Miss Havisham Essay Example for Free

Miss Havisham Essay Miss Havisham is first acquainted with the peruser when Mr Pumblechook (Pips Uncle) declares that Miss Havisham Requests Pips nearness to play at her home. Miss Havisham fits into the principle plot since she prepares Estella to â€Å" break their hearts.† When Pip sees Estella for the clench hand time, he immediately experiences passionate feelings for her. Miss Havisham sees this and she urges Pip to do as such. Miss Havisham was likewise, in Pips eyes, the reason for his ‘Great expectations’ Miss Havisham may likewise have been put in the novel by Dickens, To investigate how the impacts of terrible encounters on individuals. For this situation it would be Miss Havisham being abandoned on her big day In the main portrayal of Satis house you get the picture of a run down house that has been relinquished despite the fact that there is somebody there as yet living there. At the point when pip goes to miss Havishams house she requests that he contact her heart. This as per her is ‘Broken.’ When Miss Havisham says ‘I once in a while have wiped out fancies’ this shows Miss Havisham is intellectually upset in the head. Satis house is an old rotting house, which was turned along these lines by Miss Havishams disregard. At the point when Pip comes back to miss Havishams she brings him into her wedding breakfast room. There is a spoiling cake in the table. This summarizes Miss Havishams life impeccably. Overlooked and Moldy. Something else that is described as unusual is that all the tickers have been halted at twenty to nine. This makes it sound like her life has been solidified in time, as she additionally wore one shoe, a large portion of her cloak was masterminded she despite everything wore a rotting wedding dress. This causes the perusers to accept that she has solidified time at that accurate point. Miss Havisham has a significant impact in the Novel as she drives pip into accepting that she was his advocate since he accepted that she was raising him for Estella when in actuality it was the convict (Magwitch). Miss Havishams character toward the start of the novel is portrayed as savage and coldblooded, anyway later on in the novel she makes a fresh start and asks for Pip’s absolution not long before she is copied to death. Charles Dickens investigates the subject of wrongdoing and pardoning in the novel. All through the novel a portion of the individuals who have trespassed attempted to make up for themselves the others who have trespassed haven’t. Also, Dickens investigates the topic of what is a delicate man. Compyson Who abandoned Miss Havisham and controlled Magwitch into accomplishing his grimy work was viewed as a delicate man while Joe Gargery took in pip despite the fact that he was not identified with him at all took Pip in and gave him an apprenticeship at the manufacture was not viewed as a delicate man since he needed to work professionally. Dickens investigates numerous topics in the Novel. The fundamental one being the consequences for individuals after a terrible encounter. For this situation this is through Miss Havisham. Miss Havisham beyond a reasonable doubt adored Compeyson and she cast away the majority of her family who cautioned her that he was inconvenience, But she overlooked them all and when she got abandoned by him on her big day she understood that her family were correct. After this Miss Havisham received Estella so she could raise her up to be safe with the impacts of society were in undeniable reality she was increasingly helpless when she grew up. Miss Havisham additionally raised her up to ‘break the hearts’ of men. This in a manner is vengeance for what Compeyson put Miss Havisham Through. Another topic in the novel is sin and absolution. In Victorian culture numerous individuals went to chapel such a significant number of individuals put stock in Heaven and Hell. All through the novel numerous individuals sin. Magwitch, Compeyson, Miss Havisham Orlick and some more. A portion of these individuals attempt to make up for themselves like Magwitch who turned into a mystery sponsor to Pip. ‘I rest harsh so you can rest smooth’ additionally Miss Havisham understands that that she has crushed two people’s lives. She attempts to vindicate herself by stooping to Pip. ‘Oh what have I done’ she additionally discloses what she did to Estella ‘I won her love and put ice in its place.’ This shows Miss Havisham acknowledged how she has raised her to be coldblooded, aloof, and how she annihilated Estella’s life. Others, who trespassed, as Compeyson, were executed in a most awful way. Suffocating in a waterway while having a battle with Magwitch murdered Compeyson. Over all Miss Havisham began in the novel to be an unfeeling, debased character anyway towards the finish of the novel she makes up for herself by asking for Pips absolution.

How New York Times vs Sullivan changed political thinking Essay

The historical backdrop of the American country has been obviously set apart with numerous milestones lawful translations of its constitution. The instance of New York Times versus Sullivan is one genuine case of milestone cases which incredibly changed the political thinking about the American populace. It is obvious from the hidden procedures of the Supreme Court looking into the issue that the lawful comprehension of the first and fourth corrections of the common right bill isn't to permit any recuperation for media reports except if the complainant can adequately demonstrate demonstrations of malevolence when making the abusive report (FindLaw, 2010). This is the thing that denoted the numerous authentic thanks of the media opportunity in our legitimate equity framework. It is undoubtedly an immediate consequence of this 1964 decision that the media gain opportunity to adequate spread the procedures of social liberties development accordingly helping in the acknowledgment of a definitive incorporation of the dark American’s right to the social liberties in the American constitution. This exposition is composed as a basic examination of the New York Times versus Sullivan and how it clearly changed political deduction in America. The creator first gives a systematic conversation on the fundamental realities introduced for the situation. A conversation on how the case set a trend for open authorities and how that is simply one more interesting point for open considers coexisting with governmental issues is additionally given Summary of the New York Times versus Sullivan case 1. The preliminary courts judgment The instance of New York Times versus Sullivan included a case by New York Times in a commercial that the capture of Martin Luther lord junior was a battle to bargain his endeavors in urging the blacks to cast a ballot (FindLaw, 2010). The advert asserted that the Montgomery police had been supposedly coordinated their demonstrations against understudies who were engaged with the social liberties exhibitions. The prompted the recording of slander body of evidence against New York Times by Sullivan, a chief in the police division at Montgomery (Shah and Anderson, 2007). It is anyway here to be clarified that the advert was not legitimately referencing Sullivan yet Sullivan guaranteed that it was focusing on him since he was the central oversight of the police office in Montgomery. he low court preliminary adjudicator in Alabaman saw the New York Times as liable of submitting a real perniciousness abusive articulations against an open official and requested them to pay Sullivan harm commendable a large portion of a million US dollars. 2. The Supreme Court’s judgment and its appearance on the first and fourteenth amendment It is anyway to be understood that the New York Times didn't acknowledge the lower court jury’s judgment in this manner constraining to record an intrigue with the preeminent court in the mission understanding a reasonable and just judgment (Tysoe, 2008). At the Supreme Court, the appointed authorities obviously affirmed that the arrangements of the principal correction of the social liberties bill didn't permit an open official to be conceded harms for criticism except if the person plainly demonstrates that such explanations were made will real perniciousness against them. As yet refering to the fourteenth amendment to the constitution, the court precluded that the states isn't obliged to grant harms for criticism to an open workplaces dependent on misrepresented cases except if the officials adequately demonstrates genuine malignance in the announcements (Shah and Anderson, 2007). It is likewise obvious from the procedures at the Supreme Court that an individual proclamation can never its insurance under the American constitution regardless of whether it shows up as a paid advert. The adjudicators guaranteed that it isn't the motivation behind the legislature to pass judgment on reality and that an open official should live to take pundits from the open except if they can adequately evidence vindictive acts in the announcements (Write and Lidsky, 2004). It was obviously asserted that any demonstration of permitting Sullivan to be paid harms for inadequately qualified cases of malevolence could go about as an escape clause for bargaining any future pundits to open officials. Still to be noted here is the way that such any demonstration could enormously bargain real pundits because of a paranoid fear of terrorizing, a move which could obviously bargain the equitable and reasonable arrangement of administrations by open officials to the overall population. It depends on this reasons the Supreme Court controlled against the lower courts governing in this manner preferring New York Times. How New York Times versus Sullivan set a trend for open authorities The main exercise is that it turned out to be obviously evident that an open authority is dependent upon open analysis. It is very obvious from existing verifiable data that the acknowledgment of just and reasonable standards and guidelines in the American country has never been without social developments. Still clear is the way that such acknowledge were intensely undermined with open office power obstructions (Wright and Lidsky, 2004). The common right development of the twentieth century is no exemption to this. It depends on this thinking and by applying the standards of end by adequate thinking that the 1964 translation of the American constitution served to ensure the political first class or potentially open authorities from forcing power to the general population. Another change that was brought by the effect of the New York Times versus Sullivan case deciding is that the political tip top in the network must be good examples (Tysoe, 2008). It is found in the procedures of the Supreme Court deciding that open authorities ought to be available to pundits from the open space. This was made to accentuation the way that such are the pioneers who should lead the American country to the following degree of decency and equity for all in the general public. It was uniquely by imparting the way that the overall population has a protected option to evaluate their pioneers that political remarks made by pioneers are dependent upon self obligation. This is the thing that has made the political world class of the American country conscious of the established arrangements consequently adequately acknowledging more noteworthy degrees of equity and decency in the general public (Melbourne University Law Review, 2001). Still demonstrated by the case is the way that adequately demonstrate of slander by real malevolence is a definitive purpose behind asserting legitimate granting of harms (Melbourne University Law Review, 2001). The procedures at the Supreme Court obviously settled that the sacred assurance of guaranteed explanation can not be refuted because of the way that such have been communicated with regards to a paid promotion. This reasonable makes open authorities subject to demonstrating of real vindictiveness in their harm guarantee suits. It is to be obviously noticed that most evident articulation which go to the media can be effortlessly questioned by the source (FindLaw, 2010). Be that as it may, the topic of whether to get disparaging harms stays subject to the arrangement of significant proof demonstrating genuine malevolence in the introduction of the articulations. How New York Times versus Sullivan is simply one more interesting point for open considers coexisting with legislative issues The decision on account of the New York Times versus Sullivan additionally ingrained the exercise that nobody in the American land is over the standard of law as gave in the constitution. Clear from the decision of the lower court, it tends to be guaranteed that the jury sort less proof to make the judgment for Sullivan (Wright and Lidsky, 2004). This could be firmly ascribed to the way that the administration was out to control the movement of the Martin Luther King drove social liberties development. It is anyway obvious from the Supreme Court judgment that in spite of such past decisions looking into the issue the protected arrangements must be regarded and applied similarly to all in the general public (Melbourne University Law Review, 2001). The arrangement for demonstrating genuine perniciousness for pay of slander of an individual’s notoriety ought to similarly regard all even the politically advantaged in the general public. It is this that made political impact on equity arrangements moderated in this way regarding the standard of rule as reflected in the protected arrangement for freedom of the legal executive. Another exercise from the case is that of restricting case for granting harm because of indicated disparaging discourse (Tysoe, 2008). From the commercial that prompted the maligning claims by Sullivan, it is very certain that it professed to be the beginning of another example of present day opportunity. As indicated by the decision of the Supreme Court, it is very evident that the constitution adequately secures the human right to discourse. It is because of this that it found no adequate case of slander in Sullivan’s asserts because of the way that the understudies include were being denied of their established right to discourse (Shah and Anderson, 2007). It depends on this thinking the decision changing our political ways to deal with intelligent our protected right to discourse. The last exercise from the case deciding is that it clarified that opportunity of the press must be regarded. It is to be noted here that the sole obligations of the media is to give news to the overall population on events around them. It is because of this explanation that any demonstration of bargain quality and precision of such news must be moderated. Still to be comprehended here is the way that the notice distributed by the New York Times was made for managing the reasonable and only execution of the hidden requests of the social equality development (Melbourne University Law Review, 2001). This is the thing that made the decision an enormously political impact blow in common issues. Still acknowledged from the decision is a definitive acknowledging of opportunity of press. Without a doubt the New York Times versus Sullivan prompted the security of the media against terrorizing in covering the social liberties movement. It is in this manner clear that the decision changed the discernment the political and open authorities had as to the media in the general public. Taking everything into account, it has been unmistakably settled that the Supreme Court controlling on account of the New York Times versus Sullivan denoted the day break o

Involvement of USA in Korean War Essay Example for Free

Inclusion of USA in Korean War Essay Not the same as its contribution in the Vietnam War? In the 40㠯⠿â ½s onwards USA got keen on Asian undertakings. Considering the way that they were not safeguarding themselves or some other American partner, they needed to additionally stretch out regional limits to fall on political-ideological outskirts. Undoubtedly, they were guarding its region from foes in another scale: the dread against the creating socialism over the world. In these lines, Korea and Vietnam depicted two universal hotspots presently centered around Asia, as the phase inside the battle of the two worldwide forces: USA and the Soviet Union. In any case, were the conditions by which USA confronted socialism in the two nations unique? Most importantly, the foundation in South-East Asia decided in extraordinary scale American mediation in the territory, since either nation were involved by other outside forces: while Korea was under Japanese control, Vietnam despite everything remained some portion of the French realm (later turning out to be individual from the French Union). The main instance of Korea was at that point been the phase of the war among vote based system and socialism. USA was very on edge since the contention that had just occurred in Germany and the one that was going on in Turkey and Greece, the two cases falling under soviet convictions. After the thrashing of the Chinese Kuomintang in 1949, by socialist Mao, American pioneers started expecting that the quick spread of the framework around the globe would be effective once again in Asia. In this manner, USA chose to hazard and have a go at getting a new area that would give them a partner in East Asia, which, thus, would give it an opportunity to design more endeavors and new triumph against socialism. Hence, they battled against the Japanese settlement as a reason to free the region for the sake of popular government. Nonetheless, the Soviet Union was likewise inspired by the zone for similar reasons: another partner and triumph against free enterprise. At any rate, the entire domain was right off the bat liberated under the name of United Nations, towards popular government, for help free people groups who are disdaining endeavor enslavement. Anyway the two forces asserted their part very soon. The two forces set up a divisor line along the 38th equal, where the North would be under Soviet point and the South by American mediation. At that point, in spite of the fact that decisions were held in South Korea (August 1938) bolstered by UN, Russia dismissed to do as such in the North. The South turned into the free Republic of Korea and the North received the name of Democratic Peoples Republic of Korea, especially in the lines of Chinese framework. The strain presently stayed exceptionally high at either sides of the line. Since the leader of North Korea when, Kin IL Sung may have been empowered by the Chinese government and Russia with military supplies to test USA President, Trumans assurance, giving him that socialism was the prevailing force in Pacific Asia, likewise with the guarantee of spreading further very soon. At that stage, the domino hypothesis was starting in American personalities. This idea applies to the possibility that the fall of one state to a typical framework would lead relentlessly to a progression of the equivalent. Along these lines, if socialism triumphed in China and Korea was at that point under its impact, the wave could have a boundless repercussion in the whole region of South-East Asia. In this manner, behind these thoughts, American soldiers were requested to Korea to pull back North Koreans troops after their attack in the south republic, together with powers from another 14 nations all under the order of General McArthur. Nonetheless, a while later, South Korea was nearly taken by North Korea troops yet American soldiers recovered control in the domain later and furthermore 66% of North Korea, in its development northwards. With this development, they in the long run put an armada among Taiwan and China terrain. Accordingly, China presently dreaded them to help Chiang Kai-Shek troops from the island to return again and overcome the district of Manchuria as the most significant mechanical and key zone. This endeavor, if effective, would remove the issue of socialism in Asia, since China would turn around to vote based system and thusly either North Korea would stay secluded or without Chinese assistance, she would not have the option to make due in the territory for long. These reasons made the Chinese government dispatch a gigantic counter hostile in 1951 that caught South Korea capital once more. Presently McArthur feared Chinese force and believed that the best methodology to crush socialism in the zone was just conceivable with nuclear bombs. With this new skyline inside the battle, president Truman dreaded a huge scope war that would incite an atomic war, which USA didn't need. It brought up the American confinements that would wall them in inside the battle: they dreaded socialism in light of the fact that the atomic force that could devastate them, yet the main power proficient to vanquish it was their atomic force, something that, in any case, they couldn't use since it would drag them into a lethal war. In this way, presently, the main American chance centered to settle in East Asia to contain socialism there: in January 1951 UN troops removed the North Koreans troops from South Korea and braced the wilderness, until in July 1953, the two nations solidified a harmony understanding that expressed the breaking point at the 38th equal. After American inconceivability for extension of regions in East Asia, the new advance must be engaged in the South, because of the freedom of Vietnam, Laos and Cambodia from the French Union (Geneva Agreement, 1954). At that point, Vietnam was incidentally separated into two nations, and comparably as Korea, the wilderness was set up at another equal, for this situation the seventeenth one. In 1956, races were to be held in the entire nation, yet they never were and just in South Vietnam a submission was held in 1955, which gave Ngo Dinh Diem as the president. He would not like to hold races for the entire nation and USA, with Eisenhower as the new president dreaded significantly more seriously the domino impact. Additionally, Diem couldn't manage the nation, for the most part since he was disagreeable among the workers, which furthover, later on empowered reluctant towards American nearness in the south and appetence for socialism. At this stage the Vietcong (the guerrillas) in the south were accepting supplies, gear and troops from North Vietnam. Ho Chi Minh, who was pioneer of the opposition against French Union and who needed socialism to run the nation, imagined that offering help to South Vietnam against Diem, national decisions would not be held and to bind together the nations powers would be important. Hence, the following American administrations needed to dispatch a solid battle to stop the socialism wave in Vietnam: - Kennedy (1961-3) attempted to keep American association against the guerrilla, by sending consultants, military hardware and encasing neighborhood laborers into invigorated towns to segregate the Vietcong outside. Be that as it may, this fizzled since the vast majority of the laborers were individuals from the Vietcong. - Johnson (1963-9) chose to bomb North Vietnam (1965), as he felt that Ho Chi Minh controlled straightforwardly the Vietcong. He likewise sent half million soldiers in the south. In any case, because of the extraordinary weight of American open against the war, since they considered the to be as a complete disappointment, Johnson halted the bombarding in March 1968, in spite of the fact that he would not like to pull back. - Nixon (1969-74) based his arrangement in the new idea of Vietnamization: As general supposition didn't permit him to send more soldiers to Vietnam, he would utilize the ones that were at that point there to re-armed force the Vietnamese armed force keep their own guard. That would permit step by step American soldiers to pull back. Be that as it may, he started another rush of besieging in the north, however this time including Cambodia and Laos, as they were accepting supplies and troops from North Vietnam. In spite of the considerable number of measures and strategies, toward the finish of 1972, the Vietcong controlled nearly the whole domain and a few variables committed the American intercession to arrive at the end. Inevitably a truce was concurred in January 1973. At that point, American soldiers were pulled back and in 1975 the Vietcong bound together the entire nation under a socialism government by possessing Saigon, the capital of South Vietnam. Likewise in Laos and Cambodia the framework was built up that year. Considering every one of these clarifications, I can express that there were slight contrasts between the American strategies in both the Korean and the Vietnamese wars. The primary explanation was the potential power utilized in every one, and China had a significant impact. It applies to the way that the assault against them was not as heartless as in Vietnam, fundamentally because of Chinese force. While in Vietnam neither China nor Russia bolstered the military as legitimately as in Vietnam, in Korea China was straightforwardly included since the issue was insulted related with the connection among USA and Chiang Kai-Shek troops. For China, American soldiers recuperated Manchuria, they would give back China terrain to them. Socialist China was not ready to acknowledge that, and USA realized that she was equipped for battling fearlessly to a degree that USA would not like to test, since the split of the Sino-Soviet understanding left China in a questionable circumstance from the worldwide perspective: We don't need the battling in Korea to venture into a general war. Thusly, American government didn't chance in fact and the main value was to lose North Korea. In any case, in Vietnam they could utilize a progressively vicious framework as they socialist China was at that point built up and didn't fear USA any more. Additionally, the contention was seen under UN eyes: exclusively to reestablish the Republic to its status preceding the attack. For universal help, it was a battle towards the human rights, since North Korea under socialism would not like to hold decisions. Be that as it may, UN never bolstered the war in Vietnam and the universal perspective on the war and American techniques to be triumphant squeezed the administration

The Research Topic Example For Free - Free Essay Example

The introduction of this dissertation will define the purpose of the study, the research problem, and defines the research objectives, purpose, and limitations. 1.1 Background on the research topic The Islamic financial system works based on group of principles, standards and ethics. The standards and ethics are essential to ensure protection, safety and steadiness such integrity, reliability, solidarity, clearness, clear fact and collaboration. All financial transactions that include interest (Riba), untruthful, gambling, unethical, monopoly, risk or uncertainty, injustice are prohibited in the Islamic financial system which based on Islamic Shari ¿Ãƒâ€šÃ‚ ½ah. The Islamic banks play the same roles as a trustee and liaison of moneys come from different parties with some difference in the way how the Islamic banks is handling their transactions. The Islamic bank play a middle man role between debtor and creditor with a slight difference comparing to the conventional b anks as the profit will be paid based on sharing of the profit and loss. This difference established more of ownership relationship between the bank and the customers. However, in practice, Islamic banks hardly look different from its conventional counterpart in terms of organizational set-up (Dar and Presley, 2000). The most important difference between the Islamic banking and the conventional banking is the interest free concept. Although it seem that the Islamic banking is charging interest in their transaction but the fact it is not an interest because of the way they do the transaction which mainly depend on buying and selling of assets which normally generate profit. The first Islamic bank started in Egypt more before more than thirty years and then Pakistan and Islamic Republics of Iran started the transformation from the conventional bank to Islamic banks. The total assets of the Islamic bank increased impressively from $5 billion in 1985 to $100 billion which reflect the huge and rapid movement toward the Islamic country and even the non-Islamic countries. Today, Islamic banking is spreading and gaining acceptance in non-Muslim countries as well as Muslim ones. Equally important has been the growth of scholarly interest in the subject (Iqbal and Mirakhor, 2007). In the past, banks depend mainly on the money comes from depositors and they use these deposits to lend borrowers and there are not other source which they can obtain money from but currently the bank have establish many sources of money such us wholesales money market where they can borrow money from other banks and then use them to lend it to it borrowers with higher profit rate. This secondary market helps a bank to effectively insure itself against the default risk which the borrower might not be able to pay back the loan. These allowed a bank to effectively insure itself against the risk that a borrower might not pay back a loan. This gives a false impression for bank in te rm of buying or selling loans as they think it has low risk. The financial crisis started when banks and financial institutions revealed that hundred of thousand of loans given to customer in the US to bought houses are not able to pay back their loans. As a result, huge number of the bank worthless assets was written down by the banks. According to the Institute of International Finance the assets value is $476 billion. In the name of the securitization, banks started selling the bad debit to third party which will get the loan repayments and pay a charge for this privilege. Thus loan became tradable just like any assets. The capability to securitize loans gives the banks the way to spread the risks which allow them to sale more of the mortgages. The securitization rate of bad loans increased 32% since 1994 to over 77% of the total bad loan in the US and this lead to an increase in the number of financial institution involved in the sub-prime mortgage market. As a result m any financial institutions become owner of mortgage backed securities which was created of the repacking of the sub-prime loans. This package is created by banks by putting different set of loans as one investment product and sell to third party to get fees in return. The new buyer of this loan obligation will receive regular loan repayments. In most cases the package contains different level of risk attached to it because it is normally created by different type of assets and or bond. In June 2008, the mortgage backed securities was worth $6 trillion, more than US Treasury bonds. 1.2 Purpose The purpose of this dissertation is to examine if the Islamic Investment Banks in the kingdom of Bahrain are affected by the Global Financial Crisis. 1.3 Research Questions The research is based on the research question,,  ¿Ãƒâ€šÃ‚ ½Dose Islamic Investment Banks in the kingdom of Bahrain affected by the 2008 Global Financial Crisis? ¿Ãƒâ€šÃ‚ ½ 1.4 Limitation The limitation of this study and its findings should be noted with a view to extending the present study. 1.4.1 Limitation of Researcher Although it has covers almost most of the Investment Islamic Banks in the Kingdom of Bahrain, The sample size is not very large. There was a lack of explicit collaboration from some of the interviewers. 1.4.2 Limitation of Research There is a Lack of generalization of research conclusions to Commercial Islamic banks in the Kingdom of Bahrain, since this conclusion is only related to Islamic Investment banks in the Kingdom of Bahrain. Therefore within Islamic Commercial banks of the Kingdom of Bahrain a similar research is required. Due to the length of the questions and the limited time given by the interviewed, there was a slight difficulty in getting them all answered by the selected decision makers. Chapter 2: Literature Review The most important task of Islam is to direct human development on the right lines and in the right ro ute.  ¿Ãƒâ€šÃ‚ ½It deals with all aspects of economic development but always in the framework of total human development and never in a form divorced from this perspective (Al-Harran, 1993) ¿Ãƒâ€šÃ‚ ½. Islam is extremely paying attention on the problem of economic growth, but deal with this issue as a very important component of overall human development. The Shari ¿Ãƒâ€šÃ‚ ½ah set of laws covers several aspects in the Islamic finance starting from the sharing of the recourses to the right of the property to the manufacturing and consumption and end up with income allocation.  ¿Ãƒâ€šÃ‚ ½Because of Riba, Islamic banks have had to develop financial products which are not in conflict with the Shari ¿Ãƒâ€šÃ‚ ½ah. The task has been achieved by creating a number of special financial products (Ali and Ali, 1994) ¿Ãƒâ€šÃ‚ ½. We can get knowledge and information on Islamic economic and banking from different sources such as books written by lea ding academics and practitioners, published research in the form of reports and journal articles, PhD thesis and some other specialized internet web site. 2.1 History of Islamic Banking:  ¿Ãƒâ€šÃ‚ ½The Golden Age of the Islamic world took place in the 7th-10th centuries in the Middle East countries and between the 11th-14th centuries in North Africa ¿Ãƒâ€šÃ‚ ½ (Warde, 2000). Although banks were not available at that time, financial mechanism and tools were playing roles in the commercial trading; so they were bankers without banks. As per Warde, The available financial instruments in the Islamic world were at least until the 13th century far more advanced than in the between the Fifteenth and the twentieth century ¿Ãƒâ€šÃ‚ ½s it was the period of stagnation and turn down and this possibly because of the effected by the dual break not only with its own past but also with the west.  ¿Ãƒâ€šÃ‚ ½The Renaissance, the Reformation, even the scientific revol ution and the Enlightenment passed unnoticed in the Muslim world (Warde, 2000, p 26) ¿Ãƒâ€šÃ‚ ½. The development of the development of the Islamic financial model delayed because of the colonization during the sixteenth and seventeenth centuries. Many conventional banks started to operate in Islamic countries at the end of the seventeenth centuries such as banks Turkey, Egypt and Iran. The colonization during the 16th and 17th centuries delayed the development of the Islamic financial models. Instead European banks were established at the end of the 17th century in Turkey, Egypt and Iran (Samuelsson, 2000; Zineldin, 1990). If we look into the history of the Islamic Banking we will notice that there were different stages for the development of the Islamic banking since inception. First, it was just an idea and no one tried to implement it. Second, private sector in some countries begins to implement the idea of the Islamic banking and in other the idea converted to reali ty because of the role and regulation. Table 1 show the involvement of the Government and private sector in the seventies toward the development of the Islamic banking. Table : Major Islamic Banking activities in the seventies Year Country Event 1970 Karachi Conference of the Finance Ministers of the Islamic Countries 1975 Saudi Arabia Establishment of the Islamic Development Bank 1975 Dubai Establishment of Dubai Islamic Bank 1976 Saudi Arabia First International Conference on Islamic Economics 1977 United Kingdom International Economic Conference on Islamic Economic in London 1977 Egypt Establishment of Faisal Islamic Bank 1977 Kuwait Establishment of Kuwait Finance House 1979 Bahrain Establishment of Bahrain Islamic Bank As we can see in the above table, the Islamic banks has been established by either the private sector or by roles and regulation forces all conventional banks to changes their operation to an Islamic complaint banks same as wha t happened in the Iran and Pakistan. In the other hand private sector in Sudan, Kuwait, Dubai, Bahrain and Egypt play the biggest role in establishing the Islamic bank with some support from the government. The governments in Pakistan and Iran start the process in 1981 by transferring all commercial banks in the country into an Islamic bank operation according to the Islamic principles. In 1981, the Iranian government enforces all banks to move all their operation from the conventional banking to the Shari ¿Ãƒâ€šÃ‚ ½ah complaint operation and no bank can involved in any interest based transaction. In August 1983 the Usury-free Banking Law was introduced and a fourteen-month change over period began in January 1984. The whole system was converted to an interest-free one in March 1985 (Iqbal and Mirakhor, 1987). Currently, the Islamic banking is available in more than 50 countries worldwide. In some countries they permit only Islamic Banks to work by their role and regula tions such as Sudan, Iran and Pakistan and no conventional banks are permitted to work in those countries. In other countries such as Islamic banks are permitted to work with the availability of the conventional banks so both types will be available in those countries such as Kuwait, UAE, Bahrain, Qatar, Egypt, Jordon, Bangladesh and Malaysia. In 2004, the first Islamic bank in non Islamic country was established in the United Kingdom (Islamic Bank of Britain) and then Devon Bank in Chicago started to offer Islamic banking services in the United States. 2.2 Principles of Islamic Banking Islamic Bank are guided by the Shari ¿Ãƒâ€šÃ‚ ½ah, the precepts of which are founded upon the Qur ¿Ãƒâ€šÃ‚ ½an, the Sunnah (the practices and sayings of Prophet Muhammad), and fiqh (jurisprudence, the opinion of Muslim legal scholars). There are a lot of books, journals and articles which have made major contributions to the Islamic banking theoretical debate such as  ¿Ã ƒâ€šÃ‚ ½Islam and the Theory of Interest ¿Ãƒâ€šÃ‚ ½ (Qureshi l946), he argue that banking is a pure social service that to be managed and offered only by the governments. Qureshi and all other scholars agreed that banks should not pay or receive any kind of interest neither from normal account nor from loan transaction. They agreed on alternatives which can be used by the Islamic bank such as the partnership agreement, buy and sell agreement. Another example of the books which contribute in the development of the Islamic banking module is the Economics of Islam (Ahmad l952); Ahmed in his book believed that the founding of Islamic banks should be based on the concept of Joint Stock Company so people can customer can deposit their money based on partnership between them and the bank and the profit or loss occur will be shared between both parties. In addition to that, they can deposit their money in a normal current account so no interested should be paid. Both Ahmed and Qurashi agreed on the possibilities of entering into a financing agreement based on partnership between businessman and banks in case the businessman need capital for his business. However, this kind of agreement remains undefined, no clear idea about who will bear the loss. Based on Shariah, the Islamic Banks should follow the below four major principles in term of banking and financing transactions and financing:  ¿Ãƒâ€šÃ‚ ½ No Riba No interest must be charged in any transaction.  ¿Ãƒâ€šÃ‚ ½ No Haram Bank should not deal in any product and services which is prohibited and considered as illegal in the Islamic Shariah.  ¿Ãƒâ€šÃ‚ ½ No Gharar  ¿Ãƒâ€šÃ‚ ½ Banks should avoid any truncation that may involve speculation.  ¿Ãƒâ€šÃ‚ ½ Zakat Banks should pay compulsory Zakat based on the Islamic role and regulations. Let see how the above four principles govern the Islamic bank and make them different from the conventional banks: Pro hibition of Riba The prohibition of Riba mainly comes from Quran, Quran talk about Riba in twelve different places. Below are examples of where Quran talk and describe the roles of riba in Islam: Al-Baqarah (2:275)  ¿Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ¿Ãƒâ€šÃ‚ ½ And Allah has justifies the trades and forbids the Riba ¿Ãƒâ€šÃ‚ ½. ¿Ãƒâ€šÃ‚ ½ Al-Baqarah (2:276) ¿Ãƒâ€šÃ‚ ½ Allah destroys usury and cultivating charity. And Allah does not love everyone who remains in unbelief, and always doing sin.  ¿Ãƒâ€šÃ‚ ½ Al-Baqarah (2:278)  ¿Ãƒâ€šÃ‚ ½  ¿Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ¿Ãƒâ€šÃ‚ ½ and leave the rest of Riba (who have not collected) ¿Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ¿Ãƒâ€šÃ‚ ½ Al- ¿Ãƒâ€šÃ‚ ½Imran (3:130)  ¿Ãƒâ€šÃ‚ ½  ¿Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ¿Ãƒâ€šÃ‚ ½ do not eat Riba with the multiply ¿Ãƒâ€šÃ‚ ½  ¿Ãƒâ€šÃ‚ ½ An-Nisaa (4:161)  ¿Ãƒâ€šÃ‚ ½  ¿Ãƒâ€šÃ‚ ½and because they eat riba, but in fact they have been banned from it, and because they eat the wealth of people with a wrong path ¿Ãƒâ€šÃ‚ ½. ¿Ãƒâ€šÃ‚ ½ Ar-Ruum (30:39)  ¿Ãƒâ€šÃ‚ ½  ¿Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ¿Ãƒâ€šÃ‚ ½ and riba (additional) that you gave to her property only grew for human ¿Ãƒâ€šÃ‚ ½s wealth, then the riba does not give additional value for Allah. Qur ¿Ãƒâ€šÃ‚ ½an 2:185 explicitly prohibits riba ¿Ãƒâ€šÃ‚ ½ and permits trade, but does not state clearly whether it is to be understood as interest or as usury. Source: Agustianto. Riba Empiris. Indonesia. 2006 Table 2: Compression between Interest and Profit Margin from Trade Interest (Riba) Profit Margin from Trade Platform: Positive Law Platform: Shari ¿Ãƒâ€šÃ‚ ½ah Law Source: Capitalism Ideology Source: Al-Quran, Sunnah Ijtihad Ulama Money as a commodity. Bank lend the money Goods as an object. Bank use goods as a commodity Relationships: Debtor-Creditor Relationship: Partnership Interest may be changed unilater ally The agreed price cannot be changed Not associated with the real sector (Monetary Real Sector is separately) Monetary and Real Sector related strong, so encourage the acceleration of the flow of goods, production and employment. If non performing loan was getting higher, then the interest will be a compound interest Margins and selling prices unchanged No trade transaction Fulfill buying and selling principles Determining the interest is not considering the profit and loss Determination of the profit sharing ratio in aqad, based on the profit and loss The percentage of interest previously determined, based on the lending amount The profit sharing is accordance with the agreed ratio Interest payment amount is not increased align with the increment of profits The number of profit-sharing increases align with the increment of the income If loss happened, it is only covered by the Borrowers, based on fixed interest payment as promised in the agreement If loss happened, both parties will covered the loss The interest paid by the borrower must be received by the bank The success of the business is going to be both parties ¿Ãƒâ€šÃ‚ ½ concern Table 1 show a comparison between riba  ¿Ãƒâ€šÃ‚ ½Interest ¿Ãƒâ€šÃ‚ ½ and profit comes from trade. The ambiguity of understanding either it is interest or usury has led to disagreement among Muslim scholars in the past. However, there is a general agreement that riba ¿Ãƒâ€šÃ‚ ½ includes all forms of interest, that is, any amount charged over and above the principal. By prohibiting interest, Islam wants to set up a just and fair society (Qur ¿Ãƒâ€šÃ‚ ½an 2:239). According to Shariah, it is unfair that the lender pay predetermined amount of fixed income irrespective of the return of the borrower ¿Ãƒâ€šÃ‚ ½s venture. As a result, The Islamic Financial System prohibited interest in all transaction and this is including receiving of interest which is the main principle in the conventional banking module. Moreover, the Islamic financial system also prohibited any other financial product and services which include interest and illegal product. An Islamic financial system or institution is much more than that, for it  ¿Ãƒâ€šÃ‚ ½is supported by other principles of Islamic doctrine advocating risk sharing, individuals ¿Ãƒâ€šÃ‚ ½ rights and duties, and the sanctity of contracts. ¿Ãƒâ€šÃ‚ ½ (Z. Iqbal and A. Mirakhor). The Islamic Financial System is wider than only banking transactions, it includes investment product, capital arrangement, and all types of financial services. As a result for the above prohibition of interest  ¿Ãƒâ€šÃ‚ ½Riba ¿Ãƒâ€šÃ‚ ½, no transaction are allowed if the transaction contain interest  ¿Ãƒâ€šÃ‚ ½Riba ¿Ãƒâ€šÃ‚ ½ but allow trade between people as mentioned in Al-Quran verse Al-Baqarah (2:275) and different parties can do transactions based on this rule and t his relationship between both parties which obey with Shari ¿Ãƒâ€šÃ‚ ½ah is called partnership. The main difference in the transaction done by Islamic bank and conventional bank is the Islamic bank use good and services as a commodity to trade with customer to generate profit not same as the conventional banks which using the money as a commodity and they will use the interest rate to determine the profit margin so there is no real commodity other than the money is traded between the bank and the people but in the Islamic bank transaction there is product and services included in the transaction and the money is used only as tool of exchange and this kind of transactions have big impact on the economy because it encourage the flow of goods, services, manufacturing and employment so in the Islamic banking every transaction should involve buying and selling of a commodity (Trade) and this trade should not be cash to cash. Another difference, In Shari ¿Ãƒâ€šÃ‚ ½ah t ransactions, the profit margin remain constant and can ¿Ãƒâ€šÃ‚ ½t be changed and will remain same as what parties agreed in the contract (aqad). Where ¿Ãƒâ€šÃ‚ ½s in the conventional banks transactions, the bank can charge the customer higher interest rate in case the customer is unable to pay any of the agreed installment on time. In Islamic banking transaction, the profit margin / sharing is calculated based in the profit or loss which will occur because of the agreed transaction. This is not the case in the conventional banking transaction, the profit or interest will be representing the actual profit or loss and the lender will not be concern about the ability of the borrower. In the Islamic bank transaction both party will cover the losses if it ¿Ãƒâ€šÃ‚ ½s happened not like the conventional bank transaction which the lender will receive fixed profit even of the loss has been occurred in the transaction and in this case the borrower will cover the loss individually. Gharar Islam prohibits all games of chance and gambling: They will ask about intoxicants and games of chance. Say:  ¿Ãƒâ€šÃ‚ ½In both there are great evil as well as some benefit for man, but the evil which they cause is greater than the benefit which they bring. ¿Ãƒâ€šÃ‚ ½ (Qur ¿Ãƒâ€šÃ‚ ½an 2:219) In Qur ¿Ãƒâ€šÃ‚ ½an 5:90, games of chance and gambling are prohibited because they cause enmity and hatred and also involve consuming property (bay` albatil), which is a kind of oppression. The question is whether gharar, which involves uncertainty or speculation, is halal (permitted) in business. According to Ibn Taymiyyah, if the sale contains gharar and devours the property of others, it is equivalent to gambling and, as such, haram (forbidden). Pointing to the phrase devours the property of others pines that speculative risk-taking in commerce, which involves the investment of assets, skill, and labor, is not similar to gambling. In b usiness, participants engage in transactions designed to maximize profit through trading, not through any dishonest appropriation of other people ¿Ãƒâ€šÃ‚ ½s property. Similarly, according to El-Ashkar, speculation in business is not the result of turning over a card or throwing the dice, but rather is  ¿Ãƒâ€šÃ‚ ½ the practice of (a) using available information to (b) anticipate future price movements of securities so that (c) [the] action of buying and selling securities may be taken with a view to (d) buying and selling securities in order to (e) realize capital gains and/or maximize the capitalized value of security-holdings (A. F. El-Ashkar ,1995). Islam allows risk-taking in business transactions, but prohibits gambling. On the other hand, Islam prohibits the dealing in some product like tobacco, Alcohol, pork, gambling, illegal drugs and pornography and other harmful products. All Islamic bank should follow this role and should not enter into any agreement inc lude the above mentioned items. Zakat Is the Islamic version of tax, people who owned certain amount of wealth (nisab) must pay certain amount of their wealth to poor people, this not only apply for individual but it is also applied for institution so every Islamic bank must create a Zakat fund and pay this Zakat if the profit achieved reaches to the level of nisab. In this case, the Islamic banks also have to pay any business related taxes indicated in the country rule and regulations so the Islamic banks have to pay two kinds of taxes, the Zakat and the normal income tax. 2.3 Products of Islamic Banks and Their key Elements We can classify the Islamic financial products into two main categories: equity-type contracts and mark-up price (debt) type contracts. All Islamic financial products come as a result of the prohibition of interest so we will notice that any contract signed by Islamic bank should not contain interest. 2.3.1 Equity-type contracts Under the equ ity type contracts there are only two types of contracts: Mudarabah (trust financing) and Musharakah (partnership), based on the profit-and-loss sharing (PLS) principle, (B. Hamwi and A. Aylward, 1999). Mudarabah The two parties  ¿Ãƒâ€šÃ‚ ½ the supplier of capital (rabb al-mal) and the entrepreneur (trustee of the venture)  ¿Ãƒâ€šÃ‚ ½ share the profits according to an agreed-upon PLS ratio. It may be 70:30 or 80:20, depending upon the agreement. In Mudarabah contract, there is no fixed annual payment and lender will not guarantee any return (Samad, Gardner, and Cook). Another element in Mudarabah contract is about the losses which may occur from the business venture. Shari ¿Ãƒâ€šÃ‚ ½ah role says the capital owner should bear the monetary losses where the mudarib will not take any responsibilities in covering the monetary losses. Last element in Mudarabah contract is that the capital owner or the financier has no right to control how the mudarib manage the business venture so the mudarib have full right to manage it. Al-Arabi (l966) envisaged a banking system with Mudarabah as the main pivot. He was taking about using Mudarabah contract as a saving account by the idea of the two-tier Mudarabah so the banks will act as mudarib in case of getting deposits from customer and in another time the bank will be the depositor when it comes into the deposits of the bank ¿Ãƒâ€šÃ‚ ½s shareholders. Irshad (l964) mentioned Mudarabah as a main principle in the Islamic banking. Although his idea about Mudarabah differs from other writer but he still indicates the Mudarabah as a saving account. The main difference between Irshad and the others is that he introduced the idea of sharing the profit comes from the Mudarabah contract between the bank and the depositor and they will share the profit or loss equally in fifty-fifty bases. His idea was against Shari ¿Ãƒâ€šÃ‚ ½ah role regarding Mudarabah as Shari ¿Ãƒâ€šÃ‚ ½ah says there is no profit or loss sharing in the Mudarabah contract. Musharakah Is a partnership agreement between two or more parties; all parties will participate in the capital. Musharakah have main three principles. First principle is about the capital contribution and profit sharing and what is the pre-agreed percentage of each party. In case of profit, every party will get his part based on the agreed percentage in the contract and not necessary its equal the percentage of their capital participation but in case of loss, parties will share the losses based on their capital contribution. The second principle, in Musharakah agreement all parties have the right to manage the investment. Last principle is that liability is unlimited joint venture individual customer. Siddiqi (1968) come with a pioneered idea and establish a details outline for the interest free bank in the way to have a well established Islamic banking. He used Musharakah and Mudarabah contracts to build his sug gested model for the Islamic banking system. He classified the operations of the Islamic banking system into three categories; services against fees, commissions, financing on the bases of Mudarabah. His model was a possible substitute for the conventional banking. 2.3.2 Mark-up price (debt)-type contracts. The mark-up-price contract is mainly a financing contract which the bank will finance borrower to purchase certain asset for an agreed profit margin. There are five type of mark-up price contracts; Murabaha, Baimuajjal (Deferred Payment Sales), Ijarah (Lease financing), Ijara (Operating Lease) and Qard Al-Hassan. Below are some details on each type. Murabahah (bay` bi al-thaman al-ajil) Is the bank will buy an asset on behalf of a customer and then will resell it to him at a pre-agreed price and profit margin so the bank will charge the customer cost of the asset plus the agreed profit and the payment of this amount to the bank will be in the future either in installm ents or total amount in single payment. The main distinguishing of Murabaha comparing to the conventional interest based financing product is in Murabaha the ownership of the asset purchased will remains with the banks till the customer fulfill all his obligation by paying the agreed amounts. From an economic point of view, Murabaha financing and interest-based trade financing appear quite similar, except in their contractual features. The profit margin calculated on top of the cost seems to be very similar to the interest charged by the conventional banks on top of financed amount but Islamic banks will take a real risk by purchasing the assets and keep it under its ownership till transfer the ownership to the customer. The Islamic bank will act as an intermediary between the seller and the buyer and will be responsible if anything went wrong. Baimuajjal (Deferred Payment Sales) This is sale contract with a deferred payment which will be paid either in pre agreed installme nt or will be paid as one payment after certain agreed time. Payment term should be agreed at the time of the sale and seller should not charge the buyer any charge against the deferment of the payment. This kind of transaction is considered as trade and not loan. This similar to the Investment Murabahah with the difference of the sale under this contract is based on credit rather on cash. Qard Al-Hassan This kind of loan is not available in the conventional banks; it ¿Ãƒâ€šÃ‚ ½s a zero profit loan and banks will not get any financial return when providing this kind of loan to customers. Islamic bank normally use to give this loan to poor and needy people and the receiver of this loan have only to repay the principle with no extra profit. Ijarah (Lease financing) In Ijarah, the Islamic bank will buy the assets required by the customer and will keep the ownership under the name of the bank. The bank will sign an Ijarah agreement with the customer to allow him to us e the asset and the customer will pay a monthly rent, the rent here is replacing the normal loan installment. The ownership of the assets will be transferred to the customer either by the end of the period and after he pay all the agreed amount or it will be partially transferred over the period of the contract. Ijarah (Operating Lease) Ijarah is the leasing of building, equipment, machinery, aircraft, plants and others capital assets. Same as the finance lease, the bank will buy the asset and lease it to end user under a lease agreement which the customer has to pay an agreed rent. The customer will use these assets for his operation and generating profit. The ownership of the assets will remain with the bank even after the period of the contract. 2.4 Financial Crisis 2008 Th? glob?l f?n?ncl cr?s?s ?s on? of th? b?gg?st ?ssu?s th?t conc?rn hum?n?ty s?nc? l?st f?w yrs. Th?s d?s?st?r h?s touch?d v?rtu?lly ?v?ry country. R?duc?d prof?ts, loss of jobs, r?s?ng pr?c?s, d?l?y? d w?g?s, st?p?nds, p?ns?ons ?nd un?mploym?nt. P?opl? ?r? just ?n ? p?n?c The 2008 financial crisis in fact taking place to show its effects in the second half of 2007 and keen on 2008. Around the world stock market have fallen, large financial instituation have collapsed, downsized or been bought out and government in even the great nation have to come up with rescue plans to secure their financial system. F?n?ncl cr?s?s ?nd th? cons?qu?nc?s on to glob?l ?conomy Th? f?rst rson for th? f?n?ncl cr?s?s ?s th? drop of th? US rl ?st?t? m?rk?t, wh?ch h?s rch?d ?t ¿Ãƒâ€šÃ‚ ½s down po?nt ?round 2005-2006. Th? ?p?d?m?c of c?nc?l?ng mortg?g?s w?tch h?s st?rt?d ?n USA ?t th? ?nd of 2006 cont?nu?d to drn wlth from th? consum?rs ?nd d?crs?ng f?n?ncl pow?r of b?nk?ng ?nst?tut?ons3. Incrs? ?n lost lb?l?ty to p?y for d?bts ?nd los?ng opportun?ty for oth?r typ?s of lo?ns sprd from rl ?st?t? m?rk?t to oth?r ?conom?c s?ctors. Tot?l los?s ?r? ?st?m?t?d ?n tr?ll?on of US doll?rs glob?lly. 1.4.1. What caused the Economic Crisis of 2008? Greed is the suitable word to describe what happened in the financial crisis in 2008. Th? r?srch on th? r?c?nt f?n?ncl cr?s?s ?s ?mpl?, ?nd researcher h?v? ?d?nt?fd ? many ?ssu?s th?t l?d to th? cr?s?s. Som? of th? ?ssu?s ?nclud? th? sub- pr?m? cr?s?s th?t w?s ?n?tt?d ?n th? Un?t?d St?t?s of Am?r?c? ?nd th?n sprd to th? Un?t?d K?ngdom ?nd Europ?. Over the year before 2008, the lender was happy and aggressively lending money to people who in many cases they can ¿Ãƒâ€šÃ‚ ½t pay their installments. They grant loans to those people against high interest rate. As this loans are backed with a mortgage so when the borrower default his payment the kinder will simply put the house back to the market and in other case they pass the risk off to mortgage insurer or put all defaulted mortgage together and sell them as mortgage backed securities. 1.4.2. Time Line of the Economic crisis The below time line of the financial crisis was published by the telegraph.co.uk and it list down the major event happen before, during and after the financial crisis. Will use this time line just to see what is the main cause of the financial crisis and is this causes can affect the Islamic investment bank sector in Bahrain. 2007  ¿Ãƒâ€šÃ‚ ½ Late July/early August 2007: The UK stock market goes through a period of volatility. Banks begin to stop lending to each other due to market fears over exposure to potential losses on high-risk US mortgages. The credit crunch begins in earnest.  ¿Ãƒâ€šÃ‚ ½ September 13, 2007: News breaks that Northern Rock has sought emergency funding from the Bank of England in its capacity as lender of last resort. It prompts the first run on a bank for more than a century. 2008  ¿Ãƒâ€šÃ‚ ½ February 17, 2008: The government announces that struggling Northern Rock is to be nationalized for a temporary period.  ¿Ãƒâ€šÃ‚ ½ July 14, 2008: Financial authoritie s step in to assist Americas two largest lenders, Fannie Mae and Freddie Mac, owners or guarantors of 5 trillion worth of home loans.  ¿Ãƒâ€šÃ‚ ½ September 15, 2008: Wall Street bank Lehman Brothers files for Chapter 11 bankruptcy protection and another US bank, Merrill Lynch, is taken over by the Bank of America.  ¿Ãƒâ€šÃ‚ ½ September 17, 2008: Lloyds TSB announces a  ¿Ãƒâ€šÃ‚ ½12 billion deal to take over Britains biggest mortgage lender HBOS after a run on HBOS shares.  ¿Ãƒâ€šÃ‚ ½ September 28, 2008: European banking and insurance giant Fortis is partly nationalized to ensure its survival.  ¿Ãƒâ€šÃ‚ ½ September 29, 2008: The government takes control of Bradford Bingleys  ¿Ãƒâ€šÃ‚ ½50 billion of mortgages and loans. Savings operations and branches are sold to Spains Santander.  ¿Ãƒâ€šÃ‚ ½ The Icelandic government also takes control of the countrys third-largest bank, Glitnir, after the company faces short-term fundin g problems.  ¿Ãƒâ€šÃ‚ ½ September 30, 2008: The Irish government guarantees deposits in the countrys main banks for two years.  ¿Ãƒâ€šÃ‚ ½ October 6, 2008: Trading is suspended in Icelandic banks including Kaupthing, Landsbanki, Glitnir, Straumur-Burdaras, Exista and Spron.  ¿Ãƒâ€šÃ‚ ½ October 7, 2008: The Icelandic government takes control of Landsbanki, the countrys second largest bank.  ¿Ãƒâ€šÃ‚ ½ October 8, 2008: The Bank of England cuts interest rate by 0.5% to 4.5% in a surprise decision as part of a co-ordinate global attempt to ease the financial crisis. The Government unveils an unprecedented  ¿Ãƒâ€šÃ‚ ½50 billion plan to part-nationalize major UK banks and pump billions more into helping ailing money markets.  ¿Ãƒâ€šÃ‚ ½ The Bank of England also extends the existing  ¿Ãƒâ€šÃ‚ ½50 billion Special Liquidity Scheme to  ¿Ãƒâ€šÃ‚ ½200 billion, while a further  ¿Ãƒâ€šÃ‚ ½250 billion is being pumped in under a debt guarantee scheme.  ¿Ãƒâ€šÃ‚ ½ October 10, 2008: Treasury officials travel to Iceland for urgent talks after the collapse of the countrys banking sector leaves councils and charities in Britain facing losses of up to  ¿Ãƒâ€šÃ‚ ½1 billion.  ¿Ãƒâ€šÃ‚ ½ October 13, 2008: The government announces a  ¿Ãƒâ€šÃ‚ ½37 billion rescue package for Royal Bank of Scotland (RBS), Lloyds TSB and HBOS.  ¿Ãƒâ€šÃ‚ ½ October 19, 2008: Chancellor Alistair Darling announces plan to pour billions of pounds into major public works in an attempt to help spend the UK out of the worst of the economic downturn.  ¿Ãƒâ€šÃ‚ ½ November 20, 2008: The International Monetary Fund (IMF) approves a 2.1 billion dollars ( ¿Ãƒâ€šÃ‚ ½1.4bn) loan for Iceland, after the countrys banking system collapsed in October. It is the first IMF loan for a western European nation since 1976.  ¿Ãƒâ€šÃ‚ ½ November 29, 2008: The Government takes a 58pc in RB S for  ¿Ãƒâ€šÃ‚ ½15bn, with a further  ¿Ãƒâ€šÃ‚ ½5bn of preference shares. Sir Fred Goodwin steps down as RBS chief executive, and is replaced by Stephen Hester. 2009  ¿Ãƒâ€šÃ‚ ½ January 15, 2009: The Irish government says it is to nationalize the Anglo Irish Bank.  ¿Ãƒâ€šÃ‚ ½ January 16, 2009: The US government provides the Bank of America with another 20 billion dollars from its 700bn dollar financial rescue fund to help it with the losses incurred when it bought Merrill Lynch.  ¿Ãƒâ€šÃ‚ ½ February 11, 2009: Ireland says it will inject  ¿Ãƒâ€šÃ‚ ½7bn into Bank of Ireland and Allied Irish in return for guarantees on lending, executive pay and mortgage arrears. It gets a 25pc indirect stake in both banks.  ¿Ãƒâ€šÃ‚ ½ February 26, 2009: RBS reports a loss of  ¿Ãƒâ€šÃ‚ ½24.1bn for 2008, the biggest in British corporate history. The government asks Sir Fred to give up an annual pension worth about  ¿Ãƒâ€šÃ‚ ½ 700,000.  ¿Ãƒâ€šÃ‚ ½ April 16, 2010: The Securities and Exchange Commission accuses Goldman of defrauding investors of more than $1bn by willfully mis-markting toxic sub-prime mortgage-related securities.  ¿Ãƒâ€šÃ‚ ½ May 2 2010: Greece gets a  ¿Ãƒâ€šÃ‚ ½110bn ( ¿Ãƒâ€šÃ‚ ½93bn) bail-out from other countries using the euro, and the International Monetary Fund.  ¿Ãƒâ€šÃ‚ ½ November 21, 2010: Irish Finance Minister Brian Lenihan says he will recommend to the Government that the country formally request a bailout package from the EU, ECB and IMF. 30122012

Specific Teaching Strategies to Differentiate Instruction

Research shows that one of the most effective ways to meet all learners needs is to differentiate instruction. Many teachers use differentiated instruction strategies because it allows them to engage their students by accommodating each students unique learning style. However, when you have a large group of students, it can be tough to keep up with each child’s individual needs. It takes time to come up with, and implement differentiated activities.  To help keep the workload manageable, teachers have tried a variety of strategies, from tiered assignments to choice boards. Here are a few more teacher-tested teaching strategies to differentiate instruction in your elementary classroom.   Choice Board Choice boards are activities that give students options as to what activities to complete to meet class requirements. A great example of this comes from a third-grade teacher named Mrs. West. Mrs. West uses choice boards with her third-grade students because she feels it is the easiest way to differentiate instruction while keeping her students engaged. While choice boards can be set up in a variety of ways (student interest, ability, learning style, etc.) Mrs. West chooses to set up her choice boards by using the Multiple Intelligence Theory. She sets up the choice board like a tic tac toe board—in each box she writes a different activity and asks her students to choose one activity from each row. The activities vary in content, product, and process. Here is an example of the types of tasks she uses on her students choice board. Choice Board for Multiple Intelligences: Verbal/Linguistic – Write instructions on how to use your favorite gadget.Logical/Mathematical – Design a map of your bedroom.Visual/Spatial –   Create a comic strip.Interpersonal-   Interview a friend or your best friend.Free ChoiceBody-Kinesthetic - Make up a game.Musical – Write a song.Naturalist – Conduct an experiment.Intrapersonal – Write about the future. Learning Menu Learning menus are much like choice boards whereas students have the opportunity to choose which tasks on the menu that they would like to complete. However, the learning menu is unique in that it actually takes the form of a menu. Instead of having a nine square grid with nine unique choices on it, the menu can have an unlimited amount of choices for the students to choose from. You can also set up your menu in a variety of ways, as mentioned above. Here is an example of a spelling homework learning menu: Learning Menu for Homework: (Students choose one from each category)Appetizer - Sort spelling words into categories, choose three spelling words to define, highlight all vowels.Entree - Use all spelling words to write a story, write a poem using five spelling words, write a sentence for each spelling word.Dessert - Write your spelling words in ABC order, Create a word search using at least five words, use a mirror to write your spelling words backward.   Tiered Activities In a tiered activity, all students are working on the same activity, but the activity is differentiated according to ability level. A great example of this type of tiered strategy is in an elementary school classroom where kindergartners are at the reading center.   An easy way to differentiate learning without the students even knowing it  is to have the students play the game, Memory. This game is easy to differentiate because you can have beginning students try to match a letter with its sound, while the more advanced students can try and match a letter to a word. To differentiate this station, all you have to do is have different bags of cards for each level, and direct specific students to which cards they should choose from. To make differentiation invisible, color-code the bags and tell each student which color he/she should choose. Another example of tiered activities is to break the assignment into three sections using varied levels of tasks. Here is an example of a basic tiered activity: Tier One: (Low) - Describe how the character acts.Tier Two: (Middle) - Describe the changes the character went through.Tier Three: (High) - Describe the clues that the author gives about the character. Many elementary school teachers find that this differentiated instructional strategy is an effective way for students to reach the same goals while taking into account each of their students’ individual needs. Adjusting Questions Many teachers find that an effective questioning strategy is to use adjusted questions to help them differentiate instruction in their classroom. The way this strategy works is simple—you use Blooms Taxonomy to develop questions starting with the most basic level, then moving towards the more advanced levels. Students at varying levels are able to answer questions on the same topic, but also at their own level. Here is an example of how teachers can use adjusted questing to differentiate an activity: For this example, the students had to read a paragraph, then answer a question that was tiered to their level. Basic learner - Describe what happened after...Advanced learner - Can you explain why...More Advanced learner - Do you know of another situation where... Flexible Grouping Many teachers who differentiate instruction in their classroom find flexible grouping an effective method of differentiation because it provides students with the opportunity to work with other students who may have a similar learning style, readiness, or interest as them. Depending on the purpose of the lesson, teachers can plan their activities based on a students’ attributes, then use flexible grouping to group students accordingly. The key to making flexible grouping effective is making sure the groups are not static. Its important that teachers continually conduct assessments throughout the year, and move students among the groups as they master their skills. Often time’s teachers tend to group students according to their ability at the beginning of the school year, and then forget to change the groups, or do not think they need to. This is not an effective strategy and will only hinder students from progressing. The Jigsaw The Jigsaw cooperative learning strategy is another effective method to differentiate instruction. In order for this strategy to be effective, students must work together with their classmates to complete an assignment. Heres how to works: Students are divided into small groups and each student is assigned one task. This is where the differentiation comes in—each child within the group is responsible for learning one thing, then bringing the information that they learned back to their group to teach their peers. The teacher can differentiate learning by choosing what, and how, each student in the group will learn the information. Here is an example of what a Jigsaw learning group looks like. Example of a Jigsaw Cooperative Learning Group: Students are divided into groups of five students. Their task is to research Rosa Parks. Each student within the group is given a task that suits their unique learning style. Here is an example. Student 1: Create a fake interview with Rosa Parks and find out about her early life.Student 2: Create a song about the Montgomery bus boycott.Student 3: Write a journal entry about Rosa Parks life as a civil rights pioneer.Student 4: Create a game that tells facts about racial discrimination.Student 5: Create a poster about Rosa Parks legacy and death. In todays elementary schools, classrooms are not taught with a â€Å"one size fits all† approach. Differentiated instruction allows for teachers to meet the needs of all learners, while still maintaining high standards and expectations for their students. Whenever you teach a concept in a variety of different modalities, you increase the chances that you will reach each and every student.

The Black And Black British Diaspora - 2184 Words

Critically examine the ways through which the Black British diaspora has been imagined and represented by the theorisations of Paul Gilroy and others. Why does Gilroy (and others) suggest his notion of ‘The Black Atlantic’ as useful for re-imagining black identities? Introduction This essay will analyse the concept of ‘The Black Atlantic’ by sociologist Paul Gilroy. Written almost 20 years ago, it is an important concept which has been celebrated as instrumental in the re-imagining of black culture. Its framework will be examined by referencing its history and exploring some of its influences from other theorists such as Stuart Hall. Following this contextual background, its impact will be discussed on its significance to the black†¦show more content†¦Challenging the taboo between the integration of white and black, it theorised a new modernity of hybridity in culture over the transatlantic space, shaping a new ‘transnational’ concept. Gilroys theory aimed to get rid of the sociological imagination of ‘race’ and instead appreciate the cultural heritage and influence of people. This spawned new arguments, theories and research, which helped to combine areas in a new age of interdisciplinary subjects; influencing the study of sociology, geography, politics, anthropology, art and many other areas. Gilroy specifically shows a very deep connection to music and creativity, demonstrating how these traits make a profound transformation in society. For example, the evolution of music represents how the deep-rooted pain of black culture has mixed with the romanticised white culture in a hybrid form to create something new. This expressed interest focused on a select few avant-garde individuals, who connected to this African transatlantic blackness and these intellectuals inspired his main concepts such as W.E.B. De Bois’ theory of double consciousness , which Gilroy has added as a subtext to his book. Concentrating on his influence on the state of the black british diaspora, Gikandi (2014: 242) believes that ‘Gilroy provided his readers with a paradigm for thinking about cultural relations outside the

Environmental Management Control Systems

Question: Discuss about the Environmental Management Control Systems. Answer: Introduction: Every business organization is different and the decision making process and organizational structure is also different (Shepherd Rudd, 2014). Evaluation of decision making process of any organization is not possible without observing the context of the organization. Contextual variables play a crucial role in organizational decision making process (Armstrong Taylor, 2014). Contextual factors encompass the strategies of the organization, organizational culture, policies, environment and risk factors and so on. Optus is second leading Telecommunication Company of Australia. It was founded in 1981.Headquarter of Optus is situated in Sydney, New South Wales (Optus, 2017). It is known for its fixed telephony service, mobile telephone service, internet services, pay television service, data transmission service, strong network service. Optus is renowned for its efficient and powerful service (Palacios-Marqus at a., 2015). The following article discusses about the contextual factors of O ptus and how these factors are affecting the decision making process of Optus managements. Optus is considered as the second largest telecommunication company of Australia. It provides strong mobile and cable network service to its customer. Optus management is well-known for their unique services (Elbanna, Child Dayan, 2013). Although the rise of two tire service providers has given the organization a tough competition, but Optus has set an example in the telecommunication industry of Australia. The success story of Optus reflects the strong organizational structure. According to Allen Lew CEO of Optus, they believe in hard work and innovation (Eitle, DAlessio Stolzenberg, 2014). Optus always maintain a strong relation with their employees and maintain a healthy atmosphere within the organization to boost the employees to participate in establishing a better future for the organization. In this competitive era, it is not easy to survive in the race and beat the rivals. Every organization requires a powerful and efficient leader who can show them the right path. Being on e of a major brand in the telecommunication industry of Australia, Optus possess a large work force and it has strong team of leaders to guide the organization towards the right direction. The leaders are committed towards the organization and they lead the organization to achieve the organizational goal. The leaders of Optus make sure that every employee is aware of organizational objective and structure. Leaders of Optus often play the role of friend, philosopher and guide for their employees. They guide them towards the right direction. The primary objective of Optus is to provide quality service to their consumers. The management of Optus is determined to bring revolution in telecommunication industry. They believe in innovation and singularity. In order to be unique, Optus provide their consumers a mix of frequency division duplex (FDD) and time division duplex (TDD) (Kolling, Wittmann Rushworth, 2014). Optus has a strong organizational structure which helps the management to achieve their organizational objective smoothly. Optus always maintain strong governance within the organization. The management of Optus is responsible for maintaining the organizational culture. Healthy relation with the employees, peaceful work environment, strong and efficient leadership, following a strategy to communicate with the employees are the part of their rich organizational culture. Innovation and unity is the major strengths of Optus. Telecommunication companies of Australia are giving tough competition to each other. Two biggest competitors Optus are Telstra and Vodafone. Every organization is embracing new technologies and strategies to defeat their competitors. They have concentrated on increasing demand of their consumers. They are trying hard to match the expectation level of their consumers. All most all the companies are providing 3G and 4G service and managements of all the telecommunication company claim to cover the ninety nine percent geographic area (Van Iddekinge et al., 2016). In recent time, tow tire service providers are giving tough competition to all the leading telecommunication brand of Australia. It is considered as one of the major challenge for the leading organizations to survive in the world of telecommunication. It has become very tough to beat the two tire service providers in the competition. Modification in the service charges is not possible. It may put a negative impact on the consum ers. Optus must enhance their internal qualities like efficiency, innovation to draw the attention of their consumers and survive in the competition. In spite of being leading telecommunication industry, there are many risks that Optus often faces. Some of them are as follows: In this modern era, technologies are evolving every now and then. This is one of the biggest risks for Optus. The management must be concerned of all the new technologies. They need to realize the importance of embracing new technologies. Telstra and Vodafone are the two major competitors of Optus always give tough challenge to Optus (Pondeville, Swaen De Rong, 2013). These service providers are using all the new techniques to enhance their productivity and increase the market demand for their services. The consecutive growth of these two competitors and rise of two tire service providers is considered as one of the biggest risk for Optus. The business network of Optus is restricted to urban areas only. Due to the lack of proper infrastructure Optus management is unable to reach to their buyers of rural areas. This is one of the major risks for Optus. Another biggest risk is environment. Being a leading telecommunication industry, Optus often faces various environmental challenges. People always blame telecommunication companies for the rapid growth of global warming and acid rain. It can be harmful for the organization (Kuipers et al., 2014). Optus is well known for its fixed telephony services, mobile telephony services, cable television network, internet service, leased line and data transmission. Optus offers a wide range of products and services to its consumers. It has set a unique example by providing a mix of frequency division duplex and time division duplex. Optus provides fixed telephony service to the residential as well as commercial plots. Optus is well known as strong network service provider. Optus has covered Sydney, Melbourne and Brisbane by its cable television network. Optus provides both 3G and 4G network to their consumers. The efficient and effective service has made Optus the second largest telecommunication network. Optus provides its retail services by phone, internet and retail shops like Optus World, network communications, Telechoice and so on (Sharma, Mithas Kankanhalli, 2014). Optus preserves a strong infrastructure that helps the management of Optus to perform all the business activities pr operly. Optus possesses their own network infrastructure to give network service to their consumers. Optus plays dual role in providing network service. Optus acts as a direct service provider as well as wholesaler. Optus is considered as the largest satellite wholesaler of Australia. Optus has taken some remarkable steps in to serve the society. Optus is known for its sustainability practices. Optus provide several supports to the community. As a responsible citizen, Optus avoid all kind of unethical practices. They always pay attention to cyber safety issue. They have implemented various strategies to help their consumers to stay safe from any kind of cyber crime. The contextual factors of an organization play a crucial role in decision making (Turner, 2014). Organizational structure of Optus, especially committed leaders influence the growth of the organization. The development of any organization is highly dependent on creating strategy and implementing those strategies within the organization. Leaders of Optus assure that every employee must participate in the growth of the organization and give their best performance to achieve the desired target of the organization. Leaders often communicate with their team members about the change management process and new strategies. They give their employees a strong platform to share their opinion over an issue. Such practices often produce creative ideas for the betterment of the organization and help employees to accept the change easily (Kaplan et al., 2013). Group discussion helps the management of Optus to take efficient and effective decisions and makes easier for the leaders to implement new s trategies. Communication is considered as one of the most efficient tool in modern business world to maintain healthy atmosphere within the organization. Almost all the leading organization follows the method of communication to build a strong relationship with their employees. Such practices of Optus help them to retain employees for long period as it makes the employee feel as an important part of the organization and increases their loyalty towards the organization. Optus always embraces the new and innovative techniques. It helps them to beat their rivals. The adoption of new technologies enhances the productivity of the organization and matches the expectation level of their consumers. Well maintained organizational structure and corporate social responsibility (CSR) initiatives helps the organization to gain reputation in the society and it promotes their brand name among the consumers of network services (Perlaviciute Steg, 2014). As per the pervious discussion, it can be concluded that Optus, being a leading telecommunication strategy possess some unique quality that helps the organization to achieve the organizational target and maintain the bright organizational image among the consumers, such as- active communication with the employees, effective team leaders and determination to achieve the organizational goal, adoption of new and unique technologies to fight against rivals. Optus possess a strong organizational structure and governance within the organization that helps the employees and leaders to avoid any kind unethical practices. Contextual factors of Optus have a great influence in decision making and implementing new strategies. 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