2010. (Source: Financial Inclusion Program, SBP, no date) Some facts about the outreach of Islamic Microfinance in different countries are mentioned in the Table 1. Region No. of Included Institutions % of Female clients (Avg.) Total no. of Clients Total Outstanding Loan Portfolio (US$) Avg. Loan Balance (US$) Afghanistan 4 22 53,011 10,347,029 162 Bahrain 1 N/A 323 96,565 299 Bangladesh 2 90 111,837 34,490,490 280 Indonesia 105 60 74,698 122,480,000 1,640 Jordon 1 80 1,481 1,619,909 1,094 Lebanon 1 50 26,000 22,500,000 865 Pakistan 1 40 6,069 746,904 123 West Bank and Gaza 1 100 132 145,485 1102 Saudi Arabia 1 86 7,000 586,667 84 Sudan 3 65 9,561 1,891,819 171 Syria 1 45 2,298 1,838,047 800 Yemen 3 58 7,031 840,240 146 Total 63 299,441 197,583,155 564Table 1: Outreach of Islamic Micro Finance by Country Source: CGAP Survey, 2007 Islamic finance is still in its introductory phase, but it has achieved double digit growth both in Pakistan and around the world. Some of the well known Islamic finance instruments are Murabaha (Sale Contract), Musharakah (Equity Participation), Mudarabah (Partnership), Ijarah (Lease Financing), Bay Muajjal (sale on Credit or deferred payment sale), Bay Salam (Deferred Delivery Sale) etc. 1.2 Problem Statement Interest based micro lending carries high interest rates and is impermissible in Islam; hence, this study strives to analyze how the mix of debt and equity based Islamic finance contracts be used in providing Islamic micro financial services in Pakistan which has more than one quarter people living below the poverty line and huge rural population. 1.3 Objectives of the study It will identify and analyze various instruments of Islamic microfinance that can eliminate poverty effectively than conventional micro financing. It will recognize and analyze the mix of debt and equity based Islamic finance contract; used in providing Islamic micro financial services in Pakistan. It will explore the scope of opportunities for Islamic microfinance in Pakistan. It will discover the challenges that Islamic microfinance could face in Pakistan. 1.4 Importance of the study This  study  highlights the importance of Islamic microfinance to help reduce poverty in Pakistan. As the poor are becoming poorer in Pakistan due to rising inflation and very limited sources of employment, this research will discuss how the Islamic microfinance could help in poverty alleviation, equitable redistribution and employment creation. 1.5 Research Methodology This research study will inquire that how far Islamic microfinance would be helpful in reducing poverty in Pakistan. To substantiate the case for microfinance; the study will analyze five major countries where microfinance is prevalent. Panel data on four variables which include per capita income, education which will be measured through literacy rate, poverty measured through percentage of population living below the poverty line and inequality measured through gini co-efficient will be taken from the selected five countries. The period of study will be different for each country starting from when microfinance started in particular countries to the current period. Secondly, the research will identify and analyze the mix of debt and equity based Islamic finance contract which could be used in providing Islamic micro financial services in Pakistan. For this purpose, specific entrepreneurial activities with investment requirements will be identified and then the ideal Islamic mode to be used in specific entrepreneurial activities with particular investment would be recommended. 1.6 Plan of the study This study consists of five phases. Work in each phase would be reported as a separate chapter. The first chapter of study will cover the introduction which includes the background of the study, Problem statement, Objectives of the study, importance of the study and scope of research. The second chapter will cover the literature review of will the academic and practical progress in Microfinance. The third chapter will discuss the research methodology i.e. the various tools and techniques that will be used to conduct research. The fourth chapter will include the data collection and findings obtained from the analysis of the data collected. The fifth chapter will comprise the research conclusion based on the findings. 1.7 Limits of the study This study on application of Islamic microfinance in poverty alleviation would be useful and provide experiential support to future studies on Islamic microfinance in Pakistan. There exist no full fledge Islamic microfinance bank in Pakistan. Hence, the models and instruments discussed have not been put into practice and empirical analysis of performance will be hard to make. CHAPTER 2 LITERATURE REVIEW 2.1 What is Microfinance? According to Abedelhamid 1991 (p. 57-64). Microfinance is a set of financial services which provides loans to clients who are excluded from the traditional financial system on account of no or little collateral. In the third world countries, microfinance has become very popular because inflation tends to be high and volatile; government is often incompetent; and the necessary legal framework for financial services is often missing Microfinance is the provision of a broad range of financial services such as deposits, loans, payment services, money transfers, and insurance to poor and low-income households and, their microenterprises. Microfinance services are provided by three types of sources: Formal institutions, such as rural banks and cooperatives; Semiformal institutions, such as nongovernment organizations; and Informal sources such as money lenders and shopkeepers. Institutional microfinance is defined to include microfinance services provided by both formal and semiformal institutions. Microfinance institutions are defined as institutions whose major business is the provision of microfinance services. (Source: Finance for Poor: Microfinance development Strategy, ADB website, 2000) 2.2 History of Microfinance Microfinance history dates back to the mid of the 18th century when the philosopher Lysander Spooner was doing research on the advantages from small loans to entrepreneurs and farmers as a way to get people out of poverty. The economist Timothy Guinnane at Yale had been doing some research on Friedrich Wilhelm Raiffeisen ´s village bank movement which started in 1864 in Germany and by the start of the year 1901 the bank reached 2 million rural farmers. As per Timothy Guinnane explanation it was proved that microcredit could pass the two tests concerning peoples payback moral and the possibility to provide the financial service to poor people. Today, the expression Microfinance has its roots in the 1970s when the Grameen Bank of Bangladesh was established. At that time a new span of microfinance initiatives introduced many new procedures into the sector. Pioneering enterprises started doing experiments with providing credits to the poor people. Increasingly, it was thought that people could be relied on for repayment of their borrowings and it is feasible to provide financial services to underserved people through market based enterprises without subsidy. In 1974, Shore bank was the first microfinance and community development bank founded in Chicago for the first time in USA. (Source: History of micro finance, Global envision website, 2006) Today the World Bank estimates that more than 16 million people are served by some 7000 microfinance institutions all over the world. CGAP experts suggested that about 500 million families benefits from these small loans making new business possible. (Source: Micro facts: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) 2.3 Present Situation and Growth of Microfinance The year 2008 is considered as the beginning of a challenging period for microfinance in a number of countries. The economic and financial crises that reached MFIs and their clients turned calm waters into rough shores for many institutions in the industry. The year 2009 MIX Global 100 Composite Ranking captures the effects of this changing environment, where global growth rates slowed for the first time in years, and many MFIs faced stagnant or rising costs, and in some in ­stances a slow rise in credit risk. Figure: 3 Growth Pattern of Microfinance in all continents Source: MIX Global website, 2009 The 2009 edition of the MIX Global 100, surveyed 955 institutions from nearly 100 countries as illustrated in Table 2. As a group, surveyed institutions represented nearly 85 percent of the known pool of microfinance borrow ­ers, serving 72 million borrowers with 37 billion USD in loans and holding 22 billion USD in deposits from 67 million microfinance clients (Source: MIX Global website, 2009). Table 2:2009 MIX Global 100 Composite Ranking Countries with Most MFIs in Top 100 Country MFIs in Top 100 All Ranked MFIs India 20 51 Ecuador 9 44 Egypt 6 12 Philippines 6 34 Bangladesh 5 9 Cambodia 5 13 Bolivia 4 22 Bosnia and Herzegovina 4 13 Armenia 3 7 Mexico 3 27 Morocco 3 5 Dominican Republic 2 2 Jordan 2 6 Mongolia 2 4 Nepal 2 16 Peru 2 54 Serbia 2 4 Vietnam 2 5 Source: MIX Global website, 2009 Microfinance is assured as one of the tools that can decrease as well as eradicate poverty. According to Saefullah (2010) numbers of research have been conducted in order to measure the success of microfinance. The stories of Grameen Bank in Bangladesh, Bank Rakyat Indonesia (Indonesian People Bank) in Indonesia, Self-Help Group in India show the extent to which microfinance can eliminate poverty. Obaidullah (2008) has also done research that attempts to identify the glory of microfinance. Table: 3 Poverty Level and Financial Access in Bangladesh, Indonesia and Turkey Source: Islamic Microfinance Development: Challenges and Initiatives, 2008, IRTI, IDB Name of Member Counrty Human Poverty index Rank Income poverty Index Population Below Population in millions No. of poor in millions Financial access percentage (2007) $ 1 a day (%) $ 2 a day (%) Poverty Line Peoples republic of Bangladesh 85 36 82.8 45 147.37 122 32 Republic of Indonesia 41 7.5 52.4 17.8 245.45 128.6 40 Republic of Turkey 21 3.4 18.7 20 70.41 13.2 49 Impact of microfinance in household and community level components According to study of Chowdhury Bhuiya (2004) the wider impacts of BRAC (Bangladesh Rural and Advancement Committee) poverty alleviation program found that there was a positive impact on living standard as the survival rate and schooling of children improved. The Impact of microcredit on borrowers of Grameen Bank by Khandker (2003) illustrate that there was a positive impact on the households poverty reduction that availed the microfinance facility. Latif (2001) in his study on the effects of microcredit on the household saving of Bangladeshi borrowers concluded that saving-income ratio was significantly higher for the customers of microfinance as compared to poor who were not participants of microfinance institutes. Another research conducted by Zaman (2001) on the Impact of microcredit on poverty and vulnerability found that there is positive impact on income and decision making capability of poor using microfinance. Bangladesh Institute of Development Studies (2001) researched on the Impact of microcredit on savings and informal borrowings discussed that microcredit increased savings and this was more prominent in women than men. Hakim (2000) in the study Impact of microfinance program highlighted the higher social relations and mobility among women clients and the positive impact of microfinance on asset-ownership. Mosley and Hulme (1998) studied the possible conflict between growth and poverty alleviation. Their main finding is that the income and assets of the borrowers had increased due microcredit. Halder (1998) in the research identification of the poorest and the impact of credit on them asserted that the members of BRAC (Bangladesh Rural and Advancement Committee) consumed high calories as compared to non-members. Pitt and Khandaker (1996) explained in their study the Impact of microcredit on borrowers of BRAC, BRDB (Bangladesh Rural Development Board) and Grameen Bank that there was positive impact in women employment, total per capita weekly expenditure and womens non-land assets. Villagers attitude and other behaviors can be changed through credit programs. (The Challenge of Poverty and Mapping out Solutions: Requisite Paradigm Shift from a Problem-Solving and Islamic Perspective Dr. Mohammad Omar Farooq) M.A.Hamid (no date) found in his research that from 200 customers of Grameen Bank 46 were willing to join the Islamic bank of Bangladesh limited and one of the three main reasons was that this Islamic bank will provide services of microfinance within the limits of Islamic Shariah and Grameen Bank will not. Microfinance has a very essential role to play in development according to proponents of microfinance. As per UNCDF (2004) studies microfinance plays three vital roles in improvement. First of all it helps needy people to fulfill their basic needs and protect against hazards and is also related with up gradation of household economic welfare and lastly it motivates women by their participation in economy and also encourage equality. Results of a research on monitoring and evaluation of PKSF (Palli Karma-Sahayak Foundation) (2005) sponsored microfinance programs shows that absolute poverty decreased by 9% and moderate poverty reduced by 5% through 1997 to 2000. Amin et al. (2003) in his study the Impact of microcredit on clients of Grameen Bank, BRAC and ASA concluded that Microcredit program was successful in reaching poor Objective of microfinance according to Otero (1999) is not just about providing capital to the poor or fight against poverty on an individual level but it also has a responsibility on an institutional level. It seeks to create organizations that can provide their financial services to the poor, who are continuously ignored by the formal sector. According to Littlefield and Rosenberg (2004) study people that are below poverty line are not part of financial services sector of the economy so thats why microfinance institutions have established to provide solution to these issues. MFIs become a major part of financial sector of country by providing these services to poor people and hence it can also access capital markets for the funding of their lending portfolios. (Otero, 1999) The overall collision of microfinance can be analyzed on three things including level, type and its variable. Level defines its depth that on which level it has affected the target market whereas type of impact examines how it has benefited the people along with the impact variables as mentioned in fig. 2. Impact of microfinance on household can be accessed on two levels household and community through its types by considering its different variables. It can be scrutinize through income, education, empowerment and other social things as well. Level s of Impact Types of Impact Impact Variable Economic Variables: Income Household Assets Housing Access to food Human Capital: Education Health Confidence Skills Empowerment Social Capital: Social Networks Social Mobility Household Community Social Economic Figure: 2 Impact of Microfinance in House hold and community level Source: Eoin Wrenn, 2005 2.4 Challenges for Microfinance The achievement in microfinance in the world has been impressive relative to the status in the 1970s. However, a number of major problems remain. 2.4.1Policy development environment for financial sectors programs The policy environment for microfinance in many countries still remains unfavorable for sustainable growth in microfinance operations. For example, in countries such as Peoples Republic of China, Thailand, and Viet Nam, the ceilings on interest rates limit the ability of MFIs to provide increased and continuing access to an increasing segment of the excluded households. 2.4.2Inadequate financial infrastructure It is another major problem in the world. Financial infrastructure includes legal, information, and regulatory and supervisory systems for financial institutions and markets. Most governments have not focused to build financial infrastructure that supports, strengthens, and ensures the sustainability of such institutions or programs and promotes participation of private sector institutions in microfinance. The other major financial infrastructure-related problems include lack of: A legal framework conducive for emergence and sustainable growth of small-scale financial institutions, Regulatory and supervisory systems for microfinance in countries where the microfinance subsector is approaching a level of maturity, and Emphasis on development of accounting and auditing practices and professions 2.4.3Limitation of retail level institutional capacity Most retail level institutions do not have adequate capacity to expand the scope and outreach of services on a sustainable basis to most of the potential clients. Lack capacity to leverage funds, Are unable to provide a range of products and services compatible with the potential clients characteristics. Do not have an adequate network. (Source: Finance for Poor: Microfinance development Strategy, ADB website, 2000) 2.5 Islamic Microfinance According to Mufti Muhammad Taqi Usmani( no date) , from years Muslims are trying to frame their style of living according to Islam thats why they restrict themselves within the limits of Shariah which on the basis of Islam prohibits the practice of Riba or interest in any of the financial or trade activities. According to Dr. Abbas Mirakhor, Executive Director of the IMF as referred by Chaudhri (2006) An important function of Islamic finance that is seldom noted à ¢Ã¢â€š ¬Ã‚ ¦ is the ability of Islamic finance to provide the vehicle for financial and economic empowerment à ¢Ã¢â€š ¬Ã‚ ¦ to convert dead capital into income generating assets to financially and economically empower the poor Islamic Microfinance is the way of financing to the underserved population without using the concept of interest. Microfinance is already more structurally aligned to applying Islamic equity financing structures. As microfinance programs are based on group sharing of risk and personal guarantee while maintenance of trust and honesty is tied to the availability of future funds. 2.5.1 Importance of Islamic Microfinance In his famous book Wealth of Nations, Adam Smith argued that participation in religious sects could potentially convey two economic advantages to adherents. The first could be seen as a reputational signal while the poor might look alike to potential employers, lenders, and customers, membership in a specific group could convey a reduction in risk associated with the particular individual and ultimately improve the efficient allocation of resources. Second, religious groups could also provide for extra-legal means of establishing trust and sanctioning miscreants in intra group transactions, again reducing uncertainty and improving efficiency, especially where civil remedies for failure to uphold contracts were weak. (Case study: Islamic microfinance and socially responsible investment Anderson and Noland, 1988). Islamic finance techniques could give thousands of entrepreneurial poor the access to microfinance an option they might not consider if traditional, interest-based commercial loans were offered. More experimentation and practice in the field should contribute to more knowledge and a better understanding of effective loan delivery mechanisms using Islamic banking principles (Muhammad Ramzan, 1996). 2.5.2 Islamic approach to poverty alleviation All principles or laws in Islam owe their origin to its holy book the Quran and the sayings and deeds of its Prophet (peace be upon him) encapsulated in books of Hadith. A saying of the Prophet (peace be upon him) forcefully drives home the central message of Islam regarding poverty: Poverty is almost like disbelief in God.. On another occasion, the Prophet (peace be upon him) is reported to have said Allah! I seek refuge with you from the affliction of poverty (Soruce: Sahih Bukhari: read, study, search online Volume 8, Book 75, Number 379). Islam views poverty to be a curse to be eradicated through productive efforts. Poverty is in conflict with enrichment of self (nafs), which is one of the primary objectives (maqasid) of Shariah. Islamic jurists have unanimously held the view that it is the collective obligation (fardkifayah) of a Muslim society to take care of the basic needs of the poor. (Obaidullah, Muhammed (2008) 2.5.2.1Charity Charity occupies a central position in the Islamic scheme of poverty alleviation. The broad term for charity in Islam is Sadaqa. When compulsorily mandated on an eligible Muslim, Sadaqa is called Zakah. When Sadaqa results in flow of benefits that are expected to be stable and permanent (such as, through endowment of a physical property), it is called Sadaq-e-jariya or Waqf. Establish Prayer and dispense the Purifying Alms (Zakat) and bow in worship with those who bow (Al-Quran, (2:43)) The research paper by Professor Habib Ahmed (no date) asserts that Zakah play an important role in eliminating poverty and a significant impact of Zakah can be seen if the macroeconomic policies are in the alignment with poverty reduction objective. Zakah is the third among five pillars of Islam and payment of zakah is an obligation on the wealth and production of every Muslim. The primary issue with a zakah or sadaqa-based solution to the challenge of poverty is the issue of sustainability. Funds mobilized through these tools tend to fluctuate from time to time and may not lend themselves to careful planning and implementation. Further, these funds are meant mostly for the extremely poor and function as a safety net for meeting their immediate and basic needs. Benefits from waqf, assets are of course, meant to flow to the community at large and also on a sustainable basis (M U Chapra, 2008).It has been In FY 2009, approximately Rupees 150 billion were paid by people in Pakistan in charity, of which 90 percent was for the purpose of paying Zakat. (Dawn, September, 7, 2009) According to Dr Mohammad Omar Farooq people when pay Zakah should be concerned with its impact on the society in the long or short term to get the solutions for poverty alleviation. In another research conducted by Nafis Alam (no date) states in his study Islamic venture philanthropy: a tool for community development that Islamic charities are significant influential tool for sustainable community development. 2.5.3 Islamic Microfinance Products Islamic approach to poverty alleviation is a composite of a mission based and market-based interventions. Islamic Microfinance need not be restricted to not-for-profit modes alone. Islam permits for-profit trade and creation of wealth. It depends on the customer that what he/she wants to do with the money either needs just security of the money against which he/she may not claim the profit or wants to invest the money and share both profit and loss. The poor need a range of microfinance services, such as, micro-savings, micro-credit, micro-equity, micro-Takaful and micro-remittance. In the context of mainstream Islamic finance, people come across a host of for-profit modes through which such services may be provided to the poor. These could be used for microfinance with minor modifications wherever needed (Obaidullah, 2008). Micro-Savings Micro-savings is a critical financial service for poor and excluded households. Poor people want secure, convenient deposit services that allow for small balances and transactions and offer easy access to their funds. However, microfinance institutions across the globe tend to neglect this product while giving undue importance to micro-credit. The contract underlying a savings product must be free from elements of Riba and Gharar. This constitutes one of the most well known Islamic products, consisting in a cost-plus profit financing transaction in which a tangible asset is purchased by an Islamic institution at the request of its customer from a supplier. The Islamic institution then sells the asset to its customer on a deferred sale basis with a markup reflecting the institutions profit Various contractual options for designing savings products are: wadia, qard hasan and Mudarabah (Obaidullah, 2008). Micro-Credit The Islamic alternative to interest-based conventional loan is trade based or lease-based credit that permits the ownership and/or use of commodities or physical assets needed for productive ente

Commentary On The Road Not Tak :: essays research papers

The poem is basically about a person who has at some point in his life been posed with a question of which path to take. Obviously, there would be a dilemma on his part and the poem revolves around his decision. Frost’s narrative style has lent itself to a certain amount of ambiguity in what he is trying to convey. This ambiguity that Frost has left the reader to contemplate is basically divided into two schools of thought. The first is that Frost has a regret for the choice that he has made and he is relating the hardships of that choice to the reader. The alternative is that he is simply trying to make a statement about life and harbors no regret towards the choice that he has made. The first theme to be considered is that of Frost’s analogy of one’s life being put onto some sort of timeline and he has used roads to illustrate the idea of many possibilities. The use of nature in the same line â€Å"Two roads diverged in a yellow wood† gives an almost organic-like appeal. This helps us to integrate roads into the natural environment and it gives an impression that the decisions that we have to make are natural. The divergence of the two roads into the same place (a yellow wood) symbolises Frost’s departure into the real world (because of the singularity in â€Å"wood†). This could mean that the wood is being compared to the â€Å"unknown† world. Again, in the first stanza there is the start of the ambiguity in the very colour of the wood. A strong believer in the view that Frost has given a regretful tone to the poem will point out that there is a significance in the very colour of the wood. This is because yellow represe nts autumn time where the stigma is that everything around him is dying and because of life he still has to continue. Furthermore, there is the inclusion of the second line â€Å"And sorry I could not travel both†. This could mean that he is regretful because he will never know what the other path offered. On the other hand it could also be interpreted that it is plain curiosity which has led him to say this, not any regret for what he has failed to do. Frost has used a clever illustration of the continuance of these roads to depict the uncertainty that life holds.

Miranda Assignment

Miranda warnings are based on the U.S. Constitution. The U.S. Supreme Court initially laid down this principle in the case of Miranda v. Arizona (384 U.S. 436) and was affirmed in the case of U.S. v Charles Dickerson (530 U.S. 428) that the Miranda warnings are guarantees to ensure the protection of the rights of the criminal suspect during police investigations. These constitutional rights refer to the right to have counsel, the right against self incrimination and a general basic right to due process (Escobedo v. Illinois, 378 U.S. 478) .The criminal suspect is supposed to be informed and advised of his constitutional rights by reading to him the Miranda warnings during custodial investigation or interrogation (Miranda v. Arizona, 384 U.S. 436). Custodial investigation is defined as â€Å"questioning initiated by law enforcement officers after a person is taken into custody or otherwise deprived of his or her freedom in any significant way† (West's Encyclopedia of American L aw, 1998).The rationale for this is the fact that in custodial investigations there is the tendency of law enforcement or police officers to coerce the criminal suspect. There is also the likelihood for the criminal suspect by reason of fear during the antagonistic environment, to lie to defend himself or admit to the commission of the offense or criminal act being investigated. The Miranda warnings are supposed to protect the suspect from being intimidated and making forced confessions by reason of the strategies that may be employed by the law enforcement officers [Illinois v. Perkins, 496 U.S. 292 (1990)].The Court interpreted the meaning of ‘custody’ as one which restricts the physical movement of the suspect (Orozco v. Texas, 394 U.S. 324). It may also occur even if the inquiry or interview is non-confrontational [Oregon v. Mathiason, 429 U.  S. 492 (1977)}.In the instant case, Police Officer Watson should have advised the suspect of the Miranda warnings before h e asked him questions. The suspect is deemed to be under custodial interrogation already even if at the time Officer Watson asked the question, they are not in the police station yet. The custodial investigation is deemed to have commenced when Officer Watson started to ask the suspect.As the court ruled in the case of Orozco v. Texas, a criminal suspect is deemed to be under custody even if he is in the comfort of his own home when his freedom of movement is restricted (Orozco v. Texas, 394 U.S. 324). It is noteworthy to point out as well that Officer Watson failed to inform the suspect of his rights when he was brought to the police station for interrogation. Consequently, the statements made by the suspect shall be deemed inadmissible against him during trial except to impeach his own testimony in consonance with the exclusionary rule doctrine (Walder v. United States, 347 U.S. 62 (1954).Under the probable cause doctrine, the Miranda warnings are no longer necessary. Law enforcem ent officers are required by law to have probable cause before arresting a suspect. Probable cause is defined as â€Å"a level of reasonable belief, based on facts that can be articulated, that is required to sue a person in civil court or to arrest and prosecute a person in criminal court† (West's Encyclopedia of American Law, 1998).The suspect’s answer to the first question of Officer Watson cannot affect the admissibility of confession because there was lack of coercion to force the suspect in making such a statement. The important factor to be determined is whether the suspect made his statement knowingly and voluntarily, a doctrine enunciated by the Court in the case of Oregon v. Elstad [Oregon v. Elstad, 470 U.S. 298 (1985)].ReferencesDickerson v. U.S., 530 U.S. 428. Retrieved on April 15, 2008, from                   http://caselaw.findlaw.com/us-supreme-court/530/428.htmlEscobedo v. Illinois, 378 U.S. 478. Retrieved on April 15, 2008, fromhttp://cas elaw.findlaw.com/us-supreme-court/378/478.htmlIllinois v. Perkins, 496 U.S. 292 (1990). Retrieved on April 15, 2008, fromhttps://www.oyez.org/cases/1989/88-1972

Free Essays on The Godfather Review

Mario Puzo has clearly written a masterpiece! This is honestly my favorite book. I’m not exactly an avid book reader because not many books can keep me focused for long periods of time. This book was an exception. I don’t know if it was because of the suspense, or if it was the lessons that were taught. This masterpiece is about how an organized crime family transforms after the death of Don Vito Corleone. Don Vito Corleone was the most powerful leader in the mafia underworld. He started from scratch and received all of his power from his showing of respect and his ruthlessness. Along with having a powerful crime family, he also had other ventures in gambling. He refused to let his family business go into something as dirty as prostitution or drugs. After he turned down a business proposal from a powerful drug lord, he found himself starring down a couple of .50 calibers. Even though he survived the assassination attempt, his power in the family slowly faded off. He knew his time was coming and he wasn’t sure which of his three sons would have the total package to take over the family business. Sonny Corleone was the oldest of Don Vitos sons. He took over for a minimal time, but was way too aggressive and didn’t exactly think things through well enough. Then there was Freddy, or as he was called by friends, Fredo. He was the middle son and probably followed his fathers word the best. He looked at his father as more powerful than God. But Fredo was too timid. He didn’t have the aggressive side it took to lead a powerful organization. Michael Corleone was the youngest of the three. He was kind of the black sheep in the family. He was the only one to refuse his fathers direction. He went to an Ivy League school and also joined the army. Both of these were against his father’s word. But Michael was the only one that had the character, intelligence and total respect from everyone in the Coleone family business. He also had just... Free Essays on The Godfather Review Free Essays on The Godfather Review Mario Puzo has clearly written a masterpiece! This is honestly my favorite book. I’m not exactly an avid book reader because not many books can keep me focused for long periods of time. This book was an exception. I don’t know if it was because of the suspense, or if it was the lessons that were taught. This masterpiece is about how an organized crime family transforms after the death of Don Vito Corleone. Don Vito Corleone was the most powerful leader in the mafia underworld. He started from scratch and received all of his power from his showing of respect and his ruthlessness. Along with having a powerful crime family, he also had other ventures in gambling. He refused to let his family business go into something as dirty as prostitution or drugs. After he turned down a business proposal from a powerful drug lord, he found himself starring down a couple of .50 calibers. Even though he survived the assassination attempt, his power in the family slowly faded off. He knew his time was coming and he wasn’t sure which of his three sons would have the total package to take over the family business. Sonny Corleone was the oldest of Don Vitos sons. He took over for a minimal time, but was way too aggressive and didn’t exactly think things through well enough. Then there was Freddy, or as he was called by friends, Fredo. He was the middle son and probably followed his fathers word the best. He looked at his father as more powerful than God. But Fredo was too timid. He didn’t have the aggressive side it took to lead a powerful organization. Michael Corleone was the youngest of the three. He was kind of the black sheep in the family. He was the only one to refuse his fathers direction. He went to an Ivy League school and also joined the army. Both of these were against his father’s word. But Michael was the only one that had the character, intelligence and total respect from everyone in the Coleone family business. He also had just...

The Epic of Gilgamesh

The Epic of Gilgamesh All through historic times, stories, poems, and songs have been written with common themes, which played a significant role in explaining some aspects of societal life. One of these is friendship. There is no one in the world who does not need a friend; therefore, it is a necessary aspect of life. Advertising We will write a custom essay sample on The Epic of Gilgamesh- Theme of Friendship specifically for you for only $16.05 $11/page Learn More In the Epic of Gilgamesh, which was developed over a period of nearly a thousand years from about 2500 to 1500 B.C., friendship plays an important role in the development of the story. Gilgamesh, who is described as two-thirds god and one-third man, is the oppressive fifth king of Uruk while Enkidu is the ruler of the animals. The friendship between these characters develops in the course of the story. As the story begins, King Gilgamesh of Uruk is depicted to be in mature manhood and superior to all other men in bot h beauty and strength. There was no one who could match up with him in the ancient Mesopotamian society. The unsatisfied cravings of his demigod nature could not find a suitable mate for him in love or war. In addition, his unsatisfied daemonic energy made the people of Uruk to be unsatisfied with his reign. Because he was lacking love and friendship, Gilgamesh turned to excess and indulgence, and he celebrated his victories with too much debauched partying, which annoyed the individuals in the city as well as the gods in the temples. Because of his oppressive rule, the people asked for help from the gods since they feared that someday Gilgamesh would ask for a greater part of his divine heritage, challenge the gods and even rock the pillars of heaven if he was not controlled. Therefore, to counter the threat, the gods devised a plan of creating Enkidu, who was the mirror image of Gilgamesh. They believed that the king would divert his dangerous energies toward that rival thereby s top challenging heaven. The gods then made Enkidu from clay and left him in the wilderness to live and eat as the animals do. In the wilderness, though he established friendship with the wild animals, his cravings for a mate were not adequately satisfied. Therefore, when a harlot from the city seduced him, he quickly agreed to leave and live in the great-civilized city of Uruk. When Enkidu goes to the city, he seems not to like Gilgamesh at first since the two engaged in a fight soon after they met. However, they quickly started to like one another. The theme of friendship is shown when the two giants become very close and start to rely on one another in conquering their enemies with ease. Thereafter, the solidarity between the two characters assists in developing the plot of the story, which is a mixture of pure adventure, morality, and tragedy, as subsequent experiences are based on this newfound eternal comradeship.Advertising Looking for essay on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More The newly found comrades soon grow weak and become indolent with the city life. Therefore, Gilgamesh suggests a great exciting activity, which involves going to the forest to cut down trees so as to construct a memorable monument to the gods. However, since the terrifying demon called Humbaba is endowed with the responsibility of protecting the forest that is also prohibited to mortals, they have to kill him first. At first, Enkidu disagrees with this proposal but gives in after persuasion from his friend. Their friendship gave them the astounding courage and unwavering confidence to succeed in killing Humbaba. As the King of Uruk cleans himself, Ishtar offers to become his wife because his beauty was appealing to her; however, he turns her down with insults, recounting to her the dire fates that all her mortal lovers have met. Ishtar, the goddess of love and beauty, is infuriated at the re jection and goes to heaven to request his father, Anu, to send the Bull of Heaven to terrorize the people of Uruk. However, Gilgamesh and his compatriot work together to defeat the bull sent by the gods from heaven. After the success of their missions, Enkidu dreamt that they had gone contrary to the wishes of the gods so much that one of them must be sacrificed for murdering Humbaba and the Bull of Heaven. Thereafter, he quickly succumbed to a fatal disease after twelve days of suffering. The loss of Enkidu brings remorse to Gilgamesh and he realizes that death is inevitable. Because of the loss of the great friendship, he sets out on a journey to find Utnapishtim, the one man holding the secret of everlasting life. On the journey, he encountered various obstacles and on finally meeting Utnapishtam, he successively failed different tests that could have given him the secret of immortality. In the end, Gilgamesh, though being the King of Uruk, succumbed to the same fate that befell his friend. Although the type of friendship between Gilgamesh and Enkidu corresponds to contemporary friendship, it differs in some way from it. All through the ages, humans have treasured friendship since it determines our survival on this world. In the current society, human relationship is of essence for helping one another in times of difficulty, just as Gilgamesh and Enkidu assisted one another in conquering their enemies. Most people look for various traits in friends, especially attributes that they may be having in common. However, the current society takes friendship for granted. Most people see it as something that exists naturally.Advertising We will write a custom essay sample on The Epic of Gilgamesh- Theme of Friendship specifically for you for only $16.05 $11/page Learn More How many yearn for their better halves, as did Gilgamesh and Enkidu for each other? Who can go in the world to search for a suitable mate in love? The Mesopotamian societ y, as depicted by taming of Enkidu so that Gilgamesh could accept him, valued friendship such that they could go in search for it. I do not think that two ordinary peasants in Mesopotamia were capable of forming the kind of bond that existed between Gilgamesh and Enkidu. In the epic, Gilgamesh is depicted as being two-thirds god. Therefore, to make him have his equal, the gods created Enkidu to satisfy his cravings for a mate. This implies that the gods predestined their friendship, a thing that could not just happen among ordinary peasants in Mesopotamia. Before the coming of Enkidu, Gilgamesh had a cold heart and he never befriended anyone. However, the coming of Enkidu changed all these as he placed a check on Gilgamesh powerful energies. On the other hand, Gilgamesh pulled him out of his egocentricity. This even matching of characteristics is only possible when someone is specifically created for the other, but not otherwise as may be in ordinary men.

The case study of Coca-Cola will be provided by file .pdf. Read

The of Coca-Cola will be provided by file .pdf. Read throught it and then answer 4 questions in there. After that, di - Case Study Example Moreover, by early 1985, Pepsi had managed to acquire 2% sales of the huge market that amounted to $960 million in retail sales. Therefore, this called for change of strategies by Coca-Cola and their option was to introduce a new product that offered the same feature like their competitors. In this case, they had to conduct a research in order to introduce new product to market. After the investigation, they identified that Pepsi was offering a product that had a sweeter taste and this contributed to a growth in the preference resulting to increased market share. Coca-Cola commenced a research project, whereby they spent two years and $4million prior to settling on a new formula. They conducted 200, 000 taste test on the final formula and a blind test, whose results were sixty percent of the consumers choosing the new formula over the old one. In fact, fifty-two percent of the customers choose it over Pepsi, and this was an indication that new coke would assist in dealing with the pr oblem of losing the market share to Pepsi. 2. ... Moreover, Coca-Cola should have focused on the conducting a marketing research considering these emotions. Furthermore, there was a poor judgment during interpretation of research planning strategies by the managers. The poor judgment occurred when they found sixty percent of consumers who preferred the new Coke taste and this led to an assumption that the new coke would be the solution to their problem. However, this did not view this assertion in the basis on the other 40% who were still royal the old Coke; thus, they ended up trampling with the tastes of the royal customers who were not willing to accommodate the change of the taste. Therefore, the company should have focus on introducing the new Coke as a brand expansion and leave the old Coke like what happened with Cherry Coke. Coca-Cola Company had an advanced marketing research operation and their strategies have made them to be at the top of the market. However, in this their market was not based on scientific theories that could have assisted in understanding the consumer behaviors. 3. Companies such as Coca-Cola often test new products in plain white paper cups with no brand names or other marketing information. What does this ‘blind’ testing really measure? Does applying these results to the ‘real’ world raise any issues? Bind testing is aimed at measuring the actual response of the customers to a certain feature of the product without the influence of the brand name or other marketing information. Therefore, the consumer is expected to review the product without the ideas of the manufactures in their minds and these reviews are applied in rating the new product that is yet to be introduced into the market. For instance, Coca-Cola was seeking to settle the new

In an attachment Essay Example | Topics and Well Written Essays - 1500 words

In an attachment - Essay Example The conceptual framework is criticised for not fulfilling its functional objectives, principally that of providing a basis for guiding standard-setting and resolving accounting controversies. Notably, the body has failed to achieve its goals of standardizing the financial statements due to its inherent focus on reporting rather in the quality of statements. Critics have suggested a convergence of the FASB and the IASB as the best approach to eliminate the weaknesses of the conceptual framework and inject efficiency in international accounting. The focus of this essay is to identify the weaknesses of this framework and recommend possible strategies to eliminate them. Before the establishment of the IFRS, various bodies that regulated standards were localized to their nations and states. Such bodies include the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). The IASB originated from the International Accounting Standards Committee that regulated business accounting the USA. Later, IASB became the mother of the IFRS. On the other hand, the Financial Accounting Standards Board is a private non-profit organization and is responsible for developing generally acceptable accounting principles within USA for public organizations. Both organizations have closely related missions and goals. At the end of the day, they are expected to establish standards that regulate investors in the business market, so as to make the business operations transparent and comparable. The IASB, in its nature, is a principle based accounting system that confides in principles rather that any set of fixed rules (Gebhardt & D ean, 2008). This is among the reasons why the board has attracted more attention and found as the most appropriate system of international accounting. However, the system seems to suffer from a number of weaknesses that have